Guanajuato Silver Achieves 16% Production Surge in 1Q24

Canada-based precious metals company Guanajuato Silver Company released its financial and operational results for 1Q24. The company revealed achievements and trends across key metrics, including record metal production up 16% from 4Q23. 

Guanajuato Silver showed robust results, which the company associated with strategic investments made in 2023. These investments led to a significant increase in precious metals production, while also reducing operating costs. The company produced 987,312oz AgEq, a 16% increase over the previous quarter.

Performance was driven by contributions from 428,279oz silver, 5,384oz of gold, 879,242lbs of lead, and 922,297lbs of zinc. Tons milled increased by 20% compared to the previous quarter, with a total of 165,079t processed across Guanajuato Silver's three production facilities. "CAPEX investments made in 2023 helped to lift precious metals production over the quarter, while simultaneously sending operating costs lower. Buoyed by this strong start to the year, we will look to continue the positive trends we have established as we enter into an environment of potentially higher spot prices for silver and gold,” said James Anderson, Chair and CEO, Guanajuato Silver.

The company demonstrated cost efficiency with all-in sustaining costs (AISC) of US$20.19/oz AgEq and cash costs of US$16.55/oz AgEq, both 6% lower than the previous quarter.

Guanajuato Silver reported record revenue of US$17.8 million, a 7% increase from the previous quarter. Despite the higher revenue, net loss decreased by 3% in 1Q24 to US$7.3 million compared to US$7.6 million in 4Q23. The realized average metal prices for the quarter stood at US$23.377/oz of silver and US$2,068/oz of gold sold, further contributing to the company's financial performance.