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Gatos Silver
Gatos Silver (GASO) investor relations material
Gatos Silver has been acquired
Gatos Silver Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary12 Nov, 2024
Executive summary
Entered into a merger agreement with First Majestic, consolidating three major silver districts in Mexico; expected to close in Q1 2025, pending regulatory, shareholder, and other approvals.
Q3 2024 net income was $9.9M, up from $3.3M in Q3 2023; adjusted net income was $15.2M.
Earnings per share for Q3 2024 rose 200% to $0.14, with adjusted EPS at $0.22.
Updated life of mine plan extends mine life to October 2032 and increases silver equivalent production by 36%.
Record free cash flow and cash balance position the company strongly ahead of the merger.
Financial highlights
LGJV generated $58.2M in operating cash flow and $42.6M in free cash flow in Q3 2024, up 199% year-over-year.
Revenues rose 40% to $93.8M in Q3 2024, driven by higher metal prices and sales volumes.
LGJV net income for Q3 2024 was $25.7M, up from $15.1M in Q3 2023; EBITDA was $57.2M.
By-product AISC per ounce of silver was $9.61, down 35% year-over-year; co-product AISC was $16.13, down 9%.
Ended Q3 with $116.7M in cash; both the company and LGJV remain debt-free, with $50M available on credit facility.
Outlook and guidance
Raised 2024 silver production guidance to 9.2–9.7M oz (from 8.4–9.2M); silver equivalent production guidance to 14.7–15.5M oz.
By-product AISC guidance lowered to $8.50–$10.00/oz (from $9.50–$11.50/oz); co-product AISC guidance unchanged at $14.00–$16.00/oz.
Sustaining capital expenditure guidance at $45M and exploration/resource drilling at $18M for 2024.
Zinc, lead, and gold production expected near high end of original guidance.
Update on Mexican antitrust approval process
Detail plans to reach 3,500 tpd by mid-2025
Significance of Central Deeps exploration results
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Frequently asked questions
Gatos Silver Inc. (GATO) is a precious metals production and exploration company primarily focused on silver. The company's flagship asset is the Cerro Los Gatos mine within the Los Gatos District, located in the heart of Mexico's silver belt. Gatos Silver is engaged in the exploration, development, and production of silver, as well as zinc, lead, copper, and gold ores. The company is headquartered in Vancouver, British Columbia, and its shares are listed on the NYSE and TSX.
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