Welcome to our dedicated page for SilverCrest Metals Common Shares news (Ticker: SILV), a resource for investors and traders seeking the latest updates and insights on SilverCrest Metals Common Shares stock.
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.
Silver Valley Metals Corp. (TSXV: SILV, OTCQB: SVMFF) announced positive exploration results from the East Curlew target at the Ranger-Page Project in Idaho. The East Curlew target, located 230 meters east of the historic Blackhawk mine, features a significant Induced Polarization anomaly measuring 450 meters in strike length. The geochemical analyses revealed high levels of silver (up to 0.6 opt Ag) and other minerals, validating its potential for mineralization. This target is one of seven prioritized from the 2022 exploration campaign, and further drilling is planned for 2023 to explore these promising findings.
On March 13, 2023, SilverCrest Metals reported its audited financial results for the year ending December 31, 2022. The Las Chispas Mine achieved commercial production in Q4 2022, generating $28.4 million in mine operating income with total revenues of $43.5 million from the sale of 11,400 ounces of gold and 1.1 million ounces of silver. The company reduced its outstanding debt by $40 million during 2022 and further prepaid $15 million in March 2023, leaving a debt balance of $35 million. SilverCrest ended 2022 with $50.8 million in cash and equivalents, amidst operating metrics exceeding previous feasibility study targets.
SilverCrest Metals Inc. reports its Q4 2022 operational results and updates on the Las Chispas Mine in Sonora, Mexico. Commercial production was declared on November 1, 2022, with 11,940 oz of gold and 1.20 million oz of silver recovered during the quarter. The powerline was completed, enhancing operational stability. While underground mining averaged 700 tpd, it fell short of the 2021 feasibility study forecast. An updated technical report is on track for Q2 2023, which will factor in inflation impacts on costs. Ending 2022, the company had $50.8 million in cash and $50 million in debt after successfully refinancing.
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