SilverCrest Reports Second Quarter 2024 Financial Results
SilverCrest Metals reported its Q2 2024 financial results, showing strong operational and financial performance. Notable highlights include:
- Record revenue of $72.7 million, up from $63.6 million in Q1 2024.
- Mine operating earnings of $41.5 million with a 57% operating margin.
- Net earnings of $6.5 million or $0.04 per share, impacted by deferred tax expense and foreign exchange losses.
- Increased treasury assets by 34% to $122.3 million.
Production highlights include:
- Recovered 15,303 oz gold and 1.5 million oz silver.
- Sold 14,500 oz gold and 1.4 million oz silver.
- Cash costs of $8.87 per oz AgEq and AISC of $16.88 per oz AgEq.
Guidance for 2024 has been revised upward, with sales now expected to be between 10.0 to 10.3 million oz AgEq, and cash costs and AISC guidance lowered.
SilverCrest Metals ha riportato i risultati finanziari del secondo trimestre del 2024, evidenziando prestazioni operative e finanziarie solide. I punti salienti includono:
- Entrate record di 72,7 milioni di dollari, in aumento rispetto ai 63,6 milioni di dollari del primo trimestre del 2024.
- Guadagni operativi minerari di 41,5 milioni di dollari con un margine operativo del 57%.
- Guadagni netti di 6,5 milioni di dollari o 0,04 dollari per azione, influenzati da spese fiscali differite e perdite da cambio estero.
- Aumentati gli attivi di tesoreria del 34% a 122,3 milioni di dollari.
I punti salienti della produzione includono:
- Recuperati 15.303 once d'oro e 1,5 milioni di once d'argento.
- Venduti 14.500 once d'oro e 1,4 milioni di once d'argento.
- Costi in contante di 8,87 dollari per oncia AgEq e AISC di 16,88 dollari per oncia AgEq.
Le previsioni per il 2024 sono state riviste al rialzo, con vendite ora attese tra 10,0 e 10,3 milioni di once AgEq, e le previsioni sui costi in contante e AISC abbassate.
SilverCrest Metals informó sus resultados financieros del segundo trimestre de 2024, mostrando un fuerte desempeño operativo y financiero. Los aspectos destacados incluyen:
- Ingresos récord de 72,7 millones de dólares, un aumento desde 63,6 millones de dólares en el primer trimestre de 2024.
- Ganancias operativas de la mina de 41,5 millones de dólares con un margen operativo del 57%.
- Ganancias netas de 6,5 millones de dólares o 0,04 dólares por acción, afectadas por gastos fiscales diferidos y pérdidas por cambio de divisas.
- Activos de tesorería aumentados en un 34% a 122,3 millones de dólares.
Los aspectos destacados de la producción incluyen:
- Recuperados 15,303 onzas de oro y 1.5 millones de onzas de plata.
- Vendidas 14,500 onzas de oro y 1.4 millones de onzas de plata.
- Costos en efectivo de 8,87 dólares por onza AgEq y AISC de 16,88 dólares por onza AgEq.
La guía para 2024 ha sido revisada al alza, con ventas ahora esperadas entre 10,0 y 10,3 millones de onzas AgEq, y se han reducido las previsiones de costos en efectivo y AISC.
SilverCrest Metals는 2024년 2분기 재무 결과를 발표하며 강력한 운영 및 재무 성과를 보여주었습니다. 주목할 만한 하이라이트는 다음과 같습니다:
- 72.7백만 달러의 기록적인 수익, 2024년 1분기의 63.6백만 달러에서 증가했습니다.
- 57% 운영 마진을 기록한 41.5백만 달러의 광산 운영 수익.
- 연기된 세금 비용 및 외환 손실에 영향을 받아 6.5백만 달러 또는 주식당 0.04달러의 순수익.
- 재무 자산이 34% 증가하여 122.3백만 달러에 달했습니다.
생산 하이라이트는 다음과 같습니다:
- 15,303온스의 금과 150만 온스의 은 회수.
- 14,500온스의 금과 140만 온스의 은 판매.
- AgEq 온스당 현금 비용 8.87달러 및 AgEq 온스당 AISC 16.88달러.
2024년 가이드라인이 상향 조정되어 이제 판매량은 1,000만에서 1,030만 온스 AgEq로 예상되며, 현금 비용 및 AISC 가이드라인은 하향 조정되었습니다.
SilverCrest Metals a publié ses résultats financiers pour le deuxième trimestre 2024, montrant une solide performance opérationnelle et financière. Les points saillants incluent :
- Un chiffre d'affaires record de 72,7 millions de dollars, en hausse par rapport aux 63,6 millions de dollars du premier trimestre 2024.
- Des bénéfices d'exploitation minière de 41,5 millions de dollars avec une marge opérationnelle de 57%.
- Un bénéfice net de 6,5 millions de dollars ou 0,04 dollar par action, impacté par des dépenses fiscales différées et des pertes de change.
- Des actifs de trésorerie augmentés de 34% à 122,3 millions de dollars.
Les points marquants de la production incluent :
- 15.303 onces d'or et 1,5 million d'onces d'argent récupérées.
- 14.500 onces d'or et 1,4 million d'onces d'argent vendues.
- Coûts en espèces de 8,87 dollars par once AgEq et AISC de 16,88 dollars par once AgEq.
Les prévisions pour 2024 ont été révisées à la hausse, avec des ventes désormais attendues entre 10,0 et 10,3 millions d'onces AgEq, et les prévisions de coûts en espèces et d'AISC abaissées.
SilverCrest Metals hat seine Finanzzahlen für das zweite Quartal 2024 veröffentlicht und dabei starke operative und finanzielle Leistungen gezeigt. Bemerkenswerte Höhepunkte sind:
- Rekordumsatz von 72,7 Millionen Dollar, ein Anstieg von 63,6 Millionen Dollar im ersten Quartal 2024.
- Bergbaubetriebsgewinne von 41,5 Millionen Dollar mit einer Betriebsmarge von 57 %.
- Nettoerträge von 6,5 Millionen Dollar oder 0,04 Dollar pro Aktie, beeinflusst von aufgeschobenen Steueraufwendungen und Fremdwährungsverlusten.
- Die liquiden Mittel erhöhten sich um 34 % auf 122,3 Millionen Dollar.
Die Produktionshöhepunkte umfassen:
- 15.303 Unzen Gold und 1,5 Millionen Unzen Silber wurden wiedergewonnen.
- 14.500 Unzen Gold und 1,4 Millionen Unzen Silber wurden verkauft.
- Bargeldkosten von 8,87 Dollar pro Unze AgEq und AISC von 16,88 Dollar pro Unze AgEq.
Die Prognose für 2024 wurde nach oben korrigiert, mit Verkaufszahlen, die nun zwischen 10,0 und 10,3 Millionen Unzen AgEq erwartet werden, und die Prognosen für Bargeldkosten und AISC wurden gesenkt.
- Record revenue of $72.7 million, up from $63.6 million in Q1 2024.
- Increased treasury assets by 34% to $122.3 million.
- Improved 2024 sales guidance to 10.0 to 10.3 million oz AgEq.
- Lowered 2024 cash costs guidance to $9.25 to $9.75 per oz AgEq.
- Net earnings decreased to $6.5 million from $33.9 million in Q1 2024.
- Deferred tax expense and foreign exchange losses negatively impacted earnings.
Insights
SilverCrest Metals reported strong Q2 2024 financial results, demonstrating continued operational excellence and financial growth. Key highlights include:
- Record quarterly revenue of
$72.7 million , up from$63.6 million in Q1 2024 - Record mine operating earnings of
$41.5 million (57% margin) - Free cash flow generation of
$24.3 million or$0.16 per share - Treasury assets increased
34% to$122.3 million
The company has increased its 2024 sales guidance and reduced cash cost and AISC guidance, indicating strong operational performance and cost management. With robust gold and silver prices, SilverCrest is well-positioned for continued growth. However, investors should note the impact of non-cash deferred tax expenses and foreign exchange losses on net earnings.
SilverCrest's Las Chispas operation is showing impressive progress in its ramp-up phase. Notable operational achievements include:
- Increased mining rates to 1,099 tpd, exceeding the original 2024 exit target of 1,050 tpd
- Record plant availability of
93.7% - Exceptional recovery rates of
98.6% for gold and98.3% for silver
The decision to retain two mining contractors provides operational flexibility and risk mitigation. While grades were lower in Q2, they remained above reserve grade. The exploration program's focus on resource conversion and new target identification is promising for future growth. The company's ability to increase production guidance while lowering cost projections is a strong indicator of operational efficiency and bodes well for future performance.
SilverCrest's commitment to ESG initiatives is evident in their Q2 report. Key developments include:
90% completion of local sewage system reconstruction in Arizpe- Progress on agricultural irrigation pipelines and aqueduct rehabilitation
- Release of second annual ESG Report
- Positive impact on local agriculture through water stewardship efforts
The company's focus on water management in a water-scarce region demonstrates environmental responsibility and community engagement. The appointment of Anne Yong as VP, Governance, Risk and Sustainability further emphasizes SilverCrest's dedication to ESG matters. These efforts can enhance the company's social license to operate and potentially mitigate operational risks, which is increasingly important for investors considering long-term sustainability.
Record Operating Earnings Drives Treasury Growth
2024 Sales Guidance Increased and Cash Cost and AISC Guidance Reduced
TSX: SIL | NYSE American: SILV
N. Eric Fier, CEO, commented, "We are proud to announce another quarter of strong operational and financial performance. Our mining rates continued to increase in the quarter, and we expect the H2 2024 ramp-up to continue at a quicker pace than originally planned as we retain two mining contractors for a longer period. This strategic decision is expected to provide greater operational flexibility and further reduce risk. In the quarter, we also set new records for revenue and mine operating earnings, which contributed to growth in treasury assets of
With gold and silver prices remaining robust and strong operational performance continuing at the start of H2 2024, we are well positioned to benefit from continued momentum and are pleased to increase our 2024 sales guidance and reduce our annual cash cost and all-in sustaining cost guidance".
Q2 2024 Highlights
- Recovered 15,303 ounces ("oz") gold ("Au") and 1.5 million oz silver ("Ag"), or 2.7 million oz silver equivalent ("AgEq")(2).
- Sold 14,500 oz Au and 1.4 million oz Ag, or 2.6 million oz AgEq, for H1 2024 sales to 29,500 oz Au and 2.8 million oz Ag, or 5.2 million oz AgEq, resulting in an increase to 2024 sales guidance to 10.0 to 10.3 million oz AgEq. Average realized prices for the quarter were
$2,237 $27.84 - Record quarterly revenue of
$72.7 million $63.6 million - Record mine operating earnings of
$41.5 million 57% operating margin), exceeded the$37.5 million - Net earnings of
$6.5 million $0.04 $33.9 million $0.23 $14.3 million $2.8 million - Cash costs of
$8.87 $7.98 $9.25 $9.75 - All-in sustaining cost ("AISC") of
$16.88 $1.0 million $14.89 $14.90 $15.75 - Mining rates increased to 1,099 tpd, benefiting from maintaining two mining contractors at site through the quarter.
- Operating cash flow was
$39.6 million $31.8 million $0.22 $14.4 million - Free cash flow generation of
$24.3 million $0.16 $35.7 million - Increased retained earnings by
30% to$28.0 million $21.5 million - Ended the quarter with treasury assets totaling
$122.3 million $98.3 million $24.0 million 34% from$91.1 million
(1) | Refer to the "Non-GAAP Financial Measures" disclosure at the end of this press release and associated MD&A for a description and calculation of these measures. |
(2) | Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 based on the Las Chispas Operation Technical Report dated September 5, 2023, with an effective date of July 19, 2023 (the "2023 Technical Report"). |
Revised 2024 Guidance
In H1 2024, silver equivalent sales totaled 5.2 million oz AgEq with cash costs and AISC averaging
Based on strong results in the first half of 2024 and the outlook for the remainder of the year, the Company is improving the guidance range for AgEq sales to 10.0 to 10.3 million oz. The Company is also lowering its full-year 2024 cash costs estimate to be between
Guidance Metric | Unit | 2024 Original Guidance | 2024 Revised Guidance |
Silver Equivalent ("AgEq") Ounces | million oz sold | 9.8 to 10.2 | 10.0 to 10.3 |
Cash Costs (1) | $/oz AgEq sold | ||
AISC (1) | $/oz AgEq sold |
(1) | Refer to the "Non-GAAP Financial Measures" disclosure at the end of this press release and associated MD&A for a description and calculation of these measures. |
2024 sustaining capital guidance of
Second Quarter Operating Performance
The following operating performance refers to operating cash flow per share (basic), free cash flow, free cash flow per share (basic), cash costs, AISC, and treasury assets which are described in more detail in the "Non-GAAP Financial Measures" section of this news release.
Three months ended June 30, | Six months ended June 30, | ||||
OPERATIONAL | Unit | 2024 | 2023 | 2024 | 2023 |
Ore mined | tonnes | 100,019 | 74,400 | 185,756 | 138,000 |
Underground development | kilometres ("km") | 4.7 | 3.4 | 8.8 | 6.3 |
Ore milled(1) | tonnes | 110,645 | 107,900 | 204,018 | 212,300 |
Average daily mill throughput | tonnes per day ("tpd") | 1,216 | 1,186 | 1,121 | 1,173 |
Gold | |||||
Average grade | grams per tonne ("gpt") | 4.36 | 4.84 | 4.64 | 4.46 |
Recovery | % | 98.6 % | 98.4 % | 98.6 % | 98.0 % |
Recovered | oz | 15,303 | 16,500 | 30,022 | 29,800 |
Sold | oz | 14,500 | 13,400 | 29,500 | 27,600 |
Silver | |||||
Average grade | gpt | 418 | 449 | 446 | 434 |
Recovery | % | 98.3 % | 97.9 % | 98.1 % | 95.1 % |
Recovered | million oz | 1.46 | 1.53 | 2.87 | 2.82 |
Sold | million oz | 1.45 | 1.45 | 2.85 | 2.81 |
Silver equivalent | |||||
Average grade | gpt | 765 | 834 | 815 | 789 |
Recovery | % | 98.4 % | 98.1 % | 98.3 % | 96.4 % |
Recovered | million oz | 2.68 | 2.84 | 5.26 | 5.19 |
Sold | million oz | 2.60 | 2.52 | 5.19 | 5.01 |
Three months ended June 30, | Six months ended June 30, | ||||
FINANCIAL | Unit | 2024 | 2023 | 2024 | 2023 |
Revenue | $ millions | $ 72.7 | $ 62.0 | $ 136.4 | $ 120.0 |
Cost of sales | $ millions | $ (31.3) | $ (23.7) | $ (57.4) | $ (46.1) |
Mine operating earnings | $ millions | $ 41.5 | $ 38.3 | $ 79.0 | $ 73.9 |
Earnings for the period | $ millions | $ 6.5 | $ 23.7 | $ 40.4 | $ 50.9 |
Earnings per share (basic) | $/share | $ 0.04 | $ 0.16 | $ 0.27 | $ 0.35 |
Operating cash flow | $ millions | $ 39.6 | $ 54.7 | $ 38.5 | $ 81.3 |
Operating cash flow per share (basic) | $/share | $ 0.27 | $ 0.37 | $ 0.26 | $ 0.55 |
Free cash flow | $ millions | $ 24.3 | $ 44.6 | $ 13.0 | $ 66.0 |
Free cash flow per share (basic) | $/share | $ 0.16 | $ 0.30 | $ 0.09 | $ 0.45 |
Cash costs(2) | $/oz AgEq | $ 8.87 | $ 7.44 | $ 7.98 | $ 7.40 |
AISC(2) | $/oz AgEq | $ 16.88 | $ 12.65 | $ 14.89 | $ 11.78 |
June 30, 2024 | December 31, 2023 | ||||
Cash and cash equivalents | $ millions | $ 98.3 | $ 86.0 | ||
Bullion | $ millions | $ 24.0 | $ 19.2 | ||
Treasury assets | $ millions | $ 122.3 | $ 105.2 | ||
(1) | Ore milled includes material from stockpiles and ore mined. |
(2) | Q1 2023 figures have been recast to align with the presentation of the current period. For the three and six months ended June 30, 2024, cash costs increased by |
Mine
In the quarter, a total of 100,019 tonnes were mined from the underground. Mining rates in Q2 2024 averaged 1,099 tpd, a
Mining rates and underground development continue to track above expected rates from the 2023 Technical Report as a direct result of the operational focus on ramp up efforts and having two underground mining contractors working simultaneously at Las Chispas, which has continued at the start of H2, 2024.
Plant
Average daily mill throughput was 1,216 tpd in Q2 2024, inline with the expected average rate for the remainder of 2024 of 1,200 tpd. Process plant availability was
Average processed grades of 4.36 gpt Au and 418 gpt Ag, or 765 gpt AgEq compared to Q1 2024 grades of 4.97 gpt Au and 479 gpt Ag, or 874 gpt AgEq. Processed grades were lower in the quarter, as expected, but remained above reserve grade.
Average process recoveries in Q2 2024 were
Production
The Company produced 2.7 million oz AgEq in Q2 2024, up from 2.6 million oz AgEq in Q1 2024. This increase was primarily due to higher mill throughput following planned maintenance in the prior quarter.
Sustaining Capital
Sustaining capital totaled
Cash Costs and AISC
During the quarter, cash costs averaged
Cash costs for H1 2024 averaged
AISC averaged
As discussed in the 'Revised 2024 Guidance" section, 2024 cash cost and AISC guidance has been lowered to reflect strong H1 2024 performance on both metrics.
Exploration
The Company continued its exploration program at Las Chispas, focusing on converting high-potential Inferred resources to Indicated resources with additional focus on identifying new targets at Las Chispas and regionally. The expenditures for this program were
Selected Q2 2024 Financial Results
Revenue
During Q2 2024, the Company sold a total of 14,500 oz Au and 1.4 million oz Ag at average realized prices of
Net Earnings
Q2 2024 net earnings of
Cash Flow
In Q2 2024, cash flow generated by operating activities was
During the quarter, the Company remitted
During the quarter, the Company recorded mineral properties, plant and equipment additions of
Q2 2024 free cash flow of
Financial Position
As at June 30, 2024, the Company had treasury assets of
Bullion assets increased by
The Company's working capital was
Environmental, Social and Governance ("ESG")
In Q2 2024, SilverCrest achieved
Subsequent to quarter, SilverCrest released its second annual ESG Report. The 2023 ESG Report supports the Company's ongoing efforts to make a valuable difference in the lives of stakeholders in the communities in which it operates. By identifying initiatives and earmarking funds through materiality assessments, a Task Force on Climate-related Financial Disclosure (TCFD) report and community engagement, efforts are concentrated to projects with potential for the most positive impact. Notably, as a direct result of SilverCrest's water stewardship plan designed to address water scarcity in the region and improve reliability of water access, many local farmers and ranchers have established second planting seasons, boosting income potential and developing agricultural resilience.
Management Change
Effective immediately, SilverCrest's Board of Directors has named Rob Doyle as Interim Chief Financial Officer. Mr. Doyle was previously the Chief Financial Officer for Pan American Silver Corp. for more than 18 years and has been providing advisory services to SilverCrest over the last year. Mr. Doyle brings more than 20 years of international experience in corporate finance, functional management, and capital planning with roles in consulting, banking, and public companies.
As part of the management change Anne Yong will assume the role of VP, Governance, Risk and Sustainability. Ms. Yong has been a critical part of the success of SilverCrest since it was founded. In her new role she will focus on further evolving the SilverCrest's ESG and risk management programs and maintaining the Company's strong governance processes.
Q2 2024 Conference Call
A conference call to discuss the Company's Q2 2024 operational and financial results will be held Thursday, August 8, 2024 at 8:00 a.m. PT / 11:00 a.m. ET. To participate in the conference call, please dial the numbers below.
Date & Time: Thursday August 8, 2024 at 8:00 a.m. PT / 11:00 a.m. ET
Telephone: North America Toll Free: 1-800-274-8461
Conference ID: SILVER (745837)
Webcast: https://silvercrestmetals.com/investors/presentations/
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals producer headquartered in
Non-GAAP Financial Measures
Management believes that the following non-GAAP financial measures will enable certain investors to better evaluate the Company's performance, liquidity, and ability to generate cash flow. These measures do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.
Average realized gold and silver price
Average realized gold and silver price per ounce is calculated by dividing the Company's gross revenue from gold or silver sales for the relevant period by the gold or silver ounces sold, respectively. The Company believes the measure is useful in understanding the metal prices realized by the Company throughout the period. The following table reconciles revenue and metal sold during the period with average realized prices:
Three months ended | Six months ended | |||
2024 | 2023 | 2024 | 2023 | |
Gold revenue | 32,432 | 26,680 | 63,355 | 53,356 |
Gold ounces sold during the period | 14,500 | 13,400 | 29,500 | 27,600 |
Average realized gold price (per oz sold) | $ 2,237 | $ 1,991 | $ 2,148 | $ 1,933 |
Silver revenue | 40,309 | 35,319 | 73,032 | 66,626 |
Silver ounces sold during the period | 1,448,000 | 1,450,000 | 2,848,000 | 2,811,000 |
Average realized silver price (per oz sold) | $ 27.84 | $ 24.36 | $ 25.64 | $ 23.70 |
Capital expenditures
Capital expenditures are classified into sustaining capital expenditures or non-sustaining capital expenditures depending on the nature of the expenditure. Sustaining capital expenditures are those required to support current production levels. Non-sustaining capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase production or extend mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of AISC.
The following table reconciles payments for mineral properties, plant and equipment, and equipment leases to sustaining and non-sustaining capital expenditures:
Three months ended | Six months ended | |||
2024 | 2023 | 2024 | 2023 | |
Payments for mineral properties, plant and equipment | $ 19,544 | $ 12,919 | $ 34,348 | $ 20,849 |
Payments for equipment leases | 36 | 28 | 47 | 71 |
Total capital expenditures | 19,580 | 12,947 | 34,395 | 20,920 |
Less: Non-sustaining capital expenditures | (4,327) | (2,844) | (8,913) | (5,636) |
Sustaining capital expenditures | $ 15,253 | $ 10,103 | $ 25,482 | $ 15,284 |
Free cash flow
Free cash flow subtracts sustaining capital expenditures from net cash provided by operating activities, serving as a valuable indicator of our capacity to generate cash from operations post-sustaining capital investments. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.
Three months ended | Six months ended | |||
2024 | 2023 | 2024 | 2023 | |
Operating cash flow (1) | $ 39,573 | $ 54,716 | $ 38,452 | $ 81,333 |
Less: sustaining capital expenditures | (15,253) | (10,103) | (25,482) | (15,284) |
Free cash flow | $ 24,320 | $ 44,613 | $ 12,970 | $ 66,049 |
Free cash flow per share (basic) | $ 0.16 | $ 0.30 | $ 0.09 | $ 0.45 |
Weighted average shares outstanding (basic) | 147,728 | 147,231 | 147,341 | 147,216 |
(1) | For the three and six months ended June 30, 2024, operating cash flow has been adjusted to include |
Working capital
Working capital is calculated as current assets less current liabilities. The Company uses working capital as a measure of the Company's operational efficiency and short-term financial health.
Operating cash flow before change in working capital
The Company uses operating cash flow before change in working capital to determine the Company's ability to generate cash flow from operations, and is calculated by adding back the change in working capital to operating cash flow as reported in the consolidated statements of cash flows.
Three months ended | Six months ended | |||
2024 | 2023 | 2024 | 2023 | |
Operating cash flow (1) | $ 39,573 | $ 54,716 | $ 38,452 | $ 81,333 |
Less: change in working capital | (7,802) | (6,333) | 10,933 | 2,211 |
Operating cash flow before change in working capital | $ 31,771 | $ 48,383 | $ 49,385 | $ 83,544 |
Operating cash flow per share (basic) | $ 0.27 | $ 0.37 | $ 0.26 | $ 0.55 |
Operating cash flow before change in working capital per share (basic) | $ 0.22 | $ 0.33 | $ 0.34 | $ 0.57 |
Weighted average shares outstanding (basic) | 147,728 | 147,231 | 147,341 | 147,216 |
(1) | For the three and six months ended June 30, 2024, operating cash flow has been adjusted to include |
Treasury assets
SilverCrest calculates treasury assets as cash and cash equivalents plus bullion as reported in the consolidated statements of financial position. Management believes that treasury assets provide a useful measure of the Company's most liquid assets that can be used to settle short-term obligations or provide liquidity. Treasury assets are calculated as follows:
June 30 | December 31 | |
Cash and cash equivalents | $ 98,320 | $ 85,964 |
Bullion | 24,026 | 19,191 |
Treasury assets | $ 122,346 | $ 105,155 |
Cash costs
Cash costs include production costs, and government royalties. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on a site basis.
AISC
All-in sustaining costs, a non-GAAP financial measure, starts with cash costs and includes general and administrative costs, reclamation accretion expense and sustaining capital expenditures. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on an overall company basis.
Cash costs and AISC are calculated as follows:
Three months ended | Six months ended | |||
2024 | 2023 | 2024 | 2023 | |
Production costs | $ 22,680 | $ 18,402 | $ 40,883 | $ 36,440 |
Government royalties | 386 | 314 | 576 | 608 |
Total cash costs (1) | 23,066 | 18,716 | 41,459 | 37,048 |
General and administrative expenses | 5,437 | 2,881 | 10,132 | 6,414 |
Reclamation accretion expense | 140 | 116 | 276 | 223 |
Sustaining capital expenditures | 15,253 | 10,103 | 25,482 | 15,284 |
Total AISC | $ 43,896 | $ 31,816 | $ 77,349 | $ 58,969 |
Silver equivalent ounces sold (koz) | 2,601 | 2,515 | 5,194 | 5,005 |
Cash costs (per AgEq sold) | $ 8.87 | $ 7.44 | $ 7.98 | $ 7.40 |
AISC (per AgEq sold) | $ 16.88 | $ 12.65 | $ 14.89 | $ 11.78 |
(1) | 2023 Figures have been recast to align with the current period's presentation. For the three and six months ended June 30, 2024, cash costs increased by |
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and
Qualified Persons Statement
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, CEO for SilverCrest, who has reviewed and approved its contents.
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SOURCE SilverCrest Metals Inc.
FAQ
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