SilverCrest Reports Strong Q3 2024 Performance and Outlook
Record Revenue, Positioned to Meet or Exceed 2024 Sales Guidance
TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. (SILV) is excited to announce notable operational results for the third quarter of 2024 from its Las Chispas Operation. The company has reported tremendous achievements in operational performance, with significant increases in metal production, sales, and overall financial health. The operational results reflect ongoing efforts to maintain high standards in mining and processing, promising a bright future for the company.
Q3 2024 Operational Highlights
This quarter stands out particularly due to:
- Recovery of 14,928 ounces of gold and 1.41 million ounces of silver, translating to approximately 2.60 million ounces of silver equivalent.
- Sales figures peaked at 15,204 ounces of gold and 1.45 million ounces of silver, amounting to around 2.66 million silver equivalent ounces.
- The company achieved record revenue of $80.4 million, marking a 10% increase compared to the previous quarter.
- The average realized prices reached $2,472 per ounce for gold and $29.48 per ounce for silver, which improved by 11% and 6% respectively compared to the prior quarter.
- The company’s treasury grew by 29% from the last quarter, totaling $158.2 million, which includes $120.9 million in cash and $37.4 million in bullion.
Company CEO Eric Fier expressed satisfaction with these achievements, stating, "The performance from Las Chispas Operation reflects our consistent trajectory. With silver equivalent sales reaching nearly 7.9 million ounces this year, we are positioned to meet our 2024 annual sales targets, forecasted at 10 to 10.3 million ounces. Our treasury has also grown significantly, enhancing our financial positioning in the market."
Operational Efficiency and Future Plans
The company reported a 24% increase in ore mined during Q3 2024 compared to the previous quarter. This positive trend is largely due to SilverCrest's strategic decision to utilize multiple underground mining contractors, allowing escalation of operational flexibility and efficiency. Capacity tests performed at the plant have shown encouraging results, indicating a higher throughput during part of the quarter. The company expects to sustain an optimal throughput of approximately 1,200 tonnes per day for the remaining months of the year, reinforcing their operational reliability.
SilverCrest remains dedicated to achieving further advancements in operational performance, emphasizing that the continued focus on business strategies will bolster its ability to increase production and maintain financial growth going into the future.
Key Financial and Operational Metrics
In addition to revenue, key metrics from Q3 2024 include:
- Ore mined: 124,229 tonnes.
- Ore milled: 121,775 tonnes.
- Average daily mill throughput: 1,324 tonnes per day.
- Average processed grade for gold: 3.87 grams per tonne.
- Process recovery rates stood at 98.5% for gold and 98.3% for silver.
Upcoming Conference Call
SilverCrest's unaudited financial statements for the third quarter of 2024 are set to be released post-market on November 12, 2024. Following this, a conference call is scheduled for November 13, 2024, at 8:00 a.m. PT / 11:00 a.m. ET to discuss operational and financial results in detail. Interested parties can dial in to participate, further engaging in the company’s financial narrative.
About SilverCrest Metals Inc.
Headquartered in Vancouver, British Columbia, SilverCrest is a prominent Canadian precious metals producer, focusing on its flagship Las Chispas Operation. SilverCrest aims to expand its asset base through the enhancement of existing resources and reserves. The company's vision is to operate multiple silver-gold mines within the Americas, and is backed by a seasoned management team with comprehensive experience in the precious metal mining sector.
Frequently Asked Questions
What were SilverCrest's key operational highlights for Q3 2024?
SilverCrest achieved record revenue of $80.4 million, recovered nearly 15,000 ounces of gold and 1.41 million ounces of silver, and increased its treasury assets to $158.2 million.
When is SilverCrest's next conference call scheduled?
The next conference call will take place on November 13, 2024, at 8:00 a.m. PT to discuss the third-quarter results.
What strategic decisions contributed to SilverCrest's productivity?
The use of multiple underground mining contractors significantly boosted ore mined by 24%, enhancing operational flexibility.
What are the market expectations for SilverCrest’s sales in 2024?
SilverCrest is on course to meet or exceed their annual sales guidance of 10 to 10.3 million ounces of silver equivalent.
What measures is SilverCrest taking to maintain operational efficiency?
The company is focused on optimizing throughput and has recorded an average daily mill throughput of 1,324 tonnes, with plans to sustain this for the remainder of the year.
