IMPACT Silver posts net loss in third quarter, notes lower silver prices and higher costs
However, the company said that despite higher grades and silver production, lower silver prices of 15% resulted in a drop in revenue to $3.8 million in Q3 2022, down from $4.1 million in Q3 2022.
The company's mine operating loss before amortization and depletion for Q3 2022 was $0.1 million compared to $0.8 million income in Q3 2021, due to lower silver prices and higher costs.
Net loss for Q3 2022 was $1.2 million compared to net income of $0.04 million in Q3 2021.
"It is our plan for the remaining months of 2022 to focus on operational efficiency and cost reduction strategies to advance into 2023 with strength," the company said in a statement.
IMPACT Silver is a silver-gold explorer-producer with two processing plants on adjacent districts within its 100% owned mineral concessions covering 211km2 in central Mexico.
At the Royal Mines of Zacualpan Silver District, three underground silver mines and one open pit mine feed the central Guadalupe processing plant. To the south, in the Mamatla District, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine.
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