2023-06-28 00:45:57 ET
- Gatos Silver press release ( NYSE: GATO ): Q1 net income was $0.8 million or $0.01 per share compared with net income of $1.1 million or $0.02 per share in Q1 2022.
- LGJV Q1 2023 results: Revenue of $69.9 million (-20.2% Y/Y).
- Cash flow from operations of $40.0 million, down 5% from $42.1 million.
- Net income of $12.7 million, down 51% from $26.1 million.
- EBITDA of $39.6 million, down 30% from $56.5 million.
- Free cash flow of $28.7 million, up 25% from $22.9 million.
- By-product cash cost of $2.66 per payable ounce of silver, up from ($0.19).
- By-product all-in sustaining costs (“AISC”) of $6.11 per ounce of payable silver, down 22% from $7.88.
- Outlook: " Gatos Silver is not changing its 2023 guidance even though silver production was higher in the first quarter of 2023 than the annual guidance run rate. Based on current mine plan sequencing at CLG, the Company expects the quarterly production run rate for silver to be lower and zinc and lead to be slightly higher for the remainder of the year.
- The Company continues to expect sustaining capital expenditures at CLG of $45 million in 2023 ($8 million spent in Q1 2023). As a result, quarterly by-product cash costs and by-product AISC are expected to be higher for the remainder of the year compared to the first quarter.
- The Company expects ongoing cost reduction initiatives to help offset impacts from current lower by-product prices compared to the first quarter."
For further details see:
Gatos Silver reports Q1 results; reaffirms FY23 guidance