Impact Silver – Where Are Your Stockpiles?

After the decent year 2016, this year Impact Silver performs quite poorly. Look at the chart below:
 

source: Simple Digressions
 

Although the production level was generally stable, costs of production were a bit higher this year. 

As a result, cash flow from operations (excluding working capital issues) was negative in 3Q 2017:
 

source: Simple Digressions
 

Interestingly, it looks like Impact feels very confident about the future. As of the end of September 2017 the company had no stockpiles (to be honest, at the end of 2016 there were also nearly no stockpiles) so any technical problem at one of the mines and…the production is stopped:
 

source: Impact Silver, 3Q 2017 report, page 9