06:59 AM EDT, 03/18/2024 (MT Newswires) -- RTG Mining Inc. ( RTGGF ) , trading near 52-week lows, earlier Monday provided a cost update for stage 1 of the Mabilo project in the Philippines.

A review of the budget in February showed capital costs have not materially changed and remain below US$25 million. Stage 1's updated cost is US$21.5 million.

Compared to the last cost review in 2021, total operating costs have reduced slightly, with increases in mining, crushing, product haulage and mines development fund costs offset by reductions in shipping, supervision and Makati overhead costs. The updated operating cost is US$32.1 million.

"The Stage 1 financials remain very strong despite the pressures on costs we have seen in the industry over the last couple of years and reinforces our confidence in the project as we move into the development phase," said RTG CEO Justine Magee.