Gatos Silver Reports First Quarter 2021 Results
Gatos Silver reported its Q1 2021 operational and financial results, highlighting the repurchase of an 18.5% interest in the Los Gatos Joint Venture, raising its stake to 70%. The company extinguished a $60 million working capital facility, with a $42 million pro-rata share. Mined 209,832 tonnes of ore from the Cerro Los Gatos mine, achieving 85% silver recovery, 87% lead recovery, and 71% zinc recovery. Exploration drilling commenced at the Santa Valeria property. However, the company incurred a net loss of $2.2 million compared to a $15 million income the previous year.
- Repurchased 18.5% interest in LGJV, raising ownership to 70%.
- Extinguished a $60 million working capital facility, saving $42 million.
- Achieved strong metal recoveries: 85% silver, 87% lead, 71% zinc.
- Commenced exploration drilling at Santa Valeria, similar to CLG.
- Net loss of $2.2 million compared to a $15 million income in Q1 2020.
- G&A expenses increased to $3.6 million from $0.8 million.
Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the “Company”) today reported first quarter 2021(“Q1”) operational and financial results.
Key Highlights:
-
Repurchased an additional
18.5% interest in the Los Gatos Joint Venture (“LGJV”), increasing the Company’s LGJV interest to70% ; -
Extinguished the
$60 million LGJV Working Capital Facility of which Gatos Silver’s pro-rata portion was$42 million ; - Mined 209,832 tonnes of ore from the Cerro Los Gatos (“CLG”) mine;
-
Achieved strong metal recoveries at the CLG processing plant with silver recovery averaging
85% , lead recovery averaging87% and zinc recovery averaging71% ; - Continued strong community involvement including physical, social and mental health initiatives and community infrastructure support;
- Secured permit approvals to begin definition drilling at the LGJV’s Esther zone and commenced an exploration drilling program at Gatos Silver’s wholly-owned Santa Valeria property; both properties have geologic characteristics similar to CLG; and
- Advanced definitional drilling at Cerro Los Gatos with three drills currently in operation.
Operational and Financial Results
Gatos Silver
|
Three Months Ended |
|
|
March 31, |
|
Amounts in millions* |
2021 |
2020 |
Exploration expenses |
|
|
G&A expenses |
3.6 |
0.8 |
Operating expenses |
3.8 |
1.0 |
Equity (income) loss in LGJV |
(2.7) |
13.4 |
Arrangement fees |
0.5 |
1.6 |
Net other expense |
(2.2) |
15.0 |
Net Loss |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Gatos Silver Reports First Quarter 2021 Results FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were Gatos Silver's Q1 2021 financial results?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Gatos Silver reported a net loss of $2.2 million in Q1 2021, down from a net income of $15 million in Q1 2020."
}
},
{
"@type": "Question",
"name": "How much ore did Gatos Silver mine in Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Gatos Silver mined 209,832 tonnes of ore from the Cerro Los Gatos mine in Q1 2021."
}
},
{
"@type": "Question",
"name": "What is Gatos Silver's interest in the Los Gatos Joint Venture?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Gatos Silver increased its interest in the Los Gatos Joint Venture to 70% after repurchasing an additional 18.5%."
}
},
{
"@type": "Question",
"name": "What are the metal recoveries achieved by Gatos Silver in Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "In Q1 2021, Gatos Silver achieved silver recovery of 85%, lead recovery of 87%, and zinc recovery of 71%."
}
},
{
"@type": "Question",
"name": "Did Gatos Silver have any significant expenses in Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Gatos Silver reported G&A expenses of $3.6 million in Q1 2021, up from $0.8 million in the same period last year."
}
}
]
}
FAQ
What were Gatos Silver's Q1 2021 financial results?
Gatos Silver reported a net loss of $2.2 million in Q1 2021, down from a net income of $15 million in Q1 2020.
How much ore did Gatos Silver mine in Q1 2021?
Gatos Silver mined 209,832 tonnes of ore from the Cerro Los Gatos mine in Q1 2021.
What is Gatos Silver's interest in the Los Gatos Joint Venture?
Gatos Silver increased its interest in the Los Gatos Joint Venture to 70% after repurchasing an additional 18.5%.
What are the metal recoveries achieved by Gatos Silver in Q1 2021?
In Q1 2021, Gatos Silver achieved silver recovery of 85%, lead recovery of 87%, and zinc recovery of 71%.
Did Gatos Silver have any significant expenses in Q1 2021?
Gatos Silver reported G&A expenses of $3.6 million in Q1 2021, up from $0.8 million in the same period last year.
Gatos Silver, Inc.
NYSE:GATOGATO RankingsGATO Latest NewsGATO Stock Data
980.92M
68.50M
1.16%
95.06%
1.95%
Other Precious Metals & Mining
Gold and Silver Ores
United States of America
VANCOUVER
| |