Dacian Gold is on track to achieve its production guidance for the current financial year thanks to strong performance at the Mt Morgans operation in Western Australia.
The company produced 32,799 ounces of gold at Mt Morgans during the September quarter against its 2021 financial year guidance of 110,000–120,000 ounces.
Ore was predominantly sourced from the Heffernans sub-pit at the Jupiter open pit mine area.
Dacian said stripping activities had continued at the Doublejay open pit during the quarter, with total material movement rates performing in line with planned levels.
The company also completed its stoping activities at Westralia underground, with the Mt Marven open pit starting to contribute ore during the quarter. This is predicted to increase throughout the remainder of the year.
“This is a great start to the financial year and positions Dacian favourably to meet its annual targets during the 2021 financial year,” Dacian managing director Leigh Junk said.
“The strong performance has translated into a much improved financial position with total debt and hedge commitments further reduced.”
Dacian closed the quarter with a debt of $39.1 million and cash and gold at $38.5 million.
This positions Dacian to support its exploration plans during the current fiscal year, according to the company.