Business
IMPACT Silver Announces Q3 2023 Results with Revenue Up 26% and Positive Operating Income
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - IMPACT Silver Corp. (TSXV: ...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces Q3 2023 Results with Revenue Up 26% and Positive Operating IncomeVancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTCQB: ISVLF) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the third quarter and nine months ended September 30, 2023. The Company reports revenue of $4.8 million in Q3 2023, representing a 26% increase over revenue of $3.8 million in Q3 2022. The improvement in revenue is due to higher silver prices as well as increased gold and lead sales in the period compared to last year. Mine operating income (before amortization and depletion) in Q3 2023 was $0.01 million compared to a loss of $0.1 million in Q3 2022. The net loss in Q3 2023 was $1.5 million compared to a net loss of $1.2 million in Q3 2022 and includes significant G&A costs associated with the successful integration of the new Plomosas mine acquisition, which came online subsequent to quarter-end.Q3 2023 and YTD Highlights:The Company completed the final rehabilitation stages during the quarter to bring the Plomosas high-grade zinc mine back online subsequent to quarter-end.After investing $3.8 million in exploration expenditures and mining assets during the quarter, the cash position remained strong at quarter-end at $8.9 million with working capital of $8.7 million. YTD the Company has invested $7.3 million in exploration and mining assets of which $4.9 million was spent at Plomosas toward start up of operations.The Company continues to have no long-term debt.\"Despite a challenging market, we are pleased with the performance of the Company in 2023. We have countered stagnant and declining commodity prices by substantially increasing our gold production while recently bringing online the transformative high-grade Plomosas zinc mine that will meaningfully diversify revenue and contribute to profitability as production continues to ramp up. With an eye on cost controls amidst a difficult inflationary environment coupled with a strong Mexican Peso, we continue to invest in exploration to improve silver grades at Zacualpan while aiming to grow our zinc resources and output at Plomosas,\" said Fred Davidson, President & CEO. Zacualpan Silver DistrictThe third quarter is typically a seasonally rainy period in the area leading to unpredictable p...