Guanajuato Silver (GSVR) Q4 2024 earnings summary

Executive summary

• Achieved third consecutive quarter of positive mine operating income, with Q4 2024 mine operating income up 416% sequentially to $2.66M.

• Q4 2024 revenue rose 4% sequentially and 15% year-over-year to $19.04M, driven by higher silver and gold prices.

• Full-year 2024 revenue increased 14% to $75.66M, with mine operating income of $2.47M versus a loss in 2023.

• Net loss for 2024 narrowed by 46% year-over-year to $17.41M, with adjusted EBITDA turning positive at $3.63M.

• Mine operating cash flow before taxes improved from negative $156K in 2023 to positive $12.49M in 2024.

Financial highlights

• Q4 2024 EBITDA was $2.26M, up 587% sequentially; adjusted EBITDA was $1.75M, up 96% year-over-year.

• Q4 2024 cash cost per AgEq ounce was $19.84 (up 6% sequentially); AISC was $24.98 (up 5%).

• Full-year 2024 cash cost per AgEq ounce was $18.64 (up 2%); AISC was $23.44 (up 2%).

• Realized silver price in Q4 2024 was $31.44/oz (up 7% sequentially); gold price was $2,664.40/oz (up 8%).

• Working capital improved by $3.1M in 2024, ending at negative $15.39M.

Outlook and guidance

• Management targets becoming a debt-free, growing precious metals producer.

• New Gold Credit Facility terms will reduce monthly payments by ~$700,000, enhancing financial flexibility for exploration and development.

• Capex investments over the past year are expected to continue supporting operational improvements.