11/28/2022

speaker
Operator
Conference Operator

Good morning, ladies and gentlemen. Thank you for standing by and welcome to the Superior's Gold Third Quarter 2022 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star key and then the number one on your telephone keypad. If you would like to withdraw your questions, please press the pound key If you have any difficulties hearing the conference, please press the star key, then zero, for operator assistance at any time. As a reminder, this conference call is being recorded and broadcast live on the internet. I would now like to turn the conference call over to Chris Jordan, President and Chief Executive Officer. Please go ahead, Mr. Jordan.

speaker
Chris Jordan
President & Chief Executive Officer

Thank you very much. Good day, everyone, and thank you for joining us to discuss Superior Goals third quarter for 2022 results. As a reminder, please refer to slide two of our presentation, which is posted on our website to view our cautionary language regarding forward-looking statements. In addition, please note that all amounts discussed are in US dollars unless otherwise noted. I'm pleased to say that I'm being joined today by four of our executives, being Paul Olmsted, our CFO, Russell Cole, VP Operations, as well as General Manager of Protonix. Andrew Beek, our Vice President for Business Development and Long-Term Planning, and Mike McAllister, our Vice President for Investor Relations. To start off, I'd like to discuss a few of the third quarter highlights. Firstly, our safety performance improved markedly with our total recordable injury frequency rate reducing 27% since the previous quarter. and it's down 56% since December 2021. Production increased from quarter two at 15,946 ounces of gold, which represents a 5% increase over the previous quarter, and sales of 14,875 ounces of gold at an average realized price of $1,877 per ounce. Total cash costs, were $1,789 per ounce sold, and all interspersing costs were $1,989 per ounce sold, representing similar costs to Q2. Cash generated from the operations was $1.9 million after working capital changes, and exited the quarter with a cash position of $11.6 million. We also secured a $10 million Australian debt financing from Oromet International, and that is similar to the previous debt financing of 2020. In the third quarter, the company realized an 8% improvement from the previous quarter's mill throughput, following the successful mill shutdown in the first half of the year. Post-period, development rates have increased markedly in the underground mine as operations continue to implement the improvement program, which included the purchase and commissioning of a new jumbo development rig. The higher development rates are expected to add additional stop inventory in time to the mine while providing greater operational flexibility. We are on track to meet our revised 2022 annual production guidance of between 62 and 65,000 ounces. At this point, I would like to hand over to Russell Cole, our VP for operations,

speaker
Mike McAllister
Vice President, Investor Relations

to elaborate on the operational highlights. Over to you, Russell.

Disclaimer

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