(Alliance News) - Guanajuato Silver Co Ltd on Friday said it narrowed its net loss with "record" production and revenue growth, and said it is optimistic that it will meet its full-year production guidance.
The Vancouver-based precious metals exploration and production, which operates in Mexico, said production rose to 938,047 silver-equivalent ounces during the first quarter of 2023.
This was derived from 458,803 ounces of silver, 4,413 ounces of gold, 906,696 pounds of lead and 1.2 million pounds of zinc.
Guanajuato said revenue for the quarter increased to USD17.1 million from USD15.4 million in the fourth quarter of 2022. The company said this was due both to increased production and to higher realised gold and silver prices.
Its net loss narrowed over the same period to USD8.7 million from USD9.9 million.
The all-in sustaining cost rose slightly to USD21.83 per silver-equivalent ounce produced from USD20.80, which Guanajuato attributed to targeted capex investments meant to accelerate operations at three of its four mines.
Guanajuato expects quarter-on-quarter production increases to continue and says it remains on track to meet its full-year guidance of between 4.6 million and 4.8 million silver-equivalent ounces in 2023.
"We continue investing aggressively in our assets as we build what we feel is Mexico's fastest-growing silver mining company," commented Chair and Chief Executive Officer James Anderson.
"Operating results for Q1 continue to demonstrate growth and are aligned with our expectations for this phase of the ramp-up; I commend our 100% Mexican operations team for their technical excellence as we optimize production at all four of our producing silver mines...We expect to end 2023 at a production run-rate of over 5 million AgEq ounces per year."
Shares in Guanajuato Silver were untraded at 31.50 pence in London on Friday. They last traded on May 15.
By Emma Curzon, Alliance News reporter
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