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IMPACT Silver Announces Q2 2022 Results Revenue of $3.5 Million, Net Loss of $0.79 Million
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2022) - IMPACT Silver Corp. (TSXV: ...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces Q2 2022 Results Revenue of $3.5 Million, Net Loss of $0.79 MillionVancouver, British Columbia--(Newsfile Corp. - August 29, 2022) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the second quarter ended June 30, 2022. The Company recorded $3.5 million in revenue for the second quarter of 2022 on significantly lower silver prices. Silver production and grade were higher in Q2 2022 compared to Q1 2021. After non-cash costs the Company incurred a net loss of $0.79 million. Fred Davidson, President & CEO of IMPACT, stated, \"The combination of dramatically lower silver prices this quarter due to inflation-induced rate hikes worldwide, and our higher development expenditures at the San Ramon and the Guadalupe mines, resulted in a tough quarter financially. We are tightening our operations further to help improve operating margins to weather the turbulent market, while continuing to invest in underground development which can lower costs in near future. Grade at the Guadalupe mill has been improving, and we should see the benefit of this in coming quarters.\"IMPACT continued to focus on exploration and development having completed almost 12,000 meters (\"m\") of drilling during the first half of the year. The cash position remains strong at $18.4 million with working capital of $19.9 million (cash of $22.4 million and working capital of $22.8 million at June 30, 2021.)\"IMPACT is a primary silver producer and is highly leveraged to silver prices. It is our plan in 2022 that with ongoing production efficiency improvements and exploration, we will continue to improve and develop IMPACT for the future. With a strong pipeline of project exploration programs underway, strong working capital, no long-term debt, and an efficient and nimble operation, IMPACT is well positioned to weather the short-term volatilities.\"Q2 2022 Financial OverviewRevenue for Q2 2022 was $3.5 million, down from $4.2 million in the same quarter 2021 due to lower silver prices.The Company invested $1.4 million in exploration and mining assets during the quarter ($2.7 million year to date 2022).Mine operating earnings before amortization and depletion for Q2 2022 were $0.03 million compared to $1.3 million in Q2 2021, due to lower silver prices...