Sierra Metals Achieves Record Q4 2024 Throughput, Annual Production Results Exceeding Guidance
Sierra Metals (SMTSF) reported strong Q4 and full-year 2024 production results, exceeding annual guidance for copper, silver, gold, and zinc, while meeting lead production targets. The company achieved record Q4 throughput of 797,774 tonnes, an 18% increase from Q4 2023.
The Yauricocha mine in Peru reached record throughput rates of 3,945 tonnes per day in Q4, 31% higher than Q4 2023, primarily due to increased access below the 1120 level. The Bolivar mine in Mexico processed 5,173 tonnes per day in Q4, operating 3% above nameplate capacity.
For 2025, Sierra Metals expects increased production at Yauricocha, focusing on mining below the 1120 level and a newly discovered high-grade zone. The company anticipates maintaining throughput rates beyond the permitted capacity of 3,600 tpd at Yauricocha, while Bolivar aims to continue operating above its 5,000 tpd nameplate capacity.
Sierra Metals (SMTSF) ha riportato risultati di produzione forti per il quarto trimestre e per l'intero anno 2024, superando le previsioni annuali per rame, argento, oro e zinco, mentre ha raggiunto gli obiettivi di produzione di piombo. L'azienda ha raggiunto un record di lavorazione nel quarto trimestre di 797.774 tonnellate, un aumento del 18% rispetto al quarto trimestre del 2023.
La miniera di Yauricocha in Peru ha raggiunto tassi di lavorazione record di 3.945 tonnellate al giorno nel quarto trimestre, superiore del 31% rispetto al quarto trimestre del 2023, principalmente grazie a un accesso migliorato al di sotto del livello 1120. La miniera di Bolivar in Messico ha processato 5.173 tonnellate al giorno nel quarto trimestre, operando il 3% al di sopra della capacità nominale.
Per il 2025, Sierra Metals prevede un aumento della produzione a Yauricocha, concentrandosi sulla estrazione al di sotto del livello 1120 e su una nuova zona ad alta gradazione recentemente scoperta. L'azienda si aspetta di mantenere tassi di lavorazione oltre la capacità permessa di 3.600 tpd a Yauricocha, mentre Bolivar mira a continuare a operare al di sopra della sua capacità nominale di 5.000 tpd.
Sierra Metals (SMTSF) informó resultados de producción sólidos para el cuarto trimestre y el año completo 2024, superando las proyecciones anuales para cobre, plata, oro y zinc, y cumpliendo con los objetivos de producción de plomo. La compañía logró un récord de procesamiento en el cuarto trimestre de 797,774 toneladas, un aumento del 18% en comparación con el cuarto trimestre de 2023.
La mina Yauricocha en Perú alcanzó tasas de procesamiento récord de 3,945 toneladas por día en el cuarto trimestre, un 31% más que en el cuarto trimestre de 2023, principalmente debido al aumento del acceso por debajo del nivel 1120. La mina Bolivar en México procesó 5,173 toneladas por día en el cuarto trimestre, operando un 3% por encima de la capacidad nominal.
Para 2025, Sierra Metals espera un aumento en la producción en Yauricocha, centrándose en la minería por debajo del nivel 1120 y en una nueva zona de alta ley descubierta recientemente. La compañía anticipa mantener tasas de procesamiento más allá de la capacidad permitida de 3,600 tpd en Yauricocha, mientras que Bolivar busca continuar operando por encima de su capacidad nominal de 5,000 tpd.
시에라 메탈 (SMTSF)는 2024년 4분기 및 전체 연도 생산 결과가 강하였으며, 구리, 은, 금 및 아연에 대한 연간 가이던스를 초과 달성하고, 납 생산 목표를 충족했다고 보고했습니다. 이 회사는 2023년 4분기 대비 18% 증가한 797,774톤의 기록적인 4분기 처리량을 달성했습니다.
페루의 야우리코차 광산은 4분기 동안 하루 3,945톤의 기록적인 처리율에 도달하였으며, 이는 2023년 4분기보다 31% 증가한 수치로, 주로 1120 수준 이하로의 접근 증가로 인한 것입니다. 멕시코의 볼리바르 광산는 4분기 동안 하루 5,173톤을 처리하였고, 명목 용량보다 3% 높은 운영을 보였습니다.
2025년을 위해 시에라 메탈은 야우리코차에서의 생산 증가를 예상하고 있으며, 1120 수준 이하에서 채굴하고 새로 발견된 고품질 구역에 집중할 계획입니다. 이 회사는 야우리코차에서 허가된 3,600 tpd 이상의 처리 속도를 유지할 것으로 예상하고 있으며, 볼리바르는 5,000 tpd 명목 용량 이상으로 지속적으로 운영을 목표로 하고 있습니다.
Sierra Metals (SMTSF) a annoncé de solides résultats de production pour le quatrième trimestre et pour l'année entière 2024, dépassant les prévisions annuelles pour le cuivre, l'argent, l'or et le zinc, tout en atteignant les objectifs de production de plomb. L'entreprise a atteint un record de traitement au quatrième trimestre de 797 774 tonnes, soit une augmentation de 18% par rapport au quatrième trimestre 2023.
La mine de Yauricocha au Pérou a atteint des taux de traitement record de 3 945 tonnes par jour au quatrième trimestre, soit 31% de plus que le quatrième trimestre 2023, principalement grâce à un meilleur accès en dessous du niveau 1120. La mine de Bolivar au Mexique a traité 5 173 tonnes par jour au quatrième trimestre, fonctionnant 3% au-dessus de la capacité nominale.
Pour 2025, Sierra Metals s'attend à une augmentation de la production à Yauricocha, en se concentrant sur l'exploitation en dessous du niveau 1120 et sur une nouvelle zone à haute teneur nouvellement découverte. L'entreprise prévoit de maintenir des taux de traitement au-delà de la capacité autorisée de 3 600 tpd à Yauricocha, tandis que Bolivar vise à continuer à fonctionner au-dessus de sa capacité nominale de 5 000 tpd.
Sierra Metals (SMTSF) berichtete über starke Produktionszahlen für das vierte Quartal und das Gesamtjahr 2024, die die jährlichen Vorgaben für Kupfer, Silber, Gold und Zink übertrafen und die Produktionsziele für Blei erreichten. Das Unternehmen erzielte im vierten Quartal eine Rekordverarbeitung von 797.774 Tonnen, was einem Anstieg von 18% im Vergleich zum vierten Quartal 2023 entspricht.
Die Mine Yauricocha in Peru erreichte im vierten Quartal Rekorddurchsatzraten von 3.945 Tonnen pro Tag, was einem Anstieg von 31% gegenüber dem vierten Quartal 2023 entspricht, hauptsächlich aufgrund eines besseren Zugangs unterhalb der 1120-Ebene. Die Mine Bolivar in Mexiko verarbeitete im vierten Quartal 5.173 Tonnen pro Tag und betrieb damit 3% über der Nennkapazität.
Für 2025 erwartet Sierra Metals eine erhöhte Produktion in Yauricocha, mit einem Fokus auf das Mining unterhalb der 1120-Ebene und einer neu entdeckten hochgradigen Zone. Das Unternehmen plant, die Durchsatzraten über der genehmigten Kapazität von 3.600 tpd in Yauricocha aufrechtzuerhalten, während Bolivar weiterhin über der Nennkapazität von 5.000 tpd operieren möchte.
- Record Q4 2024 throughput of 797,774 tonnes, 18% higher than Q4 2023
- 2024 production exceeded guidance for copper, silver, gold, and zinc
- Yauricocha Q4 throughput increased 31% year-over-year
- Bolivar operating 3% above nameplate capacity at 5,173 tpd
- 11% increase in consolidated throughput for 2024 vs 2023
- Copper production up 10% year-over-year
- Lower copper head grades at Bolivar due to mine sequencing
- Gold and lead production slightly lower than 2023
- Lower gold production at Bolivar in Q4 2024, down 19% from Q4 2023
- 2024 consolidated production of copper, silver, gold and zinc exceeded annual production guidance while lead production met guidance.
-
Bolivar mine 2024 copper production met guidance and exceeded guidance on silver and gold, primarily driven by
10% higher throughput rates compared to 2023. -
Yauricocha mine annual production of copper, zinc, silver and gold exceeded 2024 production guidance while lead production met guidance, due to strong Q4 2024 average throughput rates of 3,945 tonnes per day (“tpd”) (
31% increase from Q4 2023).
Ernesto Balarezo, CEO of Sierra Metals, commented, “Sierra Metals’ strong production results in 2024 are a testament to the hard work of our entire team and more proof of the momentum we are seeing across our business. Overall, our strong operating performance -- underpinned by our commitment to safety -- resulted in total production exceeding guidance for 2024.”
Mr. Balarezo continues, “As we begin the new year, the investments we have made at our operations have set the stage for significant value creation in 2025 and beyond. In 2025, we expect to increase throughput rates and grow resources at both of our mines. Longer-term, we anticipate upside potential through ongoing exploration and optimization of the ore body below the 1120 level at Yauricocha and the potential for mineral resource expansion at Bolivar through near-mine exploration and district-scale study work.”
“At current metal prices we expect to generate strong operating cash flows that will fund our capital investment program and service our debt obligations. Most importantly, I believe we are poised to continue delivering strong long-term value for all shareholders.”
Consolidated Production Results
2024 Guidance |
Year Ended |
|||||||||
Q4 2024 |
Q3 2024 |
Q4 2023 |
(Top End) |
December 31, 2024 |
||||||
| Tonnes processed (t) | 797,774 |
668,647 |
673,846 |
2,732,352 |
||||||
| Daily throughput (tpd)(1) | 9,118 |
7,641 |
7,701 |
7,807 |
||||||
| Copper production (000 lb) | 13,533 |
11,009 |
12,096 |
43,300 |
44,320 |
|||||
| Zinc production (000 lb) | 12,301 |
11,184 |
9,629 |
44,500 |
44,889 |
|||||
| Silver production (000 oz) | 544 |
503 |
468 |
1,750 |
1,861 |
|||||
| Gold Production (oz) | 4,009 |
3,973 |
4,708 |
11,600 |
15,925 |
|||||
| Lead production (000 lb) | 2,381 |
2,537 |
2,481 |
11,800 |
11,020 |
|||||
1 |
Calculated at 87.5 days for each of the quarters and 350 days for the twelve-month periods assuming scheduled maintenance related shutdowns during the reporting periods. |
Consolidated throughput during 2024 was more than 2.7 million tonnes, an
Throughput in Q4 2024 was a record 798 thousand tonnes,
Yauricocha Mine,
With Yauricocha now primarily mining below the 1120 level, which allows the Company to have access to most of its resources, the increase in tonnage has been possible. The mine’s throughput rates in Q4 2024 averaged a record 3,945 tpd, which is
A summary of production from Yauricocha for Q4 2024 and full-year 2024 is provided below:
2024 Guidance |
Year Ended |
|||||||||||||
| Q4 2024 | Q3 2024 | Q4 2023 | (Top End) |
December 31, 2024 |
||||||||||
| Tonnes processed (t) | 345,161 |
|
266,917 |
|
263,851 |
|
1,105,912 |
|
||||||
| Daily throughput (tpd)(1) | 3,945 |
|
3,050 |
|
3,015 |
|
3,160 |
|
||||||
| Copper grade | 1.04 |
% |
1.01 |
% |
1.09 |
% |
0.89 |
% |
||||||
| Zinc grade | 2.04 |
% |
2.34 |
% |
2.12 |
% |
2.25 |
% |
||||||
| Silver grade (g/t) | 43.11 |
|
43.83 |
|
48.29 |
|
40.85 |
|
||||||
| Gold Grade (g/t) | 0.39 |
|
0.35 |
|
0.51 |
|
0.36 |
|
||||||
| Lead grade | 0.50 |
% |
0.65 |
% |
0.60 |
% |
0.63 |
% |
||||||
| Copper recovery | 82.31 |
% |
79.35 |
% |
70.72 |
% |
77.92 |
% |
||||||
| Zinc recovery | 79.35 |
% |
81.31 |
% |
79.75 |
% |
81.95 |
% |
||||||
| Silver recovery | 72.62 |
% |
74.70 |
% |
70.74 |
% |
72.21 |
% |
||||||
| Gold Recovery | 22.27 |
% |
20.43 |
% |
78.08 |
% |
19.69 |
% |
||||||
| Lead recovery | 62.92 |
% |
66.41 |
% |
21.78 |
% |
72.14 |
% |
||||||
| Copper production (000 lb) | 6,500 |
|
4,695 |
|
5,036 |
|
15,700 |
16,866 |
|
|||||
| Zinc production (000 lb) | 12,301 |
|
11,184 |
|
9,629 |
|
44,500 |
44,889 |
|
|||||
| Silver production (000 oz) | 348 |
|
281 |
|
289 |
|
1,000 |
1,049 |
|
|||||
| Gold Production (oz) | 953 |
|
612 |
|
951 |
|
2,400 |
2,501 |
|
|||||
| Lead production (000 lb) | 2,381 |
|
2,537 |
|
2,481 |
|
11,800 |
11,020 |
|
|||||
1 |
Calculated at 87.5 days for each of the quarters and 350 days for the twelve-month periods assuming scheduled maintenance related shutdowns during the reporting periods. |
Bolivar Mine,
Bolivar processed an average of 5,173 tpd in Q4 2024, which is
A summary of production from Bolivar for Q4 2024 and full year 2024 is provided below:
2024 Guidance |
Year Ended |
|||||||||||||
Q4 2024 |
Q3 2024 |
Q4 2023 |
(Top End) |
December 31, 2024 |
||||||||||
| Tonnes processed (t) | 452,613 |
|
401,730 |
|
409,995 |
|
1,626,440 |
|
||||||
| Daily throughput (tpd)(1) | 5,173 |
|
4,591 |
|
4,686 |
|
4,647 |
|
||||||
| Copper grade | 0.77 |
% |
0.78 |
% |
0.84 |
% |
0.84 |
% |
||||||
| Silver grade (g/t) | 15.92 |
|
20.14 |
|
16.56 |
|
18.69 |
|
||||||
| Gold grade (g/t) | 0.32 |
|
0.38 |
|
0.42 |
|
0.38 |
|
||||||
| Copper recovery | 91.20 |
% |
91.50 |
% |
92.62 |
% |
91.36 |
% |
||||||
| Silver recovery | 84.31 |
% |
85.53 |
% |
82.38 |
% |
83.03 |
% |
||||||
| Gold recovery | 66.67 |
% |
69.38 |
% |
68.39 |
% |
67.01 |
% |
||||||
| Copper production (000 lb) | 7,033 |
|
6,314 |
|
7,060 |
|
27,600 |
27,454 |
|
|||||
| Silver production (000 oz) | 196 |
|
222 |
|
179 |
|
750 |
812 |
|
|||||
| Gold production (oz) | 3,056 |
|
3,361 |
|
3,757 |
|
9,200 |
13,424 |
|
|||||
1 |
Calculated at 87.5 days for each of the quarters and 350 days for the twelve-month periods assuming scheduled maintenance related shutdowns during the reporting periods. |
2025 Guidance
As announced on December 5, 2024, the Company expects Yauricocha production in 2025 to be primarily below the 1120 level, complemented by the recent discovery of a new high-grade zone in the upper part of the mine. A number of investments made in 2024 and planned during 2025 should continue to maintain throughput rates beyond the permitted capacity of 3,600 tpd. As it has been mentioned earlier, the operating consents for Yauricocha allow for an excess of
At Yauricocha, there are significant exploration opportunities below the 1120 level as the ore body appears open in all directions and operating in that area will give Sierra Metals the opportunity to meaningfully explore the area more rapidly with the goal of increasing the life of the mine and improve mining sequencing.
At Bolivar, ongoing near-mine exploration and district-scale study work has the potential to significantly expand the resource at the mine as well as providing additional upside through prospective opportunities.
Expectations in 2025 are to reap the benefits of mining below the 1120 level at Yauricocha while putting in the place the foundation for future growth at Bolivar through expansion of the tailings facilities.
A summary of 2025 production guidance compared to full year 2024 production results on consolidated basis and by mine follows:
Production Guidance |
||||||
| Consolidated | 2025 Guidance |
2024 |
||||
Low |
High |
Actual |
||||
| Copper production (000 lbs) | 44,600 |
48,500 |
44,320 |
|||
| Zinc production (000 lbs) | 53,600 |
58,400 |
44,889 |
|||
| Silver production (oz) | 1,900 |
2,060 |
1,861 |
|||
| Gold production (oz) | 10,200 |
11,100 |
15,925 |
|||
| Lead production (000 lbs) | 13,700 |
15,000 |
11,020 |
|||
| Yauricocha | 2025 Guidance |
2024 |
||||
Low |
High |
Actual |
||||
| Copper production (000 lbs) | 19,500 |
21,100 |
16,866 |
|||
| Zinc production (000 lbs) | 53,600 |
58,400 |
44,889 |
|||
| Silver production (oz) | 1,220 |
1,320 |
1,049 |
|||
| Gold production (oz) | 2,800 |
3,000 |
2,501 |
|||
| Lead production (000 lbs) | 13,700 |
15,000 |
11,020 |
|||
| Bolivar | 2025 Guidance |
2024 |
||||
Low |
High |
Actual |
||||
| Copper production (000 lbs) | 25,100 |
27,400 |
27,454 |
|||
| Silver production (oz) | 680 |
740 |
812 |
|||
| Gold production (oz) | 7,400 |
8,100 |
13,424 |
|||
Cost Guidance
Also announced on December 5, 2024, was the Company’s cost guidance for 2025:
| Cash Costs (1) | AISC (1) | |||||||||||||
| Low | High | Low | High | |||||||||||
| Yauricocha | $/CuEq (2) | $ |
2.42 |
$ |
2.59 |
$ |
2.91 |
$ |
3.11 |
|||||
| Bolivar | $/CuEq (2) | $ |
2.64 |
$ |
2.77 |
$ |
3.45 |
$ |
3.62 |
|||||
(1) |
This is a non-IRFS performance measure, see the Non-IFRS Performance Measures section in the latest MD&A dated November 5, 2024. |
|
(2) |
Copper equivalent pounds (CuEq) were calculated using the following metals prices: |
Conference Call and Webcast
Management will host a conference call and webcast to discuss Q4 2024 and full year 2024 financial and operating results on March 20, 2025 at 11:00 am (Eastern). Details are as follows:
- Webcast:
-
Telephone:
-
Canada /US toll free: 1-844-763-8274 - Other dial-in: +1-647-484-8814
-
About Sierra Metals
Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in
Forward Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra Metals and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra Metals to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated March 15, 2024 for its fiscal year ended December 31, 2023 and other risks identified in the Company's filings with Canadian securities regulators, which are available at www.sedarplus.ca.
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250115480147/en/
For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:
Investor Relations
Sierra Metals Inc.
+1 (866) 721-7437
info@sierrametals.com
Media Relations
John Vincic
Principal
Oakstrom Advisors
+1 (647) 402-6375
john@oakstrom.com
Source: Sierra Metals Inc.
FAQ
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