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| Statement |
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| So, we're making good progress towards that 3,500-tonne goal already expected in our guidance range |
| Number one, we continued to further strengthen our balance sheet, increasing the cash balance while remaining debt free, including at the 70% owned Los Gatos joint venture |
| And finally and importantly, we continue to generate strong operating margins and cash flow with regular distributions expected from the Los Gatos joint venture and a growing cash balance |
| The company and the Los Gatos joint venture remains well positioned, to continue to execute on growth opportunities |
| Mill throughput in the quarter was over 3,000 tonnes per day, while silver grades improved, compared to the prior quarter, which resulted in a 15% increase in silver production of approximately 2.6 million ounces |
| Number two point, I want to highlight is that operations continue to perform very well with the Cerro Los Gatos mine setting another record for throughput rate |
| We think we're very well positioned to deliver additional shareholder value, and we look forward to providing updates as the year progresses |
| In summary, we continue to safely drive mill throughput increases, together with productivity improvements and cost optimization, which is a core part of our business and operating strategy |
| We are very excited about 2024 |
| Net income and net income per basic and diluted share are up 160% and 157%, respectively, for the quarter |
| And we continue to be very excited as we start to increase our near mine and district drilling in the large and highly prospective Los Gatos district |
| And we continue to drive operational performance with a medium-term goal, of ramping up production to 3,500 tonnes per day on a sustainable basis |
| All the best |
| And on Slide 10, I'd like to highlight our updated life of mine and the mineral reserve that we announced on September 6, that extended our current mine life to the end of 2030 and we continue to believe we have substantial additional upside, and we are focused on realizing that upside with a target this year to add another three years, and we're on track, to announce that in the third quarter of 2024 |
| dollar, which was partly offset, by productivity improvements and cost reduction initiatives, as part of our continuous improvement program |
| And now in 2024, we are excited by the chance to ramp up the exploration work, on the rest of our 103,000 hectare land package |
| Cost of sales for the quarter were 10% higher than Q4, 2022, primarily as a result of higher throughput resulting in higher operating costs |
| Free cash flow for 2023, of approximately $85 million, was 13% higher than the $75 million of free cash flow generated in 2022 |
| We plan to increase throughput rates at Cerro Los Gatos Mine, to average between 3,000 and 3,300 tonnes per day in 2024, with rates expected to increase through the year, as we focused on ramping up mining rates, to fill the extra mill capacity that we proved up in December |
| And on a cash cost basis, we're only 1% higher than - in 2023, compared to 2022 and that's despite mining and processing 10% more tonnes year-over-year |
| Right now, we have development well ahead of production |
| We ended the year within our upwardly revised production guidance range, and we finished the year at the lower end of our cost guidance range for all-in sustaining costs |
| We remain focused on extending the mine life, and that's by the third quarter of 2024, together with other value-enhancing initiatives |
| However, the joint venture generated free cash flow of $22.3 million this quarter, 19% more than Q4, 2022 |
| Thanks, everyone |
| Good morning, everyone |
| Thank you |
| Thank you, guys |
| Cost of sales for the fourth quarter increased by 10%, compared to the comparable quarter last year, primarily due to the increased milling rates |
| Statement |
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| Finally, the LGJV recorded net income, of approximately $25 million for the quarter, 16% lower than Q4, 2022 |
| Revenues before the provisional revenue adjustment were 4% lower in the fourth quarter, due to lower silver sales volumes as expected, which were partially offset, by higher silver prices and higher lead revenues |
| Revenues decreased by $73.5 million in the fourth quarter of 2023 |
| The 70% on Los Gatos joint venture had another great quarter, generating cash flow from operations of approximately $38 million 2% lower than cash flow generated in Q4, 2022 |
| Equity income at affiliates, decreased by 14%, primarily as a result of the lower net income recorded at the joint venture |
| In Q4, 2022, we had - we recorded a larger positive provisional revenue adjustment, which contributed to lower Q4, 2023 revenues, compared to 2022 |
| Fee grades are expected to be lower in the first quarter, versus the average grades expected for the full year |
| All-in sustaining costs per payable ounce of silver for the full year after byproducts - byproduct credits were $11.33 per ounce, compared to $10.24 per ounce in 2022, which is a great result considering the lower plan production in 2023 |
| Various risks and uncertainties may cause actual results to vary |
| And that's also despite the strong Mexican peso and inflationary pressures, which we managed to largely offset |
| Cash flow used in investing activities, reduced from $20.4 million in Q4, 2022 to $15.9 million this quarter, due to lower sustaining capital expenditures incurred |
| However, cost of sales for 2023 were only 4% higher |
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