Mercedes
Operations
The Mercedes Project is a fully mechanized, ramp-access underground mining operation. Mining activities are currently focused across multiple active mining areas including Marianas, San Martin, Lupita, Diluvio and Rey de Oro. Ore is hauled to surface stockpiles near each portal and subsequently transferred to a centralized crushing facility.
Ore processing consists of conventional crushing, grinding and agitated cyanide leaching followed by Merrill-Crowe precipitation and doré smelting. Tailings are detoxified prior to deposition or use as underground backfill.
Recent Operational Performance
| Mercedes Operations | Q3 2024 | Year to Date |
|---|---|---|
| Gold produced (oz) | 10,751 | 32,283 |
| Silver produced (oz) | 76,939 | 161,872 |
| Gold sold (oz) | 11,066 | 32,900 |
| Cash cost/oz sold | $1,285 | $1,349 |
| AISC/oz sold | $1,697 | $1,755 |
| Tonnes mined | 103,889 | 303,348 |
| Tonnes processed | 102,535 | 307,541 |
| Avg gold grade mined (g/t) | 3.36 | 3.51 |
| Avg gold grade processed (g/t) | 3.40 | 3.45 |
| Gold recovery | 96% | 95% |
| Avg realized gold price | $2,469 | $2,266 |
| Development (m) | 2,025 | 7,374 |
Cash costs and AISC are Non-GAAP measures. Refer to Noble Earth Resources’ financial filings for full definitions.
Production & Development
Q3 2024 production was primarily sourced from the San Martin, Marianas, Diluvio and Lupita deposits. Gold grades remained consistent with prior quarters and represented an improvement over 2023 averages. Silver production increased substantially due to improved metallurgical performance at San Martin.
Development totaled 2,025 metres during the quarter. Marianas ramp development was completed and portal access to the Rey de Oro Alta deposit commenced.
Production Outlook
San Martin is expected to wind down in early 2025. Marianas and Rey de Oro Alta are expected to become significant contributors through 2025 as development advances. Production levels are expected to vary during the transition period.