04:44 PM EDT, 10/09/2024 (MT Newswires) -- Gatos Silver ( GATO ) edged up in after-hours New York trading after the company said its third-quarter production rose 11% and raised its annual guidance.

The company said output from its 70% owned Cerro Los Gatos mine in Mexico rose to 3.84-million silver-equivalent ounces (SEO) in the quarter, up from 3.46-million SEO in the year-prior period.

Gatos also raised its 2024 guidance for silver production to a range of 9.7-million ounces to 9.7 million, up from its previous target of 8.4-million ounces to 9.2 million. It also raised its target for SEO output to between 14.7-million SEO to 15.5 million, up from 13.5-million to 15-million SEO.

All-in sustaining costs are now seen averaging between US$8.50 to US$10.00 per ounce, down from US$9.50 to US$11.50.

"The CLG mine continues to produce consistent results, with another quarter of strong production and another new record for mill throughput," said chief executive Dale Andres. "As a result of continued good operational performance, we are increasing our 2024 full year silver and silver equivalent production guidance by 7% and 6%, respectively, and lowering our by-product AISC by 12%, based on the midpoint of each guidance range."

The company's shares were last seen up US$0.15 to US$15.86 after hours. They closed down $0.11 to $21.45 on the Toronto Stock Exchange.