Gatos Silver, Inc. (GATO): Business Model Canvas [Dec-2025 Updated]

You're digging into the core engine of Gatos Silver, Inc. (GATO), and honestly, the business model is deceptively simple: extract high-grade polymetallic ore from the Cerro Los Gatos (CLG) mine and sell the concentrates. But as an analyst who's seen plenty of mining plays, the real story is in the efficiency-they project a razor-thin All-in Sustaining Cost (AISC) of just \$6.29/oz of payable silver, which should translate to about \$80 million in annual after-tax free cash flow by mid-2025. This low-cost structure, supported by the Los Gatos Joint Venture with Dowa Metals & Mining, is what drives their value proposition to international smelters. If you want to see the full blueprint for this operation, check out the nine building blocks of their canvas below.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin the value of the former Gatos Silver assets, now fully integrated under First Majestic Silver Corp. following the merger completion in January 2025.

The primary operational partnership remains the Los Gatos Joint Venture (LGJV) in Chihuahua, Mexico, which owns the Cerro Los Gatos mine. This partnership structure was significantly streamlined effective January 1, 2025, ahead of the acquisition.

Partner Entity	Interest Percentage	Key Role/Contribution	Relevant Metric/Data Point
Dowa Metals & Mining Co., Ltd.	30%	Non-operating partner; strengthened zinc concentrate offtake rights.	Initial investment was US$50 million for the stake.
Gatos Silver (Now First Majestic)	70%	Managing partner; expanded management rights and now fully consolidates LGJV financials.	LGJV covers approximately 103,000 hectares of mineral rights.
First Majestic Silver Corp.	100% (Indirectly via acquisition)	Parent company providing capital and strategic oversight post-merger.	Acquisition closed on January 14, 2025, for an implied equity value of approximately US$970 million.

The governance structure within the LGJV saw material changes in late 2024, effective January 1, 2025, which directly impact financial reporting and operational control for First Majestic Silver Corp.

• Expanded management rights allow for full financial consolidation of the LGJV, moving away from the equity method of accounting.
• Dowa Metals & Mining secured strengthened zinc concentrate offtake rights with commercial terms based on world benchmarks.
• The agreement reduction in supermajority voting requirements enhances operational flexibility.
• First Majestic gained a new sole-funding right for significant mine or plant modifications or expansions.

Dealing with key Mexican government agencies for ongoing operations and future growth requires navigating the current regulatory environment. The relationship is critical for maintaining the mine's life, which has been extended to the end of 2032 under the latest Life of Mine Plan.

Regarding permitting, as of September 2025, the accumulated backlog in the granting of mining permits by Mexican authorities has been reduced by about 50%, with 80 permits granted year-to-date in 2025.

• The Ministry of Economy (SE) coordinates permit issuance.
• The Ministry of the Environment (Semarnat) is reviewing and updating official standards and regulations affecting mining activities.
• Concern remains among some operators regarding authorizations from the National Water Commission (Conagua).

The performance of the LGJV under the previous structure in 2024 demonstrated its value contribution, which was a factor in the acquisition valuation. For the year ended December 31, 2024 (100% basis), the Cerro Los Gatos mine produced 69.7 million pounds of zinc in zinc concentrate and 9.68 million ounces of silver.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Key Activities

The core of Gatos Silver, Inc.'s business model centers on the extraction and processing of polymetallic ore from its flagship asset, the Cerro Los Gatos (CLG) mine in Chihuahua, Mexico. The company's key activities are geared towards maximizing throughput and expanding the economic life of this operation.

Underground mining and extraction at the Cerro Los Gatos (CLG) mine.

Gatos Silver, Inc. conducts underground mining operations at the CLG mine, in which it holds a 70% ownership interest through the Los Gatos Joint Venture. The operational focus in late 2024 involved increasing mining rates, with an average mining rate of 3,502 tonnes per day achieved in December 2024. This activity supports the Life of Mine (LOM) Plan, which now extends to the end of 2032 based on the 2024 Mineral Reserve estimate.

Processing ore into separate silver, zinc, and lead concentrates via flotation.

The extracted ore undergoes processing via conventional sulphide flotation to separate the valuable metals. The operational performance in this area has shown significant improvement over the original design capacity. The company achieved its eighth consecutive quarterly record for mill throughput in Q4 2024. The table below summarizes key production metrics from the most recent full year and the targeted operational level for mid-2025.

Metric	2024 Actual (100% basis)	Mid-2025 Target/Projection
Average Annual Mill Throughput	3,255 tonnes per day (t/d)	Steady state of approximately 3,500 t/d
Peak Monthly Mill Throughput (Dec 2024)	3,760 t/d	Exceeding design capacity by 40%
2024 Silver Production	9.68 million ounces (Moz)	Average annual production of 7 million oz Ag expected from 2025 to 2027
2024 Zinc Production	69.7 million pounds (Mlb)	Average annual production of 67 million lb Zn over LOM
2024 Lead Production	46.4 Mlb	Average annual production of 50 million lb Pb over LOM

Aggressive exploration drilling to expand the 10.3 million tonne mineral reserve.

Sustaining and extending the mine life requires continuous exploration. The 2024 Mineral Reserve estimate, effective July 1, 2024, stands at 10.3 million tonnes. Exploration drilling efforts are actively focused on expanding known zones, specifically the SE Deeps zone, pushing beyond the current reserve and resource estimates. The key components of the 2024 Mineral Reserve are detailed below:

• Total tonnes: 10.3 million tonnes
• Contained silver: 57.3 million ounces
• Silver grade: 172 grams per tonne (g/t)
• Zinc grade: 3.89%
• Lead grade: 2.07%
• Gold grade: 0.22 g/t

Operational optimization to maintain mill throughput at 3,500 tonnes per day by mid-2025.

A critical activity is the optimization of the mine plan and processing facility to achieve higher sustained rates. The 2024 LOM Plan is explicitly based on achieving a steady-state processing rate of 3,500 tonnes per day from mid-2025 onwards. This optimization, supported by debottlenecking and improved mining rates, is projected to result in a 36% increase in total silver equivalent (AgEq) production compared to the prior LOM plan. The projected All-in-Sustaining Cost (AISC) for the 2024 LOM Plan is $6.29/oz of payable silver.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Key Resources

You're looking at the core assets Gatos Silver, Inc. (GATO) relies on to generate value right now. These aren't abstract concepts; they are hard numbers tied to physical property and infrastructure. Here's the breakdown of what Gatos Silver uses as its primary engine.

The high-grade Cerro Los Gatos (CLG) mine in Chihuahua, Mexico is the operational cornerstone. Gatos Silver holds a 70% interest in the Los Gatos Joint Venture (LGJV) that owns this asset. The resource base supporting the operation is substantial, as detailed in the 2024 Mineral Reserve estimate (100% basis).

Metric	Value (2024 Mineral Reserve, 100% Basis)
Total Tonnes Milled (LOM)	10.33 million tonnes (Total tonnes processed in 2024 LOM Plan)
Reserve Tonnage	10.3 million t
Silver Grade	172 g/t Ag
Zinc Grade	3.89% zinc
Lead Grade	2.07% lead
Gold Grade	0.22 g/t gold

The 103,000-hectare Los Gatos District (LGD) land package represents the future growth potential. This is a highly prospective, under-explored district adjacent to the operating mine. You should note that Gatos Silver has identified over 50 targets within this package to date for future work.

The Updated Life of Mine (LOM) plan extending operations to the end of 2032 is a direct result of asset optimization. This 2024 LOM Plan, effective July 1, 2024, extends the mine life by two years over the previous plan. The financial projections tied to this plan are key:

• Average annual after-tax free cash flow projected at US$80 million.
• All-in-sustaining cost (AISC) projected at US$6.29/oz of payable silver (Ag).
• After-tax Net Present Value (NPV) of US$539 million at a silver price of US$23/oz.

For the near term, specifically the 2025 to 2027 period under the 2024 LOM Plan, Gatos Silver forecasts average annual production of 7 million oz Ag and 14 million oz AgEq. Over the entire life of the 2032 mine plan, total estimated production is 12.9 million oz AgEq annually on average.

The Specialized mining and processing infrastructure, including the flotation mill, is currently operating above its original specifications. The plan anticipates mill throughput rates exceeding design capacity by 40% starting in mid-2025. The steady-state processing rate targeted is approximately 3,500 tpd from mid-2025 onwards. To give you a concrete example of recent performance, the actual mill throughput in December 2024 averaged 3,760 t/d. For context on the 2024 fiscal year results, the company achieved silver production of 9.68 Moz and total silver equivalent production of 15.57 Moz.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Value Propositions

You're looking at the core value Gatos Silver, Inc. (GATO) offers to its customers-the industrial markets buying its concentrates-and to its investors, which is rooted in the high-quality nature of the Cerro Los Gatos mine, especially post-optimization.

High-grade silver production with significant by-product credits (zinc, lead, gold).

The value proposition starts with the ore body itself. The 2024 Mineral Reserve estimate shows strong grades across multiple metals, which is key to offsetting production costs. The mine processes ore using conventional sulphide flotation to produce separate lead and zinc concentrates, which are then supplied to global industrial markets. Here's a look at the reserve grades and the expected recovery rates from the updated Life of Mine Plan (LOM Plan):

Metal	2024 Mineral Reserve Grade	Predicted LOM Metallurgical Recovery
Silver	172 grams per tonne (g/t)	88.2%
Zinc	3.89%	63.1%
Lead	2.07%	88.5%
Gold	0.22 g/t	54.2%
Copper	0.21%	71.5%

This polymetallic nature means the revenue stream isn't solely dependent on silver price movements; the zinc and lead credits are substantial. Honestly, that diversification is what makes the cost structure so compelling.

Low All-in Sustaining Costs (AISC) projected at US$6.29/oz of payable silver.

The operational improvements, particularly the higher mill throughput rates expected to exceed design capacity by 40% starting in mid-2025, drive down the per-ounce cost significantly. The updated LOM Plan pegs the All-in Sustaining Costs (AISC) at a very competitive $6.29 per ounce of payable silver. That figure puts Gatos Silver, Inc. among the lower-cost producers in the sector, which is a major draw for investors seeking operational efficiency.

Reliable supply of polymetallic concentrates to global industrial markets.

The mine life has been extended to the end of 2032, providing a long-term view for off-takers. The plan involves increasing mill throughput to a steady state of approximately 3,500 tonnes per day (tpd) by mid-2025. This increased, consistent output, now backed by the operational scale of First Majestic Silver Corp. following the acquisition in Q1 2025, offers reliability to the industrial buyers of the zinc and lead concentrates. It's about delivering volume predictably.

Strong cash flow generation, with average annual after-tax free cash flow projected at $80 million.

The economic output of the optimized mine plan is clear in the cash flow projections. The value proposition here is direct financial return based on the operational improvements and metal prices assumed in the plan. Gatos Silver, Inc. projects robust financial performance under the 2024 LOM Plan (on a 100% Los Gatos Joint Venture basis):

• Average annual after-tax free cash flow projected at $80 million.
• The resulting after-tax Net Present Value (NPV) is estimated at $539 million, based on specific 2024 reserve price assumptions.
• Total estimated silver equivalent production is projected to be 107.2 million ounces over the mine life.
• Silver equivalent production is expected to average 14.0 million ounces during the core period of 2025 to 2027.

Finance: draft 13-week cash view by Friday.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Gatos Silver, Inc. as of late 2025. It's important to note that Gatos Silver, Inc. was acquired by First Majestic Silver Corp., with the transaction closing on January 16, 2025. Therefore, the operational customer relationships for the Cerro Los Gatos mine (LGJV) are now managed under the First Majestic structure, but the underlying commercial framework established by Gatos Silver remains central to the concentrate sales process.

The relationship structure is fundamentally Business-to-Business (B2B), centered on the sale of mineral concentrates rather than direct sales to end consumers. The most significant, detailed relationship involves the Los Gatos Joint Venture (LGJV) partner, Dowa Metals & Mining Co., Ltd. ("Dowa").

Direct, long-term commercial contracts with global smelters and refiners

The primary contractual relationship governing concentrate offtake from the LGJV is with Dowa Metals & Mining Co., Ltd. These agreements were amended effective January 1, 2025, which strengthened Gatos Silver's (and now First Majestic's) management rights and allowed for full financial consolidation of the LGJV results.

The ownership interests in the LGJV remain unchanged at 70% for Gatos Silver (now First Majestic) and 30% for Dowa. The Amended Agreements specifically strengthened Dowa's zinc concentrate offtake rights. These commercial terms continue to be based on world benchmarks for pricing.

The nature of these relationships is defined by the following contractual elements:

• Amended and restated agreements effective January 1, 2025.
• Dowa holds specific zinc concentrate offtake rights.
• Commercial terms are tied to world benchmarks.
• The relationship is a key component of the LGJV structure.

Business-to-Business (B2B) transactional relationship for concentrate sales

The core of the customer relationship is transactional: Gatos Silver, through the LGJV, produces and sells mineral concentrates (containing silver, zinc, and lead) to off-takers like Dowa. This is a high-volume, recurring B2B transaction based on the physical output of the mine.

To give you a sense of the scale leading into the acquisition, Gatos Silver reported Q3 2024 revenue of $93.8 million, a 40% increase from the prior year, driven by higher sales volumes and metal prices. The company's 2024 silver production reached 9.68 million ounces, with silver equivalent production at 15.57 million ounces.

Here's a quick look at the production metrics that drive these B2B transactions for the year ended December 31, 2024:

Metal/Product	2024 Production Volume	Unit
Silver Production	9.68 million	Ounces
Silver Equivalent Production	15.57 million	Ounces
Zinc Production	69.7 million	Pounds
Lead Production	46.4 million	Pounds
Gold Production	5.53 thousand	Ounces

Technical support and quality assurance for concentrate specifications

Mining concentrate sales are highly dependent on meeting precise specifications; otherwise, smelters can impose penalties or reject loads. The agreements with Dowa include specific commitments regarding concentrate production and product quality.

While exact, current (late 2025) technical specifications are proprietary, the relationship necessitates ongoing technical collaboration to ensure the material shipped from the Cerro Los Gatos mine meets the required assay thresholds for silver, zinc, lead, and deleterious elements. Management services provided by Gatos Silver in its oversight of the LGJV were also updated in the January 2025 agreements, which would encompass quality control oversight.

Key aspects of this relationship component include:

• Commitments regarding concentrate product quality in the Dowa agreements.
• Need to adhere to specific metal content and impurity levels.
• Oversight of quality control is integrated into the LGJV management structure.

Finance: review the Q4 2025 realized metal price vs. benchmark spread by next Tuesday.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Channels

You're looking at how Gatos Silver, Inc.'s primary asset, the Cerro Los Gatos (CLG) mine in Chihuahua, Mexico, gets its product-metal concentrates-out to the market, especially considering the big change with the First Majestic merger closing in January 2025. The channels are fundamentally about moving high-value material from the mine site to the end buyer, which is typically an international smelter.

Direct sales and logistics of metal concentrates to international smelters form the core physical channel. The CLG mine produces silver-bearing lead and zinc concentrates. These are not refined metals; they are the intermediate product that requires further processing elsewhere. The scale of material moving through this channel is based on the mine's output capacity. For instance, the 2024 production, which sets the stage for 2025 operations, showed significant volumes being shipped.

Here's a look at the physical output volumes that defined the channel capacity heading into 2025:

Product Shipped	Form in Channel	2024 Actual Contained Metal Volume	Unit
Silver	In Lead and Zinc Concentrates	9.68	million ounces
Zinc	In Zinc Concentrate	69.7	million pounds
Lead	In Lead Concentrate	46.4	million pounds
Gold	In Lead Concentrate	5.53	thousand ounces

The logistics involve moving these concentrates from the mine in Mexico, likely utilizing trucking to a port, and then international shipping. While I don't have specific 2025 freight cost data or port throughput figures, the operation relies on established global shipping and transport networks from Mexican ports to reach smelters, often in Asia or Europe, depending on the specific sales contract terms negotiated.

The contractual side of the channel is heavily influenced by offtake agreements, notably with Dowa Metals & Mining for zinc concentrate. The Los Gatos Joint Venture (LGJV), where Gatos Silver (now First Majestic) holds a 70% interest and Dowa holds 30%, has amended agreements effective January 1, 2025. These amendments specifically strengthen Dowa's rights concerning the zinc concentrate produced.

Key points about the Dowa offtake channel structure:

• Ownership in LGJV remains 70% for Gatos Silver (First Majestic) and 30% for Dowa Metals & Mining.
• The amended agreements strengthen Dowa's zinc concentrate offtake rights.
• Commercial terms for the offtake continue to be based on world benchmarks.
• The agreements include specific commitments regarding concentrate production and product quality, which directly impacts what is sold through this channel.

Post-merger, the sales channel strategy is now integrated into First Majestic's larger structure, which aims to consolidate three major silver districts. This integration is expected to streamline financial reporting, as Gatos Silver can now fully consolidate the LGJV financials, giving you a clearer picture of the revenue generated through these sales channels.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Customer Segments

You're looking at the customer base for Gatos Silver, Inc. as of late 2025. It's important to note that Gatos Silver, Inc. completed its acquisition by First Majestic Silver Corp. on January 16, 2025. Therefore, the operational customer base for concentrates is now integrated into First Majestic Silver Corp.'s structure, and the investor segment is directly tied to the parent company's shareholders.

The primary physical customers for the output from the Cerro Los Gatos mine-which is now operated under the First Majestic umbrella-are the entities that process the raw material.

• International smelters and refiners requiring silver, zinc, and lead concentrates.
• Base metal industrial users (zinc/lead) seeking reliable, high-volume supply.
• Precious metal investors via the parent company, First Majestic Silver Corp.

The material Gatos Silver, Inc. historically produced, and which continues to be the basis for the combined entity's revenue from sales, consists of concentrates containing silver, zinc, lead, and gold. For context on the volume supplied to the market before the full integration, here are the 2024 production results, which represent the material sold to these off-takers:

Metal/Product	2024 Contained Metal (Actual)	Unit
Silver (in concentrate)	9.68 million	ounces
Zinc (in zinc conc.)	69.7 million	pounds
Lead (in lead conc.)	46.4 million	pounds
Gold (in lead conc.)	5.53 thousand	ounces
Silver Equivalent (Total Production)	15.57 million	ounces

The material sold is primarily in the form of concentrates, which are then refined. The 2024 production figures show significant volumes of zinc and lead concentrates being sent to market, supporting the base metal industrial user segment. The total implied equity value for Gatos Silver in the merger agreement, signed in September 2024, was approximately US$970 million.

For the investor segment, the structure changed fundamentally in early 2025. Gatos Silver stockholders received 2.55 First Majestic Shares for each Gatos Silver Share held upon the merger's consummation. The combined entity projected an enhanced annual silver-equivalent production of 30-32 million ounces, which directly impacts the perceived value proposition for the new, larger pool of precious metal investors now holding First Majestic Silver Corp. stock.

The operational focus, as highlighted by the 2024 results, was on throughput, averaging 3,255 tonnes per day for the year, which was an 11% increase compared to 2023. This increased throughput directly supports the ability to supply the first two customer segments with a reliable, high-volume product.

Finance: draft post-merger concentrate sales volume forecast for Q3 2025 by end of next week.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the operational side of Gatos Silver, Inc. (GATO) at the Cerro Los Gatos (CLG) mine, which became part of the First Majestic Silver Corp. portfolio in early 2025. The cost structure centers heavily on the underground operation and processing at CLG.

Mining and processing operating costs are tracked closely, with site operating unit costs reported around \$97 per tonne milled in the third quarter of 2024. This figure reflects ongoing efforts to manage inflationary pressures and a strengthening Mexican peso. The operational focus is on efficiency to sustain throughput rates expected to reach 3,500 tonnes per day by mid-2025.

The key metric for sustainable production cost is the All-in Sustaining Cost (AISC). The updated Life of Mine (LOM) Plan, announced in September 2024, projected a very competitive by-product AISC of \$6.29 per ounce of payable silver for the period starting mid-2025. The co-product AISC was projected at \$14.89 per ounce of payable silver equivalent.

Sustaining capital expenditure (CapEx) is necessary to maintain the current production profile, particularly for underground development. The guidance for sustaining CapEx at CLG for the full year 2024 was set at \$45 million. Post-acquisition, in the third quarter of 2025, attributable sustaining capital expenditures for Gatos Silver were \$12.9 million for that quarter alone.

Exploration and development costs are crucial for extending the mine life beyond the current reserve estimate, which extends to the end of 2032. The full-year 2024 guidance for total exploration and resource development drilling expenditures was \$18 million. In the third quarter of 2024, resource development drilling costs were \$2.1 million.

Here's a look at some of the key cost and operational figures relevant to the structure:

• By-Product AISC projection (LOM): \$6.29/oz Ag
• Co-Product AISC projection (LOM): \$14.89/oz AgEq
• Site Operating Unit Cost (Q3 2024): \$97 per tonne
• Sustaining CapEx Guidance (2024): \$45 million
• Exploration/Development Drilling Guidance (2024): \$18 million

The integration into First Majestic Silver Corp. provides a new context for these costs, as seen in the Q3 2025 attributable production from the mine, which was 1.4 million ounces of silver.

The following table summarizes the most recent forward-looking or reported cost-related metrics available:

Cost Component / Metric	Value	Unit	Context / Period
Projected By-Product AISC	6.29	\$/oz Ag payable	LOM Plan Projection (Effective mid-2025)
Projected Co-Product AISC	14.89	\$/oz AgEq payable	LOM Plan Projection (Effective mid-2025)
Site Operating Unit Cost	97	\$/tonne milled	Q3 2024
Sustaining Capital Expenditure	12.9	million USD	Q3 2025 Attributable (Actual)
Exploration/Development Drilling Cost	2.1	million USD	Q3 2024 (Actual)
Mine Operating Earnings Contribution	48.4	million USD	Q3 2025 Attributable (Actual)

The company's ability to maintain these low unit costs is tied directly to achieving the planned steady-state mill throughput rate of approximately 3,500 tpd starting around mid-2025.

Gatos Silver, Inc. (GATO) - Canvas Business Model: Revenue Streams

You're looking at the core of how Gatos Silver, Inc. generated cash through its 70% stake in the Los Gatos Joint Venture (LGJV) at Cerro Los Gatos (CLG) mine. The revenue streams are all tied directly to the physical metals extracted and sold as concentrates from that operation.

The business model centers on the sale of silver concentrate, which is the primary value driver for the entire operation. This is supplemented by the sale of by-product concentrates, which significantly lower the overall cost structure. For instance, the by-product All-In Sustaining Cost (AISC) per ounce of payable silver at the LGJV dropped to $9.61 in Q3 2024, largely due to the value derived from these other metals.

Here's a breakdown of the key revenue components based on the Q3 2024 operational results:

• Sale of silver concentrate, the primary value driver.
• Sale of zinc concentrate, a significant by-product revenue source.
• Sale of lead concentrate, which also contains gold.

The financial performance from these sales in the third quarter of 2024 was strong. Specifically, the Q3 2024 LGJV revenue was $93.8 million from concentrate sales, marking a 40% increase compared to the $67.0 million in the same quarter of 2023. This revenue growth was driven by higher sales volumes and higher realized metal prices.

To give you a clearer picture of what drove that $93.8 million revenue in Q3 2024, here are the contained metal volumes produced by the CLG mine (100% basis) during that quarter:

Metal	Contained Metal in Concentrate (Q3 2024)	Production Change vs. Q3 2023
Silver	2.42 million ounces	Silver production was up 9%
Zinc	16.5 million pounds (in zinc conc.)	Zinc production increased by 20%
Lead	11.4 million pounds (in lead conc.)	Lead production increased by 20%
Gold	1.45 thousand ounces (in lead conc.)	Gold production increased by 13%

Looking at the full year 2024 results, the scale of the primary revenue driver is clearer. Silver production for the full year 2024 reached 9.68 million ounces, which was at the top end of the upwardly revised guidance. The total silver equivalent production for the full year 2024 was 15.57 million ounces, slightly above the high end of guidance. The by-product metals also saw significant increases for the full year 2024 compared to 2023:

• Zinc production: 69.7 million pounds.
• Lead production: 46.4 million pounds.
• Gold production: 5.53 thousand ounces.

The realized prices used to calculate silver equivalents for the nine months ended September 30, 2024, included an average of $27.09/oz silver. For comparison, the prices used to calculate Q3 2023 silver equivalents were $22/oz silver, $1.20/lb zinc, $0.90/lb lead, and $1,700/oz gold. Finance: draft 13-week cash view by Friday.