Partly true but they are burning through cash and if they have $37 million and are going to pay .10 dividend...that equates to about a $35 million payout. Prices really need to sky rocket 30% or more. Otherwise, they will be digging into their credit lines to just survive.
SLW didn't go from 17.75 in late June to over 25 bucks less than two months later because people expected a great earnings quarter. It's all about where investors expect gold and silver prices to go. If silver is 10 bucks an ounce then SLW is screwed. If silver goes to 40 bucks an ounce and gold heads over 2000 then SLW likely goes to 100 or more. One quarter's earnings MIGHT impact the stock for a day - positively or negatively.