Guanajuato Silver Co Ltd - Mexico-focused mineral exploration company - Says net loss in the three months ended September 30 narrowed to USD7.0 million from USD8.5 million the prior quarter, but revenue in the three-month period fell 7% to USD15.6 million. Says all-in sustaining costs per silver equivalent ounce were higher at USD26.22 compared to USD22.47 in June. Adds that tonnes mined and milled fell 23% and 24% respectively in the three-month period.
Chair & Chief Executive Officer James Anderson says: "Guanajuato Silver remains committed to achieving mid-tier producer status through a rapid combination of accretive mine acquisitions and the optimization of our existing mine portfolio. Over the third quarter we conducted a shift in operating tactics as we adjusted mining operations to target higher grades at Valenciana and El Cubo, and to achieve better efficiencies at Topia through an entirely new business model. All of our mines continue to progress through the ramp-up phase, and as we move our assets forward, we will continue to rely heavily on the business and technical acumen of our 100% Mexican operating team.
"The fourth quarter represents a turning point in our operations, and we are already seeing better performance at all our mines; with the precious metals market entering a new phase, we see tremendous opportunities to significantly expand upon our production profile so that we are able to offer investors direct exposure to silver and gold production."
Current stock price: 17.61 pence
12-month change: down 41%
By Sabrina Penty, Alliance News reporter
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