Gatos Silver Beats Production Guidance With 15.57 Million Silver Equivalent Ounces Produced In 2024
Gatos Silver (TSX: GATO) has managed to hit the top end of its guidance for 2024 production. The company this morning indicated that Cerro Los Gatos produced 15.57 million silver equivalent ounces in 2024 on a 100% basis, exceeding revised guidance of 14.7 to 15.5 million ounces.
The fourth quarter specifically saw 2.58 million ounces of silver, 18.3 million pounds of zinc, 12.9 million pounds of lead, and 1,330 ounces of gold produced, for total silver equivalent production of 4.15 million ounces. The figure represents a 7% improvement year over year, while the mine is said to have achieved its eighth consecutive quarterly record for mill throughput, with average rates above 3,300 tonnes per day during Q4.
Cerro Los Gatos for the full year meanwhile saw the production of 9.68 million silver ounces, 69.7 million pounds of zinc, 46.4 million pounds of lead, and 5,530 ounces of gold. The top range of guidance was slightly exceeded on all metals, except silver, where production came in at the top end of guidance, which was set at 9.2 to 9.7 million ounces.
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“The CLG mine delivered another excellent quarter of production to end another very strong year in 2024. We achieved our eighth consecutive quarterly record for mill throughput in the fourth quarter of 2024, with an average throughput rate of above 3,300 tonnes per day, which is 33% above the original design capacity. Production across all of our metals met or slightly exceeded the top end of our upwardly revised 2024 guidance ranges, which is a testament to the dedication and effort of our CLG operating team,” commented Dale Andres, CEO of Gatos Silver.
Gatos Silver last traded at $22.01 on the TSX.
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