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IMPACT Silver Announces 2022 Financial Results Including Positive Mine-Level Operating Earnings
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2023) - IMPACT Silver Corp. (TSXV: IPT) ...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces 2022 Financial Results Including Positive Mine-Level Operating EarningsVancouver, British Columbia--(Newsfile Corp. - March 24, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) (\"IMPACT\" or the \"Company\") is pleased to announce its financial and operating results for the year ended December 31, 2022. The Company is one of the most focused silver-dominated companies at the centuries-old \"Royal Mines of Zacualpan Silver District\" in central Mexico. IMPACT is in the process of finalizing the transformative acquisition of the Plomosas zinc-lead-silver mine in northern Mexico, which is expected to add meaningful revenue, commodity diversification and financial growth driven by exceptionally high grade zinc production.The Company reported $16.3 million in revenue in 2022 compared to $17.7 million in revenue in 2021. Despite operational improvements and cost saving initiatives, the decline in revenue owes to a 13.6% decline in silver prices. Mine operating earnings before amortization and depletion in 2022 were $1.2 million (compared to $4.7 million in 2021) owing to lower silver prices and increased inflationary pressures on costs, wages, a stronger Mexican Peso, as well as additional exploration and drilling costs. Management believes cost controls implemented throughout 2022 as well as recovering silver prices as of late, will result in improving margins throughout 2023.Fred Davidson, President & CEO of IMPACT, stated, \"2022 was one of the most difficult years for global equities and hard assets, with several notable black swan events including the war in Ukraine, unprecedented global inflation and tight supply chains. The resulting increases in interest rates by central banks worldwide resulted in an unprecedented rate hike cycle that started from near zero percent, to over 5% through year-end and into 2023. Despite this, IMPACT managed to minimize losses and position the Company on a trajectory of improved margins and growth in 2023. The Company maintains an enviable, cash-rich balance sheet with no debt, as well as controls on cost inflation at the consumables and labour levels.\"Our dual-pronged strategy focuses on improving metal grade from existing and new development sites while exploiting added efficiencies at the Company's primary production mill. Meanwhile, shareholder...