Q1 2022 Production
CLG achieved record silver production in Q1 2022 at 2.39 million ounces, a 58% increase compared to the first quarter 2021 (“Q1 2021”) which was impacted by a temporary shutdown for two weeks due to a power outage. The increased production in the quarter was primarily due to significantly higher silver grades, in addition to higher plant throughput and improved recoveries. Lead and zinc production was 10.3 and 13.8 million pounds, representing an increase of 36% and 58%, respectively, compared to Q1 2021, primarily due to higher mined ore grades.
CLG achieved throughput of 234,985 tonnes and continued to achieve excellent recoveries for silver, lead, zinc and gold. CLG remains on target to achieve its annual guidance for 2022, including the plans to increase plant throughput levels to 2,700 tpd in the second half of 2022.
As of March 31, 2022, the Los Gatos Joint Venture (“LGJV”) had over $40 million in cash. Given the continued strong operating performance of CLG, the Company expects the first dividend from the LGJV to occur during Q2 2022.
