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Tietto Minerals (ASX:$TIE) achieves record gold production

Tietto Minerals achieves record production at Abujar Gold Project


Tietto Minerals (ASX:$TIE) has achieved a record monthly production at its Abujar Gold Project in Côte d'Ivoire, West Africa. The company produced 13,781 ounces of gold in December 2023 from only 26 days of milling, following a scheduled five-day shut down for an annual mill reline. The head grade rose to a monthly record of 1.16 grams per tonne with a recovery rate of 95.2%. Tietto expects to reach full production capacity at Abujar in the first half of 2024, with cashflow and costs to be reported in the December Quarterly Report.

Executive Commentary on Record Production and Unsolicited Offer


Tietto Minerals' Managing Director and CEO, Matt Wilcox, stated, 'Tietto has produced a record 13,781 ounces of gold at Abujar in December from only 26 milling days at a record monthly head-grade of 1.16 grams per tonne gold after achieving a monthly milling record of 608 tonnes per hour. Since the management transition earlier in 2023, we have been focused on increasing both tonnes mined and tonnes milled, and forcing cost savings across our operations as we lift the Company towards full production, which we expect will occur in H1 2024.'

Summary of Tietto Minerals' Achievements and Unsolicited Offer


Tietto Minerals has achieved a record monthly production of 13,781 ounces of gold at its Abujar Gold Project in December 2023, demonstrating significant operational improvement. The company expects to reach full production capacity in the first half of 2024. Additionally, Tietto's Board continues to advise shareholders to reject the opportunistic, unsolicited, and conditional offer by Zhaojin Capital (Hong Kong) Limited, as it is deemed unfair and unreasonable. The Independent Expert concluded that the offer materially undervalues Tietto, with a valuation range for Tietto shares at A$0.890 - A$1.008 per share at the spot gold price of US$2041/oz as of 19 December 2023. Tietto's achievements and the rejection of the offer reflect the company's commitment to maximizing shareholder value and its confidence in the future outlook of the Abujar Gold Project.

Sourcehttps://announcements.asx.com.au/asxpdf/20240108/pdf/05z7k0hz1g6n3w.pdf

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