LionGold to drum up annual gold production to 200,000 ounces by next year

Tiny pieces of gold from the rock and gravel in the mine are smelted into gold bars. Singapore's first mainboard-listed gold company, LionGold Corp, said it has raised its annual gold production target from 120,000 ounces to 200,000 ounces. -- FILE P
Tiny pieces of gold from the rock and gravel in the mine are smelted into gold bars. Singapore's first mainboard-listed gold company, LionGold Corp, said it has raised its annual gold production target from 120,000 ounces to 200,000 ounces. -- FILE PHOTO: LIONGOLD CORP

Singapore's first mainboard-listed gold company, LionGold Corp, said it has raised its annual gold production target from 120,000 ounces to 200,000 ounces.

This was made known in its annual report for the financial year ended March 31.

LionGold also said that it had interests in six gold companies, which were acquired at a combined transaction value of $190 million.

In May, it bought a substantial stake in an Australian gold producer, Unity Mining Limited.

Commercial gold sales reached $33.5 million for the year with the successful production ramp-up at Castlemaine Goldfield's Ballarat Mine, said LionGold.

It added that investors have responded positively to the company's gold-focused strategy as over $100 million of proceeds were generated through the private placement of new equity and issue of convertible instruments.

In a letter to shareholders, LionGold stated: "...we believe the long-term outlook for (gold) is well-supported by physical market dynamics.

"The steep fall in prices of many gold mining companies from the start of (this year) ultimately improves expansion opportunities for LionGold, as an active acquirer of gold assets."

Its shares closed down 1 cent on Wednesday to $1.12.