Business
Guanajuato Silver Reports Year End 2023 Financial Results
VANCOUVER, BC / ACCESSWIRE / April 8, 2024 / Guanajuato Silver Company Ltd. (the " Company " or ...
About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"Guanajuato Silver Reports Year End 2023 Financial Results VANCOUVER, BC / ACCESSWIRE / April 8, 2024 / Guanajuato Silver Company Ltd. (the \"Company\" or \"GSilver\") (TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to announce selected financial information and consolidated production results for the year ended December 31, 2023. The Company's consolidated financial statements for the year ended December 31, 2023 and Management's Discussion and Analysis (\"MD&A\") thereon can be viewed under the Company's profile at www.sedarplus.com. All dollar amounts are in US dollars (US$) and prepared in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board. Production results are from the Company's wholly owned El Cubo Mines Complex (\"El Cubo\"), Valenciana Mines Complex (VMC), and San Ignacio Mine (\"San Ignacio\") located in Guanajuato, Mexico, and the Topia Mine (\"Topia\") located in Durango, Mexico.Selected 2023 Highlights:Record production for 2023 of 3.5 million silver-equivalent ounces (\"AgEq\") representing a 64% increase over 2022; total AgEq ounces are derived from 1,756,911 ounces of silver, 16,987 ounces of gold, 3,555,466 pounds of lead and 3,868,262 pounds of zinc. (See note to table below for assumptions regarding the Company's AgEq calculations).Silver production of over 1.7 million ounces is a 74% increase over 2022; Guanajuato Silver is a primary silver producer; approximately 52% of revenues were derived from silver production in 2023, and approximately 40% of revenue came from gold.Record lead and zinc production of 3.5M pounds and 3.8M pounds respectively; zinc production demonstrated a 100% increase over 2022, while lead production was 164% higher over the same period. All lead and zinc production comes exclusively from the Company's Topia mine located in northwest Durango.2023 saw average silver recoveries of 84.5% and average gold recoveries of 88.8%.Total tonnes mined was up 46% over 2022, reflecting the continued ramp-up of production at all four producing silver mines; total tonnes milled was up 42% over same period.Record revenue for 2023 of $66.1M representing a 79% increase over 2022; consolidated revenue for the year was generated by a realized average price of $23.41 per silver ounce, $1,947 per gold ounce, $0.97 per pound of lead, and $1.22 per pou...