Sales were up 35% over the December quarter at 15,982 ounces at an average realised gold price of A$2509/oz.

 

With all-in sustaining costs of $2093/oz, the company was making $416 for every ounce produced.

 

It has also reduced its hedges by some 11,335oz, increasing its exposure to high spot prices.

 

Calidus managing director Dave Reeves said initiatives to improve production were bearing fruit, and the miner expected to hit guidance of 31,000-36,000oz at AISC of $2000-2250/oz for the full year.

 

Warrawoona production is expected to increase further in the current quarter as debottlenecking delivered more improvements at the plant, which is expected to operate at sustained levels above its 2.4 million tonne per annum nameplate capacity.

 

Life of mine costs are also expected to ease towards $1700-1850/oz once strip ratios decline.

 

Reeves said Warrawoona had a clear line of sight to becoming a 130,000ozpa producer once it completes a planned expansion to process ore from the nearby Blue Spec deposit. 

 

Calidus started production in May 2022, but suffered a number of setbacks early on, and only declared commercial production in January, 

 

The company started the year with $12 million cash and bullion, and debts of around $100 million.

 

Shares in Calidus were off 5% this morning at 23.5c, giving it a market capitalisation of $103 million.

 

It is trading near its 12-month low of 21c. The stock peaked at $1.07 last April.