Altaley Mining Corporation (CVE:ATLY) (OTCMKTS:ATLYF) (FRA:TSGN), formerly Telson Mining Corp, said improved processing and rising metals prices had led to increased net revenue from its Campo Morado polymetallic mine in Mexico in the second quarter of this year.
For the three months to end-June, the miner reported a 36% increase in net revenue at the mine to US$16.2 million, compared to US$11.9 million in the first quarter of 2021.
READ: Telson Mining posts 'strong' first quarter amid lower costs and increased metals prices
Meanwhile, the average metal recoveries in the second quarter increased in all metals with gold up by 50%, silver by 23%, lead by 18% and zinc up by 6%.
"These increases have been achieved by a combination of increasing realized metal prices, and process improvements implemented by the operations team, who have performed above management expectation for the quarter," said Ralph Shearing, CEO of Altaley in a statement.
Altaley holds two wholly-owned Mexican gold, silver, and base metal mining projects.
Campo Morado is estimated to be Mexico's sixth-largest zinc producer, while its Tahuehueto gold mine is currently under construction and is estimated to be 60% complete.
The company recently announced a US$25 million syndicated funding package, and subsequently closed a US$8 million equity private placement and executed a silver streaming funding agreement with Empress Royalty.
The miner is targeting to start pre-production at Tahuehueto by the end of 2021 and ramping up to full production capacity during Q1 2022.
Contact the author at giles@proactiveinvestors.com