Gatos Silver, Inc.

Gatos Silver, Inc. deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Gatos Silver, Inc.'s exchange filed to remove a class of its securities from listing.

listing compliance notice

The merger closed on January 16, 2025: every Gatos Silver share converted into 2.55 First Majestic shares, and Gatos Silver became a wholly-owned First Majestic subsidiary - the final chapter after a stock-price collapse triggered by 2022's reserve-overestimation disclosure, three restatements, and a slow multi-year rebuild of investor trust.

business combination

Mexico's antitrust regulator (COFECE) cleared the First Majestic merger - the only regulatory approval the deal needed - clearing the way for shareholder votes in mid-January 2025.

business combination

Gatos Silver released a much-improved life-of-mine plan for Cerro Los Gatos, extending mining through the end of 2032 with 36% more silver-equivalent production than the prior plan - a strong, independently updated answer to the 2022 reserve-overestimation scare.

resource reserve update

Under the definitive merger agreement, each Gatos Silver share would convert into 2.55 First Majestic shares, leaving Gatos shareholders owning about 38% of the combined company; closing was targeted for early 2025.

business combination

First Majestic Silver agreed to acquire Gatos Silver in an all-stock deal implying about $970 million in equity value ($13.49/share, a 16% premium), which would combine the Cerro Los Gatos mine with First Majestic's San Dimas and Santa Elena mines under one roof.

business combination

By late 2023 Gatos Silver was current enough with its lender to restate and upsize its revolver again - kept at $50 million with a larger $50 million accordion option and a maturity pushed out to the end of 2026 - a sign the worst of the reserve-crisis financing squeeze had passed.

debt financing

With audited financials still not ready, Gatos Silver got a further filing extension to mid-July 2023, but for the first time since the crisis began gave investors unaudited preliminary results for 2022 and early 2023, including its and the joint venture's cash position.

material agreement

A second NYSE non-compliance notice followed when Gatos Silver also missed the deadline for its 2022 annual report, and its lender again pushed back the deadline to deliver overdue financial statements, now to mid-May 2023.

listing compliance notice

Auditor KPMG resigned, citing a licensing technicality after Gatos Silver's executive team relocated to British Columbia rather than any accounting disagreement; the company was still evaluating a likely material weakness in its internal controls tied to the reserve issue.

auditor change

The NYSE notified Gatos Silver it was out of compliance with listing rules because it could not timely file its 2021 annual report, a direct consequence of the ongoing reserve-estimate investigation.

listing compliance notice

In the wake of the reserve-overestimation disclosure, Gatos Silver's lender capped borrowing under its new credit line at $30 million and required an updated reserve model and financial statements by September 2022 to lift the cap.

material agreement

Gatos Silver disclosed that errors in its 2020 technical report meant the Cerro Los Gatos mine's stated mineral reserves were likely overestimated by 30-50%, and that its 2021 financial statements could be affected - a major credibility blow that would take over a year to fully resolve.

drilling result

Gatos Silver opened a new $50 million revolving credit line with Bank of Montreal, and separately arranged with joint-venture partner Dowa to refinance the Los Gatos venture's existing $206.9 million term loan from Dowa, paying Dowa a $10 million closing fee.

debt financing

Gatos Silver exercised its option to buy an additional 18.5% stake in the Los Gatos Joint Venture (which owns the Cerro Los Gatos mine in Mexico) from partner Dowa Metals & Mining for $71.55 million, increasing its ownership of the producing mine.

material agreement

the exchange certified Gatos Silver, Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice