Gatos Silver, Inc. - GATO STOCK NEWS

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.

Gatos Silver, Inc. (GATO) has issued a bi-weekly default status report regarding delays in filing its financial reports, as required under NP 12-203. Following prior announcements, the Company expects to complete the audits and filings for 2021 and 2022 by the end of Q1 2023. It has appointed Ernst & Young LLP as its independent auditor for these financial periods. However, the Company has identified material weaknesses in its internal controls over financial reporting, necessitating additional oversight. No new defaults have been reported since the initial notice, and the Company aims to hold its 2023 annual shareholders' meeting later this year.

Gatos Silver has announced 2023 production and cost guidance for its Cerro Los Gatos mine. Silver production is projected between 7.4 and 8.2 million ounces at an all-in sustaining cost (AISC) of $11.00 to $13.00 per payable ounce. Total silver equivalent production is expected to range from 12.4 to 13.8 million ounces, with AISC on a co-product basis of $15.50 to $17.50 per ounce. Sustaining capital expenditures are estimated at $45 million, and exploration costs at $13 million. The company anticipates stronger silver output in the first half of the year, while zinc and lead production will peak in the latter half. Gatos aims for continued operational optimization and mine life extension efforts.

Gatos Silver, Inc. (NYSE:GATO) provided a bi-weekly default status report as mandated by National Policy 12-203 due to delays in filing its financial reports. The company disclosed ongoing delays in filing its Form 10-K for the year ended December 31, 2021 and interim Form 10-Q filings for 2022. The firm appointed Ernst & Young LLP as its independent auditor, expecting all delays to be resolved by the end of Q1 2023. Material weaknesses in internal controls over financial reporting were also identified. The Ontario Securities Commission has implemented cease trade orders to ensure compliance.