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SilverCrest Metals Inc. (TSX: SILV, NYSE American: SILV) is a leading Canadian precious metals exploration and mining company headquartered in Vancouver, BC. Dedicated to the discovery, acquisition, development, and production of precious metal projects, the company focuses particularly on silver and gold. SilverCrest is renowned for its principal project, the Las Chispas Operation, located in Sonora, Mexico, an area with a rich history in precious metal mining.
Led by an experienced management team, SilverCrest Metals employs a responsible phased approach to project development, from discovery and financing to construction and production. This strategy aims to deliver on time and within budget, ultimately increasing shareholder value. N. Eric Fier, CEO, shapes the company's vision and operational strategies, ensuring sustainable growth and financial resilience.
In 2023, the Las Chispas Operation demonstrated robust performance, meeting and exceeding sales guidance, and maintaining low operational costs. The operation sold over 9.8 million ounces of silver equivalent (AgEq) by the end of Q3 2023, positioning the company to deliver on its annual guidance of 9.8-10.2 million ounces AgEq. The successful ramp-up of the underground mining rates, alongside efficient processing plant operations, reflected SilverCrest's commitment to operational excellence.
Financially, SilverCrest remains strong with significant treasury assets, reporting $105.2 million at the end of 2023, including $86 million in cash and $19.2 million in bullion. The company is debt-free and has an undrawn revolving facility of $70 million, providing ample liquidity for future investments. This financial stability allowed SilverCrest to undertake share buybacks and increase its bullion holdings, underscoring its commitment to returning capital to shareholders and enhancing asset value.
Looking ahead, SilverCrest plans to continue its exploration efforts at Las Chispas, focusing on converting inferred resources to indicated ones for reserve consideration. The exploration program is well-funded with an approved budget of $12-14 million for 2024, which also includes regional exploration activities to identify potential satellite deposits that could extend the mine's life.
SilverCrest's commitment to environmental, social, and governance (ESG) principles is demonstrated through various initiatives, including water stewardship projects and community engagement in Sonora. In 2023, the company invested $0.4 million in local infrastructure, earning recognition for its social responsibility practices in Mexico.
Stay updated with the latest news and developments of SilverCrest Metals Inc. through our regular news releases and financial reports, ensuring transparent communication with our stakeholders and investors.
SilverCrest Metals Inc. (TSX: SIL | NYSE American: SILV) has released its 2023 Environmental, Social, and Governance (ESG) Report, highlighting achievements at its Las Chispas Operation in Sonora, Mexico. Key accomplishments include:
1. Debt elimination within seven months of commercial production
2. Meeting inaugural sales and cost guidance
3. Advancing a five-year Water Stewardship Plan
4. Investing $280,000 in regional water infrastructure
5. Providing year-round water access to 231 hectares, benefiting 57 local landowners
6. Implementing drip irrigation projects for local agriculture
The company's efforts were recognized by CEMEFI and CONCAMIN. SilverCrest is now focusing on renewable energy solutions, including solar power at Las Chispas. The 2023 report provides more comprehensive environmental baselines compared to 2022, reflecting the company's commitment to transparency and sustainability.
SilverCrest Metals reported its Q2 2024 operational results, highlighting record revenue of $72.7 million, with gold and silver prices increasing by 8% and 19% respectively from Q1 2024.
The company recovered 15,303 ounces of gold and 1.46 million ounces of silver, achieving 2.68 million silver equivalent (AgEq) ounces. They sold 14,500 ounces of gold and 1.45 million ounces of silver, totaling 2.60 million AgEq ounces.
SilverCrest ended the quarter with $122.3 million in treasury assets, including $98.3 million in cash and $24 million in bullion.
Ore mined and milled increased compared to the previous year, with gold and silver recoveries reaching 98.6% and 98.3%, respectively.
Conference call to discuss results scheduled for August 8, 2024.
SilverCrest Metals Inc. (SILV) announced the results of its 2024 Annual General Meeting (AGM) held on June 12, 2024, in Vancouver, BC. A total of 88,115,662 votes were represented, constituting 59.84% of issued shares. Shareholders approved the re-election of eight directors, each receiving over 97% votes in favor, with Pierre Beaudoin leading at 99.72%. PricewaterhouseCoopers LLP was appointed as the company's auditor with 99.14% approval. Additionally, the company's executive compensation approach was backed by 98.09% of votes, and the Equity Share Unit Plan was reconfirmed with 89.93% approval.
SilverCrest Metals has released its Q1 2024 financial results, showcasing strong financial and operational performance driven by its Las Chispas operation in Sonora, Mexico. Key highlights include:
- Recovered 14,719 oz gold and 1.4 million oz silver, or 2.6 million oz silver equivalent (AgEq).
- Generated revenue of $63.6 million with a mine operating earnings of $37.5 million.
- Net earnings of $33.9 million or $0.23 per share.
- Ended the quarter with treasury assets of $91.1 million and no debt.
- Processed grades and recoveries set new records with 874 grams per tonne silver equivalent and 98.3% recovery rates.
Despite planned maintenance, the company achieved higher-than-expected sales and maintained strong financial flexibility to support tax and duty payments. SilverCrest's strong start to the year positions it well for delivering on its 2024 guidance.
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