PR Newswire
VANCOUVER, BC, April 17, 2024
Record Processed Grades and Recoveries, Silver Equivalent Sales Exceed Plan
TSX: SIL | NYSE American: SILV
VANCOUVER, BC, April 17, 2024 /PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide interim operational results for the first quarter of 2024 ("Q1, 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.
N. Eric Fier, CEO, commented, "Our first quarter has set the stage for another year of strong operational performance at Las Chispas, with silver sales exceeding plan and positioning us well to achieve 2024 sales guidance. Mobilization of our new mining contractor began in February 2024 and ramp-up of the underground continues to progress well. In the quarter, we achieved record silver equivalent process grades of 874 grams per tonne and recoveries of 98.3%, while completing planned maintenance ahead of schedule and returning plant availability to 92% in March.
"Strong performance of bullion prices in the quarter contributed to a 4% increase in our bullion holdings, to end the quarter at $20.0 million. As expected a significant cash payment for 2023 taxes and duties was completed, bringing total treasury assets2 to $91.1 million at the end of the quarter. We look forward to providing more details of our operational and financial performance in mid May."
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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. |
2 Treasury Assets is comprised of bullion holdings and cash. |
Q1, 2024 Operational Highlights
| Unit | Q1, 2024 | Q1, 2023 |
Ore mined | tonnes | 85,737 | 63,600 |
Ore milled (a) | tonnes | 93,373 | 104,400 |
Average daily mill throughput | tpd | 1,026 | 1,160 |
| | | |
Gold (Au) | | | |
Average processed grade | gpt | 4.97 | 4.06 |
Process recovery | % | 98.6 % | 97.5 % |
Recovered | oz | 14,719 | 13,300 |
Sold | oz | 15,000 | 14,200 |
Average realized price | $/oz | 2,062 | 1,879 |
| | | |
Silver (Ag) | | | |
Average processed grade | gpt | 479 | 419 |
Process recovery | % | 98.0 % | 91.9 % |
Recovered | million oz | 1.41 | 1.29 |
Sold | million oz | 1.40 | 1.36 |
Average realized price | $/oz | 23.37 | 23.00 |
| | | |
Silver equivalent (AgEq) | | | |
Average processed grade | gpt | 874 | 742 |
Process recovery | % | 98.3 % | 94.4 % |
Recovered | million oz | 2.58 | 2.35 |
Sold | million oz | 2.59 | 2.49 |
(a) Ore milled includes material from stockpiles and ore mined. |
Q1, 2024 Conference Call
The Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 will be released after market on May 14, 2024.
A conference call to discuss the Company's Q1, 2024 operational and financial results will be held Wednesday, May 15, 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: | Wednesday May 15, 2024 at 8:00 a.m. PT / 11:00 a.m. ET |
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Telephone: | North America Toll Free: 1-800-274-8461 |
| Conference ID: SILVER (745837) |
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Webcast: |
Qualified Persons Statement
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