Business
IMPACT Silver Announces Q3 2020 Production & Financial Results, Net Income $0.9 million, EBITDA $1.4 million, on $4.8 million Revenue for Quarter
Toronto, Ontario--(Newsfile Corp. - November 23, 2020) - IMPACT Silver Corp. (TSXV: IPT) (OTC ...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces Q3 2020 Production & Financial Results, Net Income $0.9 million, EBITDA $1.4 million, on $4.8 million Revenue for QuarterToronto, Ontario--(Newsfile Corp. - November 23, 2020) - IMPACT Silver Corp. (TSXV: IPT) (OTC PINK: ISVLF) (\"IMPACT\" or the \"Company\") announces its financial and operating results for Q3 2020, period ending September 30, 2020.The Company reported $4.8 million in revenues for Q3 2020 compared to 2019 at $3.5 million due to improved metal prices and ongoing operational efficiencies. Most notably, the Company delivered strong net income of $0.9 million, and EBITDA of $1.4 million, representing a 28% EBITDA margin. This is a stark contrast to a net loss $0.2 million and EBITDA of $0.3 million in Q3 2019. Mine operating earnings before amortization and depletion were $2.1 million in Q3 2020 compared to $0.7 million in Q3 2019.YTD 2020 revenue was $11.0 million compared to $9.3 million in 2019, and net income for the nine months was $0.6 million compared to a loss of $3.9 million in 2019.Silver production year to date 2020 was only down 4% compared to 2019 at 462,231 ounces despite the COVID-19 official shutdown required by Mexican government from April to June 2020. Moreover, revenue per tonne rose to $136.63 for Q3 2020 (2019 -$105.12), and YTD it increased to $111.12 in 2020 (2019 - $88.24). Ongoing operating efficiencies continues to pay dividends with direct costs per tonne dropping to $76.79 for the quarter, a 7% year over year decrease.Fred Davidson, President & CEO of IMPACT, stated, \"I would like to thank the focus and dedication of our team for their concerted effort in managing the operation through an unforeseen pandemic like COVID-19 and keeping the workforce safe first of all, and second of all delivering a solid quarter. This quarter gave us a glimpse of the cashflow potential at Guadalupe and we aim to increase production capacity to capitalize on long-awaited higher silver and metal prices. With a stronger balance sheet and positive cashflow from operations, our next priority is in unlocking additional exploration targets we have throughout our large 210 kilometer land package and assessing expansion production potential at Capire open pit. With over 10 million ounces of silver produced to date, we believe we are just scratching the surface on the Zacualpan district...