DENVER--(BUSINESS WIRE)--Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the “Company”) is a United States corporation that recently completed its initial public offering (“IPO”) through a dual NYSE and TSX listing in late October 2020, achieving the only dual-listed precious metals IPO on these exchanges since 2010. Gross proceeds from the IPO totaled $173 million, resulting in the largest precious metals IPO since 2010 and the largest precious metals equity financing during 2020.
As a new silver-focused precious metals producer, there was broad global investor participation in Gatos Silver’s IPO and the Company is proud that its three largest shareholders are now the Electrum Group, Fidelity Investments and The Municipal Employees Retirement System of Michigan (“MERS”). Upon IPO completion, the shareholder register also included EXOR Investments, Amiral Gestion, Van Eck Associates, Credit Mutuel, Mackenzie Investments, Earth Resource Investment Group and Tudor Investment Corporation.
In addition, Gatos Silver is pleased to announce it will be added to the Russell 2000 small capitalization stocks index effective December 21, 2020.
Stephen Orr, the Company’s Chief Executive Officer, said “The Company is delighted that Gatos Silver will be added to the Russell 2000 Index in combination with the Company’s recently announced inclusion in the GDXJ ETF. The Russell 2000 is a diversified index measuring the performance of approximately 2,000 small capitalization American companies and will provide Gatos Silver with broad market exposure.”
About Gatos Silver
Gatos Silver is a silver dominant production, development and exploration company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. To-date, 14 zones of mineralization have been defined within the district and all are characterized by silver-zinc-lead epithermal mineralization. More than 85% of the approximately 103,087-hectare mineral rights package has yet to be drilled, representing a highly prospective and underexplored district. The Company recently built and commissioned its first operating mine and mineral processing plant at the Cerro Los Gatos deposit, which is expected to produce 12.2 million silver equivalent ounces annually.
This press release contains statements that constitute “forward looking information” and “forward-looking statements” within the meaning of U.S. and Canadian securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding the expected average annual production are forward-looking statements. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors described in our filings with the U.S. Securities and Exchange Commission and Canadian securities commissions. Certain forward-looking statements are based on assumptions, qualifications and procedures which are set out only in the technical report entitled “Los Gatos Project, Chihuahua, Mexico,” dated July, 2020 with an effective date of July 1, 2020 (the “Los Gatos Technical Report”) filed with the U.S. Securities and Exchange Commission and Canadian securities commissions. Scientific and technical disclosures in this press release were approved by Philip Pyle, Vice President of Exploration and Chief Geologist of Gatos Silver who is a “Qualified Person,” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. For a complete description of assumptions, qualifications and procedures associated with such information, reference should be made to the full text of the Los Gatos Technical Report. Gatos Silver expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this press release.
Availability of Other Information About Gatos Silver
Investors and others should note that Gatos Silver communicates with its investors and the public using its company website (https://gatossilver.com/) as well as other channels, including but not limited to presentations, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information Gatos Silver communicates through these channels could be deemed to be material information. As a result, Gatos Silver encourages investors and others interested in Gatos Silver to review the information it disseminates through these channels on a regular basis. The contents of Gatos Silver's website or other channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.