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Gascoyne Resources (GCY) - AGM and Operational Update

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Gascoyne Resources (GCY) held its Annual General Meeting today. Production quarter to date sits at 9.8koz Au (as of 26 Nov) with guidance now revised down to 17-18koz (19-22koz prior). Guidance was impacted by rain delays which restricted ore movements as well as downtime associated with the installation of new mill discharge grates and conveyor repairs. On a positive note, ore processing is now running at >3Mtpa (vs 2Mtpa in the prior Q) and mining has commenced at Gilbeys South, gradually replacing ore feed from Golden Wings which is providing less ore feed whilst the geological model is revised. A revised resource model for Gilbeys has resulted in 4% less ounces overall, but much tighter control on mineralisation which should provide confidence in future production.  

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