27 Jan 2025listing compliance notice▼ BadMajor
Gatos Silver, Inc. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Jan 2025listing compliance notice● NeutralMajor
Gatos Silver, Inc.'s exchange filed to remove a class of its securities from listing.
16 Jan 2025business combination▲ GoodMajor
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.
16 Jan 2025listing compliance notice▼ Bad
Gatos Silver, Inc. withdrew a registration statement, abandoning the offering it covered.
7 Jan 2025business combination● Neutral
Gatos Silver disclosed routine shareholder demand letters alleging disclosure deficiencies in the First Majestic merger proxy materials - the kind of deal litigation that accompanies most large M&A and did not delay the transaction.
20 Dec 2024asset acquisition disposition● Neutral
Ahead of the First Majestic merger closing, Gatos Silver and joint-venture partner Dowa amended and restated their Los Gatos venture, offtake and services agreements, giving Gatos Silver reduced supermajority-voting hurdles (more effective control) over the venture starting January 2025.
13 Dec 2024business combination▲ GoodMajor
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.
11 Oct 2024resource reserve update● Neutral
Gatos Silver published detailed reserve and resource tables backing up its September update, prepared in response to an SEC comment letter questioning its 2023 annual report - the regulatory follow-through from the original 2022 reserve-accuracy problem.
25 Sept 2024resource reserve update▲ GoodMajor
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.
10 Sept 2024business combination● Neutral
Gatos Silver gave investors a follow-up presentation on the pending First Majestic merger with no changes to the announced terms.
6 Sept 2024business combination▲ GoodMajor
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.
5 Sept 2024business combination▲ GoodMajor
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.
6 May 2024financial restatement● Neutral
Gatos Silver made a third, minor restatement, this time reclassifying Los Gatos joint-venture cash distributions from investing to operating cash flow for 2023; the change did not affect reported net income, assets or cash balances.
19 Dec 2023debt financing▲ GoodMajor
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.
7 June 2023material agreement▲ GoodMajor
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.
16 May 2023material agreement● Neutral
Gatos Silver's lender granted another short extension - to end of May 2023 - on the overdue 2021-2022 financial statements.
19 Apr 2023listing compliance notice▼ BadMajor
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.
3 Apr 2023financial restatement● Neutral
Gatos Silver separately restated its 2021 annual and 2022 quarterly financial statements to fix how deferred tax assets at the Los Gatos venture were recognized - a technical correction (increasing the joint venture investment by $7-11 million) with no net effect on 2021 earnings, layered on top of the still-unresolved reserve restatement.
22 Dec 2022debt financing▲ Good
Gatos Silver refinanced its revolver with Bank of Montreal, restoring the full $50 million credit limit (plus a new $25 million accordion option) that had been capped after the reserve-estimate problem, and extended the maturity to December 2025.
14 Nov 2022auditor change● Neutral
Gatos Silver appointed Ernst & Young as its new independent auditor, replacing KPMG, which had resigned two months earlier.
14 Oct 2022material agreement● Neutral
Gatos Silver amended its credit facility terms and got its lender to waive, until March 2023, the requirement to deliver financial statements for 2021 and 2022 - the delayed filings were still not ready more than a year after the reserve issue surfaced.
30 Sept 2022auditor change● NeutralMajor
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.
22 Apr 2022listing compliance notice▼ BadMajor
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.
8 Mar 2022material agreement▼ BadMajor
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.
26 Jan 2022drilling result▼ BadMajor
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.
12 July 2021debt financing● NeutralMajor
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.
12 Mar 2021material agreement▲ GoodMajor
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.
30 Oct 2020capital raising announcement● Neutral
As part of its IPO, Gatos Silver converted $15.0 million of outstanding convertible notes plus accrued interest into about 2.7 million common shares, and entered management-services, shareholder and registration-rights agreements with its pre-IPO owners.
26 Oct 2020listing compliance notice▲ GoodMajor
the exchange certified Gatos Silver, Inc.'s securities for listing, clearing them to begin trading.