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IMPACT Silver Announces Q1 Financial & Production Results, Earns EBITDA of $0.5 Million on $3.4 Million Revenue
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2020) - IMPACT Silver Corp. (TSXV: IPT)...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces Q1 Financial & Production Results, Earns EBITDA of $0.5 Million on $3.4 Million RevenueVancouver, British Columbia--(Newsfile Corp. - May 25, 2020) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the quarter ended March 31, 2020. The Company reported $3.4 million in revenue for the first quarter of 2020 a 15% improvement compared to Q1 2019 at $3.0 million. EBITDA increased by $0.9 million from the comparative period in 2019 and the net loss was $0.09 million compared to a net loss of $0.9 million in Q1 2019. Mine operating earnings before amortization and depletion improved by $0.3 million as cost reductions and margin expansions continue to lift earnings. Operating activities in Q1 2020 generated cash flows of $0.7 million compared to cash flows used in operating activities of $1.0 million in 2019 due to improved financial performance. Fred Davidson, President & CEO of IMPACT, stated, \"In Q1 2020 we saw first hand the leverage that silver prices have had in reacting to broad market malaise and quantitative easing globally. Staying with the disciplined operational control we set in place to survive the difficult low silver prices stretch for the last 6 years, we are now seeing dividends from our efforts. I would like to thank our stakeholders, investors, and staff for your continued trust and dedication in building IMPACT Silver as one of the purest silver producers.\"With ongoing operational improvements coupled with strong silver fundamentals, IMPACT is well positioned to capitalize on increased investor demand for pure precious metals miners. In Q1 2020, IMPACT has continued to shift production to the Guadalupe Silver Mine located adjacent to the Guadalupe mill and the newly developed Veta Negra open pit. Both contributed significantly to lower costs of operation due to proximity and ease of processing. Production OverviewSilver production increased to 178,994 ounces in Q1 2020 compared to 163,575 ounces in Q1 2019 due to higher grades and increased tonnes milled.Production at the Guadalupe mill during the first quarter of 2020 came from the Guadalupe Mine (38% of total mill feed), the San Ramon Mine (22% of mill feed), the Cuchara Mine (23% of mill feed), and the Veta Negra Mine (17% of mill feed). Average mill...