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IMPACT Silver Announces Q2 2024 Results with Strong Revenue Growth of 40% on Increasing Plomosas Production
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - IMPACT Silver Corp. (TSXV...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces Q2 2024 Results with Strong Revenue Growth of 40% on Increasing Plomosas ProductionVancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - IMPACT Silver Corp. (TSXV: IPT) (OTCQB: ISVLF) (FSE: IKL) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the second quarter ended June 30, 2024.Overall revenue in Q2 2024 was $7.7 million, representing a significant 40% increase over Q2 2023 revenue of $5.5 million. Revenue in Q2 2024 includes $1.8 million from the Plomosas high-grade zinc mine up from $1.0 million in Q1 2024. The Plomosas high-grade zinc mine (acquired in April 2023) was brought online in late 2023 and therefore, year-over-year comparisons do not include any revenue or operating costs recorded in Q2 2023. Meanwhile, revenue at the Zacualpan silver-lead-zinc project increased to $5.9 million in Q2 2024 from $5.4 in Q2 2023 despite lower production on a year-over-year basis, owing mostly to stronger silver prices. The mine operating loss (before amortization and depletion) in Q2 2024 was $0.2 million compared to income of $0.9 million Q2 2023 which did not include any start-up and operating costs from Plomosas. The Company continued to experience cost pressures at its mine sites, certain one-time costs associated with bringing the Plomosas mine online, and the negative effects of a strong Mexican Peso. The net loss in Q2 2024 was $2.6 million compared to a net loss of $0.9 million in Q2 2023.Q2 2024 Consolidated Financial OverviewRevenue in Q2 2024 was $7.7 million, up from $5.5 million in Q2 2023.Mine operating loss before amortization and depletion[1] in Q2 2024 was $0.22 million, compared to income of $0.9 million in Q2 2023.The net loss in Q2 2024 was $2.6 million after foreign exchange expense and deferred income taxes totalling $0.6 million compared to net loss of $0.9 million in Q2 2023. After investing $1.6 million in exploration expenditures and mining assets during the quarter, the cash position remained strong at quarter-end with $9.9 million and working capital of $8.8 million. During the quarter, the Company closed a non-brokered \"LIFE\" and private placement of $8.6 million.The Company has no long-term debt.Q2 2024 Zacualpan Mine Production OverviewMill throughput in Q2 2024 was 35,062 tonnes compared to 35,753 tonnes in Q2 2023.Silver pro...