Anaconda sold 4,652 ounces of gold during the third quarter of 2019, generating metal revenue of $8.8 million at an average realized gold price of C$1,885 per ounce, and year-to-date has sold 13,057 ounces to generate metal revenue of $23.0 million. As at September 30, 2019, the Company also had over 650 ounces of gold doré inventory, which will be sold in October. Gold sales were generally in-line relative to the comparative three and nine month periods of 2018, with the increase in revenue attributable to the significant increase in gold price since late Q2 2019.

Operating expenses for the three and nine months ended September 30, 2019 were $4,916,099 and $14,140,265, respectively, compared to $4,472,273 and $12,411,876 in the three and nine months ended September 30, 2018, respectively. Mining costs were higher in the first nine months of 2019 due to moving 27% more material. Operating cash costs per ounce sold during Q3 2019 were $1,057 (US$800), a significant improvement over operating cash costs of $1,421 (US$1,062) during Q2 2019, contributing to operating cash costs of $1,113 (US$837) for the nine months ended September 30, 2019, below the Company's revised 2019 annual operating cash cost guidance of C$1,325-C$1,375.