Gatos Silver Provides Bi-Weekly Status Report
May 27 2022 - 4:35PM
Business Wire
Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the
“Company”) is providing this bi-weekly default status report in
accordance with National Policy 12-203 - Management Cease Trade
Orders (“NP 12-203”). In its March 18, 2022 news release (the
“Notice”), the Company announced the delay in the filing of its
annual report on Form 10-K for the year ended December 31, 2021,
which includes its audited consolidated financial statements as at
and for the year ended December 31, 2021, together with the
auditor’s report thereon and the notes thereto, its management’s
discussion and analysis for the year ended December 31, 2021
relating to the audited annual financial statements, and the Chief
Executive Officer and Chief Financial Officer certificates relating
to its annual filings by the filing deadline of March 31, 2022. In
its May 13, 2022 news release, the Company announced the delay in
the filing of its interim financial filings on Form 10-Q for the
quarterly period ended March 31, 2022, which includes interim
financial statements as at and for the quarterly period ended March
31, 2022, together with its management’s discussion and analysis
for the quarterly period ended March 31, 2022 relating to the
interim financial statements, and the Chief Executive Officer and
Chief Financial Officer certificates relating to its interim
filings by the filing deadline of May 16, 2022.
The Company believes that it will be able to file its annual
report on Form 10-K for the year ended December 31, 2021, and its
quarterly report on Form 10-Q for the quarter ended March 31, 2022
in the second half of 2022. The Company is also evaluating the
material weaknesses in its internal controls over financial
reporting related to the mineral reserve reporting errors. The
Company’s financial statements for the year ended December 31, 2021
and quarter ended March 31, 2022 may be affected by the ongoing
analysis of the aforementioned mineral reserve matters.
A management cease trade order was granted by the Ontario
Securities Commission on April 1, 2022 (the “Original MCTO”) and
the Ontario Securities Commission granted an additional management
cease trade order on April 12, 2022 (the “Additional MCTO” and
together with the Original MCTO, the “MCTO”).
Pursuant to NP 12-203, the Company must file bi-weekly status
reports in the form of further news releases during the period from
the Notice until the MCTO is revoked. The Company reports that
since the Notice: (i) there have been no material changes regarding
the information contained in the Notice that have not been
disclosed in a bi-weekly default status report; (ii) there have
been no failures by the Company in fulfilling its stated intentions
with respect to satisfying the provisions of the alternative
information guidelines under NP 12-203; and (iii) there has not
been any specified default subsequent to the default announced in
the Notice.
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 (“LGJV”), the Company is
primarily focused on operating the mine and mineral processing
plant at the LGJV’s Cerro Los Gatos deposit which started producing
in 2019. More than 85% of the approximately 103,087-hectare mineral
rights package has yet to be drilled, 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 may contain certain information that may
constitute “forward-looking statements” and “forward-looking
information”(collectively, “forward-looking statements”) within the
meaning of U.S. and Canadian securities laws. The forward-looking
statements contained herein include statements about the timing for
filing of the Company’s interim financial information on Form 10-Q
and the Company’s annual report on Form 10-K. While the Company has
based these forward-looking statements on its current expectations
about future events, the statements are not guarantees of the
Company’s future performance and are subject to risks,
uncertainties, assumptions and other factors that could cause
actual results to differ materially from future results expressed
or implied by such forward-looking statements. Such risks,
uncertainties, assumptions and factors include, amongst others, the
results of the ongoing analysis by the Company of the
overestimation of its resource and reserve and the timing of an
updated technical report. Further, although the Company has
attempted to identify factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. As there can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements,
readers should not place undue reliance on forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220527005042/en/
Investors and Media Contact Adam Dubas Chief
Administrative Officer investors@gatossilver.com (720) 726 9662
Gatos Silver (NYSE:GATO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gatos Silver (NYSE:GATO)
Historical Stock Chart
From Sep 2023 to Sep 2024