Q1 2022 Working and Monetary Outcomes

TORONTO, Might 27, 2022 /PRNewswire/ – Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) (“Magna” or the “Firm”), immediately introduced working and monetary outcomes for the three months ended March 31, 2022 and 2021 (“Q1 2022” and “Q1 2021”, respectively). All figures are in US {Dollars}, except in any other case expressed.

Q1 2022 Working and Monetary Highlights

• Complete tonnes mined throughout Q1 2022 have been 7.3 million in comparison with 5.8 million throughout Q1 2021. This is a rise of 26%.
• Q1 2022 strip-ratio was 6.7:1 in comparison with 8.4:1 throughout Q1 2021.
• Tonnes of ore processed throughout Q1 2022 have been 1.4 million in comparison with 0.7 million throughout Q1 2021. This is a rise of 90%.
• Gold manufacturing elevated 21% with 11,874 ounces produced throughout Q1 2022 in comparison with 9,785 ounces produced throughout Q1 2021.
• Income for Q1 2022 elevated 54% to $23.5 million in comparison with $15.3 million throughout Q1 2021, primarily as a result of San Francisco Mine reaching regular state industrial manufacturing on the finish of Q2 2021.
• Manufacturing prices of $21.3 million throughout Q1 2022 in comparison with $15.6 million throughout Q1 2021. The 37% enhance is because of bigger tonnage mined and better processing charges achieved.
• Web loss was $3.3 million ($0.04 per share) throughout Q1 2022 in comparison with $3.4 million ($0.04 per share) throughout Q1 2021.
• Money circulate from operations throughout Q1 2022 was $6.6 million in comparison with $4.7 million throughout Q1 2021.
• Money value per gold ounce ⁽¹⁾ decreased 8% to $1,675 throughout Q1 2022 from $1,826 throughout Q1 2021.
• Web site all-in sustaining value per gold ounce ⁽¹⁾ decreased 18% to $2,467 throughout Q1 2022 in comparison with $3,003 throughout Q1 2021.

Arturo Bonillas, President and CEO of Magna acknowledged: “I’m more than happy to see the San Francisco Mine keep a gentle state of operations for 3 consecutive quarters now. As demonstrated by our outcomes, strip ratio and money value proceed to development downwards from the place we have been a 12 months in the past. Gold manufacturing is in step with our working plans and is anticipated to extend as manufacturing is predicted to be again weighted in 2022.”

The monetary statements and MD&A for the three months ended March 31, 2022 and 2021, can be found on SEDAR (www.sedar.com) and on the Firm’s web site (www.magnagoldcorp.com).

⁽¹⁾ Money value per gold ounce and website all-in sustaining value per gold ounce are non-GAAP monetary efficiency measures with no customary definition underneath IFRS. For extra particulars, check with the non-GAAP Efficiency Measures part of the MD&A for the three months ended March 31, 2022 and 2021.

About Magna Gold Corp.
Magna is a Mexico centered gold/silver manufacturing firm engaged in buying, exploring, creating and working high quality valuable metals properties in Mexico. It’s dedicated to advancing its 100% owned flagship San Francisco Mine, Margarita Silver Challenge and different extremely potential mineral properties positioned in Sonora and in Chihuahua. The first energy of the Firm is the workforce of extremely skilled mining professionals with a confirmed monitor report of creating properties in Mexico from discovery to manufacturing. Magna employs group members and providers in its operations.

Based mostly on the NI-43-101 technical report “Pre-Feasibility examine for the San Francisco Gold Challenge, Sonora, Mexico“ ready by Micon, dated August 8, 2020, San Francisco operations are estimated to have measured and indicated assets of 99,700,000 tonnes @ 0.446g/t Au containing 1,430,000 ounces of gold, and inferred assets of 11,374,000 tonnes @ 0.446 g/t containing 171,000 ounces of gold. The whole confirmed and possible reserves is 47,629,000 tonnes @ 0.495 g/t Au containing 758,000 ounces of gold. Mineral assets are inclusive of mineral reserves. Mineral assets that aren’t mineral reserves don’t have demonstrated financial viability. 

ON BEHALF OF THE BOARD OF DIRECTORS

Arturo Bonillas

President and CEO

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch.

Certified Particular person
James Baughman (P. Geo.), Consulting Geologist and a Certified Particular person as outlined by NI 43-101, has authorized the scientific and technical info on this information launch.

Cautionary Statements

This Information Launch consists of sure “forward-looking statements” which aren’t comprised of historic details. Ahead-looking statements embody estimates and statements that describe the Firm’s future plans, targets or objectives, together with phrases to the impact that the Firm or administration expects a acknowledged situation or outcome to happen. Ahead-looking statements could also be recognized by such phrases as “believes”, “anticipates”, “expects”, “estimates”, “could”, “may”, “would”, “will”, or “plans”. Since forward-looking statements are based mostly on assumptions and deal with future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on info at present obtainable to the Firm, the Firm offers no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward-looking info may trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking info. Ahead-looking info on this information launch consists of, however will not be restricted to, the Firm’s targets, objectives or future plans, exploration outcomes, potential mineralization (together with estimates of measured and indicated assets, inferred assets and possible reserves), exploration and mine growth plans, manufacturing (together with gold manufacturing expectations and steering), processing and mining expectations (together with statements relating to enlargement and development of property) and strip ratio traits and expectations. Components that might trigger precise outcomes to vary materially from such forward-looking info embody, however aren’t restricted to failure to determine mineral assets, failure to transform estimated mineral assets to reserves, the shortcoming to finish a feasibility examine which recommends a manufacturing determination, the preliminary nature of metallurgical check outcomes, delays in acquiring or failures to acquire required governmental, environmental or different venture approvals, political dangers, uncertainties referring to the provision and prices of financing wanted sooner or later, modifications in fairness markets, inflation, modifications in trade charges, fluctuations in commodity costs, delays within the growth of tasks, capital, working and reclamation prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and growth business,  dangers associated to the consequences of COVID-19 on the Firm; and people dangers set out within the Firm’s public paperwork filed on SEDAR. Though the Firm believes that the assumptions and components utilized in getting ready the forward-looking info on this information launch are cheap, undue reliance shouldn’t be positioned on such info, which solely applies as of the date of this information launch, and no assurance will be provided that such occasions will happen within the disclosed time frames or in any respect. The Firm disclaims any intention or obligation to replace or revise any forward-looking info, whether or not on account of new info, future occasions or in any other case, aside from as required by legislation.

SOURCE Magna Gold Corp.