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Gatos Silver (GATO) announced a delay in filing its 2022 Form 10-K and restating its financial statements for prior periods due to ongoing analysis of net deferred tax assets and liabilities related to its 70%-owned Los Gatos Joint Venture. Initially expected by April 17, the filings will take longer than anticipated. The adjustments are considered non-cash and will not impact the company's strong cash position. An extension until May 15, 2023, has been granted for fulfilling financial statements under its credit agreement. Additionally, the Annual Meeting of Stockholders scheduled for May 31, 2023, has been postponed until after the Securities Filings are complete.
Gatos Silver (GATO) provided a bi-weekly default status report on April 14, 2023, addressing delays in filing financial reports due to internal control weaknesses. The company filed its 2021 Annual Report on March 20, 2023, and the 2022 Quarterly Reports on March 30, 2023. However, it announced a delay in the 2022 Annual Report, initially due by March 31, 2023. Gatos Silver acknowledged material weaknesses in reporting controls and engaged a third-party expert to improve its internal control environment. Investors were informed that no material changes occurred since the last Notice, and they expect updates on filings and the annual shareholders’ meeting later this year. The management cease trade orders remain active while the company works on compliance with financial reporting requirements.
Gatos Silver announced its first quarter production results for 2023, highlighting a record mill throughput at its 70%-owned Cerro Los Gatos mine in Mexico. The company reported silver production of 2.43 million ounces, a 2% increase year-over-year, attributed to improved mill throughput, which averaged 2,894 tonnes per day, marking an 11% rise. Zinc production also rose by 2%, while lead production fell by 8%. The company anticipates higher silver output in the first half of 2023, offset by expected grade reductions later. Gatos Silver is focusing on debottlenecking and optimization efforts to enhance productivity and operational flexibility. The construction of the zinc concentrate leach plant is on track for commissioning in Q2 2023.
Gatos Silver (GATO) announced a bi-weekly default status report on March 31, 2023, regarding delays in filing financial documents, including the 2022 Annual Report. The company has faced ongoing issues with internal controls over financial reporting, identifying material weaknesses that could affect its financial statements. The company filed several delayed reports on March 20 and March 30, 2023, and plans to amend prior filings by April 17, 2023. Gatos Silver continues to work on these issues while maintaining compliance with regulatory requirements. A management cease trade order remains in effect, and the company has engaged a third-party expert to improve its internal controls.
Gatos Silver (GATO) reported a delay in filing its Annual Report on Form 10-K for 2022, alongside plans to restate financial statements for 2021 and parts of 2022. The adjustments, primarily related to net deferred tax assets at the Los Gatos Joint Venture, are expected to lower net income for the nine months ending September 30, 2022, by approximately $4 to $6 million from the previously reported $18.3 million. Restatements will not impact the company’s cash balances or production guidance for 2023. The company acknowledged a material weakness in internal controls regarding income tax reporting.
Gatos Silver (GATO) announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The filing is rescheduled for March 31, 2023, when the company will provide further details. Additionally, the investor and analyst call originally set for the same day at 8:00 a.m. PT has been postponed until after the 10-K filing. Gatos Silver, based in Vancouver, focuses on exploring and developing a silver-rich mineral district in southern Mexico, where it holds a 70% interest in the Los Gatos Joint Venture, encompassing approximately 103,000 hectares of mineral rights.
Gatos Silver (NYSE:GATO) has filed its 10-Q reports for the quarters ending March 31, June 30, and September 30, 2022, after delays due to prior errors in their 2020 Technical Report. The company reported a net income of $18.3 million or $0.26 per share for the first nine months of 2022, compared to a net loss of $3.1 million a year earlier. Revenue increased 23% to $218.7 million, driven by strong production from the Los Gatos Joint Venture. Cash flow from operations also rose by 39% to $118.3 million. The company aims to file its annual 10-K by March 30, 2023, and is set to host an investor call on March 31, 2023.
Gatos Silver (NYSE/TSX: GATO) has announced its 2023 annual meeting of stockholders scheduled for May 31, 2023, with a record date of April 6, 2023. Details will be provided in the upcoming proxy statement filed with EDGAR and SEDAR. Additionally, the company plans to file its Quarterly Reports on Form 10-Q for the quarters ending March 31, June 30, and September 30, 2022, by March 31, 2023. Gatos Silver is focused on operating the Cerro Los Gatos mine and developing the Los Gatos mineral district in Mexico, owning 70% of the Los Gatos Joint Venture.
Gatos Silver, Inc. (NYSE: GATO) filed its annual Form 10-K for 2021, revealing a net loss of $43.4 million, equating to $0.68 per share. This loss stemmed significantly from a $51.6 million non-cash impairment related to its investment in the Los Gatos Joint Venture (LGJV), reducing its book value to $355.3 million as of December 31, 2021. The company reported prior delays due to errors in its 2020 Technical Report affecting mineral reserves. Gatos Silver anticipates filing financial results for the first three quarters of 2022 by March 31, 2023, and remains focused on operational and exploration advancements in the Los Gatos district.
Gatos Silver (GATO) provides a bi-weekly default status report regarding its delayed financial filings for 2021 and 2022. The company continues to address internal control weaknesses identified in its financial reporting. Gatos Silver appointed Ernst & Young LLP as its independent auditor, tasked with reviewing the overdue financial statements. The company aims to complete all outstanding filings by the end of Q1 2023, and it has received ongoing management cease trade orders since April 2022. This report confirms no significant changes in the situation since its last notice, and the company plans to hold its 2023 annual shareholders' meeting later this year.
