SilverCrest Reports Fourth Quarter and 2023 Annual Financial Results

VANCOUVER, BC, March 11, 2024

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."

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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. ARIVA.DE Börsen-Geflüster Kurse Global X Silver Miners ETF 35,77 $ 0,00% SilverCrest Metals Inc 9,14 $ 0,00%

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.

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.

Fourth Quarter and Annual Operating Performance

The following operating performance refers to free cash flow, cash costs, AISC, treasury assets and net cash which are described in more detail in the "Non-GAAP Financial Measures" section of this news release.

OPERATIONAL	Unit	Q4, 2023	Q4, 2022	2023	2022
Ore mined	tonnes	78,600	64,700	300,900	201,000
Ore milled(a)	tonnes	104,500	104,400	431,400	187,600
Average daily mill throughput	tpd	1,136	1,135	1,182	877
Underground development	km	3.6	2.3	13.2	8.1
Gold
Average grade	gpt	4.28	3.67	4.39	3.05
Recovery	%	98.3 %	96.9 %	98.1 %	96.5 %
Recovered	oz	14,100	11,940	59,700	17,770
Sold	oz	16,100	11,400 Werbung Mehr Nachrichten zum Fonds kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 21.05.24 - PR Newswire BlackRock Sustainable American Income Trust Plc - Transaction in Own Shares 21.05.24 - PR Newswire KR1 Plc - Ordinary Share Buyback: Transaction in Own Shares 21.05.24 - PR Newswire Pentwater Capital Management LP - Form 8.3 - DS Smith Plc Die Wachstumsgeschichte    Analysten sehen kurzfristige +37 %-Chance bei diesem europäischen Marktführer weiterlesen» Anzeige wo-site-teaser-box-17020_site-teaser-box_2024-05-21_07%253A00%253A00_2024-05-22_09%253A00%253A59