Gatos Silver Announces Delay in Filing Its Financial Statements for the First Quarter of 2023
16 Mai 2023 - 2:23AM
Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the
“Company”) today announced it will be delayed in filing its
Quarterly Report on Form 10-Q for the period ended March 31, 2023
(the “Q1 2023 10-Q”) which includes the unaudited interim financial
statements as at March 31, 2023 of the Company and the Los Gatos
Joint Venture (the “LGJV”).
The delay results from a previously disclosed, ongoing review of
filed financial statements of the Company and of the LGJV for the
year ended December 31, 2021 and the quarters ended March 31, 2022,
June 30, 2022 and September 30, 2022.
The Company expects to adjust and restate r (i) its and the
LGJV’s financial statements in respect of the timing and
recognition of net deferred tax assets and liabilities at the LGJV
and (ii) its financial statements from the impact of the timing and
recognition of the priority distribution obligation and subsequent
payments on the previously recognized income from affiliates.
The Company is continuing to work expeditiously to complete the
required adjustments and continues to believe that these
adjustments are non-cash items that will not affect the Company’s
strong cash position.
Once the restatements are completed and filed, the Company also
intends to file its and the LGJV’s financial results for the full
year 2022. The financial statements are subject to completion of a
review and audit, as applicable, by the Company’s independent
registered public accounting firm, Ernst & Young LLP.
The Company expects to file the Q1 2023 10-Q concurrently with
or shortly after making the 2021 and 2022 securities filings
containing the 2021 and 2022 financial statements. The Company has
filed a Form 12b-25 Notification of Late Filing with the Securities
and Exchange Commission. The Company has also requested an
extension from the TSX to file its financial statements for the
quarter ended March 31, 2023.
The Company has entered into a waiver to its Amended and
Restated Revolving Credit Agreement, dated December 20, 2022, among
the Company, and certain Bank of Montreal entities (the “Waiver”).
The Waiver defers the Company’s obligation to deliver until May 31,
2023 the 2021, 2022 and first quarter of 2023 financial statements,
and corresponding compliance certificates.
About Gatos Silver
Gatos Silver is a silver dominant exploration,
development and production company that discovered a new silver and
zinc-rich mineral district in southern Chihuahua State, Mexico. As
a 70% owner of the Los Gatos Joint Venture, the Company is
primarily focused on operating the Cerro Los Gatos mine and on
growth and development of the Los Gatos district. The LGJV consists
of approximately 103,000 hectares of mineral rights, representing a
highly prospective and under-explored district with numerous
silver-zinc-lead epithermal mineralized zones identified as
priority targets.
Forward-Looking Statements
This press release contains statements that
constitute “forward looking information” and “forward-looking
statements” within the meaning of U.S. and Canadian securities
laws. All statements other than statements of historical facts
contained in this press release, including statements regarding the
prospective timing of issuing financial statements and securities
filings. Forward-looking statements are based on management’s
beliefs and assumptions and on information currently available to
management. Such statements are subject to risks and uncertainties,
and actual results may differ materially from those expressed or
implied in the forward-looking statements, and such other risks and
uncertainties described in our filings with the U.S. Securities and
Exchange Commission and Canadian securities commissions. Gatos
Silver expressly disclaims any obligation or undertaking to update
the forward-looking statements contained in this press release to
reflect any change in its expectations or any change in events,
conditions, or circumstances on which such statements are based
unless required to do so by applicable law. No assurance can be
given that such future results will be achieved. Forward-looking
statements speak only as of the date of this press release.
Investors and Media Contact
André van NiekerkChief Financial
Officerinvestors@gatossilver.com(604) 424-0984
Gatos Silver (TSX:GATO)
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