scotgold resources ltd said wednesday its pretax loss for fiscal 2022 doubled as it prepares for full production at its cononish gold mine in scotland the londonlisted gold mining company posted a pretax loss for the year ended june 30 of 108 million australian dollars 72 million compared with a loss of a50 million in fiscal 2021 revenue increased to a178 million from a299807 the rise was offset by significantly increased cost of sales administration costs and depreciation and loss on disposal of noncurrent assets the company said it is targeting gold production of around 23500 ounces per annum run rate in 2023 scotgold said its resource estimates and life of mine has the potential to be substantially increased and it has completed very low frequency magnetics to determine a 2023 exploration program whilst we anticipate significant cash generation especially once full production is achieved during 2023 we are committed to continuing to grow and realize cononish and scotgolds value through exploration chief executive officer phil day said due to adverse weather and shortterm mine plan changes the company cut production guidance for the last three months of 2022 to 2000 ounces of gold from previous expectations of 30003500 ounces