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PureGold Reports First Quarter 2022 Financial and Operating Results

Press Release

May 16, 2022

VANCOUVER, B.C. – Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), reports its first quarter 2022 summary financial and operating results. The Company’s interim financial statements and related management’s discussion and analysis for the three months ended March 31, 2022, will be available for download on SEDAR and on the Company’s website. All amounts are expressed in Canadian dollars (“$”), unless otherwise noted).

A summary of the highlights for the three months ended March 31, 2022, and subsequent to date for the Company and its 100% owned PureGold Mine Project (“PureGold Mine”) or the “Project”) are as follows:

Gold Production

  • Gold production for the quarter ended March 31, 2022 was 6,653 ounces
  • Gold sold for the quarter ended March 31, 2022 was 7,876 ounces


  • For the first quarter ended March 31, 2022, the PureGold Mine processed a total of 50,892 tonnes of ore, or an average of 570 tpd, at an average head grade of 4.27 grams of gold per tonne of ore (“g/t Au”) and achieved an average recovery of 95.2%.
  • The main operating units in the mill and process facility are performing as expected. During the quarter, the Company completed upgrades for the gravity circuit which is expected to increase gravity recovery by 10-15% and overall gold recoveries by 1-2% to 96-97% from 95%. The upgrades are also expected to reduce operating costs by reducing cyanide dosages (consumption) in leaching, carbon in carbon-in-pulp (“CIP”), and metabisulfite/copper sulfate in the detox circuit.
  • The regulatory process to increase the permitted mill capacity to 1,000 tpd is well advanced, and expected to be completed in Q4 2022.


  • For the first quarter ended March 31, 2022, a total of 44,716 tonnes of ore were mined from the PureGold Mine, or an average of 497 tpd.
  • During Q1 2022, several new initiatives were launched which are expected to improve stope access and ultimately result in increased ore throughput, improved grades, and reduced costs in 2022. These initiatives include faster sill development to expedite access to higher grade stopes by developing sills faster, by taking longer rounds and improving definition drilling and grade control procedures. Definition drilling remains a key component in the plan to improve both ore production and grade. The Company significantly increased its definition drilling program in Q4 2021, the positive impacts of which are expected to positively impact short-term mine plans and production beginning in the second quarter of 2022. Finally, in support of an updated life of mine plan, significant data has been gathered with respect to 2021 grade control sampling and work is underway to compile and reconcile this data with the Company’s Mineral Resource and Mineral Reserve models and with mill production. Together, these changes are expected to drive sustainable increases in both ore throughput and head grade, and will be implemented progressively throughout 2022.


  • During the quarter the Company closed a bought deal private placement and a non-brokered private placement raising gross proceeds of $31.2 million. Pursuant to the brokered offering, the Company issued a total 26.4 million common shares of the Company at a price of $0.53 per common share for aggregate gross proceeds of $14 million. The private placement issued a total of 32.5 million common shares to AngloGold Ashanti Limited (“AngloGold”) at a price of $0.53 per common share for aggregate gross proceeds of $17.2 million.
  • To support the operational turnaround and optimization initiatives underway at the PureGold Mine, subsequent to March 31, 2022, the Company entered into an agreement with its lending partner, Sprott Private Resource Lending II (Collector), LP (“Sprott”), whereby Sprott agreed, subject to several conditions including a minimum equity raise of US$5 million before the end of the Waiver Period, to:
  1. Provide the Company an additional, secured, first-priority, non-revolving credit facility (“Additional Credit Facility”) up to a maximum principal amount of US$6 million; and
  2. Waive any existing defaults under the Credit Agreement, Stream Purchase Agreement, and Production Payment Agreement (“Existing Defaults”) for a period of time ending May 23, 2022, refer to “Cash and Liquidity” discussion below.
  • On May 6, 2022, the Company announced a non-brokered private placement of 200,000,000 units of the Company at a price of C$0.15 per unit for aggregate proceeds of at least $30 million and up to $40 million. Each unit will consist of one common share and one common share purchase warrant. Each warrant will be transferrable and entitle the holder to acquire one common share of the Company for six months from the closing date of the offering at a price of $0.18, subject to certain adjustments. The offering is expected to close on or about May 18, 2022.

Leadership Changes

  • On January 4, 2022, Mr. Troy Fierro, Director and seasoned mining engineer, replaced Darin Labrenz as President & CEO. Mr. Chris Haubrich, Vice President Business Development, replaced Sean Tetzlaff as CFO. Ms. Ashley Kates, Corporate Controller, was promoted to Vice President Finance & Corporate Secretary.
  • On February 17, 2022, Terrence Smith was appointed to the position of Chief Operating Officer and Bryan Wilson was appointed Vice President Mine General Manager of the PureGold Mine. Phil Smerchanski was promoted to Vice President Exploration & Technical Services. Maryse Bélanger remained on PureGold’s Board of Directors.
  • On April 22, 2022, Mark O’Dea assumed the role of interim President and Chief Executive Officer. Mr. Fierro stepped down due to personal health issues. Mr. Fierro will remain a Director of the Company.

Technical Report Update

  • Work on an updated Mineral Resource Estimate for the PureGold Mine including satellite deposits Wedge, Russet South and Fork is underway. Following completion of the updated resource estimate, an updated Technical Report is expected to be completed including an updated Mineral Reserve. Expected timing for the updated Technical Report is in the fourth quarter of 2022.

Financial Results

  • Mine operating loss of $23.4 million for the three months ended March 31, 2022.
  • Revenues, net of refining costs of $18.4 million for the three months ended March 31, 2022.
  • Net loss and comprehensive loss for the three months ended March 31, 2022 totaled $21.5
  • Basic and diluted loss per share for the three months ended March 31, 2022 of $0.05
  • Cash balance as of March 31, 2022 of $6.5 million
  • Total loans and borrowings as of March 31, 2022 of $119.2 million
  • Gold Stream derivative liability as of March 31, 2022 of $43.5 million.

Operational and Financial Details

For the three months ended March 31, 2022 For the three months ended March 31, 2021
Operating data
Ore mined Tonnes 44,716 32,071
Waste mined Tonnes 89,555 112,043
Total mined Tonnes 134,271 144,114
Ore milled Tonnes 50,892 48,404
Average head grade Grams per tonne gold 4.27 3.08
Recovery % 95.2 95.2
Gold produced Ounces 6,653 6,796
Gold sold Ounces 7,876 2,924
Average Price realized $/ounce sold $1,848 $1,774
Financial data (millions)
Revenue $ 18.4 6.4
Mine operating loss $ (23.4) (15.6)
Net loss $ (21.5) (16.8)


$ amounts in millions, except per share amounts For the three months ended March 31, 2022 For the three months ended March 31, 2021
Total Revenue $ 18.4 $ 6.4
Mine operating loss (23.4) (15.6)
Corporate administrative costs (1.1) (2.1)
Interest and financing costs (5.7) (0.0)
Gain (loss) on fair value of derivative liabilities 3.1 0.7
Net loss and comprehensive loss for the period  






Basic and diluted loss per common share  













Additional information regarding the Company’s financial results and activities underway at the Company’s PureGold Mine is available in the Company’s management’s discussion and analysis for the three months ended March 31, 2022.

Qualified Persons and 43-101 Disclosure

Terrence Smith, P.Eng., Chief Operating Officer for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.

About Pure Gold Mining Inc.

PureGold is a Canadian gold mining company, located in the very heart of Red Lake, Ontario, Canada. The Company owns and operates the PureGold Mine, which entered commercial production in 2021 after the successful construction of an 800 tpd underground mine and processing facilities. Gold reserves and resources are centered on a forty-seven square kilometre property with significant discovery potential. PureGold’s strategy is to pursue operational excellence today while investing in systematic exploration and phased expansions to fuel discovery and growth for the future.1

Additional information about the Company and its activities may be found on the Company’s website at and under the Company’s profile at

  1. For further information, see the technical report titled “Madsen Gold Project Technical Report Feasibility Study for the Madsen Deposit,  Red Lake, Ontario, Canada” with an effective date of February 5, 2019, and dated July 5, 2019 (the “Feasibility Study”), for further information please see or under the Company’s Sedar profile at



“Mark O’Dea”

Mark O’Dea, President & CEO

Investor inquiries:

Adrian O’Brien, Director, Marketing and Communications
Tel: 604-809-6890

[email protected]


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