For the fourth quarter this year, we had our capacity increased in Mexico and a mine plan with better grades, Honduras with stable operation, managerial continuous improvement, and better recovery rates, EPP with gradual improvement on grades and, at last, limited losses at Gold Road.
“We had a very busy third quarter. We finalized the work necessary to recommence operations at the mine, and the restart was announced on August 3rd,” said David Wolfin, President and CEO.
“Pan American generated record quarterly revenue of $460.3 million and operating cash flow of $157.0 million in Q3. Our cash and short term investments increased to $315.4 million,” said Michael Steinmann, President and Chief Executive Officer.
Shareholders who are residents of Canada, the United States, Bermuda and Cayman Islands may elect to participate in the Plan commencing with the dividend to be paid on January 14, 2022 to shareholders on record as of December 31, 2021.
The Company intends to use the net proceeds of the Offering for underground mine development and exploration programs at Tucano, and to maintain its working capital and for general corporate purposes.
“As of the beginning of November, approximately 90% of our workforce is fully or partially vaccinated. Our operations are running at steady state and we are pleased with the overall performance. Our focus is also on our growth plan, and we have expanded our project development team and commenced preparations for construction at Terronera.”
The funds raised will go directly to the company’s field programs in Mexico and Alaska. In Mexico the company is preparing for a maiden 2,500 to 3,000 metre drill program at Cumaro.
Stephen Orr, the Company’s Chief Executive Officer, stated: “We are pleased with Gatos Silver’s accomplishments in Q3. As previously communicated, 2021 is a year of optimization and CLG is continuing to achieve record mine and plant throughput with above-design metal recoveries. Additionally, after a successful $133 million follow-on offering and subsequent LGJV debt repayment, we improved our financial flexibility, resulting in Gatos Silver and the LGJV becoming net debt free.”
Mike Struthers, CEO, commented: “As the next step in increasing our trading liquidity and enhancing our capital markets profile, we are very pleased to report our elevation to the OTCQX Market.”
“Our decision to inventory a significant amount of silver during the quarter obviously impacted our third quarter financial results but those additional revenues and cash flows are expected to be realized in the coming quarters as prices improve,” stated Keith Neumeyer, President and CEO
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