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Sierra Metals Reports Third Quarter 2024 Production Results and Expects to Exceed 2024 Consolidated Production Guidance

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Sierra Metals reports a significant increase in Q3 2024 production from its Yauricocha mine in Peru and Bolivar mine in Mexico. Consolidated copper production rose by 29% compared to Q2 2024. Yauricocha's output averaged over 3,000 tpd, with copper production up 97% from Q2 2024. Bolivar's throughput increased by 7%, with copper, silver, and gold production rising by 3%, 17%, and 12%, respectively. The company expects to exceed its 2024 consolidated production guidance. Financial results for Q3 2024 will be released on November 6, 2024, followed by a conference call on November 7, 2024.

Sierra Metals riporta un significativo aumento nella produzione del terzo trimestre 2024 dalla sua miniera Yauricocha in Perù e dalla miniera Bolivar in Messico. La produzione di rame consolidata è aumentata del 29% rispetto al secondo trimestre 2024. La produzione di Yauricocha ha superato una media di oltre 3.000 tonnellate al giorno, con un incremento del 97% rispetto al secondo trimestre 2024. Il rendimento di Bolivar è aumentato del 7%, con una produzione di rame, argento e oro cresciuta rispettivamente del 3%, 17% e 12%. L'azienda si aspetta di superare le previsioni di produzione consolidate per il 2024. I risultati finanziari per il terzo trimestre 2024 saranno pubblicati il 6 novembre 2024, seguiti da una conferenza telefonica il 7 novembre 2024.

Sierra Metals informa sobre un aumento significativo en la producción del tercer trimestre de 2024 de su mina Yauricocha en Perú y de la mina Bolivar en México. La producción consolidada de cobre creció un 29% en comparación con el segundo trimestre de 2024. La producción de Yauricocha promedió más de 3,000 toneladas por día, con un aumento del 97% con respecto al segundo trimestre de 2024. El rendimiento de Bolivar aumentó un 7%, con la producción de cobre, plata y oro incrementándose en un 3%, 17% y 12%, respectivamente. La compañía espera superar su guía de producción consolidada para 2024. Los resultados financieros del tercer trimestre de 2024 se publicarán el 6 de noviembre de 2024, seguidos de una llamada de conferencia el 7 de noviembre de 2024.

시에라 메탈스는 페루의 야우리코차 광산과 멕시코의 볼리바르 광산에서 2024년 3분기 생산이 크게 증가했다고 보고했습니다. 통합 구리 생산량은 2024년 2분기 대비 29% 증가했습니다. 야우리코차의 생산량은 하루 3,000톤을 초과했으며, 2024년 2분기 대비 97% 증가했습니다. 볼리바르의 처리량은 7% 증가했으며, 구리, 은 및 금 생산량은 각각 3%, 17%, 12% 증가했습니다. 회사는 2024년 통합 생산 목표를 초과할 것으로 예상하고 있습니다. 2024년 3분기 재무 결과는 2024년 11월 6일 발표되며, 2024년 11월 7일에는 컨퍼런스 콜이 예정되어 있습니다.

Sierra Metals annonce une augmentation significative de la production du troisième trimestre 2024 de sa mine Yauricocha au Pérou et de la mine Bolivar au Mexique. La production de cuivre consolidée a augmenté de 29 % par rapport au deuxième trimestre 2024. La production de Yauricocha a dépassé une moyenne de 3 000 tonnes par jour, avec une augmentation de 97 % par rapport au deuxième trimestre 2024. Le rendement de Bolivar a augmenté de 7 %, avec une production de cuivre, d'argent et d'or en hausse de 3 %, 17 % et 12 %, respectivement. L'entreprise s'attend à dépasser ses prévisions de production consolidée pour 2024. Les résultats financiers pour le troisième trimestre 2024 seront publiés le 6 novembre 2024, suivis d'une conférence téléphonique le 7 novembre 2024.

Sierra Metals berichtet von einem signifikanten Anstieg in der Produktion im dritten Quartal 2024 aus seiner Yauricocha-Mine in Peru und der Bolivar-Mine in Mexiko. Die konsolidierte Kupferproduktion stieg im Vergleich zum zweiten Quartal 2024 um 29 %. Die Produktion von Yauricocha lag bei durchschnittlich über 3.000 Tonnen pro Tag, wobei die Kupferproduktion im Vergleich zum zweiten Quartal 2024 um 97 % zunahm. Der Durchsatz von Bolivar erhöhte sich um 7 %, und die Produktion von Kupfer, Silber und Gold stieg um 3 %, 17 % und 12 % respectively. Das Unternehmen erwartet, seine konsolidierten Produktionsziele für 2024 zu übertreffen. Die finanziellen Ergebnisse für das dritte Quartal 2024 werden am 6. November 2024 veröffentlicht, gefolgt von einer Konferenzschaltung am 7. November 2024.

Positive
  • Consolidated copper production increased by 29% in Q3 2024 compared to Q2 2024.
  • Yauricocha's copper production surged 97% in Q3 2024 versus Q2 2024.
  • Bolivar's throughput increased by 7%, with copper, silver, and gold production rising by 3%, 17%, and 12%, respectively, compared to Q2 2024.
  • Sierra Metals expects to exceed its 2024 consolidated production guidance.
Negative
  • Lead production at Yauricocha decreased by 16.88% in Q3 2024 compared to Q2 2024.
  • Zinc recovery at Yauricocha fell from 84.98% in Q2 2024 to 81.31% in Q3 2024.
  • Consolidated copper production increased 29% for Q3 2024 versus Q2 2024.
  • Yauricocha averaged more than 3,000 tonnes per day (“tpd”) in Q3 2024
  • Yauricocha’s development below the 1120 level on track to achieve full capacity production of 3,600 tpd in Q4 2024.
  • Yauricocha increased its copper production by 97% in Q3 2024 versus Q2 2024.
  • Bolivar throughput increased 7%, while copper, silver, and gold production increased 3%, 17% and 12%, respectively, when compared to Q2 2024. 

Consolidated Q3 2024 financial results will be released on November 6, 2024, after-market, with management hosting a Conference Call and Webcast on November 7, 2024 at 12:00 pm ET.

TORONTO--(BUSINESS WIRE)-- Sierra Metals Inc. (TSX: SMT; OTC: SMTSF; BVL: SMT) (“Sierra Metals” or the “Company”) reports third quarter 2024 production results from its two underground mines in Latin America: the Yauricocha polymetallic mine (“Yauricocha”) in Peru and the Bolivar copper mine (“Bolivar”) in Mexico.

Ernesto Balarezo, CEO of Sierra Metals, commented, “I am pleased to see Yauricocha operating at more than 3,000 tpd during the quarter and on track to sustainably achieve 3,600 tpd this year given the successful development below level 1120. Furthermore, Bolivar continues to deliver steady numbers quarter over quarter. Given the good results of both of our mines and the successful ramp up of our operations, we expect to exceed our consolidated production guidance for 2024.”

Consolidated Production Results

 

Nine Months Ended September 30,

Q3 2024

Q2 2024

Q3 2023

2024

2023

 
Tonnes processed (t)

668,647

627,015

622,622

1,934,578

1,791,086

Daily throughput (tpd)

7,641

7,166

7,115

7,370

6,823

 
 
Copper production (000 lb)

11,009

8,531

9,477

30,787

28,221

Zinc production (000 lb)

11,184

11,272

11,176

32,588

33,983

Silver production (000 oz)

504

387

458

1,318

1,370

Gold Production (oz)

3,974

3,438

3,651

11,917

11,753

Lead production (000 lb)

2,537

3,053

4,084

8,639

10,792

Throughput increased at both operations, therefore, consolidated throughput in Q3 2024 was 7% higher than in Q2 2024 and 7% higher than in Q3 2023 driven by higher throughput from both operations. Furthermore, copper production as of September 30, 2024, was 9% higher than during the same period in 2023.

Yauricocha Mine, Peru

Processing at a rate of 3,050 tpd, throughput at the Yauricocha mine was 266,917 tonnes during Q3 2024, an increase of 5% over the previous quarter, as the mine commenced extraction activities below the 1120 level. Head grades and recoveries for copper, silver, and gold improved in comparison to Q2 2024 but dropped slightly for zinc and lead. The higher grades were due to increased contributions from the Esperanza zone and the copper-rich zone of Pamela. As a result of higher throughput, grades and recoveries, metal production of copper, silver, and gold improved 97%, 43% and 41%, respectively, as compared to Q2 2024.

When compared to Q3 2023, Copper grades were up 14% as the mining below the level 1120 continues to move forward successfully. As a result, copper production increased by 23%.

A summary of the Yauricocha Mine production is provided below:

 

Nine Months Ended September 30,

Q3 2024

Q2 2024

Q3 2023

2024

2023

 
Tonnes processed (t)

266,917

253,148

259,732

760,751

723,192

Daily throughput (tpd)

3,050

2,893

2,968

2,898

2,755

 

 

 

 

 

 

 

 

 

 

Copper grade

1.01%

0.63%

0.89%

0.82%

0.80%

Zinc grade

2.34%

2.38%

2.36%

2.34%

2.51%

Silver grade (g/t)

43.83

35.48

58.72

39.82

53.69

Gold Grade (g/t)

0.35

0.32

0.41

0.34

0.42

Lead grade

0.65%

0.69%

0.86%

0.69%

0.82%

 

 

 

 

 

Copper recovery

79.35%

67.56%

74.81%

75.40%

74.20%

Zinc recovery

81.31%

84.98%

82.57%

82.97%

84.67%

Silver recovery

74.70%

68.29%

63.16%

72.01%

70.51%

Gold Recovery

20.43%

16.58%

19.95%

18.39%

21.12%

Lead recovery

66.41%

79.83%

83.09%

75.18%

82.92%

 

 

 

 

 

 

 

 

 

 

Copper production (000 lb)

4,695

2,383

3,806

10,366

9,509

Zinc production (000 lb)

11,184

11,272

11,176

32,588

33,983

Silver production (000 oz)

281

197

310

701

875

Gold Production (oz)

612

433

686

1,548

2,073

Lead production (000 lb)

2,537

3,053

4,084

8,639

10,792

Bolivar Mine, Mexico

The Bolivar Mine processed 401,730 tonnes in Q3 2024, which was a 7% increase from Q2 2024. Copper, silver, and gold production increased by 3%, 17%, and 12% respectively, when compared to Q2 2024.

When compared to Q3 2023, production of copper, silver, and gold increased by 11%, 50%, and 13% respectively, that was driven by 11% higher throughput and improved head grades for each metal.

Higher throughput and grades for the nine-month period ended September 30, 2024, resulted in an increase in all metal production when compared to the same period in 2023.

A summary of the Bolivar Mine production is provided below:

 

Nine Months Ended September 30,

Q3 2024

Q2 2024

Q3 2023

2024

2023

 
Tonnes processed (t)

401,730

373,867

362,890

1,173,827

1,067,894

Daily throughput (tpd)

4,591

4,273

4,147

4,472

4,068

 
 
Copper grade

0.78%

0.83%

0.77%

0.86%

0.85%

Silver grade (g/t)

20.14

19.55

15.44

19.77

17.59

Gold grade (g/t)

0.38

0.38

0.37

0.41

0.41

 
Copper recovery

91.50%

89.79%

92.10%

91.42%

93.01%

Silver recovery

85.53%

80.65%

81.95%

82.63%

81.95%

Gold recovery

69.38%

65.46%

69.58%

67.11%

68.33%

 
 
Copper production (000 lb)

6,314

6,148

5,671

20,421

18,712

Silver production (000 oz)

222

190

148

616

495

Gold production (oz)

3,361

3,005

2,965

10,368

9,680

Conference Call and Webcast

Management will host a conference call and webcast to discuss Q3 2024 financial and operating results on November 7, 2024, at 12:00 pm (ET). Details are as follows:

  • Webcast: click HERE
  • Canada/US toll free: 1-844-763-8274
  • Other: +1-647-484-8814

Participants are asked to dial-in five to ten minutes before the scheduled start time and ask to join the Sierra Metals Third Quarter 2024 Consolidated Financial Results call.

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 Peru and Bolivar Mine in Mexico. The Company is intent on safely increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company has large land packages at each of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

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 and reflects 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", "will allow", "occur" or "be achieved" or the negative of these words or comparable terminology. Forward-looking statements include statements with respect to the timing of the development below the 1120 level, the timing of the increase in production and the timing to operate at full capacity at Yauricocha. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual performance of Sierra 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.

Investor Relations

Sierra Metals Inc.

Tel: +1 (866) 721-7437

Email: info@sierrametals.com

Source: Sierra Metals Inc.

FAQ

What was Sierra Metals' copper production increase in Q3 2024?

Sierra Metals' consolidated copper production increased by 29% in Q3 2024 compared to Q2 2024.

How much did Yauricocha's copper production rise in Q3 2024?

Yauricocha's copper production rose by 97% in Q3 2024 compared to Q2 2024.

What were the production increases at Bolivar mine in Q3 2024?

Bolivar's throughput increased by 7%, with copper, silver, and gold production rising by 3%, 17%, and 12%, respectively, compared to Q2 2024.

When will Sierra Metals release its Q3 2024 financial results?

Sierra Metals will release its Q3 2024 financial results on November 6, 2024, after-market.

When is the conference call for Sierra Metals' Q3 2024 financial results?

The conference call for Sierra Metals' Q3 2024 financial results is scheduled for November 7, 2024, at 12:00 pm ET.

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