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Gatos Silver has topped its 2024 production guidance at the Cerro Los Gatos mine in Mexico. Record throughput and higher-than-expected silver-equivalent output drove strong results. in a $970 million deal, said late on Thursday its Cerro Los Gatos mine produced 9.7 million oz. silver, at the top of its revised forecast of 9.2-9.7 million ounces. The mine also delivered 15.6 million silver-equivalent oz., better than the high end of its updated range of 14.7-15.5 million equivalent ounces.
BMO Capital Markets mining analyst Kevin O’Halloran noted the mine’s strong cash flow and exploration potential. But he warned of limited short-term upside for Gatos shares, which closed at $14.96 apiece in New York on Jan. 9 and were at $14.91 on Friday afternoon. BMO has a $16.50 per share price target.Cerro Los Gatos sustained growth for the eighth consecutive quarter, setting records while increasing silver, zinc and lead grades, the company said.
In the three months to Dec. 31, Cerro Los Gatos produced 4.2 million silver-equivalent ounces. This was due to higher-than-expected grades and record throughput of 3,324 tonnes per day. The mine’s total throughput averaged 3,255 tonnes per day for the year. This was an 11% improvement over 2023. The company said it reflects gains from ongoing mine and plant optimizations.
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