Mining companies outperform broader market. During the first quarter, mining companies (as measured by the XME) appreciated 36.9% compared to a loss of 4.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 19.7% and 11.8%, respectively. Gold, silver, copper, and zinc futures prices rose 6.5%, 7.5%, 6.7%, and 20.9%, respectively, while lead was down 0.3%. The war in Ukraine has constrained supplies of commodities, everything from fertilizer, grain, oil, natural gas, and metals, and magnified inflationary trends. How long this will continue is uncertain. Outlook for precious metals. The U.S. Dollar Index rose 2.4% during the first quarter, while the yield on a 10-year treasury note rose to 2.33% from 1.51% at year-end 2020. With the U.S. Federal Reserve signaling more aggressive action to combat inflation, further gains for gold may be challenged for the remainder of the year in the face of higher rates and a stronger dollar. However, with consumer and core inflation at 7.9% and 6.4% through February, respectively, real interest rates remain negative and enhance gold's appeal as a store of value. Moreover, precious metals may be viewed as insurance against expected market volatility and economic uncertainty. Risk of slowing economic growth may impact industrial metals. With the Federal Reserve behind the curve on inflation and an unanticipated war stressing commodity markets, choking back demand and growth may be an obvious choice to combat inflation and supply shortages. A key worry is the risk of recession in the U.S. and abroad versus a softer landing. However, improving supply chains, inventory re-stocking, and greater capital spending could be supportive of pricing, and we believe the long-term investment case for owning industrial metals mining companies remains favorable. However, industrial metals may also be challenged to post further gains into the latter part of the year. Putting it all together. While much uncertainty remains, including the trajectory of the war in Ukraine, the U.S. Federal Reserve will likely achieve its goal of tamping down inflation. Despite a cautious near-term outlook, precious and industrial metals prices could hold up relatively well despite near-term headwinds. As a means of portfolio diversification, exposure to the mining sector is beneficial and investors may want to consider junior mining companies due to more attractive valuations relative to larger cap peers and the potential for increased M&A and industry consolidation. Read More >>
Séguéla Project on-track for commissioning in the second quarter
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on activities at its Séguéla gold Project located in Côte d'Ivoire.
David Whittle, Chief Operating Officer - West Africa, commented, "Construction activities are nearing completion despite worldwide supply chain challenges. We are pleased to report commissioning remains on schedule for Q2 2023." Mr. Whittle added, "Our operational teams are being assembled with an experienced core leadership group already hired and preparing for first gold production." Mr. Whittle concluded, "This will mark a significant milestone for Fortuna with Séguéla also exhibiting growth potential given the quantity of Inferred Resources and the exploration success on the property to date."
Construction Highlights
- Overall project is approximately 90 percent complete as of the end of January and remains on-track and on-budget for first gold pour in mid-2023
- SAG mill installation is nearing completion
- Tailing storage facility (TSF) earthworks and HDPE lining is almost complete
- Commissioning of the fuel depot is complete
- Grid connection and energization of the high voltage substation is complete
- Water storage dam (WSD) reserves at levels above requirements for commissioning and processing plant start-up
- Handovers of infrastructure from construction to operations teams have commenced
Mining and Operational Readiness Highlights
- Recruitment and onboarding of staff well underway with an experienced core leadership team already in place
- Mine fleet continues to arrive on site and training of operators is underway
- Grade control drilling is underway and mining activities are expected to commence in February
- Process plant commissioning plan is on-track with commissioning teams and vendor representatives expected to arrive throughout the first quarter of 2023
- Spare parts, first fills, reagents and consumables have started to arrive at site
With the completion of construction rapidly approaching, operational readiness has increasingly become the focus in preparation for commissioning of the processing plant, which is due to commence early in the second quarter of 2023. As a result of the dedicated efforts of the Séguéla management and site teams, the project is well positioned for this transition which also represents a significant milestone for the Company. Mota-Engil, the mining contractor, has established their temporary facilities on site to support initial mining activities with construction of the permanent mining services area infrastructure progressing well. The mining fleet required for initial mining activities is on site and has been commissioned.
The next tranche of mining equipment is on-schedule for late-February availability:
- 6020B 230-ton hydraulic excavator delivered and being assembled on-site
- 4 x 777E haul trucks being assembled in Abidjan
- 1 x 50-ton excavator for rock-breaker, hammer already on-site
- 1 x D9 dozer
- 2 x 988 front end loaders for crusher feed
Mining preparations are underway with the Antenna Stage 1 pit having been cleared and grade control drilling in progress. The ROM pad and Antenna pit haul road areas have been cleared in preparation for their construction which is scheduled to begin in early February.
Upcoming key milestones include:
Q1
- Commencement of mining activities in early February
- Commencement of drilling and blasting in late February
- Commencement of processing plant commissioning in March
- First ore to ROM pad at the end of March
Q2
- Processing plant practical completion in April
- First ore fed to the crusher in April
- First gold pour
Negotiations with the Côte d'Ivoire government are continuing in order to finalize the terms of the mining convention.
Following the completion of the aforementioned milestones, Lycopodium, EPC contractor, will conduct a rigorous performance test of the processing plant before the end of the third quarter.
SAG mill installation well advanced | HV substation energized |
Fuel depot commissioned | TSF earthworks and HDPE lining practically complete |
Initial mining fleet on site | Grade control drilling underway |
Further updates on the Séguéla gold Project will be provided as the development of the project proceeds. Séguéla´s construction photo gallery can be accessed here .
Qualified Person
Raul Espinoza, Director of Technical Services for the Company, is a Fellow member and Chartered Professional of the Australasian Institute of Mining and Metallurgy (FAusIMM CP) and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Espinoza has reviewed and approved the scientific and technical information pertaining to the Séguéla Gold Project 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 four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Côte d'Ivoire. 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 | Twitter : @Fortuna_Silver | LinkedIn : fortunasilvermines | YouTube : Fortuna Silver Mines
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 the construction of an open pit gold mine at the Séguéla gold Project, including the timeline for construction, commissioning, first gold pour and the ramp up to design capacity; the costs of constructing the mine, the securing of contracts necessary for the construction of the mine, the timing of the delivery of equipment to the project; the signing of the Mining Convention with the Government of Côte d'Ivoire, the ability to sign contracts for outstanding equipment and services in line with the estimates for same, the timing of the first gold pour; the Company's business strategy, plans and outlook; the merit of the Company's mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; 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", "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, changes in general economic conditions and financial markets; the duration and effects of the COVID-19 pandemic on our operations and workforce and the effects on the global economy and society; changes in prices for silver, gold and other metals; changes in the prices of supplies required for the construction at the Séguéla gold Project such as equipment and services; the ability to sign the Mining Convention on terms currently contemplated and acceptable to the Company; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; increases in inflation; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor 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 that the construction at the Séguéla gold Project will continue on the time line and in accordance with the budget as planned; that COVID-19 and the current inflationary environment will not have an adverse effect on the cost of construction of the mine at the Séguéla gold Project and will not adversely affect the supply chain and delivery of materials and equipment for the construction; expected trends in mineral prices and currency exchange rates; that there will be no adverse weather conditions that will delay work at the project; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting 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 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 resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/792fbb69-ec66-4ada-82eb-2c7503b443ad
https://www.globenewswire.com/NewsRoom/AttachmentNg/acca0bd7-12ef-4f9f-8008-72e5e36127a1
https://www.globenewswire.com/NewsRoom/AttachmentNg/013ac5af-623d-45f2-9be7-84e08f2fa017
https://www.globenewswire.com/NewsRoom/AttachmentNg/76982db0-e25f-4821-9df9-f7517ae0bafe
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Pan American Receives Shareholder Approval Regarding the Proposed Arrangement with Yamana and Agnico Eagle
Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (" Pan American " or the " Company ") is pleased to announce that at its special meeting of shareholders held earlier today, shareholders of Pan American (" Pan American Shareholders ") overwhelmingly approved the resolution to authorize the issuance of up to 156,923,287 common shares of Pan American (the " Share Issuance Resolution ") in respect of the arrangement involving Pan American, Agnico Eagle Mines Limited and Yamana Gold Inc. (" Yamana ") under the Canada Business Corporations Act (the " Arrangement ").
Detailed results of the votes cast are as follows:
Resolution | Votes For | % For | Votes Against | % Against |
Share Issuance Resolution | 110,661,649 | 97.28 % | 3,091,269 | 2.72 % |
In addition to the approval by Pan American Shareholders, shareholders of Yamana (" Yamana Shareholders ") approved the Arrangement at the special meeting of Yamana Shareholders held today. The Arrangement is expected to be completed within the first quarter of 2023, subject to approval by the Ontario Superior Court of Justice, approval from the Mexican Federal Economic Competition Commission (COFECE) and satisfaction or waiver of certain other closing conditions.
"We are very pleased to see such positive shareholder support for our accretive acquisition of Yamana," said Michael Steinmann , President and Chief Executive Officer of Pan American. "This is a transformational and strategic transaction for Pan American that will strengthen the Company's position as the leader in silver and gold production in Latin America ."
Further information on the Arrangement is available on Pan American's website at:
https://www.panamericansilver.com/invest/arrangement-agreement-with-yamana/
Pan American owns and operates silver and gold mines located in Mexico , Peru , Canada , Argentina and Bolivia . We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 29-year history of operating in Latin America , 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 NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com .
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "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 provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things, the anticipated timing for the completion of the Arrangement; and the impact of the Arrangement on Pan American's business.
These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: our ability to consummate the Arrangement; changes in laws, regulations and government practices in the jurisdictions where we operate; the possibility that transactions contemplated by the Arrangement Agreement will not be completed in the expected timeframe or at all; changes in general economic, business and political conditions, including changes in the financial markets; and those factors identified under the heading "Risk Factors" in Pan American's management information circular dated December 20, 2022 and under the heading "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and annual information form dated February 23, 2022 , filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
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SOURCE Pan American Silver Corp.
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SilverCrest Reports Fourth Quarter 2022 Operational Results and Provides Las Chispas Mine Update
TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide fourth quarter operational results (Q4, 2022) and an update on activities at the Company's Las Chispas Mine ("Las Chispas" or the "Mine") located in Sonora, Mexico . All currency amounts herein are presented in United States Dollars, unless otherwise stated.
Q4, 2022 Highlights
- Commercial production declared on November 1, 2022 , marking Q4, 2022 a ramp-up quarter.
- In the quarter, recovered metal, including inventory, was 11,940 ounces ("oz") of gold ("Au") and 1.20 million oz of silver ("Ag"), or 2.23 million oz of silver equivalent ("AgEq**"). Metal poured totaled 10,896 oz Au and 1.06 million oz Ag, or 2.01 million oz AgEq.
- Powerline was fully completed in November 2022 and the Mine is now energized by national grid power with improved stability.
- Underground mining averaged 700 tonnes per day ("tpd") below the 2021 Feasibility Study forecast of 750 tpd, but in line with the revised forecast of 600 to 700 tpd (see news release dated September 14, 2022 ).
- Processing plant operating metrics exceeded the 2021 Feasibility Study* for tonnage milled, plant availability and metallurgical recoveries with December 2022 average throughput of 1,318 tpd at 95.5% availability (in line with design of 1,250 tpd at 91.3% availability).
- At the end of 2022, the ore stockpiles were estimated at 261,600 tonnes below the 2021 Feasibility Study estimate of 311,200 tonnes due to a combination of higher processing rates and offset by lower mining rates than planned.
- An updated technical report ("Updated Technical Report") remains on schedule for Q2, 2023 and will form the basis for updated cost and production guidance. The 2021 Feasibility Study was based on Q3, 2020 costs which have been impacted by inflation and may also be impacted by changes to the mine plan.
- Exploration at Las Chispas focused on assisting operations with database management, grade control, drilling on new vein targets, and delineation drilling of planned mining stopes.
- Notable improvement in our 2022 Lost Time Injury Frequency Rate ("LTIFR")*** to 0.42 from 0.63 in 2021.
- Local community-based multi-year projects have advanced with a focus on water and sewage infrastructure.
- Released Task Force on Climate-Related Financial Disclosure ("TCFD") and Water Stewardship Reports, inaugural ESG report to follow in 2023.
- Financial position remains strong with debt refinancing completed at a lower rate and a reduction of debt outstanding by $40.0 million . Exited 2022 with $50.8 million in cash and $50.0 million in debt.
* NI 43-101 Technical Report & Feasibility Study on The Las Chispas Project dated January 4, 2021 (the "2021 Feasibility Study") |
** AgEq is based on the 2021 Feasibility Study Mineral Resource and Reserve gold to silver ratio of 86.9:1 calculated using US$1,410/oz Au and US$16.60/oz Ag |
***based on 200,000 work hours |
Pierre Beaudoin , COO, remarked, "2022 was a pivotal year for SilverCrest with construction completed slightly ahead of schedule and under budget which is a rare achievement in this industry. This milestone set the positive tone for the ramp-up and declaration of commercial production in Q4, 2022. We are currently working on optimization of Las Chispas operations, and we expect to complete its Updated Technical Report in Q2, 2023 to provide the foundation for production and cost guidance going forward."
N. Eric Fier , CPG, P.Eng, and CEO, stated, "We are very pleased with our progress at Las Chispas. Within five months of our first metal pour we declared commercial production, refinanced our previous project financing facility, which we did not fully draw, and reduced our total debt outstanding from $90 million to $50 million . As we begin 2023, our focus is on generating revenue and using established cost controls to maximize free cash flow and pursue growth opportunities."
Table 1: Operational Statistics
Metal Recovered and Produced
The combination of better-than-expected throughput and processing recoveries led to greater recovered and produced metal (poured metal) than planned. The variance between metal recovered and produced relates to metal inventory both in the plant and plant refinery and is largely a function of the plant ramp-up and is expected to become negligible as we stabilize the operation.
Figure 1 outlines the monthly metal recovered and processed grades since starting the processing plant in late May 2022 . Since that time, recovered metal has totaled 17,768 oz Au and 1.74 million oz Ag, or 3.29 million oz AgEq which compared to the 2021 Feasibility Study of 12,249 oz Au and 1.18 million oz Ag, or 2.25 million oz AgEq. A total of 15,041 oz Au and 1.44 million oz Ag, or 2.75 million oz AgEq have been produced in 2022, which compares to the 2021 Feasibility Study plan of 10,449 oz Au and 1.00 million oz Ag, or 1.91 million oz AgEq.
2022 processed grades averaged 3.05 gpt Au and 312 gpt Ag, or 577 gpt AgEq as compared to the 2021 Feasibility Study plan of 2.53 gpt Au and 254 gpt Ag, or 474 gpt AgEq. The 2021 Feasibility Study plan for the use of lower grade stockpile material during the ramp-up was amended in Q4, 2022 to include more mined ore as we benefited from better-than-expected recoveries, thereby allowing for more information to be gathered on the Mine to Plant grade reconciliation.
Power
At the end of November 2022 , the final permanent connection to the 33 kilovolt ("LV") powerline was completed and stability of the line has improved. The total contracted capacity of 7.6 megawatt ("MW") is expected to be sufficient to provide power for the life of mine.
Commercial Production
Effective November 1, 2022 , the Company declared commercial production at Las Chispas, based on achieving a continuous two-month period operating the processing plant at a minimum of 80% capacity for its name plate design of 1,250 tpd or 1,000 tpd and showing a combined gold and silver recovery of greater than 85%.
Underground Mining
In 2022, an additional 8.0 km of underground development was completed at the Mine. The average mining rate for Q4, 2022 was 700 tpd, below original guidance of 750 tpd, but in line with the Company's revised guidance of 600 to 700 tpd.
A total of an estimated 201,100 tonnes of ore were mined from development and stoping activities in 2022, below the 2021 Feasibility Study projection of an estimated 214,400 tonnes. The variance was a result of lower productivity in resue mining stopes due to safety concerns and narrower vein widths in some areas. Long hole mining has progressed well and has achieved production and dilution rates as set out in the Feasibility Study.
Resue mining represented 22% of the tonnage in the 2022 mine plan and 12% in the 2021 Feasibility Study life of mine. As previously disclosed, SilverCrest decided to reduce the amount of resue mining utilized at Las Chispas, for safety and productivity reasons. In Q4, 2022, SilverCrest began converting resue stopes to cut and fill and expects to eventually convert some to longhole stopes. This has the potential to increase productivity with a lower cost mining method but could be offset by a potential increase to dilution relative to the resue method. During this period a total of nine stopes originally designated for resue mining were converted to cut and fill.
In H1, 2023 it is expected that underground mining rates will be in the range of 650 to 700 tpd as the Company continues to work with the contractor to ramp-up the mine and outline the appropriate ramp-up through 2025 for inclusion in upcoming technical report. Underground mining will be focused on capital development which was slightly behind schedule in 2022 due to availability of equipment and labour. Work is underway to rectify these challenges, but it is expected that a readjustment of the mobile fleet will be required with the decrease in resue mining.
Grade reconciliation work is advancing internally and will be included in the Updated Technical Report.
Processing Plant
Since commissioning in late May 2022 , the Las Chispas processing plant has performed in-line or ahead of 2021 Feasibility Study expectations on operating metrics.
In Q4, 2022 the processing plant continued to perform well as the Company continued to ramp-up, test and understand the plant's abilities to operate at higher rates. In the quarter, approximately 104,400 tonnes of ore were processed at a grade of 3.67 gpt Au and 382 gpt Ag, or 701 gpt AgEq. The average throughput in Q4, 2022 was 1,135 tpd which compared to the 2021 Feasibility Study plan of 1,143 tpd. Metallurgical recoveries in Q4, 2022 were 96.9% for Au and 93.3% for Ag, or 95.0% AgEq and the plant operated at 92.4% availability. The main operating challenge during the period was encountered in November 2022 when only one tailings filter (compared to a planned capacity for two) was available for the month. The issue has been resolved and both filters were operational for December 2022 . Figure 2 provides an overview of the monthly tonnage and daily milling rates.
A total of approximately 187,600 tonnes have been processed since May 2022 startup compared to the 2021 Feasibility Study estimate of approximately 166,800 tonnes. While the increase in tonnes processed relative to plan contributed to a reduction in the stockpile relative to the original plan, the information gained was necessary and valuable during the commissioning process and ahead of the Updated Technical Report, especially for the tonnage fed directly from the mine to the plant as it will add valuable information in the Mine to Plant grade reconciliation.
Figure 2: Processing Plant Feed
Recoveries in 2022 tracked ahead of the planned ramp-up projections as shown in Figure 3 . To date, recoveries have tracked above plan in part due to the use of higher consumables. Recoveries may vary in 2023 as SilverCrest begins to process higher grade stockpiled and mined ore, optimize consumable usage, implement cost controls, and refine operating parameters of the plant.
Figure 3: Processing Plant Recovery
Plant availability has continued to increase since the start of commissioning ( Figure 4 ), with availability in December 2022 of 95.5%. The design Feasibility Study Plant availability for this period was estimated at 91.3%
Figure 4: Processing Plant Availability
While the processing plant ramp-up has generally been trending favorably when compared to the 2021 Feasibility Study ramp-up projections, minor modifications have been required through the circuit. The main changes were related to lower dissolved oxygen and premature failure of components in the tailing filters. While the Ausenco construction mandate was completed, they, along with the equipment suppliers, have been supportive in correcting these operational issues.
Costs
2022 was a construction and ramp-up year, and having only reached commercial production on November 1, 2022 , accordingly, operating costs are not representative of a mature and optimized operating mining company. It is expected that unit operating costs will start being reported in 2023 financials and MD&A.
Throughout the transition to commercial production, costs across the operation have been impacted by the global inflation trend. Since the 2021 Feasibility Study estimated costs from a Q3, 2020 basis, Mexico has experienced inflation of approximately 18% in the last nine quarters, however many areas of the operation have seen higher levels of inflation. The areas most impacted by inflation to date have been plant consumables and labour which have seen, in some cases, well above average cost increases. Mine operating costs may also be impacted by changes to underground mining methods, including the decrease in utilization of the resue mining method.
Stockpiles
At the end of 2022, the stockpiles were estimated at 261,600 tonnes below the 2021 Feasibility Study estimate of 311,200 tonnes due to a combination of higher processing rates offset by lower mining rates than planned.
The surface stockpiles remain a unique asset that will comprise a significant amount of the tonnage going to the plant in the early years of the mine life. The stockpiles provide flexibility during the ramp-up of the underground mine. The updated stockpile plan will be determined in conjunction with the rate of tonnes mined and the conclusions will be released in the Updated Technical Report.
Updated Technical Report
SilverCrest continues to advance the work required to complete the Updated Technical Report in Q2, 2023. This report will incorporate updated Mineral Resources and Reserves, updated metallurgical results, Mine to Plant reconciliation (mine, stockpile, and plant) including comparison to the 2021 Feasibility Study Mineral Resource estimate, a revised mine plan, and updated operating and sustaining costs arising from any potential changes to the mine plan and the impact of inflation from the Q3, 2020 cost base used in the 2021 Feasibility Study.
Safety, COVID-19, and Community
Safety remained a top priority at Las Chispas throughout 2022 and this focus resulted in an improvement in our main safety metrics, LTIFR and total recordable injury frequency rate ("TRIFR"). SilverCrest exited 2022 with an LTIFR of 0.42 and TRIFR of 3.58 per 200,000 work hours, an improvement from the end of 2021 rates of 0.63 and 4.11, respectively.
In Q4, 2022 the Company released its TCFD report and water stewardship plan. These reports focused on identifying and managing the key risks and opportunities for our stakeholders and helped in developing a multi-year major water infrastructure project that is focused on improving the sewage system and the water infrastructure for the local community, ranching, and farming industries. This investment, which began in 2022, includes upgrades to three main infrastructure areas which were considered priorities in discussion with the local community, and will continue in 2023.
Q4, 2022 and 2023 Exploration
In the quarter, exploration at Las Chispas focused on assisting operations with database management, grade control, drilling on new veins targets and delineation drilling of planned mining stopes. El Picacho ("Picacho") exploration focused on surface generative work on new vein targets.
For 2022, exploration at Las Chispas focused on the transition to production through further infill and delineation drilling of planned mining stopes. Results of drilling completed to the end of July 2022 will be included in the mineral reserve estimate for the Updated Technical Report. There are currently four surface and underground exploration drills active at Las Chispas. Picacho exploration focused on expansion and infill drilling of current areas for potential mineral resources. There are currently no drill rigs active at Picacho.
The Company's 2023 exploration budget will remain conservative until details from the Updated Technical Report emerge and will be evaluated on a half year basis. The H1, 2023 budget is approximately $4 million and will focus on mapping and sampling unexplored areas around Las Chispas and Picacho to generate new targets for drilling consideration in H2, 2023. Limited drilling has been completed outside of the known mineralized zones, as SilverCrest remains focused on prudent capital allocation during ramp-up. Results for 2022 exploration work will be announced in H1, 2023.
Financial Position
As of December 31, 2022 , SilverCrest had cash and cash equivalents of $50.8 million . During Q4, 2022 SilverCrest refinanced its $90 million project finance facility with a lower rate bank facility and used $40 million of cash to reduce the total debt outstanding to $50 million . Quarterly repayments on this facility will begin in June 2023 . The Company also has access to a $70 million revolving credit facility.
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, and 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 , that is focused on new exploration discoveries, value-added acquisitions, and production assets in Mexico's historic precious metal districts. The Company's principal focus is operating its Las Chispas Mine, in Sonora, Mexico . SilverCrest's ongoing initiative is to increase its asset base by expanding current resources and reserves, acquiring, 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.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the strategic plans, timing and expectations for the Company completing a technical report update by Q2, 2023; publishing its inaugural ESG report in 2023; mining during H1, 2023 at a rate of 650 tpd to 700 tpd; having stable and sufficient power throughout the life of mine from the powerline; and generating new targets for drilling consideration in H2, 2023 at Las Chispas and Picacho through execution of its H1, 2023 budget. Such forward looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies, the environment in which the Company will operate in the future, including the price of gold and silver, estimates of capital and operating costs, production estimates, estimates of mineral resources and metallurgical recoveries and mining operational risk; the reliability of mineralization estimates, mining and development costs, the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
N. Eric Fier , CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
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SOURCE SilverCrest Metals Inc.
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Fortuna reports on Yaramoko's updated reserves and resources evaluation work and its Brownfields exploration program
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) provides an update on the evaluation work of the Mineral Reserves and Mineral Resources and the brownfields exploration program at the Yaramoko Mine complex in Burkina Faso.
Following the completion of Fortuna's acquisition of Roxgold Inc. on July 2, 2021, the Company updated the technical report previously filed by Roxgold in 2017 and filed a new technical report on March 30, 2022 (the "2022 Technical Report") to describe the proposed open pit mining operation at the 55 Zone as disclosed by Roxgold on November 10, 2020. During the first half of 2022, the Company carried out additional exploration drilling and a re-evaluation of the modeling and estimation techniques to improve the definition of the mineralization. A summary of the drilling and evaluation programs completed at Yaramoko during 2022 are summarized below, together with the highlights of its brownfields exploration program.
2022 Drilling Programs and Studies
55 Zone underground drilling
Underground drilling of the 55 Zone concentrated on grade control drilling within the Mineral Resource and Mineral Reserve boundaries to provide increased confidence in the mine plans. Step-out drilling associated with the 2022 grade control drilling program returned encouraging results, incrementally extending the western limit of the drill defined mineralization a further 20 to 50 meters, where it remains open. Additional step-out drilling is planned for the first half of 2023.
In addition, four holes totaling 1,490 meters were drilled to test the area between the 4900 and 5100 meters above Relative Level (mRL) on the eastern side of the 55 Zone, which confirmed an up-dip extension of a high-grade shoot previously intersected in the development drives between the 4800 and 4900 mRL.
109 Zone open pit exploration drilling and first-time estimate of Mineral Reserves
A total of 60 reverse circulation and diamond core drill holes totaling 4,922 meters were completed at the 109 Zone during 2022, including 13 holes drilled for geotechnical purposes. Drilling was designed to infill and upgrade the geological confidence to support the estimation of Mineral Resources and Mineral Reserves.
55 Zone open pit drilling
Reverse circulation drilling to test projections of near surface structural splays identified from mapping of the underground openings was completed during 2022, with 25 holes completed for a total of 1,500 meters. Historic resource drilling had intersected several isolated high-grade intervals related to sub-parallel mineralized veins associated with the main 55 Zone and which coincided with structures identified from detailed mapping of the near surface 55 Zone underground workings.
The drilling was successful in identifying the mineralized structures and veins although continuity of economic intervals and strike lengths resulted in downgrading of the potential.
55 Zone open pit re-evaluation
Roxgold´s proposal to build an open pit at the 55 Zone was based on extracting high-grade near surface material that formed the crown pillar by mining both remnant mineralization identified as being adjacent to existing mine workings and additional sub-parallel structures related to the main 55 Zone structure. Based on recommendations in the 2022 Technical Report, Fortuna completed an evaluation of the mineralization that was identified as potentially recoverable from surface, which was to include an underground transition study and the preparation of a void management plan.
During this evaluation process, the Company identified a spatial discrepancy attributed to a surveying error which occurred prior to August 2020. This resulted in horizontal differences averaging from 2 to 3 meters between the drill holes used to define the 55 Zone main mineralized structure and the underground face channel samples collected during underground development. The updated estimate, having corrected for this inconsistency, results in a reduction of 120,000 ounces of gold previously identified as modelled remnant mineralized material. Subsequently, an economic evaluation of the open pit resulted in a reduction of a further 46,000 ounces of mineralized material which the Company determined cannot be economically extracted from surface or underground due to its isolated location and low-grade nature.
The updated estimate of the 55 Zone crown pillar decreases the life of mine from 5 years to 3 years and results in a reduction in pit size that reduces risk associated with the plan by lowering the strip ratio from 55:1 to 19:1; optimising throughput during the last three years; no longer requiring the relocation of infrastructure; removing the need for significant pre-stripping; and eliminating the requirement to expand the tailings storage facility as a result of processing fewer tonnes.
Bagassi South QV Prime Underground re-evaluation
An evaluation was conducted to assess the optimal mining method proposed for the QV Prime structure at Bagassi South. Changing the method from the originally proposed long hole stoping to shrinkage stoping resulted in lower dilution levels and an increase in estimated gold content in the updated Mineral Reserve.
Yaramoko Mineral Reserves and Mineral Resources as of June 30, 2022
| Mineral Reserves – Proven and Probable as of June 30, 2022 | ||||
| Property | Classification | Tonnes (000) | Au (g/t) | Contained Au (koz) |
| 55 Zone underground | Proven | 29 | 4.83 | 4 |
| Probable | 743 | 7.42 | 177 | |
| Proven + Probable | 772 | 7.32 | 182 | |
| 55 Zone open pit | Proven | 72 | 5.79 | 13 |
| Probable | 73 | 4.69 | 11 | |
| Proven + Probable | 145 | 5.23 | 24 | |
| 109 Zone open pit | Proven | |||
| Probable | 160 | 1.77 | 9 | |
| Proven + Probable | 160 | 1.77 | 9 | |
| Bagassi South QV Prime underground | Proven | |||
| Probable | 142 | 6.75 | 31 | |
| Proven + Probable | 142 | 6.75 | 31 | |
| Bagassi South underground | Proven | |||
| Probable | 10 | 4.44 | 1.4 | |
| Proven + Probable | 10 | 4.44 | 1.4 | |
| Stockpiles | Proven | 180 | 2.59 | 15 |
| Probable | ||||
| Proven + Probable | 180 | 2.59 | 15 | |
| TOTAL | Proven | 281 | 3.64 | 33 |
| Probable | 1,128 | 6.33 | 230 | |
| Proven + Probable | 1,409 | 5.80 | 263 | |
| Mineral Resources– Measured and Indicated (exclusive of Reserves) as of June 30, 2022 | ||||||
| Property | Classification | Tonnes (000) | Au (g/t) | Contained Au (koz) | ||
| 55 Zone underground | Measured | 81 | 6.35 | 17 | ||
| Indicated | 199 | 6.42 | 41 | |||
| Measured + Indicated | 280 | 6.40 | 58 | |||
| 55 Zone open pit | Measured | |||||
| Indicated | 46 | 4.18 | 6 | |||
| Measured + Indicated | 46 | 4.18 | 6 | |||
| 109 Zone open pit | Measured | |||||
| Indicated | 32 | 1.63 | 2 | |||
| Measured + Indicated | 32 | 1.63 | 2 | |||
| Bagassi South QV Prime underground | Measured | |||||
| Indicated | 74 | 7.27 | 17 | |||
| Measured + Indicated | 74 | 7.27 | 17 | |||
| Bagassi South underground | Measured | |||||
| Indicated | 54 | 7.07 | 12 | |||
| Measured + Indicated | 54 | 7.07 | 12 | |||
| TOTAL | Measured | 81 | 6.35 | 17 | ||
| Indicated | 404 | 6.02 | 78 | |||
| Measured + Indicated | 485 | 6.08 | 95 | |||
Mineral Resources– Inferred (exclusive of Reserves) as of June 30, 2022 | ||||||
| Property | Classification | Tonnes (000) | Au (g/t) | Contained Au (koz) | ||
| 55 Zone underground | Inferred | 26 | 6.74 | 6 | ||
| 55 Zone open pit | Inferred | 41 | 3.62 | 5 | ||
| 109 Zone open pit | Inferred | 3 | 1.35 | 0 | ||
| Bagassi South QV Prime underground | Inferred | 22 | 6.12 | 4 | ||
| Bagassi South underground | Inferred | 49 | 6.07 | 10 | ||
| TOTAL | Inferred | 141 | 5.39 | 25 | ||
Notes:
- Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
- Mineral Resources are exclusive of Mineral Reserves
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
- Factors that could materially affect the reported Mineral Resources or Mineral Reserves include: changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
- Mineral Resources and Reserves for the Yaramoko Mine are estimated and reported as of June 30, 2022
- Mineral Reserves for Yaramoko are reported at a cut-off grade of 1.26 g/t Au for the 55 Zone open pit, 0.73 g/t Au for the 109 Zone open pit, 4.1 g/t Au for 55 Zone and Bagassi South underground (SLS), 3.1 g/t Au for Bagassi South QV Prime (shrinkage) based on an assumed gold price of US$1,600/oz, metallurgical recovery rates of 98.0%, underground mining costs of US$135/t, processing cost of US$31/t and G&A costs of US$28/t, surface mining costs of US$3.44/t, processing cost of US$27/t and G&A costs of US$25/t. Underground average mining recovery is estimated at 86% (SLS) and 90% (shrinkage) for Bagassi South, 92% (SLS) for 55 Zone stopes and 100% for sill drifts. A mining dilution factor of 10% has been applied for sill drifts, 0.6 meter and 0.4 meter dilution skin has been applied for SLS and shrinkage mining respectively. Surface mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 5 meters x 5 meters x 5 meters size within an optimized pit shell and only Proven and Probable categories reported within the final pit designs. Yaramoko Mineral Resources are reported in situ at a gold grade cut-off grade of 0.9 g/t Au for the 55 Zone open pit, 0.5 g/t Au for the 109 Zone open pit, and 2.9 g/t Au for underground (Zone 55 and Bagassi South), based on an assumed gold price of US$1,700/oz and the same costs, metallurgical recovery and constrained within an optimised pit shell. The Yaramoko Mine is subject to a 10% carried interest held by the government of Burkina Faso.
- Matthew Cobb, (MAIG #5486) is the Qualified Person responsible for Mineral Resources being an employee of Roxgold Inc. (a wholly-owned subsidiary of Fortuna), Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves, being an employee of Fortuna
- Totals may not add due to rounding procedures
Changes to the Yaramoko Mine Mineral Reserves and Mineral Resources since December 31, 2021
Proven and Probable Reserves decreased from 2.1 million tonnes averaging 6.78 g/t Au containing 464,000 ounces of gold to 1.4 million tonnes averaging 5.80 g/t Au containing 263,000 ounces of gold in the first six months of 2022 representing a 34 percent decrease in tonnes and 43 percent decrease in gold ounces. Reasons for the changes include:
- 55 Zone underground and Bagassi South underground: decrease of 12 percent or 53,000 ounces due to production related depletion and sterilization
- 55 Zone open pit: decrease of 26 percent or 120,000 ounces due to a reduction of remnant mineralized material related to a survey discrepancy identified in the historical model that was corrected in the updated resource model evaluation
- 55 Zone open pit: decrease of 10 percent or 46,000 ounces due to changes in pit size as material at depth cannot be economically extracted from surface due to increased strip ratios as a result of the depletion of the aforementioned remnant material
- 55 Zone underground and Bagassi South underground: increase of 1 percent or 5,000 ounces due to updated geological interpretation as a result of brownfields drilling counteracting marginal increases in cut-off grades
- 109 Zone open pit: gain of 2 percent or 9,000 ounces due to infill drilling and first time estimation of resources and reserves
- Bagassi South QV Prime: gain of 2 percent or 8,000 ounces in the Bagassi South underground mine due to a change in the proposed mining method to shrinkage stoping and subsequent re-evaluation of the Mineral Reserves
Measured and Indicated Resources excluding reserves remain relatively unchanged at 0.5 million tonnes averaging 6.10 g/t Au containing 95,000 ounces of gold.
Inferred Resources decreased slightly from 0.25 million tonnes averaging 4.41 g/t Au containing 35,000 ounces of gold to 0.14 million tonnes averaging 5.39 g/t Au containing 25,000 ounces of gold in the first 6 months of 2022. Reasons for the changes are related to geological reinterpretation and upgrading based on the exploration and infill drilling.
The aforementioned updated Mineral Resources and Mineral Reserves for the Yaramoko Mine will be included in the Company's consolidated Mineral Resource and Mineral Reserve update to be released prior to the end of the first quarter of 2023, subject to the completion of depletion for the period from June 30, 2022 to December 31, 2022. The Company will also prepare an updated technical report for the Yaramoko Mine to be filed together with its annual continuous disclosure filings prior to the end of the first quarter. The aforementioned changes in the Mineral Resources and Mineral Reserves are not material to the Company´s consolidated Mineral Resources and Mineral Reserves.
Brownfields Exploration Highlights
A program of 11 reverse circulation holes totaling 1,182 meters was completed in 2022 as part of a scout drilling program to test the projected northwest extension of the QV and QV Prime veins approximately 300 to 400 meters along strike from Bagassi South.
Hosted in similar variably sheared granite and mafic volcanic lithologies to the Bagassi South mineralization (refer to Figure 1), drilling intersected quartz vein hosted mineralization interpreted as a continuation of the Bagassi South vein system. At Bagassi South this system comprises several veins including the QV, QV Prime, QV1 to QV3 veins and is characterized by anastomosing and steeply plunging high-grade shoots within the vein system. Refer to Appendix 1 for full results.
Highlight intervals include:
- YRM-22-RC-BGR-006 : 7.36 g/t Au over an estimated true width of 5.5 meters from 119 meters downhole, including 17.43 g/t Au over an estimated true width of 2.2 meters from 123 meters
- YRM-22-RC-BGR-004 : 1.92 g/t Au over an estimated true width of 7.3 meters from 22 meters
Figure 1. Plan view of scout drilling testing strike projections of the QV and QV Prime veins at Bagassi South.
Quality Assurance & Quality Control (QA-QC)
All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel.
All RC drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The residual 87.5% sample were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the company-controlled core yard.
All DD drill holes at Yaramoko were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.
All Yaramoko RC and DD core samples were transported to ALS Laboratories in Ouagadougou for preparation. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.
Qualified Persons
Eric Chapman, Senior Vice President of Technical Services at Fortuna, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release related to the Mineral Resources and Mineral Reserves at the Yaramoko Mine and has verified the underlying data.
Paul Weedon, Senior Vice President of Exploration at Fortuna, is a member of the Australian Institute of Geoscientists (Membership #6001) and a Qualified Person as defined by NI 43-101. Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release related to the exploration programs at the Yaramoko Mine. Mr. Weedon has verified the data disclosed, and the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Côte d'Ivoire. 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 | Twitter : @Fortuna_Silver | LinkedIn : fortunasilvermines | YouTube : Fortuna Silver Mines
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; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the Yaramoko Mine Mineral Resource and Mineral Reserve estimates; expected metallurgical recoveries; the Company's ability to convert Inferred Mineral Resources to Indicated Mineral Resources and to convert Mineral Resources to Mineral Reserves; timelines; production at the Yaramoko Mine; the future financial or operating performance of the Company; the effects of laws, regulations and government policies affecting our operations or potential future operations; future successful development of the Yaramoko Mine; the estimates of expected or anticipated economic returns from the Company's mining operations including future sales of metals, doré and concentrate or other products produced by the Company and the Company's ability to achieve its production and cost guidance; capital expenditures at the Company's operations; estimated brownfields and greenfields expenditures in 2023; the success of the Company's exploration activities, including infill drill programs at its mines and development projects; the duration and impacts of COVID-19 on the Company's production, workforce, business, operations and financial condition; metal price estimates, estimated metal grades in 2023; 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; 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 impact it 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 ability of the Company to successfully contest and revoke the resolution issued by SEMARNAT which annuls the extension of the environmental impact authorization for the San Jose mine; uncertainties relating to general economic conditions; risks relating to a global pandemic, including COVID-19, 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; labor 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 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 ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labour and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of COVID-19 and 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 Company will be successful in challenging the annulment of the extension to the San Jose environmental impact authorization; 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 resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
APPENDIX 1. Yaramoko Mine, Burkina Faso: Bagassi South QV and QV Prime drill results
| HoleID | Easting (ADINDAN_30N) | Northing (ADINDAN_30N) | Elevation (m) | EOH Depth (m) | UTM Azimuth | Dip | Depth From (m) | Depth To (m) | Width (m) | EST 1 (m) | Au (ppm) | Hole Type 2 |
| YRM-22-RC-BGR-001 | 469543 | 1297805 | 309 | 121 | 210 | 48 | 99 | 100 | 1 | 0.84 | 0.42 | RC |
| YRM-22-RC-BGR-002 | 469520 | 1297754 | 310 | 80 | 210 | 50 | NSR 3 | RC | ||||
| YRM-22-RC-BGR-003A | 469575 | 1297752 | 311 | 110 | 210 | 50 | 71 | 75 | 4 | 3.36 | 3.02 | RC |
| YRM-22-RC-BGR-004 | 469596 | 1297689 | 316 | 80 | 210 | 50 | 22 | 31 | 9 | 7.3 | 1.92 | RC |
| YRM-22-RC-BGR-005 | 469615 | 1297723 | 312 | 115 | 210 | 50 | NSR 3 | RC | ||||
| YRM-22-RC-BGR-006 | 469626 | 1297748 | 313 | 144 | 212 | 56 | 119 | 129 | 10 | 5.5 | 7.36 | RC |
| incl | 123 | 127 | 4 | 2.2 | 17.43 | RC | ||||||
| YRM-22-RC-BGR-007 | 469559 | 1297716 | 311 | 46 | 210 | 50 | 30 | 31 | 1 | 0.84 | 3.22 | RC |
| YRM-22-RC-BGR-008 | 469601 | 1297797 | 318 | 170 | 210 | 50 | 158 | 159 | 1 | 0.84 | 0.37 | RC |
| YRM-22-RC-BGR-009 | 469673 | 1297617 | 319 | 44 | 210 | 50 | NSR 3 | RC | ||||
| YRM-22-RC-BGR-010 | 469705 | 1297660 | 321 | 105 | 210 | 50 | NSR 3 | RC | ||||
| YRM-22-RC-BGR-011 | 469768 | 1297668 | 323 | 167 | 210 | 50 | 146 | 150 | 4 | 3.1 | 1.27 | RC |
| YRM-22-RC-BGR-001 | 469543 | 1297805 | 309 | 121 | 210 | 48 | 99 | 100 | 1 | 0.84 | 0.42 | RC |
| YRM-22-RC-BGR-002 | 469520 | 1297754 | 310 | 80 | 210 | 50 | NSR 3 | RC | ||||
| YRM-22-RC-BGR-003A | 469575 | 1297752 | 311 | 110 | 210 | 50 | 71 | 75 | 4 | 3.36 | 3.02 | RC |
Notes:
- EST: Estimated true width
- RC: Reverse circulation
- NSR: No significant result
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Endeavour Silver Announces Filing of NI 43-101 Technical Reports for Guanacevi and Bolañitos Mines
Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) announces today it has filed technical reports (the " Technical Reports ") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The Technical Reports are entitled "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanaceví Project, Durango State, Mexico" (the " 2022 Guanacevi Report ") with an effective date of November 5, 2022, and "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bolañitos Project, Guanajuato State, Mexico" (the " 2022 Bolañitos Report ") with an effective date of November 9, 2022 and are co-authored by the Company and by Hard Rock Consulting, LLC (" Hard Rock "), a full-service geologic and mine engineering firm.
Below is a summary of material information from the 2022 Guanacevi Report
Mineral Resource Estimate:
| Classification | Tonnes | Grade | Contained Metal | |||||
| Mass (kt) | Silver (g/t) | Gold (g/t) | AgEq (g/t) | Silver (koz) | Gold (koz) | AgEq (koz) | ||
| Measured | 138.8 | 569 | 1.4 | 670 | 2,538 | 6.1 | 2,992 | |
| Indicated | 575.6 | 443 | 1.1 | 528 | 8,197 | 21.0 | 9,770 | |
| Measured and Indicated | 714.4 | 467 | 1.2 | 556 | 10,735 | 27.0 | 12,762 | |
| Inferred | 838.7 | 416 | 0.9 | 487 | 11,225 | 25.0 | 13,132 | |
Notes:
- The effective date of the Mineral Resource estimate is May 31, 2022. The QP for the estimate, Mr. Richard A. Schwering, SME-RM of Hard Rock, is independent of Endeavour Silver.
- Inferred Mineral Resources are that part of a Mineral Resource for which the grade or quality are estimated on the basis of limited geological evidence and sampling. Inferred Mineral Resources do not have demonstrated economic viability and may not be converted to a Mineral Reserve. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated mineral resources with continued exploration.
- Measured, Indicated and Inferred resource silver equivalent cut-off grades were 252 g/t for veins inside the El Curso and Porvenir Frisco Concession, 212 g/t for the Santa Cruz Sur Vein System, and 219 g/t for the remaining Mineral Resources including those veins estimated using VLP methods at Guanaceví.
- Metallurgical recoveries were 86.4% for silver and 90.1% for gold.
- Silver equivalents are based on a 79.6:1 silver to gold price ratio.
- Price assumptions are $US21.80 per troy ounce for silver and $US1,735.00 per troy ounce for gold for the Mineral Resource cut-off calculations. These prices are based on the 36-month moving average as of the effective date.
- Mineral Resources are reported exclusive of Mineral Reserves.
- Rounding may result in apparent differences when summing tonnes, grade and contained metal content. Tonnage and grade measurements are in metric units. Grades are reported in grams per tonne (g/t). Contained metal is reported as troy ounces (t. oz).
Mineral Reserve Estimate:
| Classification | Tonnes | Grade | Contained Metal | ||||
| Mass (kt) | Silver (g/t) | Gold (g/t) | AgEq (g/t) | Silver (koz) | Gold (koz) | AgEq (koz) | |
| Proven | 162.7 | 543 | 1.31 | 648 | 2,841 | 6.9 | 3,390 |
| Probable | 1,096.7 | 466 | 1.11 | 555 | 16,445 | 39 | 19,579 |
| Proven and Probable | 1,259.4 | 476 | 1.14 | 567 | 19,287 | 46.0 | 22,969 |
Notes:
- Cutoff Grades: 219 g/t AgEq for Milache; 212 g/t AgEq for Santa Cruz Sur and 252 g/t AgEq for El Curso and El Porvenir including the royalties payable.
- Minimum Mining Width: 0.8m.
- External Dilution Long Hole: 35% (Milache 40%)
- Silver Equivalent: 79.6:1 silver to gold
- Gold Price: US $1,735/oz.
- Silver Price: US $21.80/oz.
- Gold Recovery: 91.0%
- Silver Recovery: 86.4%
- Mineral resources are estimated exclusive of and in addition to mineral reserves.
- Figures in table are rounded to reflect estimate precision; small differences generated by rounding are not material to estimates.
Below is a summary of material information from the 2022 Bolañitos Report
Mineral Resource Estimate:
| Classification | Tonnes | Grade | Contained Metal | |||||
| Mass (kt) | Silver (g/t) | Gold (g/t) | AgEq (g/t) | Silver (koz) | Gold (koz) | AgEq (koz) | ||
| Measured | 42.0 | 97 | 3.0 | 322 | 131 | 4.0 | 435 | |
| Indicated | 411.5 | 111 | 2.3 | 279 | 1,470 | 30.0 | 3,697 | |
| Measured and Indicated | 453.5 | 110 | 2.3 | 283 | 1,601 | 34.0 | 4,132 | |
| Inferred | 1,656.6 | 141 | 2.5 | 331 | 7,494 | 132.2 | 17,608 | |
Notes:
- The effective date of the Mineral Resource estimate is May 31, 2022. The QP for the estimate, Mr. Richard A. Schwering, SME-RM of Hard Rock, is independent of Endeavour.
- Inferred Mineral Resources are that part of a Mineral Resource for which the grade or quality are estimated on the basis of limited geological evidence and sampling. Inferred Mineral Resources do not have demonstrated economic viability and may not be converted to a Mineral Reserve. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- Measured, Indicated, and Inferred resource silver equivalent cut-off grades were 149 g/t for veins located in the La Luz and San Miguel production areas and veins estimated using VLP methods at Bolañitos, 157 g/t for the Belen vein system, and 151 g/t for veins located in the Lucero production area.
- Metallurgical recoveries were 85.7% for silver and 90.1% for gold.
- Silver equivalents are based on a 79.6:1 silver to gold price ratio.
- Price assumptions are $US21.80 per troy ounce for silver and $US1,735.00 per troy ounce for gold for resource cut-off calculations. These prices are based on the 36-month moving average as of the effective date.
- Mineral Resources are reported exclusive of Mineral Reserves.
- Rounding may result in apparent differences when summing tonnes, grade and contained metal content. Tonnage and grade measurements are in metric units. Grades are reported in grams per tonne (g/t). Contained metal is reported as troy ounces (t. oz).
Mineral Reserve Estimate:
| Classification | Tonnes | Grade | Contained Metal | ||||
| Mass (kt) | Silver (g/t) | Gold (g/t) | AgEq (g/t) | Silver (koz) | Gold (koz) | AgEq (koz) | |
| Proven | 158 | 57 | 2.63 | 266 | 290 | 13.4 | 1,357 |
| Probable | 376 | 73 | 2.41 | 265 | 878 | 29.2 | 3,199 |
| Proven + Probable | 534 | 101 | 2.8 | 326 | 1,168 | 42.6 | 4,556 |
Notes:
- Cut-Off Grades: 149 g/t silver equivalent for San Miguel, 149 g/t silver equivalent for La Luz, 151 g/t silver equivalent for Lucero and 157 g/t silver equivalent for Belen
- Minimum Mining Width: 0.8 m.
- Cut and Fill Stope Size: 7m W x 4m H
- Long Hole Stope Size: 7m W x 20m H
- External Dilution Cut and Fill: 24%
- External Dilution Long Hole: 40%
- Gold Price: US $1,735 /oz
- Silver Price: US $21.80 /oz
- Gold Recovery: 90.1%
- Silver Recovery: 85.7%
- Dilution factors averaged 37.14%. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 24% for cut and fill and 40% for long hole.
- Silver equivalents are based on a 79.6:1 silver:gold ratio.
- Figures in table are rounded to reflect estimate precision; small differences generated by rounding are not material to estimates.
Reconciliation to Previously Disclosed Mineral Resource and Mineral Reserve Estimates
The following table compares the current mineral resource and mineral reserve estimates to those previously disclosed by the Company (see news release dated February 3, 2021). The changes in mineral resource and mineral reserve estimates resulted from a combination of depletion through mining and production, increases in gold price to $1735/oz (2022) from $1465/oz (2020) and silver price to $21.80/oz (2022) from $16.51/oz (2020) which affected cut-off grades, re-classification of vertical longitudinal projection Mineral Resources from Indicated and Inferred to Inferred only, and mineral resource and mineral reserve expansion through drilling and mine development.
| Silver-Gold Proven and Probable Reserves | |||||||||||||||
| Tonnes (000s) | Ag (g/t) | Au (g/t) | Ag Eq (g/t) | Ag (koz) | Au (koz) | Ag Eq (koz) | |||||||||
| Proven | |||||||||||||||
| Guanaceví (Dec 2020) | 141 | 319 | 0.82 | 385 | 1,445 | 3.7 | 1,742 | ||||||||
| Guanaceví (May 2022) | 163 | 543 | 1.31 | 648 | 2,841 | 6.9 | 3,390 | ||||||||
| Difference (%) | 16% | 70% | 60% | 68% | 97% | 86% | 95% | ||||||||
| Bolañitos (Dec 2020) | 76 | 34 | 2.62 | 243 | 83 | 6.4 | 596 | ||||||||
| Bolañitos (May 2022) | 158 | 57 | 2.63 | 266 | 290 | 13.4 | 1,357 | ||||||||
| Difference (%) | 107% | 68% | 1% | 9% | 249% | 109% | 128% | ||||||||
| Probable | |||||||||||||||
| Guanaceví (Dec 2020) | 948 | 346 | 0.95 | 422 | 10,554 | 28.8 | 12,859 | ||||||||
| Guanaceví (May 2022) | 1,097 | 466 | 1.11 | 555 | 16,445 | 39.0 | 19,579 | ||||||||
| Difference (%) | 16% | 35% | 17% | 32% | 56% | 35% | 52% | ||||||||
| Bolañitos (Dec 2020) | 237 | 53 | 2.51 | 254 | 405 | 19.1 | 1,930 | ||||||||
| Bolañitos (May 2022) | 376 | 73 | 2.41 | 265 | 878 | 29.2 | 3,199 | ||||||||
| Difference (%) | 59% | 37% | -4% | 4% | 117% | 53% | 66% | ||||||||
| Silver-Gold Measured and Indicated Resources | |||||||||||||||
| Tonnes (000s) | Ag (g/t) | Au (g/t) | Ag Eq (g/t) | Ag (koz) | Au (koz) | Ag Eq (koz) | |||||||||
| Measured | |||||||||||||||
| Guanaceví (Dec 2020) | 95 | 405 | 0.88 | 475 | 1,240 | 2.7 | 1,456 | ||||||||
| Guanaceví (May 2022) | 139 | 569 | 1 | 670 | 2,538 | 6 | 2,992 | ||||||||
| Difference (%) | 46% | 41% | 59% | 41% | 105% | 127% | 106% | ||||||||
| Bolañitos (Dec 2020) | 35 | 76 | 2.37 | 265 | 85 | 2.6 | 296 | ||||||||
| Bolañitos (May 2022) | 42 | 97 | 3 | 322 | 131 | 4 | 435 | ||||||||
| Difference (%) | 21% | 28% | 27% | 21% | 55% | 51% | 47% | ||||||||
| Indicated | |||||||||||||||
| Guanaceví (Dec 2020) | 566 | 363 | 0.82 | 428 | 6,603 | 14.9 | 7,797 | ||||||||
| Guanaceví (May 2022) | 576 | 443 | 1 | 528 | 8,197 | 21 | 9,770 | ||||||||
| Difference (%) | 2% | 22% | 34% | 23% | 24% | 41% | 25% | ||||||||
| Bolañitos (Dec 2020) | 193 | 105 | 2.67 | 319 | 654 | 16.5 | 1,976 | ||||||||
| Bolañitos (May 2022) | 412 | 111 | 2 | 279 | 1,470 | 30 | 3,697 | ||||||||
| Difference (%) | 113% | 5% | -14% | -12% | 125% | 82% | 87% | ||||||||
| Silver-Gold Inferred Resources | |||||||||||||||
| Tonnes (000s) | Ag (g/t) | Au (g/t) | Ag Eq (g/t) | Ag (koz) | Au (koz) | Ag Eq (koz) | |||||||||
| Inferred | |||||||||||||||
| Guanaceví (Dec 2020) | 866 | 495 | 1.18 | 589 | 13,765 | 32.7 | 16,384 | ||||||||
| Guanaceví (May 2022) | 839 | 416 | 1 | 487 | 11,225 | 25 | 13,132 | ||||||||
| Difference (%) | -3% | -16% | -23% | -17% | -18% | -24% | -20% | ||||||||
| Bolañitos (Dec 2020) | 311 | 80 | 2.82 | 305 | 798 | 28.2 | 3,054 | ||||||||
| Bolañitos (May 2022) | 1,657 | 141 | 3 | 331 | 7,494 | 132 | 17,608 | ||||||||
| Difference (%) | 433% | 77% | -11% | 8% | 839% | 369% | 477% | ||||||||
National Instrument 43-101 Disclosure
The 2022 Guanacevi Report and the 2022 Bolañitos Report were co-authored by Dale Mah, P.Geo., Vice President, Corporate Development of Endeavour, Don Gray, SME-RM, Chief Operations Officer of Endeavour and Richard A. Schwering, SME-RM of Hard Rock Consulting LLC. Mr. Schwering is independent of Endeavour. These authors are Qualified Persons as defined by NI 43-101 and are responsible for all sections of the Technical Reports. These Qualified Persons have prepared the scientific and technical information in the Guanacevi and Bolañitos reports and have reviewed and approved the technical information contained in this news release.
The Technical Reports are available for download under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.edrsilver.com , and will be filed on EDGAR as soon as practicable at www.sec.gov. There are no differences in the Technical Reports from the information disclosed in this News Release.
About Endeavour Silver
Endeavour is a mid-tier precious metals mining company that operates two high-grade, underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. The Company's philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information
Galina Meleger, Vice President of Investor Relations
Tel: (604) 685-9775
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
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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 estimates of mineral resources and mineral reserves contained in the Technical Reports, statements regarding Endeavour's anticipated performance in 2022 and the timing and results of various operations and 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 to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, 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, 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 available at www.sedar.com .
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, 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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