Second quarter production ahead of our estimates. Compared to the prior year period, second quarter silver production increased 26.6% to 1,359,207 ounces, while gold production declined 16.8% to 9,289 ounces. Payable silver and gold ounces produced amounted to 1,346,276 and 9,117 ounces, respectively. Production was ahead of our expectations due to higher grades at both mines. Compared to the first quarter of 2022, silver and gold production increased 3.4% and 6.8%, respectively. Endeavour retained inventory for sale at higher prices. Second quarter silver and gold sales amounted to 602,894 ounces and 9,792 ounces, respectively. At quarter end, Endeavour held 1,399,355 ounces of silver and 2,580 ounces of gold in bullion inventory and 12,408 ounces of silver and 588 ounces of gold in concentrate inventory. Updating estimates. Due to lower silver sales in the second quarter, we now forecast a second quarter loss of $5.5 million, or $(0.03) per share. While we expect sales from inventory to benefit the third and fourth quarters, we have lowered our full year EBITDA and EPS estimates to $60.0 million and $0.10, respectively, from $67.8 million and $0.15. Due to lower 2023 silver and gold pricing expectations, we have lowered our 2023 EBITDA and EPS estimates to $70.9 million and $0.15, respectively, from $75.6 million and $0.17. Read More >>
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Endeavour Silver - Solid 2Q Production; Holding Out for Higher Prices
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West High Yield
Overview
West High Yield (TSXV:WHY) is an exploration and development mining company focusing on critical minerals with a high-grade magnesium/silica/nickel project nearing production. The company’s Record Ridge property project leverages the opportunity to create a new supply of magnesium outside of China and Russia. West High Yield has an experienced management team ready to bring its project to production.
China provides 90 percent of the global magnesium supply, most critical minerals and even a large proportion of Europe’s consumption. Demand for magnesium is growing in multiple verticals, including the renewable energy sector and pharmaceutical industry. In addition, magnesium is a necessary mineral to reach global net-zero emissions goals by 2050. These global dynamics highlight the need to develop an on-shore, secure and strategic critical mineral domestic supply chain for magnesium/silica/nickel amid continuing supply shortages.
No matter what decarbonization path one follows, the metals and mining sector that mine and processes critical minerals will be at the core of enabling the energy transition that underpins modern society.
West High Yield’s advanced 100-percent-owned Record Ridge project in British Columbia, Canada is poised to create a secure, strategic domestic supply chain to cater to North America’s magnesium demand. The company is currently awaiting permits to begin production. Once production commences, West High Yield will start generating cash flow through the sale of ore and will seek additional offtake agreements.
The Record Ridge asset has one of the largest and highest-grade magnesium/silica deposits in North America, and globally. The company’s resource estimate shows 43 million tonnes (Mt) of ore at 24.6 percent magnesium, which implies a world-class asset containing 10.6 Mt of magnesium. In addition, West High Yield’s pre-feasibility study indicates strong economics with an after-tax NPV of 5 percent of $872 million, an internal rate of return (IRR) of 72 percent over a 172-year mine life, and payback in 1.5 years.
Additionally, the company has developed a green mining and refinement process to minimize carbon emissions during production. This green process utilizes over 90 percent of the ore extraction, not only of magnesium but saleable quantities of silica, nickel and iron. Magnesium is widely used in renewable energy technologies, so maintaining a strong ESG rating is essential for downstream manufacturing.
WHY continues to consult with the local community and the government throughout the permitting process for Record Ridge. In July 2023, the company announced a series of mitigation strategies to address concerns that have been raised through the public engagement process, including: substituting the use of explosives with mechanized equipment for ore extraction; implementing enclosed environments for crushing equipment to effectively manage dust and noise; and exploring the option for an alternative trucking route to avoid passing through the city streets of Rossland, BC.
In addition, WHY has signed a cooperation agreement with the Osoyoos Indian Band (OIB) with respect to the Record Ridge Project, which falls within OIB’s asserted territory. The agreement assures OIB’s oversight of the project to protect its people’s environmental and economic interests.
An experienced management team with expertise throughout the mining industry leads the company towards fully leveraging its promising asset. Experts in geology, corporate administration and engineering create confidence in the team’s ability to reach its goals.
Company Highlights
- West High Yield (TSX:WHY) is an exploration and development mining company focusing on its advanced-stage critical mineral magnesium/silica/nickel asset nearing production.
- The company’s flagship Record Ridge asset has the potential to strengthen and secure the North American on-shore critical mineral magnesium/silica/nickel supply chain and reduce dependence on China and Russia’s production.
- Magnesium is used throughout several verticals, such as aerospace, clean energy, pharmaceuticals, and as a potential disrupter in the battery segment. These multiple applications of critical minerals continue to widen the gap between growing demand and dwindling supply creating an opportunistic tailwind for WHY Resources and the development of the Record Ridge Project.
- Silica has been added as a critical mineral to the Department of Energy’s US list of critical minerals in demand for the safe and secure domestic manufacturing supply chain.
- Mining permit application for Record Ridge is underway, as WHY continues to work with the Indigenous nations, local community, and the government to ensure the Record Ridge becomes the best project possible for both the company and the community.
- West High Yield has completed a pre-feasibility study indicating robust economics that encourages the company to move forward.
- The company prioritizes clean energy operations to reduce emissions and ensure a positive ESG rating, creating low-cost, high-pedigree magnesium/silica/nickel products that result in virtually no CO2 emission.
- An experienced management team leads the company toward fully realizing the potential of its assets.
Key Project
Record Ridge Magnesium Project
Record Ridge Commercial Proprietary Hydrometallurgical Process
The 100-percent-owned Record Ridge project covers 8,972 hectares, approximately 7.5 kilometers west to southwest of Rossland, BC. The project is only 5 kilometers away from the US-Canadian border and has excellent regional infrastructure, including power, water, roads, proximate labor force and transportation. West High Yield expects to commence production in Q2-Q3 2024 in anticipation of the permit being awarded WHY has since announced a series of mitigation measures, as a result of the public engagement process, including: substituting the use of explosives with mechanized equipment for ore extraction; implementing enclosed environments for crushing equipment to effectively manage dust and noise; and exploring the option for an alternative trucking route to avoid passing through the city streets of Rossland, BC.
Project Highlights:
- Nearing Production: The advanced-stage project is currently in the final technical review required for the mining permit to initiate production. Once production commences, the company will begin generating cash flow through the sale of ore. West High Yield will also seek out new offtake agreements and with positive cash flow begin moving towards capitalizing on the property’s gold deposits.
- Encouraging Pre-feasibility Study: West High Yield’s pre-feasibility study (PFS) also indicates impressive economics, demonstrating an IRR of 72 percent over a 172-year mine life, an after-tax NPV of 5 percent of $872 million, and payback in 1.5 years. The completed PFS allows the company to move forward with production with complete confidence in future revenue.
- Sustainable Production with Minimal Carbon Emissions: The HCI leaching process the company will be using produces minimal CO2 emissions. The company’s specific process was developed to produce virtually no waste and low environmental impact. These efforts result in a top-tier ESG rating that will reflect on downstream manufacturers.
- Indigenous Community Collaboration: A cooperation agreement with the Osoyoos Indian Band (OIB) with respect to the Record Ridge Project, which falls within OIB’s asserted territory, assures OIB’s oversight of the project to protect its people’s environmental and economic interests.
Management Team
Frank Marasco Jr. - Founder, President, CEO and Director
Frank Marasco is the founder of West High Yield Resources. Marasco is also president and director of Big Mountain Development Corp. Over the course of 45 years, Marasco has built and sold 47 successful businesses, including hotels, motels, rental units, RV and mobile home parks, apartments, retail liquor stores, pubs, nightclubs and a retail mall. At the age of 47, he retired, later going into business in the oil and mining sectors. He had purchased 81 oil and gas development sections in S.E. Saskatchewan in the Bakken, as well as gold mines in Rossland, BC. After briefly exploring for and finding gold on the project, Marasco and his team then discovered what is now a world-class, 2,000-acre, high-grade, low-cost, critical mineral magnesium deposit known as Record Ridge.
Barry Baim - Director and Corporate Secretary
Barry Baim brings over 35 years of activating and inspiring teams to achieve profitable revenue growth. His senior leadership experience is diverse having held executive positions with both private and public companies including Tier one CPG and in the natural resource sector mining site development projects in oil sands, 3d seismic, logistics, remote lodging and other service-related entities in energy, oil and gas. Baim is currently a director for SGV Canada and a past board member with Millennium Seismic, Paradigm Chemical Technologies and Siksika Resource Developments Ltd.
Patricia L. Nelson - Director
Patricia Nelson was controller for Sabre Petroleum's, Petroterra Natural Resources and manager of Financial Control for Suncor. She is the vice-chair and director of the In Situ Oil Sands Alliance, director of Altalink, and director of Optiom Inc.. Nelson served 15 years as an elected member of the Legislature of Alberta. She was appointed and served as minister of energy, minister of economic development and tourism, minister of government services and finally, was appointed minister of finance. She served 12 years as a member of the treasury board and the agenda and priorities committee of the government. An active member of the community, she supports charitable organizations such as the kidney foundation, the cancer foundation, heart and stroke and juvenile diabetes.
Maria Marasco - Director
Maria Marasco is an independent businesswoman who has provided services in corporate restructuring finance, acquisitions, and strategic planning. She is also responsible for overseeing management information systems, human resource strategies, and property management systems.
Shelina Hirji - Chief Financial Officer
Shelina Hirji is a designated accountant with over 38 years of experience in infrastructure construction, oil and gas exploration, and mining. Hirji has been engaged in the oil and gas industry since early 1990, starting with various senior accounting and management roles in both public and private companies with extensive participation in growth opportunities. She has been a key member of the executive management team, assuming a strategic role in the overall management of the company. Hirji's experience in financial management includes financial reporting, corporate accounting, budgeting and forecasting, as well as stewardship of internal controls. Hirji is a member of the Chartered Professional Accountants of Alberta and the advisory committee for the TSX Venture Exchange.
Fouad Kamaleddine - Advisor
Dr. Fouad Kamaleddine is the founder/principal of AIS Inc., an integrated mining consulting partnership that provides technical services to mining companies including processing and metallurgy, project development and engineering studies. He has been an officer and director of many public and private mining companies. Kamaleddine has over 20 years of academic and industry experience with demonstrated success in conducting challenging industrial research leading to several inventions and multiple achievement awards.
James Gregory (Greg) Davison - Senior Geologist, Technical Advisor and Qualified Person
Greg Davison is a professional consulting exploration geologist, technical advisor, qualified person, project generator and manager, and ore mineralogist (exploration and metallurgy). Davison is currently licensed in British Columbia (EGBC) and has over forty-four years of practical field, laboratory and management experience in diverse geological settings. He completed his B.Sc. (honors geology) at Dalhousie University, Nova Scotia (1974-1979) and his M.Sc. (geology) at Brock University, Ontario (1981-1984), and is on the board of directors of TSX-V-listed Silver Spruce Resources and Playfair Mining. Davison provides extensive management, operational and applied skills for mineral exploration, including technical analysis of process mineralogy, petrography and ore geology, at all project levels from grassroots through advanced development and mining.
Rick Walker - P. Geologist and P. Engineer
Rick Walker has over 25 years of geological and structural mapping experience in the mineral exploration industry. Walker has a strong background, ranging from structurally complex areas to advanced exploration property definition. In addition, he has worked on a wide variety of deposit types, including porphyries, sedimentary exhalative, volcanogenic massive sulphides, low tonnage vein-type, industrial minerals; gold, silver, base metals, rare to strategic metals and diamonds. Walker has delivered significant geological value throughout his career for companies, ranging from junior to major resource companies, both nationally and internationally. He has also served as a volunteer for industry-related organizations, serving for 12 years as president of the East Kootenay Chamber of Mines, five years as a director of the BC and Yukon Chamber of Mines (now the Association of Mineral Exploration for BC), on the committee that developed the initial Mineral Exploration Code for BC and as an industry representative in the Commission on Resources and Environment (CORE) process resulting in the East Kootenay Land Use Plan.
Corey Peck - Junior Geologist
Corey Peck is a junior geologist who came to West High Yield Resources in the spring of 2007. He studied at the University of Calgary, where he received a B.Sc. in geology, with a minor in earth science. He has extensive training in both the field and lab settings. His skill set encompasses all aspects of geology, geophysics and geography, with particular emphasis on geotechnical logging, mineralogy and mapping. He currently resides full-time in Rossland, BC.
Klondike Silver Announces Private Placement
Klondike Silver Corp. (the “Company”) (TSX.V: KS) The Company announces that it is raising up to $1,500,000 through a non-brokered private placement (the “Offering”) of up to 30,000,000 units at a price of $0.05 per unit. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable for a period of 5 years from the closing at a price of $0.05 per share in year one and two then $0.08 per share in years three, four and five. All Units are subject to a four-month hold period from the date of issuance. Commissions may be paid on a portion of the funds raised. The Offering is subject to TSX Venture Exchange ("TSXV") final acceptance.
The net proceeds will be used for advancing the Sandon B.C. project, located 138 KM north of the Trail B.C. smelter, and for general working capital.
None of the foregoing securities have been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Klondike Silver
- Klondike’s Silvana Mine Silver Zinc Lead project is located in South Eastern B.C.
- Klondike’s 114 square kilometer claim block is 138 km north of the Trail B.C. smelter.
- Klondike Silver is exploring from underground, along the 9 km “Main Lode”. The “Main Lode” is the most prolific mineralized structure in the Slocan Mining Camp.
- There are 13 past producing mines that are situated along the “Main Lode” which have produced 886,000 kg of silver, 95 million kg of zinc and 117 million kg lead so far. (source: BC MINFILE).
- There are 67 past producing mines that are situated in Klondike Silver’s 114 square kilometer claim block. (source: BC MINFILE).
On Behalf of the Board of Directors
KLONDIKE SILVER CORP
“Thomas J. Kennedy”
CEO and Director
Additional information can be found on Klondike Silver’s website: www.klondikesilver.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company’s continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Endeavour Silver Announces First Drawdown on The Terronera Senior Secured Debt Facility
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce the first drawdown of $60 million of the $120 million senior secured debt facility (the " Debt Facility ") for the development of the Terronera Mine in Jalisco state, Mexico. The debt facility is provided by Société Générale and ING Bank N.V. and closed last year (see news release dated October 10, 2023 ). All references to dollars ($) in this news release are in United States dollars.
Construction of the Terronera mine is well underway and remains on track and has satisfied all conditions precedent to first draw. Key terms of the Debt Facility remain consistent with those previously announced in the Company's news release dated April 18, 2023 and the hedge contract terms have now been executed, further reducing financial risk in the project. The key terms of these contracts are as follows:
- Forward sales amounting to 68,000 ounces of gold have been executed at $2,325 per ounce, representing 55% of planned gold production during the initial three years of operations.
- There is no requirement to hedge silver sales.
- Forward purchases of US$45 million equivalent Mexican peso over the remaining construction period have been hedged at $16.56 per US dollar.
About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn .
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the development and financing of the Terronera Project including: anticipated timing of the project and the Company's ability to continue to draw on the remaining funds in the Debt Facility, estimated project economics, Terronera's forecasted operations, costs and expenditures, and the timing and results of various related activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; satisfaction of conditions precedent to drawdown under the Debt Facility; the ongoing effects of inflation and supply chain issues on the Terronera Project economics; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
News Provided by GlobeNewswire via QuoteMedia
Pan American Silver to Announce First Quarter 2024 Unaudited Results and Host Annual General and Special Meeting of Shareholders on May 8
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (" Pan American ") will announce its unaudited results for the first quarter of 2024 after market close on Wednesday, May 8, 2024. Pan American will also be holding its Annual General and Special Meeting of shareholders (the "Shareholders Meeting") the same day at 3:00 pm PT.
First Quarter 2024 Unaudited Results Conference Call and Webcast
Date: | May 9, 2024 | |||
Time: | 11:00 am ET (8:00 am PT) | |||
Dial-in numbers: | 1-888-259-6580 (toll-free in Canada and the U.S.) | |||
+1-416-764-8624 (international participants) | ||||
Conference ID: | 12621721 | |||
Webcast: |
The live webcast, presentation slides and the report for the first quarter of 2024 will be available at https://www.panamericansilver.com/invest/events-and-presentations/ . An archive of the webcast will also be available for three months.
Annual General and Special Meeting of Shareholders
Pan American is scheduled to hold its Shareholders Meeting at 3:00 pm PT on Wednesday, May 8, 2024 at 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, Canada. The Management Information Circular, Notice of Annual General and Special Meeting of Shareholders, Form of Proxy and other proxy-related materials for the Shareholders Meeting are available at https://panamericansilver.com/invest/financial-reports-and-filings/ . The Shareholders Meeting will not be webcast.
About Pan American Silver
Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com .
Follow us on LinkedIn .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240409158325/en/
Siren Fisekci
VP, Investor Relations & Corporate Communications
604-806-3191
ir@panamericansilver.com
News Provided by Business Wire via QuoteMedia
Endeavour Silver Delivers Strong Production in Q1 2024
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to report first quarter 2024 production of 1,460,006 silver ounces (oz) and 10,133 gold oz, for silver equivalent (1) ("AgEq") production of 2.3 million oz.
"Across our portfolio, the operations performed largely in-line with our expectations to deliver our annual production guidance of 8.1- 8.8 million silver equivalent ounces in 2024," commented Dan Dickson, Chief Executive Officer. "The infrastructure upgrades in pumping and ventilation have stabilized production at Guanacevi, and the impact from these improvements is being realized by our strong start to the year. Gold and silver prices have strengthened considerably, which will improve future revenues. I look forward to building upon the success of this quarter."
Q1 2024 Highlights
- Guanaceví Continues to Deliver: Silver and gold production were consistent with plan showing higher gold grades and overall recoveries, offset by lower silver grades. Throughput slightly exceeded plan due to plant refurbishments and mining efficiencies that were implemented in 2023.
- Bolañitos Performance Remains Steady: Strong gold production continued from the fourth quarter of 2023. Silver production continued to trend down as lower silver grades were encountered; variations in grades quarter to quarter are expected.
- Metal Sales and Inventories : Sold 1,756,094 oz silver and 10,880 oz gold during the quarter. Held 174,759 oz silver and 394 oz gold bullion inventory and 7,369 oz silver and 385 oz gold in concentrate inventory at quarter end.
Q1 2024 Mine Operations
Consolidated silver production decreased by 10% to 1,460,006 ounces in Q1 2024 compared to Q1 2023, driven by 7% lower silver production at the Guanaceví mine and 32% lower silver production at the Bolañitos mine. Gold production increased by 8% to 10,133 ounces in Q1 2024 compared to Q1 2023 due to 17% higher gold production at the Bolañitos mine, offset by 2% lower gold production at the Guanaceví mine.
In Q1, 2024, Guanaceví throughput was 12% higher than Q1 2023 and silver grades and gold grades were 21% and 12% lower, respectively, which drove the lower silver and gold output. Guanaceví throughput was slightly above plan due to plant refurbishments and modifications implemented last year, while grades were slightly lower due to typical variations in the resource model. Supplies of local third-party feed continued to supplement mine production, amounting to 11% of quarterly throughput and contributing to the higher grades.
Bolañitos Q1 2024 throughput was 2% lower than Q1 2023 with 31% lower silver grades offset by 14% higher gold grades. Silver production was 32% lower while gold production was 17% higher at the Bolañitos mine.
Production Highlights
Three Months Ended March 31, | ||||||
2024 | 2023 | % Change | ||||
Throughput (tonnes) | 221,794 | 211,073 | 5% | |||
Silver ounces produced | 1,460,006 | 1,623,545 | (10%) | |||
Gold ounces produced | 10,133 | 9,342 | 8% | |||
Payable silver ounces produced | 1,450,308 | 1,608,212 | (10%) | |||
Payable gold ounces produced | 9,948 | 9,184 | 8% | |||
Silver equivalent ounces produced 1 | 2,270,677 | 2,370,905 | (4%) | |||
Silver ounces sold | 1,756,094 | 1,667,408 | 5% | |||
Gold ounces sold | 10,880 | 9,126 | 19% |
Q1 2024 Production by Mine
Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold | ||||||||
by mine | Processed | per day | Ag gpt* | Au gpt* | Ag % | Au % | Oz | Oz | ||||||||
Guanaceví | 115,004 | 1,263 | 402 | 1.25 | 89.9% | 89.2% | 1,335,742 | 4,124 | ||||||||
Bolañitos | 106,790 | 1,174 | 42 | 1.94 | 86.2% | 90.2% | 124,263 | 6,010 | ||||||||
Consolidated | 221,794 | 2,437 | 229 | 1.58 | 89.5% | 89.8% | 1,460,006 | 10,133 |
*gpt = grams per tonne
Totals may not add up due to rounding
Qualified Person
Dale Mah, P.Geo., Vice President Corporate Development, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters in this news release.
Q1 2024 Financial Results and Conference Call
Q1 2024 financial results will be released before market open on Thursday, May 9, 2024 and Management will host a conference call the same day at 1:00 pm Eastern time to discuss the results.
Date: | Thursday, May 9, 2024 |
Time: | 10:00am Pacific / 1:00pm Eastern |
Telephone: | Canada & US +1-844-763-8274 International +1-647-484-8814 |
Replay: | Canada & US +1-604-674-8052 International +1-855-669-9658 Passcode is 0771#; audio replay will be available on Company's website |
About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
Endnotes
1 Silver equivalent (AgEq)
AgEq is calculated using an 80:1 silver:gold ratio.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance in 2024 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
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ASX Silver Stocks: 5 Biggest Companies in 2024
As a precious metal, silver is often compared to gold, and similarly holds an important role in the production of jewellery and as a safe-haven investment. However, silver also has increasing industrial uses.
In addition to its applications in jewellery and silverware, the white metal is becoming important for its use in the energy transition, specifically for its conductive capacity, which makes it particularly useful in the production of photovoltaic panels. It also has a wide array of uses in the production of electronics, automobiles, medicine and photography.
Despite its important role, silver is still largely a secondary metal, being mined as a by-product of lead, gold, zinc and copper. There are, however, several Australian companies that have put silver first.
Read on to discover the largest primary silver companies listed on the ASX. Stocks are sorted in descending order of market cap, and data was gathered using TradingView’s stock screener on April 5, 2024.
1. Adriatic Metals (ASX:ADT)
Market cap: AU$806.92 million; current share price: AU$3.94
Adriatic Metals is a precious and base metals developer working to advance its mining assets in South-Central Europe.
Its Vareš mining project, located near Vareš, a historic mining town in Bosnia and Herzegovina, produced its first silver-lead concentrate and zinc concentrate at a recently constructed processing plant in late February of this year.
Adriatic’s mining efforts at Vareš are focused on the Rupice deposit, for which it released an ore reserve estimate on December 20. The estimate indicates an 18 year mine life and probable reserves of 83 million ounces of silver, 640,000 ounces of gold, 723,000 tonnes of zinc, 457,000 tonnes of lead, 64,000 tonnes of copper and 24,000 tonnes of antimony.
Now that the processing plant is in operation, the ramp up to its nameplate capacity of 800,000 tonnes per annum is slated to be complete in the fourth quarter of 2024.
2. Silver Mines (ASX:SVL)
Market cap: AU$286.53 million; current share price: AU$0.185
Silver Mines is an advanced-stage silver exploration and development company focused on its Bowdens silver project, which is located in Central New South Wales, 26 kilometres east of Mudgee.
Bowdens is made up of 2,115 square kilometres of titles, covers 80 kilometres of strike and represents the largest-known undeveloped silver resource in Australia. In its latest mineral resource estimate, released in March 2023, the company reported 169 million ounces of silver and 96,000 ounces of gold in the measured and indicated categories, with an additional inferred resource of 20 million ounces of silver and 96,000 ounces of gold.
The project was approved to proceed to the development and production stage in April 2023. Silver Mines is currently working on updating the mineral reserve estimate and subsequently the ore reserve for completion in the first half of 2024. A final investment decision is targeted for late 2024.
3. Investigator Resources (ASX:IVR)
Market cap: AU$76.03 million; current share price: AU$0.048
Investigator Resources is a polymetallic exploration and development company with assets throughout Australia and Tasmania. Its flagship property is the Paris silver project, located on South Australia’s Eyre Peninsula.
In a July 2023 mineral resource estimate update, Investigator increased Paris' indicated and inferred resources to 57 million ounces of silver and 99,000 tonnes of lead with average grades of 73 grams per tonne (g/t) silver and 0.41 percent lead from 24 million tonnes. The company has referred to Paris as Australia’s highest-grade primary silver project.
A November 2021 prefeasibility study for the project shows it could operate as a high-grade, near-surface, open-pit mine with a life of five to seven years. Investigator is working to produce a definitive feasibility study for the project. That work includes a regional exploration program with 5,000 metres of drilling; results are expected this May.
Paris also hosts the Apollo silver deposit, which is 5 kilometres from the main zone. The company's drilling at Apollo has revealed high grades, including an interval grading 1,262 g/t silver over 8 metres in August 2022. In a June 2023 announcement, Investigator noted that intersections and mineral, petrological and geologic observations support the belief that Apollo hosts the right conditions for "epithermal-type intermediate sulphidation silver-lead-zinc mineralisation."
4. Unico Silver (ASX:USL)
Market cap: AU$50.33 million; current share price: AU$0.17
Formerly known as E2 Metals, Unico Metals changed its name in March 2023. The company is focused on the development of assets in Southern Argentina, and its flagship project is Cerro Leon, which consists of two vein fields — the greenfields Conserrat project, in which Unico has an 80 percent stake, and the more advanced Pingüino project.
In its latest mineral resource estimate for Cerro Leon, released in May of last year, the company reported indicated and inferred resources of 40.9 million ounces of silver and 344,200 ounces of gold, as well as over 150,500 tonnes of zinc and 58,500 tonnes of lead.
5. Lode Resources (ASX:LDR)
Market cap: AU$11.21 million; current share price: AU$0.11
Lode Resources is an exploration company focused on the development of assets within the New England Fold Belt. Its flagship property is the Webbs Consol silver-base metals project, located 16 kilometres southwest of Emmaville, New South Wales. The resource was originally discovered in 1890 and was mined until the mid-1950s.
The company explored the property’s Tangoa West lode throughout 2023 and delivered a series of high-grade results. On February 1 of last year, it reported 254 g/t silver over 116.1 metres, including 419 g/t silver over 41.4 metres; a few months later, on May 18, it returned 389 g/t silver over 24.5 metres. Lode Resources has continued to test the Tangoa West lode down to a depth of 450 metres. According to the company, the increasing depth has provided it with greater confidence in the size and high value of the target, as well as a better understanding of its scale.
The most recent update from the site came on February 19, when Lode Resources reported a new high-grade silver discovery that expands the mineralisation footprint of the Webbs Consol project. In a press release, the company highlights that drill intercepts encountered in this area could represent multiple lodes or a larger mineralised body.
Don't forget to follow us @INN_Australiafor real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Fortuna reports strong gold equivalent production of 112,543 ounces in the first quarter of 2024
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports strong gold and gold equivalent production for the first quarter of 2024 from its five operating mines in West Africa and Latin America. Gold and silver production for the quarter was 89,678 ounces and 1.1 million ounces, respectively, or 112,543 gold equivalent ounces 1 including lead and zinc by-products.
Fortuna reiterates its 2024 annual production guidance range of 343 to 385 thousand ounces of gold and 4.0 to 4.7 million ounces of silver or between 457 and 497 thousand ounces of gold equivalent ounces 2 , including lead and zinc by-products (refer to Fortuna news release dated January 18, 2024 ). All amounts expressed in this news release are in US dollars unless otherwise stated.
Q1 2024 highlights
- $40 million was repaid on the Company's credit facility in Q1 2024, resulting in a total of
$121 million paid since Q3 2023. - 1,030,375 shares were repurchased under its normal course issuer bid program at an average price of $3.42 per share totaling $3.52 million.
- On April 1, the Company exercised its right to acquire 50 percent of the 1.2 percent net smelter return (NSR) at the Séguéla Mine for AUD$10 million as per a royalty agreement with Franco Nevada Corp. dated March 30, 2021.
- Gold equivalent production of 112,543 ounces; a 20 percent increase compared to Q1 2023 (94,110 oz Au Eq) 4 and a 17 percent decrease compared to Q4 2023 (136,154 oz Au Eq) 3 .
- Gold production of 89,678 ounces; a 49 percent increase compared to Q1 2023 (60,092 oz Au) 4 . and a decrease of 16 percent compared to Q4 2023 (107,376 oz Au) 3 .
- Silver production of 1,074,571 ounces; a 32 percent decrease compared to Q1 2023 (1,586,378 oz Ag) and a decrease of 21 percent compared to Q4 2023 (1,354,003 oz Ag) 3 .
- Total Recordable Injury Frequency Rate (TRIFR) of 3.10 compared to 1.39 in Q1 2023.
Notes:
- Au Eq includes gold, silver, lead, and zinc and is calculated using the following metal prices: $2,087/oz Au, $23.43/oz Ag, $2,084/t Pb and $2,450/t Zn or Au:Ag = 1:89.08, Au:Pb = 1:1.00, Au:Zn = 1:0.85
- Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,800/oz Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn or Au:Ag = 1:81.82, Au:Pb = 1:0.90, Au:Zn = 1:0.72
- Refer to Fortuna news release dated January 18, 2024, " Fortuna reports record 2023 production of 452 koz Au Eq and 2024 annual guidance of 457 to 497 koz Au Eq "
- Refer to Fortuna news release dated April 12, 2023, " Fortuna reports production of 94,110 gold equivalent ounces for the first quarter of 2023 "
Q1 2024 Consolidated Gold and Silver Production
Gold Production (oz) | Silver Production (oz) | ||||||
Q1 2024 | Q1 2023 | 2024 Annual Guidance (koz) | Q1 2024 | Q1 2023 | 2024 Annual Guidance (Moz) | ||
Séguéla, Côte d'Ivoire | 34,556 | - | 126 - 138 | - | - | - | |
Yaramoko, Burkina Faso | 27,177 | 26,437 | 105 - 119 | - | - | - | |
Lindero, Argentina | 23,262 | 25,258 | 93 - 105 | - | - | - | |
San Jose, Mexico | 4,533 | 8,231 | 19 - 23 | 759,111 | 1,303,312 | 3.1 - 3.6 | |
Caylloma, Peru | 150 | 166 | - | 315,460 | 283,066 | 0.9 - 1.1 | |
Total | 89,678 | 60,092 | 343 - 385 | 1,074,571 | 1,586,378 | 4.0 - 4.7 |
West Africa Region
Séguéla Mine, Côte d'Ivoire: Solid production with mill throughput above design capacity
Q1 2024 | Q4 2023 | |
Tonnes milled | 394,837 | 387,624 |
Average tpd milled | 4,339 | 4,123 |
Gold grade (g/t) | 2.79 | 3.62 |
Gold recovery (%) | 94.4 | 94.9 |
Gold production 1 (oz) | 34,556 | 43,096 |
Note:
- Production includes doré only
Mining
In the first quarter of 2024, mine production totaled 420,538 tonnes of ore, averaging 2.23 g/t Au, and containing an estimated 30,192 ounces of gold from the Antenna and Ancien pits. Movement of waste during the quarter totaled 2,538,067 tonnes, for a strip ratio of 6:1.
Production was mainly focused on the Antenna pit which produced 401,109 tonnes of ore, the remainder being mined at the Ancien pit. A total of 700,229 tonnes of waste was also mined at Ancien. Waste mining commenced at Koula during the quarter with 18,063 tonnes of waste being mined.
Processing
At the processing plant, 394,837 tonnes of ore were treated at an average grade of 2.79 g/t Au, producing 34,556 ounces of gold.
Throughput for the quarter averaged 195 tonnes per hour (t/hr), versus name plate design capacity of 154. Mill constraints continued to be tested with throughputs of up to 220 t/hr being recorded over a seven-day period. This was achieved with a 60/20/20 blend of fresh, transitional and oxide ore respectively. The Life of Mine (LOM) blend consists of 85 percent fresh rock. A relining of the mill is planned in April, and further tests will then be conducted with a blend more representative of the LOM blend. Mine design and scheduling continues with the focus being on the requirements to sustainably meet the expected higher throughput rates.
Yaramoko Mine, Burkina Faso: Continues to meet targets
Q1 2024 | Q4 2023 | |
Tonnes milled | 107,719 | 110,445 |
Average tpd milled | 1,456 | 1,200 |
Gold grade (g/t) | 8.79 | 7.16 |
Gold recovery (%) | 98.2 | 98.3 |
Gold production (oz) | 27,177 | 28,235 |
Note:
- Production includes doré only
In the first quarter of 2024, Yaramoko produced 27,177 ounces of gold at an average head grade of 8.79 g/t Au, a 4 percent decrease and 23 percent increase, respectively, compared to the fourth quarter in 2023. A planned shutdown reduced throughput in Q4 2023 and Q1 2024. During the quarter, the Company identified further extensions to the mineralization in the western and eastern extremities of the 55 Zone.
Drilling focused on infill grade control and exploring for extensions beyond the mineralized resource envelope in the deeper eastern and western portions of the 55 Zone.
Stoping operations at the QVP orebody accelerated with batch mill tests confirming grade expectations.
In total 123,877 tonnes of ore were mined from underground at a grade of 8.30 g/t Au containing an estimated 33,053 ounces of gold.
Latin America Region
Lindero Mine, Argentina: Steady gold production, on track to meet annual guidance
Q1 2024 | Q4 2023 | |
Ore placed on pad (t) | 1,547,323 | 1,556,000 |
Gold grade (g/t) | 0.60 | 0.63 |
Gold production (oz) 1 | 23,262 | 29,591 |
Note:
- Production includes doré, gold in carbon, and gold in copper concentrate
During the first quarter of 2024, ore mined was 2 million tonnes, with a stripping ratio of 0.54:1. A total of 1.55 million tonnes of ore were placed on the leach pad at an average gold grade of 0.60 g/t, containing an estimated 29,670 ounces.
Lindero's gold production in the quarter was 23,262 ounces, comprised of 20,423 ounces in doré bars, 2,814 ounces of gold contained in fine carbon, and 25 ounces contained in copper concentrate. This is
21 percent lower compared to the fourth quarter of 2023, explained by the lower head grade of ore placed on the leach pad and a reduction in the gold-rich carbon inventory. Gold production is aligned with the mining sequence and the Mineral Reserves estimates.
As of March 31, 2024, the $41 million leach pad expansion project is approximately 35 percent complete. The construction package of the project commenced in January 2024, and is 18 percent complete, with contractors on site undertaking earthworks and construction of the impulsion line. The procurement and construction management (PCM) service was awarded to Knight Piésold consultants, with the PCM project offices installed and personnel onsite as of the third quarter of 2023. Procurement is 92 percent complete, with critical path items onsite. The final shipments of geomembrane and geosynthetic clay liner are currently in transit, and the pump manufacturing for the new impulsion line are all on schedule. In addition to the current works, liner installation and major mechanical works are expected to commence in the second quarter of 2024. The project is scheduled to be practically complete in the fourth quarter of 2024, with operations beginning ore placement by the end of 2024 according to the stacking plan for the year.
San Jose Mine, Mexico: Production in line with mine plan
Q1 2024 | Q4 2023 | |
Tonnes milled | 181,103 | 241,035 |
Average tpd milled | 2,182 | 2,678 |
Silver grade (g/t) | 147 | 145 |
Silver recovery (%) | 88.73 | 90.78 |
Silver production (oz) | 759,111 | 1,023,525 |
Gold grade (g/t) | 0.90 | 0.91 |
Gold recovery (%) | 86.76 | 89.64 |
Gold production (oz) | 4,533 | 6,345 |
The San Jose Mine produced 759,111 ounces of silver at an average head grade of 147 g/t Ag and
4,533 ounces of gold at an average head grade of 0.90 g/t Au. The decrease in silver and gold production for the first quarter of 2024 when compared to the fourth quarter of 2023, is explained by lower tonnage extracted, which is consistent with the annual plan and guidance. The processing plant milled 181,103 tonnes at an average of 2,182 tonnes per day, in line with the plan for the period.
The San Jose Mine has less operational flexibility in 2024 compared to 2023 due to the reduced and more dispersed Mineral Reserves associated with the Trinidad deposit. Production areas contain lower head grades and a higher presence of ferrous oxides in the upper levels, which impacted recoveries by approximately 2 percent in the quarter. The operation is experiencing cost pressures, mainly driven by a continued appreciation of the Mexican peso. The Company conducts regular assessments and trade-offs between maintaining operations and a care and maintenance option.
Caylloma Mine, Peru: Consistent performer
Q1 2024 | Q4 2023 | |
Tonnes milled | 137,096 | 140,800 |
Average tpd milled | 1,540 | 1,564 |
Silver grade (g/t) | 87 | 88 |
Silver recovery (%) | 82.08 | 83.40 |
Silver production (oz) | 315,460 | 330,478 |
Lead grade (%) | 3.48 | 3.84 |
Lead recovery (%) | 90.55 | 90.58 |
Lead production (lbs) | 9,530,584 | 10,798,242 |
Zinc grade (%) | 4.46 | 5.00 |
Zinc recovery (%) | 90.32 | 89.86 |
Zinc production (lbs) | 12,182,745 | 13,933,215 |
Note:
- Metallurgical recovery for silver is calculated based on silver content in lead concentrate
In the first quarter 2024, the Caylloma Mine produced 315,460 ounces of silver, 5 percent lower compared to the fourth quarter 2023, at an average head grade of 87 g/t Ag.
Zinc and lead production was 12.2 and 9.5 million pounds, respectively, which represents a 13 and 12 percent decrease from the fourth quarter 2023, respectively. Zinc and lead average head grades were 4.46 % and 3.48 %, an 11 and 9 percent decrease, respectively, against the fourth quarter of 2023.
Lower metal production compared to the previous quarter was due to lower grades, which are in line with the Mineral Reserves estimates and production guidance for the year.
Qualified Person
Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | Twitter | LinkedIn | YouTube
Forward-looking Statements
This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, statements about the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; statements reiterating the Company's 2024 annual production guidance and the likelihood of the Company meeting such annual production guidance, including that gold production at the Lindero Mine is on-track to meet annual guidance; the expected timing for completion of the leach pad expansion project at the Lindero Mine and the timing for the operations to begin ore placement; the Company's expectations regarding the mill at the Séguéla Mine, including the timing for the relining of the mill and for further testing; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the future financial or operating performance of the Company; the Company's ability to comply with contractual and permitting or other regulatory requirements; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "anticipated", "estimated" "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations such as the Séguéla Mine; risks relating to the Company's ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; the possibility that the appeal in respect of the ruling in favour of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization (the "EIA") at the San Jose Mine will be successful; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; labour relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves.
Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and Mineral Reserve and Mineral Resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
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