Gx Silverminers Discussion Threads

[stu31] 12/11/2024 22:22

SilverCrest Reports Third Quarter 2024 Financial Results
12/11/2024 10:00pm

Strong Free Cash Flow Continues, Supporting 29% Growth in Treasury Assets

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, Nov. 12, 2024 /PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial results for the three months ended September 30, 2024 ("Q3 2024"). This release provides additional operational results to supplement the October 10, 2024 release of Q3 2024 operational highlights from the Company's Las Chispas Operation ("Las Chispas" or "Las Chispas Operation") located in Sonora, Mexico. All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated.

N. Eric Fier, CEO, commented, "We are pleased to deliver another quarterly record for both revenue and mine operating earnings, as well as one of our best quarters to date for both operating and free cash flow. Our results were supported by strong metal prices, impressive sales quantities and all-in sustaining costs that were well below the low end of our 2024 guidance. Mining rates continued to benefit from having two underground contractors, a dynamic we plan to maintain into Q1 2025 as part of our strategy to manage single asset risk and create additional operational flexibility. These results once again showcase the quality and consistency of our asset and operating team.

Free cash flow per share remains a strong testament of our performance, increasing 49% to $0.24 per share(1) from already strong levels in Q2 2024. This performance led to a 29%, or $35.9 million, increase in treasury assets(1) to end the quarter with $158.2 million. With this exceptional quarter, we remain firmly on track to perform inline or better than our 2024 annual guidance for sales, cash costs, and all-in sustaining costs."

Q3 2024 Highlights

Recovered 14,928 ounces ("oz") gold ("Au") and 1.4 million oz silver ("Ag"), or 2.6 million oz silver equivalent ("AgEq")(2).
Sold 15,204 oz Au and 1.5 million oz Ag (2.7 million oz AgEq) at average realized prices of $2,472 per oz Au(1) and $29.48 per oz Ag(1). Total sales of 7.9 million oz AgEq for the nine months ended September 30, 2024 ("YTD") positions the Company to meet or exceed the top end of 2024 sales guidance of 10.0 million to 10.3 million oz AgEq.
Record quarterly revenue of $80.4 million which exceeded Q2 2024 revenue of $72.7 million.
Record mine operating earnings of $47.0 million representing a 59% operating margin(1), exceeded the $41.5 million and 57% operating margin achieved in Q2 2024.
Adjusted earnings(1) of $26.3 million, or $0.18 per share, which is largely consistent with the $24.9 million, or $0.17 per share in Q2 2024. Adjustments were largely related to deferred taxes, unrealized losses on derivative currency contracts, and transaction and integration costs.
Net earnings were $9.5 million, or $0.06 per share, compared to $6.5 million, or $0.04 per share, in Q2 2024.
Cash costs of $8.85 per oz AgEq(1) in Q3 2024 decreased from $8.87 in Q2 largely due to increased sales volume. Cash costs of $8.28 per oz AgEq YTD were below 2024 guidance of $9.25 to $9.75 per oz AgEq.
All-in sustaining costs ("AISC") of $13.72 per oz AgEq(1) decreased from Q2 2024, due largely to planned lower sustaining capital expenditures. AISC of $14.50 per oz AgEq (1) YTD is below the low end of guidance of $14.90 to $15.75 per oz AgEq.
Mining rates increased to 1,350 tonnes per day ("tpd"), a 23% increase from Q2 2024, benefiting from the ongoing engagement of two mining contractors at site throughout the quarter.
Average daily mill throughput increased to 1,324 tpd due to capacity testing performed in the quarter. With testing complete in August, throughput has returned to the range of 1,200 tonnes per day for the remainder of the year.
Operating cash flow of $44.2 million, or $0.30 per share, increased from $39.6 million, or $0.27 per share, in Q2 2024 largely from higher metal prices. Operating cash flow before changes in working capital in the quarter was $37.8 million or $0.25 per share(1). Both figures are net of the payment of taxes and duties, which totaled $12.1 million.
Free cash flow generation of $36.2 million, or $0.24 per share(1), for the quarter increased by $11.9 million from $24.3 million, or $0.16 per share, in Q2 2024.
Ended the quarter with total treasury assets of $158.2 million(1) ($120.9 million cash and $37.4 million in bullion), an increase of 29% from $122.3 million at the end of Q2 2024. Gold and silver continued to be the best performing currencies in our treasury assets with a mark to market increase of $3.0 million in the quarter.

[stu31] 12/8/2024 23:53

SilverCrest Reports Second Quarter 2024 Financial Results
07/08/2024 10:00pm

Record Operating Earnings Drives Treasury Growth

2024 Sales Guidance Increased and Cash Cost and AISC Guidance Reduced

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, Aug. 7, 2024 /CNW/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial results for the three months ended June 30, 2024 ("Q2 2024"). This release provides additional operational results to supplement the July 11, 2024 release of Q2 2024 operational highlights from the Company's Las Chispas operation ("Las Chispas" or the "Las Chispas Operation") located in Sonora, Mexico. All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated.

SilverCrest Metals (CNW Group/SilverCrest Metals Inc.)

N. Eric Fier, CEO, commented, "We are proud to announce another quarter of strong operational and financial performance. Our mining rates continued to increase in the quarter, and we expect the H2 2024 ramp-up to continue at a quicker pace than originally planned as we retain two mining contractors for a longer period. This strategic decision is expected to provide greater operational flexibility and further reduce risk. In the quarter, we also set new records for revenue and mine operating earnings, which contributed to growth in treasury assets of 34% or $31.2 million, including additions to our bullion holdings. As free cash flow is expected to continue in H2 2024, we plan to opportunistically increase exposure to bullion for our shareholders throughout the year.

With gold and silver prices remaining robust and strong operational performance continuing at the start of H2 2024, we are well positioned to benefit from continued momentum and are pleased to increase our 2024 sales guidance and reduce our annual cash cost and all-in sustaining cost guidance".

Q2 2024 Highlights

Recovered 15,303 ounces ("oz") gold ("Au") and 1.5 million oz silver ("Ag"), or 2.7 million oz silver equivalent ("AgEq")(2).
Sold 14,500 oz Au and 1.4 million oz Ag, or 2.6 million oz AgEq, for H1 2024 sales to 29,500 oz Au and 2.8 million oz Ag, or 5.2 million oz AgEq, resulting in an increase to 2024 sales guidance to 10.0 to 10.3 million oz AgEq. Average realized prices for the quarter were $2,237 per oz Au(1) and $27.84 per oz Ag(1).
Record quarterly revenue of $72.7 million, exceeded revenue of $63.6 million in Q1 2024.
Record mine operating earnings of $41.5 million (57% operating margin), exceeded the $37.5 million generated in Q1 2024.
Net earnings of $6.5 million or basic earnings of $0.04 per share ($33.9 million or $0.23 per share in Q1 2024) was negatively impacted by non-cash deferred tax expense of $14.3 million and foreign exchange losses of $2.8 million which were as a result of the depreciation of the peso following the Mexican general election in early June.
Cash costs of $8.87 per oz AgEq(1) in the quarter and $7.98 per oz AgEq(1) in H1 2024 were better than initial guidance, allowing for a reduction to 2024 guidance to $9.25 to $9.75 per oz AgEq.
All-in sustaining cost ("AISC") of $16.88 per oz AgEq(1) increased from Q1 2024, as expected, due largely to the advancement of mine development and projects, and a $1.0 million impairment of materials and supplies inventories recorded during the quarter. H1 2024 AISC of $14.89 per oz AgEq (1) was also below initial annual guidance, allowing for a reduction to 2024 guidance to $14.90 to $15.75 per oz AgEq.
Mining rates increased to 1,099 tpd, benefiting from maintaining two mining contractors at site through the quarter.
Operating cash flow was $39.6 million and operating cash flow before changes in working capital was $31.8 million or $0.22 per share(1). Both figures are net of the payment of taxes and duties, which totaled $14.4 million.
Free cash flow generation of $24.3 million or $0.16 per share(1) for the quarter, an increase of $35.7 million from Q1 2024.
Increased retained earnings by 30% to $28.0 million, from $21.5 million at the end of Q1 2024.
Ended the quarter with treasury assets totaling $122.3 million(1) ($98.3 million cash and $24.0 million in bullion), an increase of 34% from $91.1 million at the end of Q1 2024.
(1)

Refer to the "Non-GAAP Financial Measures" disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

(2)

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 (the "2023 Technical Report").

Revised 2024 Guidance

In H1 2024, silver equivalent sales totaled 5.2 million oz AgEq with cash costs and AISC averaging $7.98 per oz AgEq and $14.89 per oz AgEq, respectively.

Based on strong results in the first half of 2024 and the outlook for the remainder of the year, the Company is improving the guidance range for AgEq sales to 10.0 to 10.3 million oz. The Company is also lowering its full-year 2024 cash costs estimate to be between $9.25 and $9.75 per oz AgEq sold(1) and lowering its AISC estimate to be between $14.90 and $15.75 per oz AgEq sold(1).

Guidance Metric

Unit

2024 Original Guidance

2024 Revised Guidance

Silver Equivalent ("AgEq") Ounces

million oz sold

9.8 to 10.2

10.0 to 10.3

Cash Costs (1)

$/oz AgEq sold

$9.50 to $10.00

$9.25 to $9.75

AISC (1)

$/oz AgEq sold

$15.00 to $15.90

$14.90 to $15.75

(1)

Refer to the "Non-GAAP Financial Measures" disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

2024 sustaining capital guidance of $40.0 million to $44.0 million and exploration guidance of $12.0 million to $14.0 million remain unchanged.

[stu31] 15/7/2024 21:56

SilverCrest Provides Second Quarter Operational Results and Conference Call Details
11/07/2024 10:00pm

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."

[stu31] 07/7/2024 20:19

SilverCrest Reports First Quarter 2024 Financial Results
14/05/2024 9:59pm

Financial and Operational Flexibility Continue to Drive Strong Results

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, May 14, 2024 /PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial results for the three months ended March 31, 2024 ("Q1, 2024"). This release provides additional operational results to supplement the April 17, 2024 release of Q1, 2024 operational highlights from the Company's Las Chispas operation ("Las Chispas" or the "Operation") located in Sonora, Mexico. All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated.

N. Eric Fier, CEO, commented, "We are proud to deliver another quarter of strong financial and operational performance. Our ability to deliver consistent results is a function of the operational and financial flexibility we have created, which was showcased in a number of ways this quarter. The planned mobilization of our new underground mining contractor began in February, with ramp-up of the underground benefiting from excellent cooperation between our new and outgoing contractors leading to a 10% increase in average daily mining rates from Q4, 2023. Our ability to strategically blend from surface stockpiles and underground resulted in record silver equivalent process grades of 874 grams per tonne and recoveries of 98.3%, supporting higher than expected silver equivalent sales, despite planned processing plant maintenance. Our financial flexibility supported a planned lump sum payment for 2023 taxes and duties of $26.2 million while still ending the quarter with total treasury assets of $91.1 million, including $20.0 million of bullion. Our financial strength allows us to hold bullion thereby increasing the exposure to the metal for our shareholders without additional operating risk. The strong start to the year positions us favourably to deliver on our 2024 guidance."

References to average realized gold and silver price, sustaining and non-sustaining capital expenditures, free cash flow, free cash flow per share (basic), working capital, operating cash flow before changes in working capital, operating cash flow before changes in working capital per share (basic), operating cash flow per share (basic), treasury assets, cash costs, and corporate all-in sustaining costs ("AISC") are described in more detail in the "Non-GAAP Financial Measures" section of this news release.

Q1, 2024 Highlights
Recovered 14,719 ounces ("oz") gold ("Au") and 1.4 million oz silver ("Ag"), or 2.6 million oz silver equivalent ("AgEq"1).
Sold 15,000 oz Au and 1.4 million oz Ag (2.6 million oz AgEq) at average realized prices of $2,062/oz Au and $23.37/oz Ag.
Revenue of $63.6 million and cost of sales of $26.2 million.
Mine operating earnings of $37.5 million (59% operating margin), exceeded the $36.9 million generated in Q4, 2023.
Net earnings of $33.9 million or basic earnings of $0.23 per share.
Cash costs of $7.09 per oz AgEq sold and AISC of $12.90 per oz AgEq sold.
Operating cash outflow of $1.1 million and operating cash flow before changes in working capital of $17.6 million or $0.12 per share, after payment of 2023 taxes and duties which totaled $26.2 million.
Free cash flow was negative $11.4 million or $0.08 per share for the quarter, due largely to the payment of 2023 taxes and duties and a $7.5 million prepayment for mining services.
Reported retained earnings of $21.5 million on the Company's balance sheet at the end of the quarter, achieving this milestone in only the sixth quarter since commercial production was declared.
Ended the quarter with treasury assets totaling $91.1 million ($71.1 million cash and $20.0 million in bullion) and no debt outstanding.

[stu31] 13/3/2024 21:04

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[stu31] 13/3/2024 16:58

SilverCrest Reports Fourth Quarter and 2023 Annual Financial Results
11/03/2024 11:03am

2023 Sales and Corporate AISC Beat Guidance, Driving $54.4 million Increase in Treasury Assets

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, March 11, 2024 /PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial results for the fourth quarter of 2023 ("Q4, 2023") and the year ended December 31, 2023. This release also provides additional operational results, expanding on the January 23, 2024 release of Q4, 2023 operational results from the Company's Las Chispas operation ("Las Chispas" or the "Operation") located in Sonora, Mexico. All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated. Certain amounts shown in this news release may not total to exact amounts due to rounding differences. References to corporate all-in sustaining costs ("AISC"), free cash flow, cash costs, average realized gold and silver price, and treasury assets are described in more detail in the "Non-GAAP Financial Measures" section of this news release.

N. Eric Fier, CEO, commented, "2023 marked a successful first full year of commercial production at Las Chispas, with the Operation exceeding the high end of sales guidance, beating the low end of AISC guidance, delivering impressive operating margins of 61%, and generating $121.1 million in free cash flow. We are extremely proud that within seven months of declaring commercial production we became debt free, after repaying $50.0 million in debt in the first half of 2023 ("H1, 2023"). This was in addition to strategically allocating a total of $37.2 million in capital throughout the year to share buybacks, exploration, and increasing our bullion holdings. We ended 2023 with peer1 leading treasury assets of $105.2 million, and while we expect the pace of our cash build to slow in 2024 due to the commencement of tax payments and contractor related charges, we remain uniquely positioned to continue to allocate capital strategically. Our new underground mining contractor began mobilization in February 2024, a key de-risking event, and we are excited that this process is underway while also having our outgoing contractor on site to allow for a smooth transition and continued ramp-up of the underground operations at Las Chispas."

1 Based on company filing for the period ended September 30, 2023 of silver peer companies, including Aya Gold & Silver Inc., Coeur Mining, Inc., Endeavour Silver Corp., First Majestic Silver Corp., Fresnillo plc., Fortuna Silver Mines Inc., Hecla Mining Company, MAG Silver Corp., and Silvercorp Metals Inc.

Q4, 2023

Recovered 14,100 ounces ("oz") of gold ("Au") and 1.34 million oz of silver ("Ag"), or 2.47 million oz of silver equivalent ("AgEq"2).
Sold 16,100 oz of Au and 1.28 million oz of Ag, or 2.56 million oz of AgEq.
Cash costs of $7.45 per oz AgEq sold and Corporate AISC of $14.36 per oz AgEq sold, which was within the H2, 2023 guidance range of $13.75 to $15.50 per oz AgEq sold, but higher than Q3, 2023, primarily due to an increase in capital spend and payments to our outgoing mining contractor.
Average realized price of $1,979/oz Au and $23.09/oz Ag.
Revenue of $61.3 million and cost of sales of $24.4 million, resulting in mine operating earnings of $36.9 million, which represents a 60% operating margin.
Net earnings of $35.9 million or basic earnings of $0.25 per share.
Free cash flow of $24.1 million or $0.16 per share.
Ended the quarter with treasury assets totaling $105.2 million ($86.0 million cash and $19.2 million in bullion), a $23.4 million or 29% increase from the prior quarter.
Year ended December 31, 2023

Recovered 59,700 oz of Au and 5.65 million oz of Ag, or 10.40 million oz of AgEq.
Sold 58,200 oz of Au and 5.62 million oz of Ag, or 10.25 million oz of AgEq, exceeding 2023 sales guidance of 9.8 to 10.2 million oz of AgEq.
Cash costs of $7.73 per oz AgEq sold was within the guidance range of $7.50 to $8.50 per oz AgEq sold.
AISC of $12.58 per oz AgEq sold beat the low end of the 2023 guidance range of $12.75 to $13.75 per oz AgEq sold.
Average realized price of $1,946/oz Au and $23.48/oz Ag.
Revenue of $245.1 million and cost of sales of $96.8 million, resulting in mine operating income of $148.3 million, which represents a 61% operating margin.
Net earnings of $116.7 million or basic earnings of $0.79 per share.
Free cash flow of $121.1 million or $0.82 per share.
Financial position remained strong with no debt and treasury assets totaling $105.2 million ($86.0 million cash and $19.2 million in bullion), a $54.4 million or 107% increase from the prior year.
Fully repaid the $50.0 million Term Facility.
Repurchased $7.1 million of the Company's shares under SilverCrest's Normal Course Issuer Bid ("NCIB"), representing 20% of the allowable 7.4 million common share purchase limit.
_____________________________

2 Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 based on the updated technical report for Las Chispas titled "Las Chispas Operation Technical Report" dated September 5, 2023 with an effective date of July 19, 2023 (the "2023 Technical Report").

2024 Outlook

The Las Chispas underground operation will continue its ramp-up through 2024 with mining rates expected to remain at or around Q4, 2023 levels in H1, 2024, as the new mining contractor mobilizes. Mining rates will increase in H2, 2024 with a targeted exit rate of 1,050 tonnes per day ("tpd"). The mine plan was created with a measured ramp-up, which when combined with balanced usage of surface stockpiles, reduces execution risk. The new mining contractor, a subsidiary of Dumas Contracting Ltd. ("Dumas"), arrived at site in early February 2024 to begin mobilization, which is expected to continue through Q3, 2024. Guidance for 2024 incorporates assumptions related to the transition of contractors and ramp-up of Dumas, including some one time costs.

In 2024, the processing plant will operate at an average of 1,200 tpd, except in Q1, 2024, due to planned maintenance downtime in February 2024. This work is now complete and is not expected to impact production in the quarter due to the flexibility afforded by the stockpile for ore blending. Silver equivalent sales are expected to be relatively consistent quarterly throughout 2024.

The Company announced its full year 2024 guidance on February 20, 2024 which highlighted stable production at low costs, despite continued industry cost pressures.


Estimated 2024 Corporate AISC of $15.00 to $15.90/oz AgEq sold is inline with the 2024 AISC estimate based on the 2023 Technical Report of $15.08/oz AgEq (inclusive of 2024 mine level AISC of $13.48/oz AgEq sold and an estimate of $1.60/oz AgEq sold of corporate level costs). AISC in H1, 2024 is expected to be higher than Q4, 2023 as a result of Dumas mobilization and demobilization of the outgoing contractor, and is expected to reduce in H2, 2024.

In Q1, 2024 SilverCrest expects to make payments totaling approximately $30.0 million for 2023 taxes and duties. 2024 taxes are estimated to total $28.0 to $33.0 million and will be paid in quarterly installments. Special mining duties are paid in the first quarter following the end of each fiscal year in accordance with the mandated annual schedule.

In 2024, cash flows are also expected to be impacted by mobilization and demobilization costs, including a $7.5 million advance that was made in Q1, 2024 to support equipment purchases as part of the mobilization of Dumas. The equipment advance will result in estimated savings of $1.5 million over the life of the five year contract. This advance to Dumas will be credited towards mining services for SilverCrest over 24 months starting in Q3, 2024. A total of $4.5 million in mobilization charges will be paid over the mobilization period with the expense recognized over the life of the five year contract and reflected in AISC during this time.



Underground

Mining rates in Q4, 2023 averaged 855 tpd, a 6% decrease from Q3, 2023, but in line with the ramp-up estimate of 800 to 900 tpd. Rates decreased over the previous quarter as a result of a focus on dilution management. During 2023, mining rates averaged 824 tpd.

In Q4, 2023, the Company completed 3.6 km of horizontal and vertical underground development. In 2023, the Company completed an additional 13.2 km of horizontal and vertical underground development, compared to 8.0 km in 2022.

Processing Plant

Average daily mill throughput was 1,136 tpd in Q4, 2023 and 1,182 tpd in 2023. Q4, 2023 throughput declined slightly from Q3, 2023 throughput of 1,245 tpd as the processing plant experienced some unplanned downtime.

Average processed gold and silver grades of 4.28 gpt Au and 410 gpt Ag, or 750 gpt AgEq, in Q4, 2023 were in line with Q3, 2023 (2% and 1% declines respectively). In 2023, gold and silver processed grades averaged 4.39 gpt Au and 423 gpt Ag, or 771 gpt AgEq.

Costs

During the quarter, cash costs averaged $7.45 per oz AgEq sold. This is higher than Q3, 2023 cash costs of $6.53 per oz AgEq sold, but within H2, 2023 cash cost guidance range of $7.00 to $8.50 per oz AgEq sold. Cash costs increased due to higher payments to our outgoing mining contractor. In 2023 cash costs averaged $7.73 per oz AgEq sold which was within the 2023 cash cost guidance range of $7.50 to $8.50 per oz AgEq sold.

AISC averaged $14.36 per oz AgEq sold in Q4, 2023, higher than $12.23 per oz AgEq sold in Q3, 2023 as expected, but within the H2, 2023 guidance range of $13.75 to $15.50 per oz AgEq sold. AISC increased due to higher capital spend and payments to our outgoing mining contractor. AISC in 2023 was $12.58 per oz AgEq sold which beat the low end of the 2023 guidance range of $12.75 to $13.75 per oz AgEq sold.

Sustaining Capital Expenditures

Sustaining capital expenditures totalled $12.0 million in Q4, 2023 and $37.1 million for 2023, which is consistent with the $39.1 million estimated in the 2023 Technical Report. Sustaining capital in 2023 was largely related to underground development and underground infrastructure.

Exploration Update

During 2023, the Company completed exploration work at Las Chispas, which is capitalized as growth capital.

During Q4, 2023, 17,947 metres of drilling was completed at Las Chispas, with 42% of the metres focused on infill drilling of Inferred Resources (see 2023 Technical Report) for conversion to Indicated Resources and possible conversion to Reserves. The balance of the drilling was focused on new vein targets. In Q4, 2023, the Company spent $5.0 million on exploration at Las Chispas. This drilling program will continue in 2024 with a budget of up to $14 million targeting conversion in H1, 2024 and targeting inferred growth in H2, 2024.

During 2023, 50,233 metres of drilling was completed and $11.4 million was spent on exploration at Las Chispas.



Revenue

During Q4, 2023, the Company sold a total of 16,100 oz Au and 1.28 million oz Ag at average realized prices of $1,979/oz Au and $23.09/oz Ag, generating revenue of $61.3 million. During Q4, 2022, the Company sold a total of 11,400 oz Au and 1.0 million oz Ag at average realized prices of $1,730/oz Au and $21.51/oz Ag, generating revenue of $40.8 million. The increased quantities sold resulted from the Company having three months of commercial production in Q4, 2023 compared to two months in Q4, 2022.

During 2023, the Company sold a total of 58,200 oz Au and 5.62 million oz Ag at average realized prices of $1,946/oz Au and $23.48/oz Ag, generating revenue of $245.1 million. During 2022, the Company sold a total of 11,400 oz Au and 1.12 million oz Ag at average realized prices of $1,730/oz Au and $21.24/oz Ag, generating revenue of $43.5 million. The increased quantities sold resulted from the Company having a full year of commercial production in 2023 compared to two months in 2022.

Income

Q4, 2023 net earnings of $35.9 million, or $0.25 per share, was $30.7 million higher than Q4, 2022 net earnings of $5.2 million, or $0.03 per share, primarily from higher mine operating earnings resulting from higher realized metal prices and increased sales quantities and lower interest, taxes and foreign exchange losses.

During 2023, the Company generated net earnings of $116.7 million, or $0.79 per share, $85.4 million higher than 2022 net earnings of $31.3 million, or $0.21 per share. The increase in net earnings resulted from the Company having a full year of commercial production in 2023 compared to two months in 2022.


Cash Flow

In Q4, 2023, the cash flow generated from operating activities was $36.1 million, an increase of $16.7 million compared to Q4, 2022, primarily driven by elevated mine operating earnings. Total cash flow generated from operating activities in 2023 was $158.3 million, a $168.2 million increase from the $9.9 million operating cash outflows in 2022. This notable improvement resulted from increased mine operating earnings and a reduction in cash utilized for working capital.

Q4, 2023 free cash flow was $24.1 million (or $0.16 per share) and 2023 free cash flow was $121.1 million (or $0.82 per share).

Financial Position

As at December 31, 2023, the Company had treasury assets of $105.2 million ($86.0 million cash and $19.2 million in bullion), a $54.4 million or 107% increase from the prior year. The Company remains debt free with access to an undrawn revolving facility of $70.0 million.

ESG

In 2023, SilverCrest published its inaugural full ESG report following the success of the Task Force for Climate-Related Disclosures ("TCFD") and Water Stewardship Report disclosures in 2022, collectively available on our website at www.silvercrestmetals.com. This further formalizes the Company's commitment to diligent management of ESG issues within its own operations and the local community.

SilverCrest continues to execute on its commitment to invest in initiatives that support water stewardship in communities local to Las Chispas. In 2023, SilverCrest allocated $0.4 million from its committed five year $1.5 million water stewardship initiatives within the community. This investment facilitated approximately 900 metres of sewer system repairs, more than 500 metres of aqueduct enhancements in the Arizpe region of Sonora, and the establishment of electrified pumps for wells. In addition SilverCrest continued to assist local community members with the process to secure water concessions. These projects helped protect the main sources of income for the local population while also creating a second planting season in the local area.

The Company's ESG practices and community engagement earned recognition in Mexico with the 2023 Empresas Socialmente Responsables (Socially Responsible Companies) distinction from the Mexican Centre for Philanthropy (CEMEFI). In addition, the Company has received recognition from the Confederation of Chambers of Commerce of Mexico (CONCAMIN) in the areas of ESG compliance and Outstanding Social Responsibility and Sustainability Practices.

Fourth Quarter 2023 Conference Call

A conference call to discuss the Company's Q4, 2023 operational and financial results will be held Monday, March 11, 2024 at 7:00 a.m. PT / 10:00 a.m. ET. To participate in the conference call, please dial the numbers below.

Date & Time:

Monday March 11, 2024 at 7:00 a.m. PT / 10:00 a.m. ET

Telephone:

Toronto: [phone]


North America Toll Free: 1-888-259-6580


Conference ID: 58528537



Webcast:

hxxps://silvercrestmetals.com/investors/presentations/

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.

[stu31] 05/3/2024 21:46

SilverCrest Provides 2024 Guidance
VANCOUVER, BC – February 20, 2024 – SilverCrest Metals Inc. (“SilverCrest” or the “Company”;) is pleased to announce its 2024 guidance for the Company’s Las Chispas Operation (“Las Chispas” or the “OperationR21;) located in Sonora, Mexico. All amounts expressed in U.S. dollars, unless otherwise noted.

N. Eric Fier, CEO, commented, “2023 marked a successful first year of commercial production with Las Chispas exceeding its inaugural sales guidance, leading to full repayment of our debt and a $54.4 million or 107% increase in treasury assets. Despite continued cost pressures we are proud to be delivering sales and cost guidance that is in line with our 2023 Technical Report (the “Technical Report”). In 2024 we will continue to pursue capital allocation opportunities including exploration, share buybacks, and growth of our bullion holdings. Our new underground mining contractor recently began mobilization and will be fully mobilized to allow for an increase in underground mining rates in Q3, 2024. Working alongside the contractor, we will continue to prioritize a safe and measured ramp-up of the underground operation with a focus on delivering high margin tonnes for processing. This feed will continue to be supplemented by our sizable surface stockpiles through the end of 2025, when the mine is planned to be fully ramped up. We continue to explore at Las Chispas with a focus on converting inferred resources to indicated for reserve consideration in the vicinity of existing or planned infrastructure. In H2, 2024, we will return our exploration focus to discovering, defining, and advancing Las Chispas and regional targets which could extend the mine life.”

2024 Sales and Cost Guidance Highlights

SilverCrest has set its full year 2024 guidance as follows:

Guidance Metric Unit 2024
Silver Equivalent (“AgEq”) Ounces million oz sold 9.8 to 10.2
Cash Costs $/oz AgEq sold 9.50 to 10.00
Corporate AISC $/oz AgEq sold 15.00 to 15.90
Sustaining Capital $ million 40.0 to 44.0
Exploration $ million 12.0 to 14.0

The Las Chispas underground will continue its ramp-up through 2024 with a target to exit the year at over 1,050 tonnes per day (“tpd”), in line with the Technical Report. The new mining contractor, Dumas Contracting Ltd. (“Dumas”), arrived at site in early February 2024 to begin mobilization, which is expected to continue through Q3, 2024. 2024 guidance incorporates assumptions related to the transition of contractors and ramp-up of Dumas. A total of $4.5 million in mobilization charges will be paid over the mobilization period with the expense recognized over the life of the five year contract and reflected in AISC during this time.

In 2024, the processing plant will operate at an average of 1,200 tpd except in Q1, 2024 when there is planned maintenance downtime which will reduce plant availability to approximately 85%. This downtime is not expected to impact production in the quarter as ore blending from the underground mine and high-grade stockpile will offset this downtime.

Cash Costs are expected to be $9.50 to $10.00/oz AgEq sold. This compares to 2024 cash costs forecast in the Technical Report of $9.80/oz AgEq sold and 2023 guidance of $7.50 to $8.50/oz AgEq sold. The major variance from 2023 is the inclusion of Dumas mobilization and demobilization of the outgoing contractor. Cash costs are expected to remain relatively consistent throughout 2024.

Sustaining Capital of $40.0 to $44.0 million will be largely related to underground development and underground infrastructure. 2024 guidance marks a $4.0 million improvement from the Technical Report. The amount of lateral and vertical development has been reduced as part of a more efficient mine plan which still allows mine ramp-up targets to be met.

AISC is expected to be $15.00 to $15.90/oz AgEq sold, which is inline with the 2024 AISC forecast based on the Technical Report of $15.08/oz (inclusive of 2024 mine level AISC of $13.48/oz AgEq sold and an estimate of $1.60/oz AgEq sold of corporate level costs) and 2023 guidance of $12.75 to $13.75/oz AgEq. The major variance is inclusion of Dumas mobilization and demobilization of outgoing contractor which is offset somewhat by the reduction in underground development planned in 2024. AISC is expected to be higher in H1, 2024 than in H2, 2024.

Financial Items

The Company utilized all of its tax loss carryforwards in 2023 as a result of its strong financial performance. As a result, 2024 cash flow will be impacted by payment of Q4, 2023 taxes, 2023 special mining duties, and 2024 quarterly tax payments. In Q1, 2024 SilverCrest expects to make a payment of approximately $28.0 to $30.0 million for 2023 taxes and duties.

Quarterly cash flow in 2024 will include scheduled tax payments with taxes for 2024 estimated to be within a range of $28.0 to $33.0 million. Special mining duties are paid in the first quarter following the end of each fiscal year in accordance with the mandated annual schedule.

A $7.5 million advance was made in Q1, 2024 to support equipment purchases as part of the mobilization of Dumas. This advance will result in estimated savings of $1.5 million over the life of the five year contract. This advance to Dumas will be credited towards mining services for SilverCrest over 24 months starting in Q3, 2024.

Corporate General and Administrative expenses (G&A), before share-based compensation is expected to be within a range of $13.0 to $14.0 million.

Exploration

An exploration budget within a range of $12.0 to $14.0 million has been approved for 2024 with a focus on converting inferred resources to indicated for reserve consideration in proximity to existing or planned infrastructure, return to early stage exploration at Las Chispas, and regionally define new targets that could benefit mine life extensions.

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, with 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’s principal focus is its Las Chispas Operation in Sonora, Mexico. 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. SilverCrest shares trade on the Toronto Stock Exchange under the symbol SILV and the NYSE-American under the symbol SILV.

[stu31] 05/3/2024 20:51

SilverCrest shareholders will receive 1.6022 Coeur common shares for each SilverCrest common share
Transaction is expected to close in late Q1 2025







146.9m shares in issue (2/24). 151.5m FD. Market Cap US$808m (£631m) at 550c
Cash US$158m inc. bullion (10/24) 0 Debt
4% Insiders 32% Institutions 19% Index & ETF 44% Retail

website:

SilverCrest is a Canadian precious metals producer headquartered in Vancouver, BC, with 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's principal focus is operating its Las Chispas Mine in Sonora, Mexico. 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.

Las Chispas Operations
100 % Precious Metals 55% Silver – 45% Gold
High Grade Narrow Vein Underground Mine
Low Cost AISC in lowest quartile amongst silver peers
Stable Production Profile 10 Moz AgEq/yr

2023 Highlights
10.25Moz AgEq Sold
$50M Debt Repaid Debt Free

2024 Guidance
Silver Equivalent Ounces Million Oz AgEq Sold 10.0 – 10.3
Corporate AISC $ / oz AgEq Sold 14.90 – 15.75

Mineral Resources 101.9 AgEq M&I Ounces. 24.1 AgEq Inf. Ounces
Mineral Reserves 78.6 AgEq Ounces @ 719 AgEq

[iceagefarmer] 03/10/2023 05:06

THEY SAY IF GOLD CAN STAY ABOVE $1810 ITS DUE A BIG RALLY..AND THEREFORE TAKING SILVER WITH IT...WE SHALL SEE

[iceagefarmer] 03/10/2023 05:03

I READ THAT THE SILVER PRICE USED TO BE 7X GREATER THAN THE GOLD PRICE SO WHY HAS IT GOT SO LOW COMPARED TO THE GOLD PRICE?

IS SILVER A GOOD BUY NOW AND IS IT SET TO EXPLODE NORTH ?

[johncasey] 09/8/2021 03:41

didnt expect that crash,barstards!

[johncasey] 29/7/2021 13:52

MOVING UP NICELY

[johncasey] 29/7/2021 05:13

the maestro spot on again

[johncasey] 28/7/2021 06:29

bought in yesterday..for the ride

[temmujin] 20/7/2018 18:26

going up....

[temmujin] 20/7/2018 12:46

100pt rise imminent

[temmujin] 20/7/2018 06:39

last chance to buy silver before it rockets..

[temmujin] 20/7/2018 03:17

Why is JP Morgan Hoarding Silver?

By: Treasure Coast Bullion Group -
JP Morgan, the largest U.S. commercial and investment bank, is increasing its stockpiles of silver, betting that prices will move higher as inflation begins to take hold. Silver historically outperforms during the latter stages of a growth cycle and with interest rates on the rise, silver prices are poised to outperform riskier assets. While hedge fund traders are short futures and options position according to the latest commitment of trader’s report, JP Morgan is increasing its inventory, betting that prices will eventually surge higher.
JP Morgan Chase
JP Morgan is the largest investment and commercial bank in the United States. The company was created from the Merger of Chase Manhattan Bank and JP Morgan Chase Bank. Prior to this merger, Chase had merged with Chemical Bank and Manufacturers Hanover Bank. The company is also one of the largest silver traders in the world. The company holds stockpiles of silver in its regulated vaults.
JP Morgan is Hoarding Silver
Since January of 2018, JP Morgan Chase has increased its silver stockpiles by slightly more than 20 million ounces to 139,122,953 ounces in its regulated facility. JP Morgan Chase now owns 53% of the total 261 million ounces of silver held in vaults. In addition, it appears that JP Morgan is increasing stockpiles as hedge funds are neutral. According to the latest commitment of trader’s report, open interest that is held by managed money is balanced.
Why is JP Morgan Hoarding Silver?
JP Morgan Chase is adding to its stockpiles because the company believes that prices will climb higher. There are several reasons why the company believes prices will climb. The first is that we are near the end of an economic cycle where interest rates are climbing to fend off increasing inflation. The second is that geopolitical risks have created more volatility in riskier assets such as equities.
Current Market Environment
There are 3-major issues that are affecting the backdrop of the global macro environment. The first is that inflation is rising, and the Federal Reserve is raising interest rates. The second is that despite some signs of peace in the Koreas, the White House is now focusing on its nuclear agreement with Iran. Lastly, the Trump Administration is hell-bent on installing trade tariffs, which could increase market volatility and uncertainty.
Silver is Declining Relative to Inflation
While inflation is beginning to pick up which generally occurs as the end of an economic cycle, silver prices are stuck in a relatively tight range. Inflation can be measured using several economic indicators, but one of the most popular is the consumer price index. The CPI index for all urban consumers is an index that measures inflation at the consumer levels. This compares to the producer price index (PPI) which measures inflation at the producer level.

A chart of silver prices divided by the CPI shows that silver prices are on the decline relative to consumer inflation. The historical long-term average of Silver prices dived by the CPI is closer to 0.90, and when inflation accelerates as it did in 1980’s up to 10% silver prices reached the $49 per ounce mark. This produces a ration of nearly 3.0.
Summary
JP Morgan, one of the largest and most widely respected investment and commercial banks, is adding to its Silver stockpiles. It appears that the bank is speculating that silver prices will rise as geopolitical events and trade tariffs increase volatility. JP Morgan has increased its stockpiles by approximately 19-million ounces in the past 3-months, speculating that prices will soon rise.

[temmujin] 20/7/2018 03:00

JP MORGAN ARE RIGGING THE SILVER MARKET..J BOYS UP TO THEIR TRICKS AGAIN...

JP Morgan May Be Sitting On Almost 700 Million Ounces of Physical Silver
By Nicholas Say – Published in JP Morgan, silver, on February 17, 2018

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Photo: JP Morgan May Be Sitting On Almost 700 Million Ounces of Physical Silver
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In 1912 no less a man than J.P. Morgan sat in front of Samuel Untermeyer while testifying to the US House of Representatives and spoke the now famous words, “Money is gold, and nothing else.”

Mr. Morgan was only half right, but the topic at hand wasn't an idle discussion of monetary theory. This quote is often modified to suit the modern mind, as over the last fifty years, we have come to accept a world currency regime that is based solely on the faith that it will continue to function.

At the time that Mr. Morgan was speaking, both gold and silver were money, as he defined it. The question that proceeded these famous words, and rest of the quote from the congressional record reads as follows:

Mr Untermyer:

But the basis of banking is credit, is it not?

Mr Morgan:

Not always. That is an evidence of banking, but it is not the money itself. Money is gold, and nothing else.

Today we have lost the gold and silver that were the basis of the monetary system at that time, and the credit which Mr. Morgan describes as evidence of banking has become the 'anchor' of our modern fiat monetary system.

What Is Likely True

According to Keith Neumeyer, the CEO of First Majestic Silver, there are around 800 million ounces of silver that are mined every year, and for every ounce of gold that comes from the ground, nine ounces of silver are recovered.

These approximate figures can be found reproduced elsewhere, and there is no reason to doubt Mr. Neumeyer's assertions, though they may not be exact. They were taken from an informal interview.

The silver market is very small today; at $17 USD/oz those 800 million ounces are worth a paltry $13.6 billion USD, which is around 1/64 the value of Apple Computers, if we use Friday's closing price to determine its market cap.

At the moment JP Morgan, the mega bank that carries the name of the long dead financier, has more than 130 million ounces of silver registered in COMEX warehouses, but the story could be somewhat more complex.

Shady Dealings

Bear Sterns was famous for holding a massive short position in the silver futures market. When the investment bank went bust in 2008, JP Morgan took over that part of Bear's business.

This is where things become a bit more complex, and the data we have to draw on is limited.

According to Theodore Butler, who is a very well informed silver market analyst, JP Morgan (the modern mega bank) may have used its massive paper short position in the silver market, and its role as custodian of the SLV ETF to amass a huge amount of physical silver.

Mr. Butler goes on to speculate that JP Morgan bought some 150 million ounces of silver on the open market in the form of US and Canadian minted coins in 2013, though some of these assertions are difficult to prove.

If all of his ideas are in fact true, JP Morgan is currently sitting on nearly 700 million ounces of silver, as well as a gigantic short position in silver futures.

The Rub

Mr. Butler's idea is fairly simple, but it would mean that US Government agencies charged with regulating commodity markets haven't done their job.

To say the least.

In short, Mr. Butler alleges that JP Morgan has used its short position in silver futures, that it has never lost money on, to keep the price of silver artificially low. At the same time, he argues they have been buying nearly a year's production of physical silver, and quietly stashing it away.

Mr. Butler thinks that the 675 million ounces of silver that JP Morgan allegedly controls amounts to around 45% of the silver that exists above ground, which would make JP Morgan the most powerful player in the global silver trade by a wide margin.

Of course, if JP Morgan used its short position in silver futures to manipulate the price, while at the same time buying up the commodity they were manipulating, they broke a series of laws. But for JP Morgan, the law is more of a suggestion than a rule, based on the number of fines it has payed over the last decade for financial misdeeds.

There is no way to know for sure if JP Morgan is hording physical silver, which should demonstrate how shady the western futures exchanges are in the first place, and also how weak the law is when it comes to money center banks.

As of Friday's close it would take 81 ounces of silver to buy an ounce of gold, and given the production ratio of 9:1, silver would seem undervalued even without a massive clandestine operation to corner the market by one of the most powerful financial institutions in the world.

[temmujin] 18/11/2015 13:36

just had the nod..silver about to rocket!

[temmujin] 24/7/2015 18:30

here we go!

[temmujin] 23/7/2015 06:41

could be today