Sierra Metals Inc (SMTS) stock gained 13.12% in the after-hours session on Tuesday, April 20, 2021, after losing -2.76% to close normal Tuesday’s session at $2.82.
SMTS shares have risen by 264.39% over the last 12 months, and they have moved down by -1.05% in the past week. Over the past three months, the stock has lost -22.10%, while over the past six months, it has added 77.36%.
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Let’s try to find out the reason behind its turnaround on Tuesday.
First Quarter 2021 Production Results
On Friday, April 16, 2021, Sierra Metals announced the first quarter of 2021 production results.
The key highlights are
- 1% increase in silver production from Q1 2020 and it reaches 0millionounces for Q1 2021.
- 33% reduction in copper production and it remained 7.9 million pounds in Q1 2021.
- 1% decrease in lead production from Q1 2020 and it remained 9.0 million pounds.
- 11% less zinc production from Q1 2020 and it remained 24.1 million pounds.
- 28% reduction in gold production from Q1 2020 and it remained 2,636 ounces.
- an18% decrease in Copper equivalent production from Q1 2020 and it remained 25.5 million pounds.
- Yauricocha Mine record quarterly throughput of 3,728 TPD.
.New High-Grade Oxide Zone
On April 13, 2021, Sierra Metals announced that the company has discovered high-grade oxide polymetallic ore in an area between the CachiCachi and Esperanza zones along the Yauricocha Fault and within current operations at the Yauricocha Mine.
In the Yauricochamine, 21 holes have been completed and the company have captured oxide mineralization containing high-grade gold, silver, copper, zinc, and lead zones which indicate the continued existence of extensive mineralization.
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Upcoming Q1, 2021 Financial Results
On April 12, 2021, Sierra Metals Inc said that it will announce Q1-2021 financial results on Thursday, May 6, 2021, after Market Close, through a webcast and conference call.
Recent Financial Results
On March 19, 2021, Sierra Metals Inc announced its financial results for the fourth quarter and for the year ended December 31, 2020.
Key financial highlights
- Sierra Metals revenue from metals payable remains $246.9 million in 2020 compared to $229.0 million in 2019.
- It recorded an adjusted EBITDA of $97.0 million for 2020 compared to an adjusted EBITDA of $65.3 million for 2019.
- For FY 2020, cash flow from operations remains $99.0 million compared to $66.4 million in 2019.
- Sierra Metal’s net income was $23.4 million or $0.14 per basic and diluted share for 2020 compared to $4.4 million or $0.03 per basic and diluted share for 2019.
- As of December 31, 2020, SMTS had Cash and cash equivalents of $71.5 million and working capital of $70.9 million as compared to $43.0 million and $49.9 million on December 31, 2019.
Conclusion
There is no recent news that can justify its turnaround on Tuesday. Although the company performance is satisfactory and it could be the reason behind its surging on Tuesday evening.