If You Invested in Gatos Silver (GATO)

Gatos Silver, Inc. (NYSE/TSX: GATO) was a silver-dominant exploration, development and production company focused on a mineral district in Mexico. According to multiple company news releases, Gatos Silver discovered a silver- and zinc-rich mineral district in southern Chihuahua State, Mexico and held a 70% interest in the Los Gatos Joint Venture ("LGJV"). Through this joint venture, the company was primarily focused on operating the Cerro Los Gatos ("CLG") mine and on the growth and development of the broader Los Gatos district.

The LGJV land package, as described in Gatos Silver’s press releases, consists of approximately 103,000 hectares of mineral rights. Company disclosures characterize this district as highly prospective and under-explored, with numerous silver‑zinc‑lead epithermal mineralized zones identified as priority exploration targets. Gatos Silver’s role in the LGJV included mine operations at CLG and near‑mine and regional exploration across the district.

In its operational updates, Gatos Silver reported that CLG produced silver, zinc, lead and gold contained in concentrates. The company regularly disclosed production metrics, mill throughput rates and guidance for silver and silver equivalent production, as well as by‑product and co‑product all‑in sustaining cost (AISC) measures for the LGJV on a 100% basis. These updates emphasized the importance of mill throughput optimization, cost performance and exploration success in supporting mine life and production levels at Cerro Los Gatos.

Gatos Silver also released a detailed life of mine plan ("2024 LOM Plan") and updated mineral reserve and mineral resource estimates for CLG with an effective date of July 1, 2024. The company reported that the 2024 LOM Plan extended the mine life to the end of 2032 compared with the prior plan and increased total silver equivalent production over the life of mine. The 2024 Mineral Reserve and 2024 Mineral Resource tables disclosed tonnages, grades and contained metal for silver, zinc, lead, gold and copper on both a 100% LGJV basis and a 70% attributable basis.

In addition to operating CLG, Gatos Silver described an active exploration program within the Los Gatos district. Press releases detail drilling and geological work at near‑mine targets such as the South‑East Deeps ("SE Deeps") and Central Deeps zones at CLG, as well as regional targets including Portigueño, San Luis, Lince and Los Veranos. The company reported that drilling at SE Deeps and Central Deeps intersected additional mineralization and suggested potential for mine life extension and further resource growth. District‑scale work included mapping, drone surveys, surface sampling and target ranking across the LGJV land package.

Corporate developments are also central to the history of Gatos Silver. Company and acquirer news releases state that on September 5, 2024, Gatos Silver entered into a definitive merger agreement with First Majestic Silver Corp. ("First Majestic") under which First Majestic would acquire all of the issued and outstanding common shares of Gatos Silver. Subsequent disclosures report that Gatos Silver stockholders and First Majestic shareholders approved the transaction at special meetings held on January 14, 2025.

According to a joint press release dated January 16, 2025, First Majestic and Gatos Silver announced the completion of the acquisition. Under the terms of the merger agreement, First Majestic acquired all issued and outstanding Gatos Silver common shares, and Gatos Silver became a wholly‑owned subsidiary of First Majestic. That release also states that, with the transaction complete, Gatos Silver shares would cease trading and be delisted from the New York Stock Exchange and the Toronto Stock Exchange. As a result, GATO functions as a historical ticker representing a former publicly traded silver‑focused mining company that is now part of First Majestic.

For investors reviewing GATO, the symbol therefore provides historical context on Gatos Silver’s operations at Cerro Los Gatos, its 70% interest in the LGJV, its exploration activities across the Los Gatos district, and the corporate transaction in which the company was acquired and delisted. Ongoing information about the Cerro Los Gatos mine and the Los Gatos district is expected to be reported under First Majestic’s disclosures, as indicated in the acquisition‑related news releases.