04:50 PM EDT, 05/06/2024 (MT Newswires) -- Gatos Silver ( GATO ) was up near 1% in US after-hours trading on Monday as it reported an increase in its overall first-quarter profit, but in a drop in net income for the Los Gatos Joint Venture over the same period.

It had overall first quarter net income of US$2.5 million, or US$0.04 per share, in the quarter, up 203% from US$0.8 million, or US$0.01, a year earlier..

Among other overall highlights, Gatos cited EBITDA of US$1.8 million, up 107% from US$0.9 million; cash flow provided by operating activities of US$15.1 million, compared to cash flow used by operating activities of US$4.1 million; and free cash flow of US$15.1 million, up from a deficit of US$4.1 million

The company has a 70% interest in the Los Gatos Joint Venture (LGJV), which in turn owns the Cerro Los Gatos mine in Mexico. Production for the first quarter of 2024 was previously disclosed on April 9, 2024. Today it reported LGJV Q1 2024 results that included net income of US$10.2 million, down 20% from US$12.7 million

"During the first quarter we continued to add cash to the balance sheet mainly because of the previously disclosed strong operational performance at the LGJV. All-in sustaining cost per silver ounce was at the lower end of 2024 guidance thanks to improved operating efficiencies, which helped to offset inflationary cost pressures and the impact of the stronger Mexican peso," Chief executive Dale Andres said in a statement

Andres added: "We now expect full year 2024 silver and silver equivalent production to be in the top half and AISC to be in the lower half of our previously announced guidance ranges. We also continue to advance our growth initiatives. Conversion drilling of the South-East Deeps inferred resource to extend mine life progressed well during the quarter and the LGJV has started ramping-up exploration efforts on near-mine and other targets in the highly prospective Los Gatos district."