First quarter earnings exceed expectations. Sierra Metals reported first quarter adjusted net income of $5.9 million, or $0.04 per share, compared with $4.7 million, or $0.03 per share, during the prior year period and our estimate of $5.5 million, or $0.03 per share. Adjusted EBITDA amounted to $16.0 million compared to $27.9 million during the prior year period. The company appears well on its way toward achieving its 2022 production guidance in the range of 79.5 million to 89.7 million pounds of copper equivalent.Updating estimates. We have increased our 2022 EPS and EBITDA estimates to $0.23 and $101.9 from $0.21 and $100.8 million, respectively. We expect steady growth in EBITDA throughout the year as Bolivar ramps up production and the company makes up for lost first quarter production at Yauricocha during the remainder of the year. While Yauricocha and Bolivar cash and all in sustaining costs per copper equivalent pound remained elevated during the first quarter, management expects achieve its 2022 cost guidance based on higher levels of production during the balance of the year. Read More >>