Press release: Stockholm, October 18, 2022 12:00 CET
Sotkamo Silver AB revises the estimate for silver production in 2022 due to the uncertainty and fluctuation of electricity price. The updated guidance is based on the silver production of 875 Koz until the end of the third quarter, and the updated production schedule for the fourth quarter. Company is prepared for adjusting its’ production during the periods of higher electricity prices to optimize cash flow. The Company estimates ca.15-45 % monthly plant downtime due to the high electricity price and adjusted periodic production associated with it.
New production guidance for 2022:
We estimate that production in 2022 will be 1.0-1.2 million ounces. Decisions on adjusted production will be made to optimize the cash flow.
Earlier production guidance for 2022 (given on July 29, 2022):
We continue to focus on the production mix and optimization of the revenue and operative cashflow. Consequently, we estimate that our annual silver production in 2022 will be 1.25-1.35 million ounces.
Stockholm, October 18, 2022
Sotkamo Silver AB
Mikko Jalasto, CEO
Mikko Jalasto, CEO, tel. +358 50 482 1689
This information is information that Sotkamo Silver AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above on October 18, 2022, at 12:00 CET.
The official Stock Exchange Releases are given in Swedish and there may be differences in the translated versions.
About Sotkamo Silver AB
Sotkamo Silver´s business concept is to develop mineral deposits with regards to human society and environment. The Company owns the Silver Mine in Sotkamo which started production in March 2019. In addition, the Company holds mining and exploration rights to precious and base metal deposits in Finland.
The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The ticker symbol is SOSI on NGM Main Regulated Equity in Stockholm and SOSI1 on Nasdaq Helsinki.
ISIN-code for Sotkamo Silver shares is SE0001057910.
Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
Read more about Sotkamo Silver on www.silver.fi
The Company's press releases, and financial reports are distributed via Cision Sverige and are available on www.silver.fi