Business
IMPACT Silver Announces Third Quarter 2021 Results, Q3 Net Income Positive, with Year to Date Cash Flow from Operations of $2.8 Million
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2021) - IMPACT Silver Corp. (TSXV:...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Announces Third Quarter 2021 Results, Q3 Net Income Positive, with Year to Date Cash Flow from Operations of $2.8 MillionVancouver, British Columbia--(Newsfile Corp. - November 22, 2021) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (\"IMPACT\" or the \"Company\") announces its financial and operating results for the third quarter ended September 30, 2021. The Company reported $13.7 million in revenue for the first three quarters of 2021, a 24% improvement year over year compared to revenue of $11.0 from the first three quarter of 2020. Year to date cash provided by operating activities improved to $2.8 million, EBITDA (earnings before interest, taxes, depreciation, and amortization) remained strong at $1.9 million. After investing $3.0 million in exploration expenditures and mining assets during the year to date, the cash position remained strong at $21.5 million with working capital of $22.1 million, up from cash of $17.4 million and working capital of $16.8 million at September 30, 2020. The Company has drilled over 10,000 metres on the property in 2021.Mine operating income before amortization and depletion for the current year improved 45% to $3.2 million from $2.2 million in 2020. Cost of sales rose over the quarter to $3.6 million compared to $3.1 million as the company's increased exploration and development at the Guadalupe mine, which should have a positive impact on grade and tonnage by the first quarter of 2022.Q3 2021 Financial OverviewRevenue for Q3 2021 was $4.1 million down from $4.8 million in 2020 due to lower silver grades and tonnage this quarter as the Company focused on developmental work rather than production tonnage. Net income for the quarter was $0.03 million, down from Q3 2020 as silver grades fell due to due to increased processing of development muck, and declining grades in older sections of the Guadalupe mine. Net working capital for the Company at September 30, 2021 was $22.1 million compared to of $16.8 million, a 31.5% increase over same period. After investing $1.3 million in exploration and other capital assets during the quarter, cash remained strong at $21.5 million. The Company has no long-term debt. Q3 2021 Production OverviewThroughput at the mill was 34,587 tonnes in Q3 2021 as small increase over Q3 2020.Average mill feed grade for silver was 156 grams per tonn...