DENVER /April 14, 2022 /Business Wire/ Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the “Company”) provides this bi-weekly default status report pursuant to National Policy 12-203 – Management cease trade orders (“NP 12-203”). In its press release dated March 18, 2022 (the “Notice”), the Company announced the postponement of the filing of its annual report on Form 10-K for the year ended December 31, 2021, which includes its consolidated financial statements audited at and for the year ended December 31, 2021, together with the auditor’s report thereon and the notes thereto, its management report for the year ended December 31, 2021 on the annual audited financial statements , and Chief Executive Officer and Chief Financial Officer Certificates of Officers relating to its annual filings (the “Required Filings”) by the filing deadline of March 31, 2022.
Pursuant to the management cease trade order granted by the Ontario Securities Commission on April 1, 2022 (the “Original OCCM”), the Ontario Securities Commission has granted additional management cease trade order dated April 12, 2022 in respect of Dale Andres who was appointed as the new Chief Executive Officer of the Company on April 7, 2022 (the “Additional MCTO” and, together with the MCTO initial, the “MCTO”).
In accordance with NP 12-203, the Company must file status reports every two weeks in the form of supplemental press releases during the period from the notice until the revocation of the OCTM. The Company reports that since the Notice: (i) there have been no material changes to the information contained in the Notice; (ii) there has been no failure by the Company to carry out its stated intentions with respect to satisfying the provisions of the Alternative Disclosure Guidelines under NP 12-203; and (iii) there has been no specified defect after the defect announced in the Notice.
About Gatos Silver
Gatos Silver is a silver-focused exploration, development and production company that has discovered a new silver and zinc-rich mineral district in the southern state of Chihuahua, Mexico. As a 70% owner of LGJV, the Company is primarily focused on the operation of the mine and ore processing plant of LGJV’s CLG deposit, which began production in 2019. More than 85 % of the total mineral rights package of approximately 103,087 hectares have yet to be drilled, representing a highly prospective and under-explored district with numerous epithermal silver-zinc-lead mineralized zones identified as priority targets.
This press release may contain certain information that may constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of United States and Canadian securities laws. Forward-looking statements contained herein include statements regarding the timing of the filing of the company’s annual report on Form 10-K. Although the Company has based these forward-looking statements on its current expectations regarding future events, the statements are not guarantees of the future performance of the Company and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results. results expressed or implied by these forward-looking statements. These risks, uncertainties, assumptions and factors include, among others, the results of the Company’s ongoing analysis of the overstatement of its resources and reserves and the timing of an updated technical report. Additionally, while the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.