Kalgold

Operating performance FY23

Gold production increased 3% to 1 175kg (37 778oz) (FY22: 1 137kg), due to an 8% increase in the recovered grade to 0.85g/t (FY22: 0.79g/t). The increase in grade was, however, partially offset by lower tonnes milled at 1.38 million tonnes, 3% lower than the previous year (FY22: 1.43 million tonnes). Production was impacted by power supply challenges in the first and second quarters of the year.

The increase in production combined with a 16% rise in the gold price resulted in a 18% increase in revenue for FY23 to R1 212 million (FY22: R1 029 million). Cash operating costs increased 6% to R915 million (FY22: R867 million), mainly due to the higher cost of consumables, specifically diesel and chemicals as well as annual wage and electricity tariff increases.

Capital expenditure increased by 8% to R219 million (FY22: R203 million), mainly for capitalised stripping costs.

OUTLOOK FOR FY24

The operation will focus on exploring incremental opportunities while sustaining the current milling plan of 130 000 tonnes per month and further access the life-of-mine stripping ratio improvements. Production guidance for FY24 is between 40 400oz to 42 100oz.