“We are extremely pleased to welcome the participation of Eric Sprott in this financing. His continued support is a strong endorsement of Guanajuato Silver’s vision and potential,” commented James Anderson, chairman and chief executive officer of Guanajuato Silver, in a news release.
He added that this financing will provide the company with necessary capital to accelerate production in response to rapidly rising silver prices. Earlier this week, the price of silver surged to its highest in 12 years, topping $34 an ounce.
Guanajuato Silver currently operates four mines: the El Cubo mine, Valenciana mines complex and San Ignacio mine in Guanajuato, and the Topia mine in northwestern Durango. Last year, the company saw its highest ever production in silver-equivalent terms at 3.5 million ounces, a 64% increase over 2022.
Due to rising precious metals prices, the miner is coming off its best revenue-generating quarter, recording $20.5 million for the second quarter, a 22% improvement over the same period of 2023.