Unhedged gold producer and explorer Galane Gold’s Galaxy operation, in South Africa, generated positive cash flows from operations during October.
During the month, Galaxy dispatched 748 t of concentrate at an average grade of 33.18 g/t with payable gold of 598 oz.
The revenue generated covered the mining costs at Princeton, the tailings retreatment programme and the associated processing costs to produce the concentrate.
Commenting on this important step for Galaxy, Galane CEO Nick Brodie said the company expected Galaxy to subsidise its own capital expansion.
He also described the positive cash flows as “a giant stride” towards Galaxy being self-funding as the company nears the completion of its first planned plant expansion to 30 000 t a month.
TSX-V-listed Galane has mining operations and exploration tenements in Botswana and South Africa.