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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 (NYSE American: SILV) announced its Q1 2022 financial results, reporting a loss of $8.7 million, a decrease from $12.7 million in Q1 2021. Construction at the Las Chispas Project is 95.7% complete, with a target startup in Q2 2022. The company has committed $114.6 million of the $137.7 million feasibility cost. Cash and cash equivalents totaled $152.0 million as of March 31, 2022. Exploration efforts continue with 10,133 meters drilled at the El Picacho property.
SilverCrest Metals Inc. (SILV) announced its progress on the Las Chispas Project in Sonora, Mexico, reporting 95.7% construction completion as of Q1 2022. The plant's commissioning is on track for Q2 2022, with capital costs to date at $114.6 million, remaining under budget. The temporary power line is energized, enhancing operational readiness. The company has managed COVID-19 challenges effectively, maintaining a robust safety record. Financially, SilverCrest has $152 million in cash, securing its position for upcoming project phases.
SilverCrest Metals Inc. announced significant results from its initial drill program at the El Picacho Property in Sonora, Mexico. A total of 68,200 metres have been drilled, targeting five adjacent epithermal veins, including newly discovered veins. The Picacho Main Vein shows an average grade of 5.42 gpt Au and 23.9 gpt Ag, leading to an overall mineralized footprint expansion. Ongoing exploration will continue to map and sample unexplored areas. The company aims to delineate an initial mineral resource estimate, with two drills active through Q2 2022.
SilverCrest Metals Inc. has announced the retirement of Ross Glanville from its Board of Directors, effective March 31, 2022. Glanville has been part of the Board since August 2015 and previously served on the Board of SilverCrest Mines. CEO Eric Fier expressed gratitude for Glanville's contributions during significant company transformations, particularly the discovery phase and near production commencement at the Las Chispas project in Mexico. SilverCrest is focusing on the Las Chispas mining district, targeting production startup by mid-2022.
SilverCrest Metals announced its audited financial results for the fiscal year 2021, highlighting significant progress at the Las Chispas Project. Construction completion was at 86.2% by year's end, ahead of the 79.3% target. The company reported cash and equivalents of $176.5 million, up from $135.1 million in 2020, owing to financing activities including a $131.4 million bought deal. However, SilverCrest incurred a loss of $22.8 million in 2021, an improvement from a $59.9 million loss in 2020. The mine startup is expected in Q2 2022.
SilverCrest Metals Inc. (SILV) provides an update on the Las Chispas Project in Mexico as of January 25, 2022. The company reports construction progress at 86.2%, ahead of the scheduled 79.3%. The project remains on budget with $103.6 million committed out of a $137.7 million estimate. Key developments include completion of major infrastructure and a temporary power solution finalized by February 2022. The company is well-positioned financially with $176.5 million in cash, ready for anticipated Q2 2022 start-up. Safety measures have been effective, and COVID-19 protocols remain strict.
SilverCrest Metals Inc. has completed a US$30 million drawdown from its US$120 million Credit Facility, bringing the total accessed to US$90 million. The funds will support the ongoing construction of the Las Chispas Project in Sonora, Mexico, expected to be completed by Q2 2022. The company remains on schedule, anticipates achieving 80% construction completion by year-end 2021, and maintains a strong cash position of US$178 million. The remaining US$30 million from the facility is available through August 31, 2022.
SilverCrest Metals Inc. has announced the completion of its 2021 infill and expansion drill program at the Las Chispas Project in Sonora, Mexico, investing approximately US$10.3 million for 109,590 meters of drilling. The program aims to convert 20 million silver equivalent ounces from Inferred to Indicated Resources, enhancing mine planning and production readiness. Key high-grade intercepts were reported, with notable expansions in the Babi Norte HW footprint. Mine construction remains on schedule for completion in Q2 2022, reflecting an aggressive advancement towards production since discovery in 2016.
SilverCrest Metals Inc. (SILV) reported its Q3 2021 financial results, highlighting a cash balance of $172 million as of October 31, 2021. Construction at the Las Chispas Project in Sonora, Mexico, is 54% complete, ahead of the 48% schedule. The total development expenditures for the project reached $42.1 million. The company expects significant free cash flow generation starting in 2023, forecasting $160 million in after-tax free cash flow. COVID-19 measures remain effective with low positivity rates.
SilverCrest Metals Inc. announced that construction at its Las Chispas Project in Sonora, Mexico is 54% complete, surpassing the 48% scheduled completion as of Q3 2021. The capital spend is on track, with $137.7 million budgeted and 68% committed. Key infrastructure is advancing, with the bridge at 88% completion and powerline construction at 47%. The company has a solid financial position with $199 million in cash as of September 30, 2021, enabling continued construction and operational readiness for the plant's expected commissioning in Q2 2022.
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