CORRECTING and REPLACING Sierra Metals Reports Consolidated Financial Results for the Third Quarter of 2022
Sierra Metals Inc. (TSX: SMT) (BVL or Bolsa de Valores de Lima: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) today reported revenue of $38.8 million, a 36% decline from Q3 2021 and a 22% decline from Q2 2022, and adjusted EBITDA of $(3.9) million, a 122% decrease from Q3 2021 and a 379% decrease from Q2 2022 on throughput of 561,906 tonnes and metal production of 16.6 million copper equivalent pounds for the three-month period ended September 30, 2022
TORONTO--(BUSINESS WIRE)--Nov 15, 2022--
Footnote (3) following the first table of release dated November 14, 2022 should read: (3)The negative working capital is largely due to the reclassification of the long-term portion of the credit facility as current, resulting from the breach of certain debt covenants as at September 30, 2022. The Company is seeking accommodation from the lending banks in the form of waivers for this non-compliance. Also in the Impairment Charge section, the following sentence was added to the first paragraph: The LOMs are not a National Instrument 43-101 technical report, but management's best estimate of future expected cash flows.
The updated release reads:
SIERRA METALS REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2022
