Gatos Silver reports net loss of $3.6 million in Q2, reiterates annual guidance

- Gatos Silver yesterday reported that its 70%-owned Cerro Los Gatos mine in Mexico produced 2.0 million ounces of silver in Q2 2023, down 13% from Q2 2022 .

For the Los Gatos joint venture, the company reported Q2 2023 revenue of $58.3 million, up 2% from $57.2 million in Q2 2022; cost of sales of $25.8 million, down 7% from $27.8 million; EBITDA of $27.5 million, up 29% from $21.4 million; free cash flow of $19.7 million, up 1% from $19.5 million; and net income of $0.7 million, down 78% from $3.4 million.

The company explained that the decline is primarily attributable to lower equity income from the Los Gatos joint venture driven by higher depreciation, depletion and amortization and income tax expenses.

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