Business
Impact Silver Announces Full Year 2020 Results Net Income Rose to $2.3 Million on $15.6 Million Revenue
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2021) - IMPACT Silver Corp. (TSXV: IP...
About this update from Impact Silver Corp.
[{"type":"text","content":"Impact Silver Announces Full Year 2020 Results Net Income Rose to $2.3 Million on $15.6 Million RevenueVancouver, British Columbia--(Newsfile Corp. - March 24, 2021) - IMPACT Silver Corp. (TSXV: IPT) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the year ended December 31, 2020. The Company reported $2.3 million net income on $15.6 million in revenue for full year 2020 compared to a loss of $4.9 million on $13.3 million in revenue in 2019. The better results were primarily due to increased silver prices during the year, despite a temporary COVID-19 shut down earlier in the year. Mine operating earnings before amortization and depletion was $4.7 million for the year ended December 31, 2020 compared to $1.4 million in 2019. Fred Davidson, President & CEO of IMPACT, stated, \"In the tough market of 2018, we implemented foundations on the operational front that would set IMPACT up for success by focusing on grades and cost efficiency. I am pleased to report that in 2020 we saw each of our goals met and surpassed as our stakeholders reaped full rewards of a focused pure play silver miner in IMPACT.\" \"In 2020, operations in Mexico were suspended from April through June due to COVID-19. We are proud of our team for navigating through this unprecedented pandemic and implementing new health risk policies for the safety of our work force, their families and local communities.\"\"Operational excellency, in combination with continued elevated silver prices has generated another strong quarter in Q4 2020 with net income of $1.7 million. With the positive cashflow and capital raised last year, we believe that the Company is in a good position to carry out its objectives in 2021 including one of IMPACT's largest greenfield exploration programs in years, ongoing advancements on various mine sites, unlocking the value of our land package, and evaluation of our Capire VMS plant and deposit.\"\"With 10.8 million ounces of silver (no equivalents) produced to date by IMPACT Silver, we are proud of our 2020 achievements of returning back to a profitable highly leveraged pure silver miner and look forward to 2021 with significant expectations.\"2020 Financial OverviewNet income for the year was $2.3 million compared to a loss of $4.9 million in 2019. Net income for the quarter was $1.7 million compared to a lo...