The exploration program at Pinos Altos is concentrating on examining the potential depth of various zones such as Cerro Colorado, Santo Nino, and Reyna East, as well as other targets on the property, in addition to the scheduled drilling at Cubiro.
Pre-construction activities at the Cubiro deposit were ceased in the final quarter of 2022. Initial production is now expected to begin in the second half of 2024, providing additional production flexibility to the Pinos Altos operations.
Open pit pre-stripping activities at Pit 1 in Reyna de Plata were completed as planned in the fourth quarter of 2022, and ore production exceeded target levels.
The backlog in underground development at the Santo Niño and Cerro Colorado areas persisted in the fourth quarter of 2022 due to more extensive than anticipated rehabilitation work in the first half of the year, which impacted stope availability and ore delivery to the mill. |