Why Shares of Gatos Mining Are Soaring This Week
The wait is over. After a delay in the company's reporting, precious metals investors finally got a look at Gatos Silver's (NYSE: GATO) 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.
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.
Source Fool.com
