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Top Stories for May 7, 2024:
1. Gatos Silver (NYSE:GATO) announced its first-quarter results and operational performance at the Cerro Los Gatos mine.
The company reported revenue of $72.2 million (up 3%) and net income of $10.2 million (down 20%).
EBITDA was $35.1 million (down 11%), while cash flow from operations was $37.3 million (down 7%).
Sustaining capital increased by 17% to $8.9 million, and free cash flow was $25.5 million. Silver equivalent production also remained consistent at 3.70 million ounces.
CEO Dale Andres highlighted that silver production is expected to be in the top half of guidance, while costs remain in the lower half as the company advances its growth initiatives and explores new targets.
2. Hycroft Mining (NASDAQ:HYMC) reported Q1 results in which President & CEO Diane R. Garrett highlighted the company’s strong performance driven by a new high-grade silver discovery.
The company reported no lost time accidents, ended the quarter with $57 million in cash and continued exploration drilling on high-grade silver trends.
The company also sold an additional 517,688 shares of common stock for aggregate gross proceeds of $1.2 million and was included in the Solactive Global Silver Miners Total Return Index.
Also Read: Zimbabwe Places Sole Nickel Mine Under Administration Amidst Market Downturn
3. ZK International (NASDAQ:ZKIN) successfully closed a $5 million financing, including an additional $1.5 million investment from CF Opportunity Fund at a 165% premium.
The proceeds will be used for working capital and general corporate purposes.
4. Grupo Simec (NYSE:SIM) reported a decrease in net sales by 24% to 41.139 billion pesos for the year ending December 31, 2023, driven by lower shipments and prices.
Sales outside Mexico fell 31%, while domestic sales decreased 18%. Meanwhile, the cost of sales fell 22% to 31.100 billion pesos and gross profit declined 31% to 10.039 billion pesos, representing 24% of net sales.
Operating income was down 37% to 7.603 billion pesos, while EBITDA decreased 35% to 8.638 billion pesos.
Now Read: Mulino Triumphs In Panama’s Presidential Race, Pledges Less ‘Blah Blah Blah’ And ‘More Public Works And Money In Pockets’
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