04:42 PM EDT, 08/06/2024 (MT Newswires) -- Gatos Silver ( GATO ) was last seen up 2.4% in after-hours New York trading after reporting on Tuesday it swung to profit in the second quarter as revenue jumped 62%.

The company, which has a 70% interest in the Los Gatos Joint Venture (LGJV), which in turn owns the Cerro Los Gatos (CLG) mine in Mexico, said it earned US$9.2 million, or US$0.13 per share, in the period, compared with a loss of US$3.5 million, or US$0.05, in the year-prior quarter.

Gatos said revenue rose to a record US$94.2 million up from US$58.3 million a year ago. The increase was mainly due to higher sales volumes and higher realized metal prices.

Silver equivalent production of 3.88-million ounces rose 18% from 3.3-million SEOs in the prior year period. Silver production was 15% higher, to 2.3 million ounces.

Gatos continues to expect both silver equivalent and silver production to be in the top half of its previously announced guidance ranges of 13.5 million to 15 million ounces and 8.4 to 9.2 million ounces respectively for the full year in 2024.

Gatos Silver ( GATO ) was last seen up US$0.26 to US$11.09 after hours. They closed down $0.99 to $14.94 on the Toronto Stock Exchange.