Please, see below how to calculate cost per ounce for any PM producer. This is short example for this company.
Cost calculation requires numbers from two sources: income statement and earning release and it means that every number and result is for specific reporting period (quarter).
Firstly, take income statement and calculate total cost as revenue minus net income (net income was negative 5M after removing one-time write-offs):
Secondly, take earning release and calculate number of ounces, taking into account that besides silver company produces sub-product metals (gold, zinc, etc); i.e. it is silver-equivalent ounces calculated as revenue divided by average silver selling price.
Now you can have final result, cost per ounce by dividing total cost by number of ounces:
As you see the number is high enough. Please note here that Q2 wasn’t the best for the company and Q3 cost should be lower, though it will not match some rosy estimates, not quite connected with real numbers/calculations.
PS: I didn’t double-check all numbers; therefore, I apologize in advance for any typos and math errors. Please, advise me if you see them in this message.