Guanajuato Silver Company Ltd announce financial and operating results for the three months ended March 31, 2023. James Anderson, Chairman & CEO of Guanajuato Silver, said, “We continue investing aggressively in our assets as we build what we feel is Mexico’s fastest growing silver mining company. Operating results for Q1 continue to demonstrate growth and are aligned with our expectations for this phase of the ramp-up.
I commend our 100% Mexican operations team for their technical excellence as we optimize production at all four of our producing silver mines. With quarter-over-quarter increases in silver-equivalent production expected to continue, we remain on-pace to meet our stated full year production guidance of 4.6 to 4.8 million silver-equivalent ounces in 2023. We expect to end 2023 at a production run-rate of over 5 million AgEq ounces per year.”
Q1 2023 Highlights said,
1: Record production during the quarter of 938,047 AgEq ounces derived from 458,803 ounces of silver; 4,413 ounces of gold.
2: Record Revenue of $17.1M, up from $15.4M in Q4 2022; revenues grew from increased production of AgEq ounces, as well as higher realized silver and gold prices during the quarter. Net Loss narrowed to $8.7M from $9.9M in Q4 2022.
All-in sustaining cost of $21.83 per AgEq ounce produced was slightly higher than $20.80 for Q4 2022; this increase was due primarily to targeted capex investments designed to accelerate the ramp-up of operations at the three Guanajuato mines; operating costs were also impacted by a strengthening Mexican currency as approximately 75% of operating costs are denominated in pesos.
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