Guanajuato Silver Reports Year-End 2023 Financial Results

Guanajuato Silver Company Ltd. (GSilver) revealed its financial outcomes and consolidated production results for the year concluded on December 31, 2023. The company shared this information via an official press release, indicating significant growth and operational achievements.

2023 comes as a record-setting year for GSilver, with a 64% increase in silver-equivalent ounces produced, totaling 3.5 million ounces. This growth is attributed to the substantial increase in silver and gold production, alongside record lead and zinc outputs from the Topia mine. The company's financials followed suit, with a 79% jump in revenue, reaching $66.1 million. Despite the financial uplift, GSilver reported a net loss of $31.9 million for the year, with non-cash items constituting over 45% of this figure.

Chairman and CEO James Anderson expressed pride in navigating a challenging year and improving the company's assets significantly. He noted the capital expenditure investments in 2022 as critical to the current year's success. These efforts have positioned GSilver on a path toward becoming a mid-tier precious metals producer.

The financial highlights denote cash costs of $18.22 per AgEq ounce and an AISC of $22.91 per AgEq ounce, underscoring the increased capital expenditures aiming for operational efficiencies. As of the year's end, GSilver reported cash and cash equivalents of $1,956,616 and a negative working capital of $18,441,913.