China Gold International Resources Reports 2022 Year-End Results, Provides 2023 Outlook, and Declares Dividend

(via TheNewswire)

VANCOUVER –TheNewswire -March 30, 2023 –China Gold International Resources Corp. Ltd. (TSX:CGG);(HKEX:2099) (“China Gold International Resources”orthe “Company” ) is pleased to report 2022Year-End Results,provide2023Outlook and declarespecialdividend.

FINANCIAL, PRODUCTION AND OPERATION HIGHLIGHTS

2022FOURTH QUARTER

•        Revenuedecreasedby 19%to US$253.9million compared to US$312.0million for the same period in 2021.

•        Mine operating earningsdecreased by14% to US$96.6million from US$111.8million for the same period in 2021.

•        Net income of US$48.5milliondecreasedby18%from US$58.8million for the same period in 2021.

•        Cash flow from operation increased by281% to US$89.1million from US$23.4million for the same period in 2021.

•        Total gold productiondecreased by 4% to 59,992ounces from62,278ounces for the same period in 2021.

•        Total copper productiondecreased by4% to45.1million pounds (approximately 20,472tonnes) from47.1million pounds (approximately21,387tonnes) for the same period in 2021.

2022ANNUALRESULTS

•        Revenuedecreasedby 3%to US$1,104.9million compared to US$1,137.4million for the same period in 2021.

•        Mine operating earningsdecreased by2% to US$395.6million from US$404.1million for the same period in 2021.

•        Net income of US$225.4 milliondecreasedby16%from US$268.7million for the same period in 2021mainly due to foreign exchange loss and Covid-19 prevention and control expense.

•        Cash flow from operation increased by7% to US$447.3million from US$417.3million for the same period in 2021.

•        Total gold productionslightly decreased by 2% to238,836ounces from244,312ounces for the same period in 2021.

•        Total copper production decreased by less than 2% to 187.4 million pounds (approximately 85,004 tonnes) from 190.5 million pounds (approximately 86,400 tonnes) for the same period in 2021.

SPECIAL DIVIDEND

In connection with the Company’s financial results for the year ended December31,2022, the Company is pleased to announce the declaration of a special dividend of US$0.37per common share payable onJune 15, 2023to shareholders of record as ofApril 20,2023. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes while dividends paid to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

2023PRODUCTION AND OPERATION OUTLOOK

•        The consolidated gold production is anticipated to range between 241,130 ounces(approximately 7.5 tonnes) and 244,345ounces (approximately 7.6 tonnes).

•        Total copper production is planned to range between 190million pounds (approximately 86,000 tonnes) and 192million pounds (approximately 87,000 tonnes).

•        The Company continues to focus its efforts on optimizing the operation at both mines, stabilizing the Jiama Mine’s production, andpotentiallyextending the mine life ofChang Shan Hao GoldMine.

•        To fulfill its growth strategy, the Company continues to work withChina National Gold GroupCo.,Ltd. and other interested parties to identify international mining acquisition opportunities outside of China.

 

The Company’s Chairman and CEO, Mr.Junhu Tong, said, “2022 is undoubtedly a challenging year for China Gold InternationalResources. TheCompany has overcome many difficulties such assharpfluctuations in metal prices, and draconian measures and restriction for the prevention and controlofCOVID-19pandemic. The Company has made every effort to ensure the stability of production and operation,substantiallyachieving the operating budget set atthebeginning of last year.TheCompany's overall capital structure has been further improved, and its cash flow generation capacity has been continuously enhanced. With the healthy organic growth, theCompanyhas accumulated sufficient anti-risk ability. In 2023,wewill be more confident to move towards with higher goals and continue to create value for our shareholders.”

 

About China Gold International Resources

China Gold International Resources is a gold and base metal mining company incorporated in BC, Canada and operates two mines, the Chang Shan HaoGold Mine in Inner Mongolia, China and the Jiama Copper-Gold Polymetallic Mine in Tibet, China. The Company’s objective is to build shareholder value through growing production at its current mining operations, expanding its resource base, and acquiring and developing new projects internationally. The Company is listed on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The Stock Exchange of Hong Kong Limited (HKEX: 2099).

For further information on the Company, please refer to SEDAR’s website at www.sedar.com, The Stock Exchange of Hong Kong Limited’s website at www.hkex.com.hk, the Company's website at www.chinagoldintl.com, or call the Company at [phone] and email to [e-mail].

Cautionary Note About Forward-Looking Statements

Certain information regarding China Gold International Resources contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China Gold International Resources believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. China Gold International Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what China Gold International Resources currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

 

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