Sierra Madre Announces Fourth Quarter and Year-End 2024 Financial Results
Sierra Madre Gold and Silver (SMDRF) has reported its FY 2024 financial results, generating $6.5 million in revenues from the Guitarra Mine Complex in Mexico. The company achieved commercial production on January 1, 2025, following a six-month test mining program.
Q4 2024 highlights include $3.9 million in revenues, up from $2.5 million in Q3, with a minimal net loss of $38,000. The company recorded silver revenues of $1.9 million ($31.58/oz) and gold revenues of $2.4 million ($2,667/oz). Cost of sales was $5.1 million for the six-month period, with gross profit reaching $1.36 million for FY 2024.
Operational achievements include processing 38,464 DMT in Q4, with silver recoveries of 79% and gold recoveries of 84%. The company completed concentrate deliveries totaling 795 DMT in Q4, containing approximately 59,178 ounces of silver and 897 ounces of gold.
Sierra Madre Gold and Silver (SMDRF) ha comunicato i risultati finanziari per l'esercizio 2024, generando 6,5 milioni di dollari di ricavi dal complesso minerario Guitarra in Messico. La società ha raggiunto la produzione commerciale il 1° gennaio 2025, dopo un programma di estrazione sperimentale di sei mesi.
Tra i risultati del quarto trimestre 2024 si evidenziano ricavi per 3,9 milioni di dollari, in aumento rispetto ai 2,5 milioni del terzo trimestre, con una perdita netta minima di 38.000 dollari. I ricavi dall'argento sono stati di 1,9 milioni di dollari (31,58 $/oz) e quelli dall'oro di 2,4 milioni di dollari (2.667 $/oz). Il costo delle vendite è stato di 5,1 milioni di dollari nel periodo di sei mesi, con un utile lordo di 1,36 milioni di dollari per l'anno fiscale 2024.
Tra i risultati operativi, nel quarto trimestre sono stati processati 38.464 DMT, con un recupero dell'argento del 79% e dell'oro dell'84%. La società ha completato consegne di concentrato per un totale di 795 DMT nel quarto trimestre, contenenti circa 59.178 once di argento e 897 once di oro.
Sierra Madre Gold and Silver (SMDRF) ha reportado sus resultados financieros del año fiscal 2024, generando 6,5 millones de dólares en ingresos del Complejo Minero Guitarra en México. La empresa alcanzó la producción comercial el 1 de enero de 2025, tras un programa de minería de prueba de seis meses.
Los aspectos destacados del cuarto trimestre de 2024 incluyen ingresos por 3,9 millones de dólares, un aumento respecto a los 2,5 millones del tercer trimestre, con una pérdida neta mínima de 38,000 dólares. Los ingresos por plata fueron de 1,9 millones de dólares (31,58 $/oz) y los ingresos por oro de 2,4 millones de dólares (2,667 $/oz). El costo de ventas fue de 5,1 millones de dólares durante el período de seis meses, con una ganancia bruta de 1,36 millones para el año fiscal 2024.
Los logros operativos incluyen el procesamiento de 38,464 DMT en el cuarto trimestre, con recuperaciones de plata del 79% y de oro del 84%. La empresa completó entregas de concentrado por un total de 795 DMT en el cuarto trimestre, conteniendo aproximadamente 59,178 onzas de plata y 897 onzas de oro.
Sierra Madre Gold and Silver (SMDRF)는 2024 회계연도 재무 결과를 보고하며, 멕시코의 기타라 광산 단지에서 650만 달러의 매출을 기록했습니다. 회사는 6개월간의 시험 채굴 프로그램을 거쳐 2025년 1월 1일 상업 생산에 돌입했습니다.
2024년 4분기 주요 성과로는 39억 달러의 매출(3분기 25억 달러 대비 증가)과 3만 8천 달러의 최소 순손실이 있습니다. 은 매출은 190만 달러(온스당 31.58달러), 금 매출은 240만 달러(온스당 2,667달러)를 기록했습니다. 6개월 기간 동안 매출원가는 510만 달러였으며, 2024 회계연도 총이익은 136만 달러에 달했습니다.
운영 성과로는 4분기에 38,464 DMT를 처리했으며, 은 회수율은 79%, 금 회수율은 84%였습니다. 회사는 4분기에 총 795 DMT의 농축물 배송을 완료했으며, 여기에는 약 59,178 온스의 은과 897 온스의 금이 포함되어 있습니다.
Sierra Madre Gold and Silver (SMDRF) a publié ses résultats financiers pour l'exercice 2024, générant 6,5 millions de dollars de revenus issus du complexe minier Guitarra au Mexique. La société a atteint la production commerciale le 1er janvier 2025, après un programme d'exploitation minière test de six mois.
Les faits marquants du quatrième trimestre 2024 incluent des revenus de 3,9 millions de dollars, en hausse par rapport aux 2,5 millions du troisième trimestre, avec une perte nette minimale de 38 000 dollars. Les revenus provenant de l'argent se sont élevés à 1,9 million de dollars (31,58 $/oz) et ceux de l'or à 2,4 millions de dollars (2 667 $/oz). Le coût des ventes s'est élevé à 5,1 millions de dollars sur la période de six mois, avec un bénéfice brut de 1,36 million pour l'exercice 2024.
Parmi les réalisations opérationnelles, 38 464 DMT ont été traitées au quatrième trimestre, avec des récupérations d'argent de 79 % et d'or de 84 %. La société a réalisé des livraisons de concentré totalisant 795 DMT au quatrième trimestre, contenant environ 59 178 onces d'argent et 897 onces d'or.
Sierra Madre Gold and Silver (SMDRF) hat seine Finanzergebnisse für das Geschäftsjahr 2024 veröffentlicht und dabei 6,5 Millionen US-Dollar Umsatz aus dem Guitarra-Minenkomplex in Mexiko erzielt. Das Unternehmen erreichte die kommerzielle Produktion am 1. Januar 2025 nach einem sechsmonatigen Testabbauprogramm.
Die Highlights des vierten Quartals 2024 umfassen 3,9 Millionen US-Dollar Umsatz, eine Steigerung gegenüber 2,5 Millionen im dritten Quartal, bei einem minimalen Nettoverlust von 38.000 US-Dollar. Die Umsätze aus Silber betrugen 1,9 Millionen US-Dollar (31,58 $/oz) und aus Gold 2,4 Millionen US-Dollar (2.667 $/oz). Die Herstellungskosten beliefen sich im sechsmonatigen Zeitraum auf 5,1 Millionen US-Dollar, mit einem Bruttogewinn von 1,36 Millionen US-Dollar im Geschäftsjahr 2024.
Zu den operativen Erfolgen zählt die Verarbeitung von 38.464 DMT im vierten Quartal, mit einer Silberrückgewinnung von 79 % und einer Goldrückgewinnung von 84 %. Das Unternehmen lieferte im vierten Quartal insgesamt 795 DMT Konzentrat aus, das etwa 59.178 Unzen Silber und 897 Unzen Gold enthält.
- Revenue growth from Q3 ($2.5M) to Q4 ($3.9M) 2024
- Strong metal recoveries: 79% for silver and 84% for gold
- Minimal Q4 net loss of only $38,000, improving from $947,092 loss in Q3
- Secured 24-month concentrate off-take agreement with MRI Trading AG
- Only 22% of processed material came from defined resource areas
- Cost of sales at $5.1M represents significant portion of $6.5M revenue
- Net losses in all quarters of 2024
- Current assets of $3.5M relatively low compared to operational scale
Revenues of
Vancouver, British Columbia--(Newsfile Corp. - April 22, 2025) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company") is pleased to announce its audited consolidated financial results for the year ended December 31, 2024 ("FY 2024") including results for the fourth quarter ("Q4 2024"). All amounts are expressed in U.S. dollars, unless otherwise stated.
Alex Langer, Chief Executive Officer, commented, "In 2024, Sierra Madre generated
Mr. Langer continued; "Notably, as the test mining program progressed, we saw an increase in revenues to
FY 2024 and Q4 2024 Financial Highlights
Net Revenues: After refining, treatment and smelting charges, the Company recorded net revenues of
$6.5 million in the six-month period ended December 31, 2024, or approximately$28.35 per silver equivalent ounce ("AgEq ounce"). The Company averaged$30.37 per silver ("Ag") ounce sold and$2,594 per gold ("Au") ounce sold in the six-month period of operations to December 31, 2024.In Q4 2024, Sierra Madre recorded silver revenues totaling approximately
$1.9 million ($31.58 per Ag ounce) and gold revenues totaled approximately$2.4 million ($2,667 per Au ounce).Cost of Sales was
$5.1 million for the six-month period ended December 31, 2024, approximately$22.40 per AgEq ounce sold, representing$20.95 per AgEq ounce sold in Q4 ($2.8 million ) and$24.13 per AgEq ounce sold in Q3 ($2.3 million ).Gross profit was
$1.36 million for FY 2024.Current assets, including cash, totaled
$3.5 million at December 31, 2024.
FY 2024 and Q4 2024 Operational Highlights
Test Mining: In June 2024, the Company elected to proceed with test mining and processing to determine actual operating costs and metal recoveries in order to assess the economic viability of resuming operations and commenced test milling of mined material on June 25, 2024.
Mineralized Material: Approximately
22% of processed material came from areas defined in the Company's November 1, 2023 Resource Report. The rest of the processed material came from previously unknown silver and gold mineralization, discovered during development, and from former waste rock material.A total of 30,253 dry metric tonnes ("DMT") was delivered to the processing plant during Q3 and 38,464 DMT in Q4. Average silver recoveries since test processing began were
79% , and gold recoveries averaged84% . On December 10, 2024, the Company declared the processing plant to be in industrial production having been operating at86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the preceding two months, exceeding the engineering standard of80% for 30 days.Off-Take: On July 12, 2024, the Company signed an off-take agreement with Swiss-based global minerals trader MRI Trading AG for
100% of concentrate sales from the Guitarra mine for a 24-month term.Concentrate Deliveries: Sierra Madre made its first delivery of concentrate on July 26, 2024 and, to December 31, 2024, completed deliveries totaling approximately 1,293 DMT of silver/gold concentrates containing an estimated 107,939 ounces of Ag and an estimated 1,436 ounces of Au.
In Q4 2024, the Company completed deliveries totaling approximately 795 DMT of silver/gold concentrates containing an estimated 59,178 ounces of Ag and an estimated 897 ounces of Au.
Development Update: With the achievement of commercial production at Guitarra on January 1, 2025, Sierra Madre expects mine operating costs to decrease as the mining and milling operations maintain levels closer to expectations targeted for ongoing commercial production. Improved head grades of the mineralized material in 2025 are expected alongside a decrease in mining costs on a per-ounce basis going forward.
Dry Stack Tailings: On May 28, 2024, the Company announced the receipt of regulatory approvals for dry stack tailings deposition on the existing tailings impoundment, along with paste backfill of tailings in underground workings, and certain surface drilling pad sites.
Quarterly Financial Overview
Selected financial information set out below is based on and derives from the unaudited condensed consolidated interim financial statements of the Company for each of the quarters listed, which have been prepared in accordance with IFRS, as applicable to quarterly reporting:
| Dec. 31, 2024 (Q4) ($) | Sep. 30, 2024 (Q3) ($) | Jun. 30, 2024 (Q2) ($) | Mar. 31, 2024 (Q1) ($) | Dec 31, 2023 (Q4) ($) | Sep. 30, 2023 (Q3) ($) | Jun. 30, 2023 (Q2) ($) | Mar. 31, 2023 (Q1) ($) | |
| Revenues | 3,938,323 | 2,535,617 | - | - | - | - | - | - |
| Gross profit | 1,111,948 | 248,031 | - | - | - | - | - | - |
| RTO transaction cost (adjustment) | - | - | - | - | - | - | (453,950) | 31,526,697 |
| Impairment | - | - | - | - | 2,906,681 | - | - | - |
| Loss for the quarter | (37,936) | (947,092) | (1,885,874) | (1,204,826) | (4,695,897) | (1,840,393) | (932,735) | (32,530,025) |
| Loss per share - basic and diluted | (0.00) | (0.01) | (0.01) | (0.01) | (0.03) | (0.01) | (0.01) | (0.52) |
| Weighted average number of shares | 153,942,993 | 152,869,623 | 152,692,993 | 149,827,944 | 146,504,261 | 143,998,401 | 143,141,252 | 62,577,673 |
This news release should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2024 and associated Management Discussion and Analysis, both are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.sierramadregoldandsilver.com).
Silver equivalent ounces sold have been determined using the actual Ag and Au prices obtained during the fourth quarter and for the six months ended December 31, 2024. The determined ratios used were 84.44 and 84.81 Au:Ag, respectively.
Qualified Person
Mr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.
About Sierra Madre
Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals development and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 t/d processing facility that operated until mid-2018 and restarted commercial production in January 2025.
The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.
Sierra Madre's management team has played key roles in managing the exploration and development of more than 22Moz gold and 600Moz silver in combined mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively raised over
On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,
"Alexander Langer"
Alexander Langer
President, Chief Executive Officer and Director
778-820-1189
Cautionary Note Regarding Production Decisions
The Company's decision to place the mine into commercial production, expand a mine, make other production related decisions, or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports from previous operations and the results of test mining and processing. The Company is not basing any production decisions on NI 43-101 compliant reserve estimates, preliminary economic assessments or feasibility studies and, as a result, there is greater risk and uncertainty as to future economic results from the Guitarra Mine Complex, including increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision.
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, without limitation, statements regarding discussions of future plans, including the expected timing of concentrate shipments; the Company increasing production; the Company receiving revenues on a weekly basis and such revenues allowing the Company to comfortably expand to without further capital needs; production and the expected timing and production levels thereof.
The forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that predicted production levels will be achieved and that existing production levels will be maintained.
In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that the Company will be able to execute its future plans as intended, that predicted production levels will be achieved and that existing production levels will be maintained.
Although management of the Company has attempted identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
SOURCE: Sierra Madre Gold and Silver Ltd.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249397
FAQ
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