- 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241015373873/en/
Investor Relations Sierra Metals Inc. Tel: +1 (866)
721-7437 Email: info@sierrametals.com
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