(All $ gures reported in USD)
Revenue from metals payable of $58.5 million in Q1 2023, a 27% increase from Q4 2022.
Adjusted EBITDA(1) of $15.2 million in Q1 2023, signicantly higher than the Adjusted EBITDA(1) of $(0.5)
million in Q4 2022.
Operating cash ows before movements in working capital(1) of $12.9 million in Q1 2023, compared to $2.9 million Q4 2022.
Net income attributable to shareholders in Q1 2023 was $2.1 millon versus a loss of $26.5 million in Q4 2022.
Copper equivalent production of 18.0 million pounds; a 28% increase from Q4 2022.
Consolidated cash costs per copper equivalent payable pound(1) in Q1 2023 of $2.12 and consolidated All-In
Sustaining Costs per equivalent payable pound (“AISC”)(1) of $3.28 were 13% and 22% lower, respectively,
than the same recorded in Q4 2022.
Management will host a conference call and webcast to discuss Q1 2023 Results on Monday,
May 15, 2023, at 11:00 AM (EDT). Click here to register.
TORONTO--(BUSINESS WIRE)-- Sierra Metals Inc. (TSX: SMT) ("Sierra Metals" or "the Company") today
reported nancial results for the three-month period ended March 31, 2023, including revenue of $58.5 million and
adjusted EBITDA(1) of $15.2 million on throughput of 577,284 tonnes and metal production of 18.0 million copper
Ernesto Balarezo, Interim CEO of Sierra Metals, commented, “Our nancial performance improved signicantly in
Q1 2023 compared to Q4 2022, consistent with the operating gains we announced last month. The scale of the
turnaround is highlighted by sequential improvements of $12.4 million in revenue, $10.0 million in operating cash
ows before movements in working capital (1), $15.7 million in adjusted EBITDA(1) and $11.5 million in adjusted net
income attributable to shareholders(1). While we still have work to do, maintaining and improving upon these
performance levels throughout the year, as we anticipate, would position us very well to move beyond the
challenges of last year and build a platform for long-term growth.
(1) This is a non-IFRS performance measure. See the Non-IFRS Performance Measures section of the press release
“We view the strong Q1 2023 production and nancial results as evidence that our plan is working. Our focus over
the past six months began with stabilizing our operations by making safety our top priority, and investing in key
infrastructure, such as pumping and ventilation systems. We then shifted to optimizing operations, and we are now
seeing the initial results including increased production.
“The next stage of our plan is growing our business. Our 2023 guidance calls for production levels to increase
throughout the year while we actively pursue the permit to mine below the 1120 level at Yauricocha, a major
growth catalyst that should signicantly improve our throughput and protability.”
Q1 2023 Consolidated Financial Summary
The information provided below are excerpts from the Company’s Q1 2023 nancial statements and Management’s
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