Gatos Silver, Inc. - GATO STOCK NEWS

Gatos Silver (GATO) provided an operational update highlighting progress in the Cerro Los Gatos (CLG) mine during 2020. Despite COVID-19 related interruptions, the mine achieved a production rate of 2,324 tonnes/day by year-end. CLG produced 4.2 million ounces of silver, along with significant quantities of zinc, lead, and gold. Gatos Silver initiated a 27,000-meter exploration program aimed at upgrading inferred resources and identifying new deposits. The company also successfully completed an IPO, raising $172.5 million, marking a milestone in its growth strategy.

Gatos Silver completed a dual listing IPO on NYSE and TSX in October 2020, raising $173 million, marking the largest precious metals IPO since 2010. Major shareholders include the Electrum Group and Fidelity Investments. The company is set to join the Russell 2000 Index on December 21, 2020, enhancing its market visibility. Gatos Silver focuses on silver and zinc production in Chihuahua, Mexico, and aims to produce 12.2 million silver equivalent ounces annually from its newly commissioned Cerro Los Gatos mine. The company holds extensive mineral rights in an underexplored district.

Gatos Silver (NYSE/TSX: GATO) has announced the reactivation of drilling programs requiring 58,000 meters of exploration at an estimated cost of $6.1 million. The first initiative, focusing on the Cerro Los Gatos deposit, aims to convert inferred resources into measured and indicated resources, potentially increasing the production rate from 2,500 tpd to 3,000 tpd. The company plans two additional programs targeting resource expansion at the Los Gatos District and its Santa Valeria project. CEO Stephen Orr emphasizes the commitment to creating value through these initiatives.

Gatos Silver (NYSE/TSX: GATO) has announced its inclusion in the VanEck Vectors Junior Gold Miners ETF (GDXJ) following its recent IPO. CEO Stephen Orr highlighted the significance of this inclusion, given that Gatos Silver generates most of its revenue from silver production. The company operates in a mineral-rich district in Chihuahua, Mexico, and has defined 14 zones of mineralization, with plans to produce 12.2 million silver equivalent ounces annually from its Cerro Los Gatos mine.

Gatos Silver reported strong operational and financial results for Q3 2020. The Cerro Los Gatos mine saw rapid recommissioning following COVID-19 disruptions, achieving a production rate of 1,750 tpd. Key highlights include a record 453,392 ore tonnes mined in the first nine months and significant recoveries in silver, zinc, and lead, with silver at 85.1%. The company's IPO raised $172.5 million, positioning shareholders to benefit from rising silver prices. Q3 2020 revenue reached $44 million, with net losses decreasing to $1.2 million due to operational improvements.

Gatos Silver, Inc. (NYSE/TSX: GATO) will release its Q3 2020 operational and financial results on December 8, 2020, after market close. The management will host a webcast and conference call on December 9, 2020, at 10:00 a.m. MT/12:00 p.m. ET. Investors can register for the call via a provided link. A replay of the webcast will be accessible on the company’s website afterwards. Gatos Silver encourages regular reviews of its communications for material information regarding its operations and financials.

Gatos Silver announced that underwriters of its IPO exercised their option to purchase an additional 3,214,500 shares at $7.00 each, totaling 24,644,500 shares sold. This move generated approximately $172.5 million in gross proceeds before deductions. The offering was led by BMO Capital Markets, Goldman Sachs & Co. LLC, and RBC Capital Markets, with Canaccord Genuity Corp. and CIBC Capital Markets serving as co-managers. This press release does not constitute an offer to sell securities where unlawful.

Gatos Silver has successfully completed its initial public offering and commenced trading on the New York and Toronto Stock Exchanges under the ticker symbol GATO. The company focuses on the Cerro Los Gatos Mine in Mexico, aiming for an average annual production of 12.2 million payable silver equivalent ounces at a low all-in sustaining cost of $11.77 per ounce. Proceeds from the IPO will be utilized to increase ownership in the Los Gatos District, fund exploration, cover debt, and support general corporate purposes.

Gatos Silver has successfully closed its initial public offering, securing approximately US$150 million from the sale of 21,430,000 shares at US$7.00 per share. The offering includes an additional 3,214,500 shares available for underwriters to purchase. Trading commenced on the New York and Toronto Stock Exchanges under the ticker symbol GATO on October 28, 2020. The offering was organized by BMO Capital Markets, Goldman Sachs, and RBC Capital Markets, with a registration statement declared effective on October 27, 2020.