VANCOUVER, BC / ACCESSWIRE / November 24, 2023 / Guanajuato Silver Company Ltd. (the " Company " or " GSilver ") ( TSXV:GSVR)(OTCQX:GSVRF ) has released financial and operating results for the three and nine months ended September 30, 2023. All dollar amounts are in US dollars ( US$ ) and prepared in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board. Production results are from the Company's wholly owned El Cubo Mines Complex (" El Cubo "), Valenciana Mines Complex (" VMC ") and San Ignacio mine (" San Ignacio ") in Guanajuato, Mexico, and the Topia mine (" Topia ") located in Durango, Mexico.

James Anderson, Chairman & CEO of Guanajuato Silver, said, "Guanajuato Silver remains committed to achieving mid-tier producer status through a rapid combination of accretive mine acquisitions and the optimization of our existing mine portfolio. Over the third quarter we conducted a shift in operating tactics as we adjusted mining operations to target higher grades at Valenciana and El Cubo, and to achieve better efficiencies at Topia through an entirely new business model. All of our mines continue to progress through the ramp-up phase, and as we move our assets forward, we will continue to rely heavily on the business and technical acumen of our 100% Mexican operating team. The fourth quarter represents a turning point in our operations, and we are already seeing better performance at all our mines; with the precious metals market entering a new phase, we see tremendous opportunities to significantly expand upon our production profile so that we are able to offer investors direct exposure to silver and gold production."

Q3 2023 Highlights

Metals production during the quarter of 787,086 AgEq (silver equivalent) ounces derived from 425,488 ounces of silver; 3,441 ounces of gold; 935,738 pounds of lead; and 857,660 pounds of zinc (see footnote to table below for assumptions regarding the calculation of silver equivalents).
Net loss decreased by 21% in Q3 to $7.0M compared to $8.5M in Q2; revenue of $15.6M for the quarter was down 7% compared to Q2.
All-in sustaining cost ("AISC") 1 of $26.22 per AgEq ounce produced was higher than $22.47 for Q2 2023 because of lower mined tonnage during the quarter due to a reworking of stope rotation at El Cubo, the initial capital costs in changing the business model at Topia, and a temporary mine closure at San Ignacio; realized metal prices in Q3 were 3% lower for silver, 3% lower for gold, 2% higher for lead, and 4% lower for zinc as compared to Q2.
Tonnes mined and milled decreased 23% and 24% respectively from Q2 to Q3; over the third quarter; a total of 134,865 tonnes were mined across the four producing silver mines, and a total of 132,484 tonnes were milled.
Average silver and gold recoveries were 83.3% and 81.5% respectively for Q3 as compared to 88.5% silver recovery and 86.3% gold recovery in Q2, 2023.
1AISC is a non-IFRS financial measure with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures see "Non-IFRS Financial Measures" in this News Release. see & read more onhttps://www.gsilver.com/news/2023c/877-uanajuatoilvereports32023inancialandperating20231124