Record Revenue, Treasury Assets Increased by
34% During the Quarter
TSX: SIL | NYSE American: SILV
VANCOUVER, BC, July 11,
2024 /CNW/ - SilverCrest Metals Inc.
("SilverCrest" or the "Company") is pleased to provide interim
operational results for the second quarter of 2024 ("Q2, 2024")
from the Company's Las Chispas Operation located in Sonora, Mexico. All amounts are expressed in
U.S. dollars, unless otherwise noted. Certain amounts shown in this
news release may not total to exact amounts due to rounding
differences.
Q2, 2024 Operating Highlights
- Recovered 15,303 ounces ("oz") gold and 1.46 million ounces
silver, or 2.68 million silver equivalent ("AgEq")1
ounces.
- Sold 14,500 ounces gold and 1.45 million ounces silver, or 2.60
million AgEq ounces.
- Generated record revenue of $72.7
million with average realized price of $2,237/oz gold and $27.84/oz silver, price increases of 8% and 19%
respectively from Q1, 2024.
- Ended the quarter with treasury assets of $122.3 million, including $98.3 million cash and $24.0 million bullion.
N. Eric Fier, CEO commented, "We
are pleased to deliver another strong quarter in regards to
production, grades and recoveries at the Las Chispas Operation.
Sales in the first half of 2024 of 5.19 million AgEq ounces
position us well to deliver on our 2024 annual sales guidance of
9.8 to 10.2 million ounces AgEq. Silver equivalent processed grades
of 765 grams per tonne and recoveries of 98.4% tracked above plan,
with silver recoveries setting another record for the operation.
This, combined with substantial increases in gold and silver prices
in the quarter, drove record revenues and a return to growth of
treasury assets in the quarter, despite planned higher sustaining
capital expenditures. Also, during the quarter our bullion holdings
grew 20% to $24.0 million through the
addition of 400 ounces of gold and increased metal prices.
Treasury assets increased 34%, to total $122.3 million at the end of the quarter,
including $98.3 million in cash. We
continue to benefit from having two mining contractors at site,
with our financial strength allowing for greater operational
flexibility in the ramp-up, including continued management of our
stockpiles. We look forward to providing more details of our
operational and financial performance in early August."
Q2, 2024 Operational Highlights
|
|
Three months
ended
June
30,
|
Six months
ended
June
30,
|
|
Unit
|
2024
|
2023
|
2024
|
2023
|
Ore mined
|
tonnes
|
100,019
|
74,400
|
185,756
|
138,000
|
Ore milled
(a)
|
tonnes
|
110,645
|
107,900
|
204,018
|
212,300
|
Average daily mill
throughput
|
tpd
|
1,216
|
1,186
|
1,121
|
1,173
|
|
|
|
|
|
|
Gold
(Au)
|
|
|
|
|
|
Average processed
grade
|
gpt
|
4.36
|
4.84
|
4.64
|
4.46
|
Process
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
|
Average realized
price
|
$/oz
|
2,237
|
1,991
|
2,148
|
1,933
|
|
|
|
|
|
|
Silver
(Ag)
|
|
|
|
|
|
Average processed
grade
|
gpt
|
418
|
449
|
446
|
434
|
Process
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
|
Average realized
price
|
$/oz
|
27.84
|
24.36
|
25.64
|
23.70
|
|
|
|
|
|
|
Silver equivalent
(AgEq)
|
|
|
|
|
|
Average processed
grade
|
gpt
|
765
|
834
|
815
|
789
|
Process
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
|
(a) Ore milled
includes material from stockpiles and ore mined.
|
Q2, 2024 Conference Call
The Company's unaudited condensed interim consolidated financial
statements for the three and six months ended June 30, 2024 will be released after market on
August 7, 2024.
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/
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.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals producer
headquartered in Vancouver,
BC. The Company's principal focus is its Las Chispas
Operation in Sonora, Mexico.
SilverCrest has an ongoing initiative to increase its asset base by
expanding current resources and reserves, acquiring, discovering,
and developing high value precious metals projects and ultimately
operating multiple silver-gold mines in the Americas. The
Company is led by a proven management team in all aspects of the
precious metal mining sector, including taking projects through
discovery, finance, on time and on budget construction, and
production.
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
United States securities
legislation. These include, without limitation, statements with
respect to: the amount of future production of gold and silver over
any period; the strategic plans and expectations for the Company's
operation and exploration program; working capital requirements;
expected recoveries; expected cash costs and outflows; and the
timing of release of the Company's unaudited condensed interim
consolidated financial statements for the three months and six
months ended June 30, 2024. Such
forward-looking statements or information are based on a number of
assumptions, which may prove to be incorrect. Assumptions have been
made regarding, among other things: present and future business
strategies; continued commercial operations at the Las Chispas
Operation; the environment in which the Company will operate in the
future, including the price of gold and silver; estimates of
capital and operating costs; production estimates; estimates of
mineral resources, mineral reserves and metallurgical recoveries
and mining operational risk; the reliability of mineral resource
and mineral reserve estimates; mining and development costs; the
conditions in general economic and financial markets; availability
of skilled labour; timing and amount of expenditures related to
exploration programs; and effects of regulation by governmental
agencies and changes in Mexican mining legislation. The actual
results could differ materially from those anticipated in these
forward-looking statements as a result of risk factors including:
the timing and content of work programs; results of exploration
activities; the interpretation of drilling results and other
geological data; receipt, maintenance and security of permits and
mineral property titles; environmental and other regulatory risks;
project cost overruns or unanticipated costs and expenses;
fluctuations in gold and silver prices; and general market and
industry conditions. Forward-looking statements are based on the
expectations and opinions of the Company's management on the date
the statements are made. The assumptions used in the preparation of
such statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date the statements were
made. The Company undertakes no obligation to update or revise any
forward-looking statements included in this news release if these
beliefs, estimates and opinions or other circumstances should
change, except as otherwise required by applicable law.
For Further
Information:
SilverCrest Metals
Inc.
|
Contact:
Telephone:
Fax:
Toll Free:
Email:
Website:
|
Lindsay Bahadir,
Manager Investor Relations and Corporate Communications
+1 (604)
694-1730
+1 (604)
357-1313
1-866-691-1730 (Canada
& USA)
info@silvercrestmetals.com
www.silvercrestmetals.com
|
570 Granville Street,
Suite 501
Vancouver, British
Columbia V6C 3P1
|
_________________________________
|
1
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.
|
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SOURCE SilverCrest Metals Inc.