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Impact Silver Announces Q3 2024 Results with Revenue up 81% and Positive Operating Income
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2024) - IMPACT Silver Corp. (TS...
About this update from Impact Silver Corp.
[{"type":"text","content":"Impact Silver Announces Q3 2024 Results with Revenue up 81% and Positive Operating IncomeVancouver, British Columbia--(Newsfile Corp. - November 27, 2024) - IMPACT Silver Corp. (TSXV: IPT) (OTCQB: ISVLF) (FSE: IKL) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the third quarter and nine months ended September 30, 2024. The Company reports revenue of $8.6 million in Q3 2024, representing an 81% increase over revenue of $4.8 million in Q3 2023. The improvement in revenue is due to substantially higher silver and zinc prices, a ramp up in production from the Plomosas zinc mine, as well as an improvement in average mill head grade in the period compared to Q3 2023. Mine operating earnings (before amortization and depletion) in Q3 2024 was $1.03 million compared to $0.01 million in Q3 2023. The net loss in Q3 2024 was $1.2 million, an improvement from a net loss of $1.5 million in Q3 2023, with a return to positive cash flow anticipated when the Plomosas Mine is in full production.Q3 2024 Highlights:Revenue from the Zacualpan asset was $6.1 million in Q3 2024, up from $4.8 million in Q3 2023.As operations continue to ramp up, production at the Plomosas zinc mine continued to increase, milling 12,686 tonnes in Q3 2024, up from 9,256 tonnes in Q2 2024 and 3,594 tonnes in Q1 2024. In Q3 2024, production averaged approximately 70% of design capacity.Revenue generated from Plomosas was $2.5 million in the quarter, and year to date was $5.4 million. Operating costs at the mine have remained consistent throughout 2024. The net loss in Q3 2024 of $1.2 million improved from net losses of $2.6 million in Q2 2024 and $3.1 million in Q1 2024. After investing $1.9 million in exploration expenditures and mining assets during the quarter, the cash position was $6.4 million, with working capital of $7.1 million, and no long-term debt.\"The third quarter brought numerous positive developments for the Company and its stakeholders. Notably, the Plomosas mine is nearing its design capacity after nearly 18 months of rehabilitation and refurbishments. Additionally, the average mill head grade at the Zacualpan asset is improving as the Company resumes gold production from the Alacran mine. Finally, with cost inflation increasingly under control, operating profits have risen, supported by significant increases in sil...