Welcome to our dedicated page for Guanajuato Silver news (Ticker: GSVRF), a resource for investors and traders seeking the latest updates and insights on Guanajuato Silver stock.
Guanajuato Silver Company Ltd. reports operating and corporate developments as a Mexico-focused precious metals producer. The company produces silver and gold from the Bolanitos mine, El Cubo Mines Complex, Valenciana Mines Complex and San Ignacio mine in Guanajuato, and produces silver, gold, lead and zinc concentrates from the Topia mine in Durango.
Recurring updates include production and financial results, NI 43-101 technical reports, mineral resource and reserve estimates, drilling programs, mine optimization initiatives, completed asset acquisitions, board appointments, stock option grants and at-the-market equity activity. Company news also addresses concentrate sales exposure to silver and gold and operating risks tied to underground mining in Mexico.
Guanajuato Silver has filed a new NI 43-101 Technical Report for its El Cubo mine complex in Mexico, presenting an updated mineral resource estimate (2024 MRE) effective August 1, 2024. The report reveals significant growth in inferred mineral resources, showing an 85% increase to 35.6 million silver-equivalent ounces (AgEq), with tonnes increasing 179% to 3,711 kt.
The indicated mineral resources stand at 3.9M AgEq, showing only a 23% decline after three years of substantial mining activity. The company began drilling in January 2025 to convert inferred resources to indicated resources. The estimate was prepared by APEX Geoscience and includes 44 vein domain models based on 43,919 underground channel samples and 24,602 drillhole samples.
The economic assumptions used include US$25/oz Ag, US$1,950/oz Au, with 85% process recoveries for both metals, and various operational costs. The underground AgEq lower cutoff is set at 135 g/t.
Guanajuato Silver has announced a new mineral resource estimate (2024 MRE) for its 100% owned El Cubo mine complex in Mexico. The update reveals an 85% increase in Inferred mineral resources to 35.6 million silver-equivalent ounces (AgEq), with Inferred mineral resource tonnes showing a 179% increase to 3,711 kt. Indicated mineral resources stand at 3.9M AgEq, representing only a 23% decline after three years of mining activity.
The 2024 MRE was prepared by APEX Geoscience , effective August 1, 2024. The estimate includes 44 vein domain models based on 43,919 underground channel samples and 24,602 drillhole samples. The company plans to begin drilling in January 2025 to convert Inferred resources to Indicated Resources.
Guanajuato Silver has provided updates on its 2024 drilling program at the Pinguico Project in Mexico. The drilling campaign revealed high-grade intercepts in the southern portion, targeting the Pinguico and San Jose veins. A notable deep hole of over 650 meters successfully intersected the Veta Madre vein, confirming potential system confluence. The company is advancing underground mining activities, aiming to reach a sizeable stockpile approximately 600 meters from Level 4 adit entrance by Q2 2025. Current development has produced 2,562 tonnes averaging 1.19 g/t gold and 102 g/t silver. The company targets a resource estimate for Pinguico in late 2025.
Guanajuato Silver reported positive Q3 2024 results with mine operating income of $515,576, marking the second consecutive quarter of positive performance. The company achieved production of 779,797 AgEq ounces, including 413,607 ounces of silver and 3,617 ounces of gold. Revenue reached $18.3M, a 17% increase over Q3 2023. The company reported positive adjusted EBITDA of $892,277 and improved operational metrics with AISC of $23.88 per AgEq ounce, a 7% improvement over the previous quarter. Notable achievements include the complete repayment of its $7.5M OCIM facility and reaching over 3M AgEq ounces produced at El Cubo since late 2021.
Guanajuato Silver has reported significant drilling results from its Valenciana Mines Complex in Mexico. The company completed 679 meters of infill drilling across seven holes at the Cata mine area, and 615 meters of diamond drilling at the Maravillas zone. Notable results include an intercept of 3.19m grading 492 g/t AgEq, including 0.42m of 2808 g/t AgEq at Maravillas. The drilling program focused on the upper vein system of Veta Madre, identifying four main veins: Alto1, Alto2, Alto3, and Alto4. The Maravillas section, despite being centrally located, remains the most under-explored area of the complex.
Guanajuato Silver (TSXV:GSVR)(OTCQX:GSVRF) reported a fatal accident at its San Ignacio mine in Guanajuato, Mexico, on October 22. Operations in the immediate area have been temporarily suspended while the company cooperates with Mexican authorities in the investigation. The company stated it will review and potentially implement additional safety protocols based on the investigation's findings. Management expressed commitment to workforce safety and support for those affected by the incident.
Guanajuato Silver Company (GSVR) has achieved a significant production milestone at its El Cubo mill, producing over 3,000,000 ounces of silver-equivalent (AgEq). This triggers the final contingent payment of US$1,000,000 owed to Endeavour Silver Corp. as part of the El Cubo mine and mill complex purchase in 2021. The company will settle half of this payment through the issuance of shares.
Additionally, Ocean Partners UK , a metals off-take and trading firm, has agreed to accept shares for debt for two months of outstanding payments on the existing Gold Loan Credit Facility. This will result in Ocean Partners receiving approximately 9,771,635 shares for a total consideration of about US$1.8 million. The company has also arranged to settle approximately US$250,000 in outstanding liabilities through share issuance to an arm's length third party.
Guanajuato Silver Company (TSXV:GSVR)(OTCQX:GSVRF) has fully repaid its US$7,500,000 silver and gold pre-payment facility to OCIM Metals & Mining S.A. This repayment signifies the company's improving financial position and frees up significant monthly cash flows. The loan from OCIM was instrumental in GSilver's acquisition of the El Cubo mine and milling facility, enabling its rapid transition to producer status.
With this repayment, GSilver now has only one outstanding loan - the Expanded Facility with Ocean Partners UK , repayable in fixed monthly installments of approximately 338 troy ounces of gold over 30 months. The company's production averaged over 1600 ounces of gold and 137,000 ounces of silver monthly during the first half of 2024, demonstrating its growing capacity as a significant precious metals producer in Mexico.
Guanajuato Silver Company (TSXV:GSVR)(OTCQX:GSVRF) has announced significant changes to its executive team. Juan Martin Pena, a 36-year veteran of the Mexican mining industry, has been appointed as VP Operations in Mexico. Pena brings extensive experience from roles at major mining companies like Grupo Mexico, First Majestic Silver, and Industrias Penoles.
Concurrently, the company announced the retirement of Gerardo and Hernan Dorado. Hernan Dorado has resigned as Director and Chief Strategy Officer, while Gerardo Dorado will retire as VP of Projects at the end of September. The company has also granted 300,000 stock options to an Officer at $0.25 per share, exercisable over five years.
Guanajuato Silver Company (GSVR) reported record revenue of $20.5M in Q2 2024, a 16% increase from the previous quarter and 22% year-over-year. The company achieved its first positive mine operating income of $947,433 and positive EBITDA of $2,007,907. Production reached 823,679 silver-equivalent ounces, derived from 398,685 oz silver, 4,255 oz gold, 806,295 lbs lead, and 1,067,538 lbs zinc. Cash costs were $19.93 per AgEq ounce, with AISC at $25.55. The company's working capital position improved by 21% over Q1. Despite these improvements, GSilver reported a net loss of $2.7M for the quarter, though this represents a $4.6M improvement from Q1.