Shanta Gold Ltd. on Wednesday reported an 18% rise in gold production for 2022 as it benefited from an encouraging performance from the New Luika gold mine in Tanzania toward the end of the year, although this was below guidance. Here’s what the AIM-listed mining company had to say:

On production:

“Gold production during the fourth quarter was 16,742 oz. This resulted in annual production being 65,209 oz, 4% below the annual production target of 68,000 oz.”
“During the quarter, approximately 1.2 Koz of planned production wasn’t mined due to delayed production drilling of the underground Solo rig, and 0.9 Koz was foregone due to ground stability and related safety at the Crown Pillar. The new Solo rig has removed the risk of delayed production drilling going forward.”
On mining:
“A total of 176,997 tons of ore grading 3.41 g/t was mined from underground in 4Q compared with 172,190 tons of ore grading 4.40 g/t in 3Q 2022 which benefited from the Bauhinia Creek crown pillar high grade ore.”
“65,207 tons ore grading 1.53 g/t was mined from open pits in 4Q compared with 45,609 tons of ore grading 1.18 g/t in 3Q 2022.”
“The ROM stockpile at the end of 4Q was 207,392 tons of ore grading 0.92 g/t (3Q: 183,631 tons grading 0.92 g/t). Average recoveries of 88.0% were achieved in the plant during the period (Q3: 88.0%).”
“Processing of milled ore during the quarter totaled 227,208 tons, in line with plan (3Q: 217,108 tons). The average head grade of 2.60 g/t (3Q: 3.18 g/t) included a blend of material from underground, open pit, and existing ROM ore stockpile sources.”
On guidance:
“Annual guidance for New Luika gold mine of approximately 66,000-72,000 oz at AISC of $1,200-$1,300/oz.”
“Singida production guidance to be released following commencement of commercial production. Previous life of mine plan guided for approximately 32,000 oz pa.”
On cash costs:
“Adjusted operating costs of $1,112 /oz (3Q: $918 /oz) and AISC of $1,347 /oz (3Q: $1,207 /oz) were achieved in the quarter, respectively. 2022 AISC is $1,270 /oz, within AISC cost guidance of $1,150-$1,275 /oz for 2022.”
On gold spot prices:
“Gold spot prices continued to improve throughout the quarter, moving from $1,620 /oz in October to $1,800 /oz in December. This average selling price achieved per ounce was $1,791 /oz in 2022 and $1,731 /oz in 4Q.”
“Free cash flow generation has been prioritized for the completion of the Singida construction.”
Shares at 1052 GMT were down 0.35 pence, or 3.1%, at 11.13 pence.
Write to Ian Walker at ian.walker@wsj.com