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Gato’s Silver (NYSE:GATO) +3.8% Post-market Tuesday, after it reported record quarterly production from its 70% owned Cerro Los Gatos mine while raising production guidance and lowering 2022 cost guidance.
Cerro Los Gatos sets record 3rd Quarter Silver, Zinc and Lead Production: Silver production increased 59% year-on-year to 2.7 million oz, zinc production increased 32% to 17.8 million lbs and lead production increased 13% to 12 .2 million lbs.
Gatos (GATO) said the higher production was primarily due to record mill throughput rates averaging 2,862 tonnes/day and significantly higher ore grades processed during the quarter.
Based on CLG’s continued strong operating performance, the Company announced that it is increasing its FY22 silver production guidance to 9.35M-9.65M ounces from a previous 8.5M-9M ounces and concurrently raises forecast for zinc to 58m-61m lbs 43M-46M lbs and gold to 5K-5.3K oz.
At the same time, Gatos (GATO) also lowered its estimate for full-year sustaining costs to $15.50-$16.50 per silver equivalent ounce from previously $16.50-$18.50.
Gatos Silver (GATO) “might be ready to purr,” writes Gold Panda in an analysis recently published on Seeking Alpha.
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