Guanajuato Silver Company announces financial and operating results for the three month (Q3 2024) and nine month periods ending September 30, 2024. According to the selected Q3 2024 (Three Month Period) Highlights, positive mine operating income of $515,576; Q3 represents the second consecutive quarter of positive income from mining operations.
Production for the quarter of 779,797 AgEq derived from 413,607 ounces of silver, 3,617 ounces of gold. Silver production of 413,607 ounces was an increase of 4% over the previous quarter. Silver production accounted for 50% of Q3 revenue; 43% of revenue was generated by gold production. Guanajuato Silver is a primary silver and gold producer with over 90% of revenues being derived from the sale of precious metals. All lead and zinc production comes exclusively from the Company’s Topia mine located in northwest Durango.
During the quarter the Company confirmed an important production milestone – over 3,000,000 AgEq ounces had been produced at El Cubo since the restart of operations in late 2021. For this purpose, AgEq has been calculated using an 82.77:1 (Ag/Au) ratio from October 1, 2021, until September 20, 2024.
In the quarter, the Company announced the complete repayment of its US$7,500,000 silver and gold pre-payment facility to Swiss-based precious metals trading firm, OCIM Metals & Mining S.A. (“OCIM”); this followed the Q2 repayment in full of the US$5,000,000 concentrate pre-payment facility owed to Ocean Partners UK Limited.
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