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IMPACT Silver Announces Q1 2022 Results Revenue of $4.6 Million, EBITDA $0.4 Million
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2022) - IMPACT Silver Corp. ( TSXV: IPT ...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces Q1 2022 Results Revenue of $4.6 Million, EBITDA $0.4 MillionVancouver, British Columbia--(Newsfile Corp. - May 9, 2022) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the first quarter ended March 31, 2022.The Company recorded $4.6 million in revenue for the first quarter of 2022 and EBITDA (earnings before interest, taxes, depreciation, & amortization) of $0.4 million. Mine operating earnings before amortization and depletion in Q1 2022 were $1.1 million. After non-cash costs - amortization, depreciation, and deferred income taxes - the Company incurred a net loss of $0.06 million compared to a loss of $0.3 million in Q1 2021.During the quarter, the Company continued to focus on exploration and development of the district spending $1.3 million on these programs. Working capital at March 31, 2022, remained strong at $21.1 million compared to $21.5 million at March 31, 2021. The Company continues to remain well funded with cash of $19.1 million at March 31, 2022. Fred Davidson, President & CEO of IMPACT, stated, \"In Q1 2022, we saw the start of full pressure from the inflation built up over years of quantitative easing, the flare up of Ukraine-Russia war, coupled with start of steep rate hikes in North America, all of which have caused downward pressures on precious metal spot prices. The average price of silver fell to $23/oz but with cost efficiencies realized from lean operations our team was able to continue generate positive EBITDA and mine operating earnings. \"IMPACT continues to be one of the purest silver miners with a 90%+ revenue leverage to silver prices. It is our plan in 2022 that with ongoing production efficiency improvements and exploration plans, we will continue to shape IMPACT into the premier silver exploration and production play for investors. With a robust exploration program lined up in 2022 to follow up on successes in 2021, cash on hand, strong working capital, no long-term debt, and a belief in the potential for higher silver prices, IMPACT is well positioned.\"Q1 2022 Financial OverviewRevenue for Q1 2022 was $4.6 million, down from $5.4 million same quarter 2021 in part due to lower silver prices. Sales in Q1 2021 included substantial inventory from December of the prior ...