Gatos Silver, Inc. - GATO STOCK NEWS

Gatos Silver (NYSE:GATO) reported record silver production of 10.3 million ounces in 2022, a 36% increase from 2021 and surpassing guidance of 9.35-9.65 million ounces. Q4 output also set a record at 2.9 million ounces, up 26% year-over-year. Zinc and lead production rose by 22% and 10% respectively. The company aims to enhance operational efficiency and explore new mineralization zones in 2023. Cash balance stood at $17 million as of December 31, 2022, up from $15 million in Q3.

Gatos Silver, Inc. (NYSE:GATO) reports a bi-weekly default status in compliance with National Policy 12-203. The company has delayed filing its annual report for 2021 and quarterly reports for 2022 due to identified material weaknesses in internal controls over financial reporting. Ernst & Young LLP has been appointed as the independent auditor to review financial statements for 2021 and 2022. Gatos expects to complete all delayed filings by the end of Q1 2023 and will hold its annual shareholders’ meeting thereafter. No material changes have occurred since the initial Notice of default.

Gatos Silver (GATO) has announced an amended revolving credit facility with Bank of Montreal, extending the maturity date to December 31, 2025, and re-establishing a credit limit of US$50 million. The facility includes an accordion feature for an additional US$25 million. Currently, Gatos has US$41 million available for advance and a US$4 million repayment made prior to closing. This financial flexibility supports the company's exploration and growth strategy in the Los Gatos district, enhancing shareholder value.

Gatos Silver (NYSE:GATO) issued a bi-weekly default status report regarding its delayed financial filings in compliance with National Policy 12-203. The company is delayed in filing annual and interim reports for 2021 and 2022. Ernst & Young has been appointed as the independent auditor, reviewing financial statements for these years. Despite ongoing evaluations of material weaknesses in internal controls related to mineral reserve reporting errors, Gatos anticipates completing all filings by the first quarter of 2023. No material changes have occurred since the last notice.

Gatos Silver (GATO) has appointed Ernst & Young LLP (EY) as its independent registered public accounting firm. This decision, effective immediately, was approved by the Company's Board and Audit Committee. EY, known for its global expertise and strong mining practice, will audit the consolidated financial statements for the years ending December 31, 2021, and December 31, 2022. The Company anticipates completing all delayed filings by the end of Q1 2023, including the 2021 audit and reviews for the first three quarters of 2022.

Gatos Silver, operating under NYSE ticker GATO, has filed an independent technical report summary on its mineral resources and reserves related to the Los Gatos Joint Venture in Chihuahua, Mexico. This report aligns with the disclosure from its October 3, 2022 press release. A webcast and conference call are scheduled for November 22, 2022, to discuss new estimates and exploration opportunities. Gatos Silver holds a 70% interest in the LGJV, which is vital for its exploration and production activities.

Gatos Silver reported Q3 2022 results, showing a 30% increase in sales from the previous year, driven by record production at the Cerro Los Gatos mine. The mine achieved output of 2.7 million ounces of silver, alongside notable production of zinc and lead. The company improved its 2022 full-year silver production guidance to 9.35-9.65 million ounces. Cost reduction initiatives are offsetting inflation, leading to a lowered all-in sustaining cost guidance of $11.50-$12.50 per payable silver ounce. The company holds $15 million in cash and plans a corporate update on November 22, 2022.

Gatos Silver, Inc. (NYSE:GATO) issued a bi-weekly default status report per National Policy 12-203. The Company has delayed filing its annual report on Form 10-K for the year ending December 31, 2021, and interim financial filings for the quarters ended March 31, 2022, and June 30, 2022. KPMG resigned as the independent auditor, and Gatos Silver is actively seeking a new auditor. The Company acknowledges ongoing issues with internal controls relating to mineral reserve reporting errors and has received management cease trade orders since April 2022.

Gatos Silver, Inc. (NYSE:GATO) reports its bi-weekly default status as mandated by National Policy 12-203 due to repeated delays in filing its annual report on Form 10-K for 2021 and subsequent quarterly reports. The company has received extensions from both the NYSE and Toronto Stock Exchange to file these reports, with a deadline set for April 15, 2023. KPMG resigned as the auditor, and Gatos is looking for a successor. The firm acknowledges material weaknesses in internal controls and continues to assess their impact on financial statements.