What happened
The wait is over. After a delay in the company's reporting, precious metals investors finally got a look at Gatos Silver's (GATO 3.28%) financial results for the last three quarters. Clearly, they like what they've seen, and the stock has rocketed higher.
As of 10:39 a.m. ET, shares of Gatos Silver had risen 41.4% since the close of trading last Friday, according to data from S&P Global Market Intelligence.
So what
After finding errors in its 2020 technical report, Gatos Silver had to downwardly adjust the previously stated metal content of its mineral reserves. With those corrections made, the company provided updates to its quarterly results for the first nine months of 2022. Most notably, Gatos Silver reported net income of $18.3 million, or $0.26 per share, for the first nine months of 2022 -- a sharp turnaround from the company's performance in 2021, when it reported a net loss of $3.1 million, or $0.05 per share.
According to Gatos Silver, the drastically improved performance is attributable the success of its Los Gatos Joint Venture, in which it has a 70% ownership stake. Through the first nine months of 2022, the Los Gatos Joint Venture reported year-over-year increases in revenue and net income of 23% and 27%, respectively.
Now what
While Gatos Silver thrilled investors with financial results for the first three quarters of 2022, followers will have to wait a bit longer to find out how the company fared in the last quarter of the year since the company has delayed the filing of its 10-K. Delays in financial reporting can be a yellow flag, so precious metals investors may want to wait until the company catches up with the reporting of its final quarterly earnings report of 2022 before deciding to pick up shares.
