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Gatos Silver Reports First Quarter 2021 Results

Gatos Silver reported its Q1 2021 operational and financial results, highlighting the repurchase of an 18.5% interest in the Los Gatos Joint Venture, raising its stake to 70%.

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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 to 70%;
  • 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 averaging 87% and zinc recovery averaging 71%;
  • 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

$0.2

$0.2

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