Gatos Silver, Inc.
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Gatos Silver is a silver exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico.
On January 25, 2022, after-market hours, Gatos Silver revealed that “there were errors in the technical report entitled ‘Los Gatos Project, Chihuahua, Mexico’ with an effective date of July 1, 2020 . . . , as well as indications that there is an overestimation in the existing resource model.” On a preliminary basis, the Company estimates a potential reduction of the metal content of its Cerro Los Gatos’ mineral reserve ranging from 30% to 50% of the metal content remaining after depletion. On this news, the price of Gatos Silver stock declined by $7.02 per share, or approximately 68.9%, from $10.19 per share to close at $3.17 per share on January 26, 2022.