Gatos Silver Reports First Quarter 2021 Results
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Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the “Company”) today reported first quarter 2021(“Q1”) operational and financial results.
Key Highlights:
-
Repurchased an additional
18.5% interest in the Los Gatos Joint Venture (“LGJV”), increasing the Company’s LGJV interest to70% ; -
Extinguished the
$60 million LGJV Working Capital Facility of which Gatos Silver’s pro-rata portion was$42 million ; - Mined 209,832 tonnes of ore from the Cerro Los Gatos (“CLG”) mine;
-
Achieved strong metal recoveries at the CLG processing plant with silver recovery averaging
85% , lead recovery averaging87% and zinc recovery averaging71% ; - Continued strong community involvement including physical, social and mental health initiatives and community infrastructure support;
- Secured permit approvals to begin definition drilling at the LGJV’s Esther zone and commenced an exploration drilling program at Gatos Silver’s wholly-owned Santa Valeria property; both properties have geologic characteristics similar to CLG; and
- Advanced definitional drilling at Cerro Los Gatos with three drills currently in operation.
Operational and Financial Results
Gatos Silver
|
Three Months Ended |
|
|
March 31, |
|
Amounts in millions* |
2021 |
2020 |
Exploration expenses |
|
|
G&A expenses |
3.6 |
0.8 |
Operating expenses |
3.8 |
1.0 |
Equity (income) loss in LGJV |
(2.7) |
13.4 |
Arrangement fees |
0.5 |
1.6 |
Net other expense |
(2.2) |
15.0 |
Net Loss |
Gatos Silver
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