- Gatos Silver (TSX:GATO) has revealed its Q2 2024 production results at its 70 per cent owned Los Gatos mine in Mexico
- Results include record zinc production and the sixth consecutive quarterly record for mill throughput
- Silver equivalent production for the quarter totaled 3.88 million ounces, an 18 per cent increase from Q2 2023
- Shares of Gatos Silver are up 22.69 per cent to C$13.68 as of 12:29 p.m. ET
Gatos Silver (TSX:GATO) has revealed its Q2 2024 production results at its 70-per-cent-owned Los Gatos mine in Mexico, sending its shares up more than 20 per cent on Wednesday.
In a news release, the company stated results include record zinc production and the sixth consecutive quarterly record for mill throughput.
Silver equivalent production for the quarter totalled 3.88 million ounces, which is an 18 per cent increase from Q2 2023. Gatos Silver stated it is on track at the top end of its 2024 guidance.
“Our mine debottlenecking efforts delivered a mill throughput average of 3,240 tons per day, up 1 per cent from the first quarter of 2024 and up 11 per cent from the second quarter of 2023, as we advanced towards our medium-term target of sustained throughput rates of 3,500 tons per day,” Dale Andres, CEO of Gatos Silver, said in a statement.”
Andres added that the company expects to complete an updated life of mine plan in Q3 2024 with the goal of further extending the mine life.
“We also increased exploration drilling efforts during the second quarter on both near mine targets and at the San Luis prospect located five kilometers from the CLG mine,” Andres added.
Overall, according to the company, silver equivalent and silver production is expected to be in the top half of Gatos Silver’s previously announced guidance ranges of 13.5 to 15.0 million ounces and 8.4 million to 9.2 million ounces respectively for the full year in 2024.
With headquarters out of Vancouver, Gatos Silver is a silver dominant exploration, development and production company focused on Mexico.
Shares of Gatos Silver Inc. (TSX:GATO) are up 22.69 per cent to C$13.68 as of 12:29 pm ET.
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