Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) ("NSC" or the "Company"), further to its press release of 8th May 2023, is pleased to announce that the effective date of its change of name to "Electric Metals (USA) Limited" will be 16th May 2023 (the "Effective Date"). On that date, the Company will begin trading at the open on the TSX Venture Exchange under its new name and ticker symbol "EML". On the Effective Date, the new ISIN number for the Company will be CA28489D1024 and the new CUSIP number will be 28489D102. The Company is intending that its new ticker symbol on the OTCQB will be "EMUSF".
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Nevada Silver Corporation Announces Us Listing On OTCQB Marketplace Under Symbol NVDSF
Nevada Silver Corporation ("NSC" or the "Company") (TSXV: NSC) (OTCQB:NVDSF) is pleased to announce that it has obtained approval for trading on the OTCQB, a US trading platform operated by OTC Markets Group in New York. The Company's common stock will officially commence trading today on the OTCQB under the ticker symbol "NVDSF". Investors can find quotes for the Company's common stock on www.otcmarkets.com
Gary Lewis, CEO at Nevada Silver said, "With two US-based exploration projects, expanding our reach into the US institutional and retail investment community was a logical extension of our investor relations strategy. The OTCQB listing will greatly enhance visibility and liquidity in one of the largest investor markets globally."
The OTCQB is the venture tier of OTC Markets on which 11,000 U.S. and global securities trade. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities. OTC Markets Group enables investors to easily trade through the broker of their choice and empowers companies to improve the quality of information available for investors. OTCQB listed companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. With more compliance and quality standards, the OTCQB provides investors improved visibility to enhance trading decisions.
About Nevada Silver Corporation
Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity resource company with two exploration projects in the USA. NSC's principal asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC has management and ownership rights over the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.
For further Information please contact:
Gary Lewis
Group CEO & Director
Phone: +1 (416) 941 8900
Email: gl@nevadasilvercorp.com
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks as a result of the Company having a limited operating history and may have a wide variance from actual results, risks concerning the ability to raise additional equity or debt capital to continue its business, uncertainty regarding the inclusion of inferred mineral resources in the mineral resource estimate which are too speculative geologically to be classified as mineral reserves, uncertainty regarding the ability to convert any part of the mineral resource into mineral reserves, uncertainty involving resource estimates and the ability to extract those resources economically, or at all, uncertainty involving exploration (including drilling) programs and the Company's ability to expand and upgrade existing resource estimates, risks involved in any future regulatory processes and actions, risks from making a production decision (if any) without any feasibility study completed on the Company's properties, risks applicable to mining exploration, development and/or operations generally, and risk as a result of the Company being subject to certain covenants with respect to its activities by creditors, as well as other risks.
Forward-looking information is based on the reasonable assumptions, estimates, analysis, and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. 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 herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
SOURCE: Nevada Silver Corporation
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Nevada Silver Corporation Announces Effective Date of Name Change to Electric Metals Limited
As there will be no consolidation of the Company's share capital in connection with the name change, shareholders will not be required to exchange their existing share certificates for new certificates bearing the Company's new name. The name change will not affect the Company's share structure, or the rights of the Company's shareholders and no action will be required to be taken by shareholders with respect to the name change. Outstanding share and warrant certificates will not be affected by the name change and do not need to be exchanged. Along with the name change, the Company will be modifying its logo and will be launching a new website which can be accessed at www.electricmetals.com.
Gary Lewis, Director and Chief Executive Officer of the Company, commented, "We believe that the change of name to Electric Metals (USA) Limited better reflects the focus of the Company and its vision for the future, and its value proposition as a developer of battery and technology-related minerals, including its US manganese and silver properties."
About Electric Metals (USA) Limited
Electric Metals (USA) Limited (TSXV: EML) is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. EML's principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, including a National Instrument 43-101 Technical Report - Resource Estimate, with US$26 million invested to date. The Company's mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no current domestic supply or active mines for manganese in North America, the exploration and development of the Emily Manganese Project represents a significant opportunity for EML shareholders. In addition, EML owns and operates the Corcoran Silver-Gold Project in Nevada, which has also been the subject of a National Instrument 43-101 Technical Report - Resource Estimate.
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.
For further Information please contact:
Gary Lewis, Group CEO & Director
+1 (647) 846 5299 - gl@electricmetals.com
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.
Forward-looking statements in this news release include, but are not limited to, statements with respect to the Name Change. These statements address future events and conditions and so involve inherent risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, the failure to obtain all necessary stock exchange and regulatory approvals. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. 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 herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166116
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Nevada Silver Corporation Announces Results of Annual and Special Meeting of Shareholders
- Elected as directors Mr. Oliver Lennox-King, Ms. Megan McElwain, Mr. John Kutkevicius, Dr. Henry Sandri and Mr. Gary Lewis;
- Reappointed Baker Tilly WM LLP, Chartered Accountants, as the Company's auditors;
- Approved the continued use of the Company's stock option plan in accordance with TSX Venture Exchange ("TSXV") policies;
- Approved an amendment to the articles of the Company to add a provision permitting the directors to appoint one or more additional directors between annual meetings of shareholders; and
- Approved approved the change of name of the Company to "Electric Metals (USA) Limited", or such other name as determined by the Board of Directors and as may be acceptable to the regulatory authorities (the "Name Change").
Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) ("NSC" or the "Company") is pleased to announce the results of its annual and special meeting of shareholders held on 4th May 2023 (the "Meeting"), the results of which are summarized above.
Following the Meeting, the Board of Directors of the Company resolved to proceed with the Name Change. Following receipt of all regulatory and stock exchange approvals, the Company's stock is expected to begin trading under its new name and TSXV ticker symbol of "EML". The Company will make a further announcement when such date has been determined.
About Nevada Silver Corporation
Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. NSC's principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$25 million invested to date. The Company's mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no domestic supply or active mines in North America, this represents a significant opportunity for NSC shareholders. In addition, NSC owns and operates the Corcoran Silver-Gold Project in Nevada. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.
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.
For further Information please contact:
Gary Lewis, Group CEO & Director
+1 (647) 846 5299 - gl@nevadasilvercorp.com
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and Nevada Silver Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165186
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Nevada Silver Increases Ownership of North Star Manganese Inc to 100% Via Acquisition of Minority Shareholder Interests
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES
- Completes acquisition of all outstanding shares of North Star Manganese Inc via share exchange with minority NSM shareholders.
- Increases NSC shareholder exposure to 100% of the high-grade Emily Manganese Project in Minnesota, USA.
- Drilling progresses on schedule at the Emily Manganese Project with seven diamond core drill holes now completed and additional samples submitted for analyses. Assays from the initial three drill holes are expected in coming weeks.
Nevada Silver Corporation ("NSC" or the "Company") (TSXV:NSC)(OTCQB:NVDSF) is pleased to announce it has completed the acquisition of all of the outstanding securities of North Star Manganese Inc ("NSM") that it did not already hold through its wholly-owned subsidiary Electric Metals (USA) Pty Limited ("EML") (the "NSM Share Acquisition"). As disclosed in the news release of the Company dated August 31, 2022, NSM closed the sale of 3,160,233 of its shares (the "NSM Shares") representing 9.5% of its issued and outstanding shares of NSM on August 31, 2022. The other 90.5% of the outstanding shares continued to be held by EML. On November 23, 2022, the Company announced that the Emily Manganese Project will become the Company's flagship asset and that the Company planned to change its name to "Electric Metals (USA) Limited" in order to better reflect the entirety of its value proposition as a developer of battery and technology-related minerals, including its US manganese and silver properties
As a result, the Company determined to repurchase the NSM Shares and the NSM Share Acquisition was accomplished pursuant to share exchange agreements whereby each holder of NSM Shares agreed to exchange their NSM Shares for units of NSC (the "Units") on the basis of 2.04545 Units per NSM Share, with each Unit comprised of one common share and one common share purchase warrant (the "Warrant"). In the aggregate the Company issued 6,464,113 Units to the (former) NSM Shareholders. Each Warrant is exercisable to acquire one common share of the Company (the "Common Shares") at a price of $0.25 per Common Share for a period of 24 months following issuance thereof. The expiry date of the Warrants will accelerate in the event the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSXV") is equal to or exceeds $0.30 per Common Share for a period of 20 consecutive trading days (an "Acceleration Event"). If an Acceleration Event occurs, the Warrants will expire 30 days after notice of such Acceleration Event.
Following the NSM Share Acquisition, the Company once again indirectly holds 100% of the outstanding NSM Shares. The NSM Share Acquisition is subject to the receipt of all regulatory approvals, including the final approval of the TSXV.
The Company is also pleased to provide an update on the inaugural drill program at its high-grade Emily Manganese Project in Minnesota, USA. A total of 3,780.6 feet (1,152.3 metres) of diamond core drilling has been completed to date at the Emily Manganese Project. Seven holes (Figure 1) have been completed to target depth and samples forwarded to the ALS laboratory facility in Reno, NV for analyses.
Figure 1. Location map showing land under NSC control, Emily Iron Formation bedrock which is the host strata to manganese mineralization and locations of the seven completed NSC drill holes.
Further to its announcement of 13th January 2023, the Company wishes to clarify that it has granted an aggregate of only 3,150,000 stock options to certain directors, officers and consultants of the Company, and not the amount of 3,650,000 stock options as previously advised. These stock options were issued in accordance with, and subject to, the provisions of the Company's stock option plan and are subject to approval of the TSX Venture Exchange. Each stock option entitles the holder to purchase one Common Share of the Company at an exercise price of $0.25 per share for a 5-year period.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to "U.S. persons" (as that term is defined in Rule 902(k) of Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Nevada Silver Corporation
Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. NSC's principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$25 million invested to date. The Company's mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no domestic supply or active mines in North America, this represents a significant opportunity for NSC shareholders. In addition, NSC owns and operates the Corcoran Silver-Gold Project in Nevada. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.
NSC will seek shareholder approval to change its name to Electric Metals USA Limited at the Company's Annual General Meeting in May 2023.
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.
For further Information please contact:
Gary Lewis, Group CEO & Director: (647) 846 5299 - gl@nevadasilvercorp.com
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and Nevada Silver Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.
SOURCE:Nevada Silver Corporation
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Nevada Silver Provides Update on Drilling, Permitting and Battery Testwork at the High-Grade Emily Manganese Project, Minnesota, USA
- Three diamond core drill holes have been completed and samples submitted for analyses as drilling progresses on schedule.
- Drill holes have all intersected high-grade manganese mineralization close to anticipated depths.
- Metallurgical and battery test work will resume when the majority of planned drill holes in the eastern portion of the deposit are completed.
- Barr Engineering will undertake environmental studies on recently acquired land in preparation for additional drilling.
Nevada Silver Corporation ("NSC" or the "Company") (TSXV:NSC)(OTCQB:NVDSF) is pleased to provide an update on the inaugural drill program, and other technical and permitting activities at its high-grade Emily Manganese project in Minnesota, USA. The Emily Project ("Emily") is located in the Cuyuna Iron Range of central Minnesota, USA (Figure 1), an area with a rich mining history and support from established local infrastructure, a skilled mining workforce and abundant power and gas
Figure 1. The Emily Project is part of the Emily District of the Cuyuna Iron Range in Crow Wing County, Central Minnesota. The Emily District includes the highest-grade manganese resource in North America.
A total of 2,243.9 feet (684 metres) of diamond core drilling has been completed to date at the Emily Project. The initial three holes (Figure 2) have been completed to target depth and samples forwarded to the ALS laboratory facility in Reno, NV for analyses.
Figure 2. Location map showing land under NSC control, Emily Iron Formation bedrock which is the host strata to manganese mineralization and locations of the three completed NSC drill holes.
Visible manganese mineralization, including high-grade manganese oxide (manganite), was intersected in all the completed drill holes (Fgure 3).
Figure 3. High-grade manganese oxide mineralization identified as mostly manganite, in drill hole NSC-23001 (between 350-358 feet).
With occurrences of apparent high-grade and considerable thicknesses of mineralization in the completed holes, NSC is pleased to announce fast-tracking of metallurgical and battery test work now due to commence at the completion of the current phase of drilling in the eastern portion of the Emily deposit. This work will include flow sheet development as well as bench top and pilot studies to produce manganese chemicals including high purity manganese sulphate monohydrate (HPMSM) for future supply to a burgeoning manganese cathode market. These metallurgical tests will complement previous test work which has confirmed viable laboratory extraction of battery materials.
Initial bulk samples will be supplemented by additional material as drilling continues across the deposit, including recently acquired ground (refer NSC announcement of 23rd February 2023).
NSC has commissioned Barr Engineering of Minnesota, NSC's environmental consultant, to commence environmental studies for permitting of additional drill holes within the recent land acquisition in the central portion of the deposit. These studies will commence as snow cover recedes and will include water, biologic, cultural and archeological assessments.
NSC's CEO Gary Lewis commented, "in spite the high-level of planning and technical oversight undertaken last year in relation to the current drill program, there is always a degree of anticipation as the first drill core is extracted, however the team couldn't be more satisfied with what they're seeing. Not just in relation to the wide intercepts of visible manganese mineralization, including high-grade manganite, but also that the mineralization is being encountered at expected depths consistent with the geological model."
We're excited that samples from the first three holes are on their way to the lab and wait with expectation for the results to be returned in coming weeks".
"We're also pleased to be accelerating our test work and environmental studies with the ultimate aim of transitioning to the development of the Emily project, and we look forward to further updating shareholders further as these programs advance."
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Nevada Silver Corporation
Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. NSC's principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. The Company's mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no domestic supply or active mines in North America, this represents a significant opportunity for NSC shareholders. In addition, NSC owns and operates the Corcoran Silver-Gold Project in Nevada. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.
NSC will seek shareholder approval to change its name to Electric Metals USA Limited at the Company's Annual General Meeting in May 2023.
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.
For further Information please contact:
Gary Lewis, Group CEO & Director: (647) 846 5299 - gl@nevadasilvercorp.com
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and Nevada Silver Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.
SOURCE:Nevada Silver Corporation
View source version on accesswire.com:
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Nevada Silver Announces Major Land Acquisition in Minnesota to Significantly Expand the Emily Manganese Exploration Footprint
- Signs lease and purchase option agreements covering two strategic blocks of land joining the Company's existing holdings.
- First company to consolidate land into one contiguous block covering much of the manganese-iron deposition previously drilled by US Steel and Pickands Mather.
- NSC to review drill program now underway to include additional holes to cover high-grade historical intercepts on this newly acquired ground.
Nevada Silver Corporation ("NSC" or the "Company") (TSXV:NSC)(OTCQB:NVDSF) a US-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy, is pleased to announce that the Company's Minnesota subsidiary, North Star Manganese Inc ("NSM") has signed lease and purchase option agreements with two private landowners in Emily, Minnesota on two adjacent blocks of land covering approximately 77 acres of surface and mineral rights
The Emily Project is located in the Cuyuna Iron Range of central Minnesota, USA (Figure 1), an area with a rich mining history and supported by well-established local infrastructure, a skilled mining workforce and abundant power and gas.
Figure 1. The Emily Project is part of the Emily District of the Cuyuna Iron Range in Crow Wing County, Central Minnesota. The Emily District contains the highest-grade source of Manganese in North America.
As Figure 2 below shows, these two acquisitions are significant as they join with the Company's existing holdings to form one contiguous land block covering much of the manganese-iron deposition previously drilled by Pickands Mather and US Steel in the 1940s and 1950s. Further, NSC now has control over most of the footprint of the planned US Steel designed West Ruth Lake Mine, which was targeting 24,012,200 tons @ 15.29% Mn and 23.4% Fe (Strong 1959).
Figure 2. Location map showing additional land now under NSC control (white rectangle), bedrock in and around the Emily Project area, as well as historic drill holes by various parties (Peterson 2019).
NSC's CEO Gary Lewis commented, "securing these additional lands represents a significant milestone for the Company and its shareholders. Our Minnesota team has spent many months on the ground finalizing these deals, and the impact will be immediate and considerable. Having recently announced the commencement of drilling at the Emily Manganese Project, our technical team are reviewing the program to include additional holes to cover high-grade historical intercepts and to infill significant areas that were never explored on this newly acquired ground."
"As reported in the 2022 NI 43-101 technical report, ‘the [2022] resource defined by Barr Engineering represents only a small portion of a much larger area of manganese-iron disposition along strike and down-dip that was previously drilled by Pickands Mather and U.S. Steel in the 1940s and 1950s', and we have now secured the majority of this manganese-iron disposition."
We look forward to updating shareholders further as the program advances."
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Nevada Silver Corporation
Nevada Silver Corporation (TSXV:NSC) (OTCQB:NVDSF) is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. NSC's principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. The Company's mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no domestic supply or active mines in North America, this represents a significant opportunity for NSC shareholders. In addition, NSC owns and operates the Corcoran Silver-Gold Project in Nevada. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.
NSC will seek shareholder approval to change its name to Electric Metals USA Limited at the Company's Annual General Meeting in May 2023.
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.
For further Information please contact:
Gary Lewis, Group CEO & Director: (647) 846 5299 - gl@nevadasilvercorp.com
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and Nevada Silver Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.
SOURCE: Nevada Silver Corporation
View source version on accesswire.com:
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MAG Announces First Quarter 2024 Production From Juanicipio
MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" or "MAG Silver") reports production from Juanicipio (56% 44% Fresnillo plc ("Fresnillo") and MAG, respectively) for the first quarter ("Q1") ended March 31, 2024.
Q1 Highlights
- Solid throughput : Juanicipio processed 325,684 tonnes of ore in Q1. Despite a routine 4 day maintenance shutdown during the quarter, Juanicipio delivered 3,980 tonnes per operating day milling performance confirming its operational efficiency and ability to quickly pick up where it left off.
- Continued strong grades : The average silver head grade for the quarter was 476 grams per tonne ("g/t"), marginally higher than the previous quarter. This, together with our robust initial reserve as outlined in the recently released technical report, further reaffirms Juanicipio's status as a high-grade mineral deposit with significant long-term potential.
- Improving recovery : Recovery for the quarter was higher than the previous quarter across all metals showcasing the ongoing operational enhancements and optimization efforts at Juanicipio.
- Robust production and guidance on track : Juanicipio surpassed expectations with preliminary production estimates of 4.4 million silver ounces and 9,927 gold ounces in Q1.
MAG expects to release its comprehensive financial and operational results on May 14, 2024.
Comparative production highlights (100% basis):
Q1 2024 | Q4 2023* | % Chg | Q1 2023** | % Chg | ||
Tonnes processed | t | 325,684 | 346,766 | -6.1% | 222,023 | 46.7% |
Head grades | ||||||
Silver | g/t | 476 | 467 | 1.9% | 363 | 31.1% |
Gold | g/t | 1.32 | 1.37 | -3.6% | 1.08 | 22.2% |
Lead | % | 1.35 | 1.35 | 0.0% | 0.74 | 82.4% |
Zinc | % | 2.49 | 2.44 | 2.0% | 1.44 | 72.9% |
Production | ||||||
Silver | koz | 4,445 | 4,505 | -1.3% | 2,250 | 97.6% |
Gold | oz | 9,927 | 10,591 | -6.3% | 6,057 | 63.9% |
Lead 1 | klb | 8,704 | 9,189 | -5.3% | 3,201 | 171.9% |
Zinc 2 | klb | 14,653 | 15,086 | -2.9% | 5,019 | 192.0% |
* Includes material processed at the Saucito and Juanicipio beneficiation plants.
** Includes material processed at the Fresnillo, Saucito and Juanicipio beneficiation plants.
1 Lead recovered to lead concentrate.
2 Zinc recovered to zinc concentrate.
Compared to Q1 2023, Juanicipio's performance significantly improved reflecting the progress made since the commencement of mining ramp-up and plant commissioning in February 2023.
"Q1 continued the trend of consistent operational performance. Despite a major planned maintenance shutdown during the quarter, Juanicipio continued to demonstrate its ability to deliver strong milling rates per operational day," said George Paspalas, MAG Silver's President and CEO. "The quarter puts us in a great position to deliver on our 2024 guidance and with the solid foundation provided by our recently released technical report, we are well positioned for continued long-term success and growth."
Qualified Person: All scientific or technical information in this press release is based upon information prepared by or under the supervision of, or has been approved by Gary Methven, P.Eng., who is a "Qualified Person" for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("National Instrument 43-101" or "NI 43-101"). Mr. Methven is not independent as he is Vice President, Technical Services of MAG.
About MAG Silver Corp. ( www.magsilver.com )
MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG Silver is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day (tpd) Juanicipio mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralized material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG Silver is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the 100% owned Larder project, located in the historically prolific Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements in this release, other than statements of historical facts are forward looking statements, including statements that address our expectations with respect to the timing and success of the full-scale ramp up of milling activities, provisional estimates relating to production at Juanicipio for Q1 2024, processing rates of development materials, future mineral production, and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements identified herein include, but are not limited to, a subsequent change in the Company's approach to executive compensation from that approach approved by Shareholders, failure of the Company to receive approval from the Toronto Stock Exchange of the renewal of the unallocated entitlements under the Plans, changes in applicable laws, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including those risks disclosed in MAG Silver's filings with the Securities Exchange Commission (the "SEC") and Canadian securities regulators. All forward-looking statements contained herein are made as at the date hereof and MAG Silver undertakes no obligation to update the forward-looking statements contained herein. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the internet at www.sedar.com and www.sec.gov .
For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Website: www.magsilver.com Email: info@magsilver.com
News Provided by GlobeNewswire via QuoteMedia
Silver Price Update: Q1 2024 in Review
2023 was a relatively lackluster year, silver largely traded on volatility between US$22 and US$25 per ounce.
The white metal started 2024 with less volatility and remained rangebound for the first eight weeks. Silver dropped to US$22.08 per ounce on January 21, marking its quarterly low.
Silver started seeing gains in March with the expectation that the US Federal Reserve was getting closer to lowering interest rates. Improving sentiment gave the precious metals markets momentum, causing silver to reach its quarterly high of US$25.62 on March 20, before continuing on to an 11 year high of US$29.26 on April 12.
How did the silver price perform in Q1?
Silver started to see gains in early March as speculation over a more dovish policy from the Fed that would see cuts beginning in June added fuel to the the gold and silver markets.
These gains were reinforced by positive language following the banks March meeting that its rate policy was continuing to progress inflation towards the central bank’s target of 2 percent.
Even though it was unwilling to commit to dates, the Fed suggested it was done with rate hikes and it was expecting to make three cuts to its benchmark rate in 2024.
Silver price, Q1 2024.
Chart via Trading Economics.
While gold captured attention as it set record prices in March and April, silver has produced better returns for investors. In an April 9 email to the Investing News Network (INN), Peter Krauth, editor of Silver Stock Investor and author of "The Great Silver Bull," commented on the white metal's performance during the quarter.
“Silver also typically lags gold, then catches up and surpasses it. We’re starting to see that happen in spades right now. Since the end of February, gold is up about 15 percent, while silver is up about 22 percent. Those are breathtaking gains in just a matter of weeks,” he said.
According to Krauth, these gains for the silver price came alongside decreasing inventories at the COMEX, London Bullion Market Association and the Shanghai Gold Exchange, where stockpiles have dropped 40 percent over the past three years.
“The same has happened to silver exchange-traded funds (ETFs) globally. My view is that large silver consumers are buying long contracts and silver ETFs, then taking delivery. That helps explain why the silver price didn’t rise in the face of ongoing deficits. But these inventories are being drained, and I think there may be 12 to 24 months left before they run out,” he said.
Even with decreasing inventories, Krauth still sees silver being held back, citing its increasing role as an industrial metal and concerns over a recession in 2024 as contributing factors to it not seeing stronger gains.
Industrial demand deepens in 2024
The thinning inventories that contributed to silver’s price gains through Q1 have come about have been driven by the white metal’s increasing demand from industrial sectors. The biggest contributing sectors have come from the energy transition, particularly the production of photovoltaics and electric vehicles.
Krauth pointed to the Silver Institute, a top industry association, which said silver is entering into a structural deficit for a fourth consecutive year in 2024, believing these shortfalls will continue for several more years.
In its latest World Silver Survey, the Silver Institute states that in 2024 demand for the white metal is forecast to reach the second highest amount on record at 1.22 billion ounces, with industrial demand set to see a 9 percent increase to 710.9 million ounces, beating out the record set in 2023 at 654.4. million ounces.
According to the Institute's data, India has been a critical driver of demand, importing 94 million ounces of silver in the first two months of 2024, including 71 million ounces in February alone — that represents nearly an entire month of global mine production.
While the Silver Institute notes that demand for silverware and jewelry in India remains strong, it also says there is a growing industrial demand as India sees an increasing focus on infrastructure development.
To support local manufacturing, the Indian Ministry of New and Renewable Energy reimposed the Approved List of Models and Manufacturers for solar modules this past February, which limits approved solar projects in the country to use domestically produced photovoltaics.
This comes alongside the new N-type solar cells that require greater amounts of silver entering mass production in 2024.
Production relief unlikely
On the supply side, the organization is predicting a decline of 1 percent in total, with 1 billion ounces being made available. In addition, it is expecting recycled quantities of silver to remain flat at 178.9 million ounces. The biggest drop is expected to come from mine production, with an estimated total of 823.5 million ounces in 2024.
This differential suggests a widening deficit of 215.3 million ounces, a year-on-year increase of 17 percent.
Silver is primarily produced as a by-product of gold, lead, zinc and copper mines, and according to the Silver Institute these accounted for 595.2 million ounces produced in 2023. Meanwhile, primary silver mines produced just 235.2 million ounces.
With a contraction in mine output forecast for 2024 and increasing industrial demand over the next several years, the Silver Institute is projecting more tightness over the next few years, meaning limited relief on the horizon from new or existing operations.
Krauth sees two standout projects set to add millions of ounces over the next year.
“There are two major primary silver projects that stand out. Endeavour Silver (TSX:EDR,NYSE:EXK) is building its Terronera project in Mexico, which will bring about 7Moz silver equivalent per year, starting at the end of this year. Then there’s Aya Gold & Silver (TSX:AYA,OTCQX:AYASF), whose Zgounder mine in Morocco is expanding production from about 1.9Moz silver to 8Moz silver, starting with its commissioning in Q2 this year,” he said.
The Silver Institute also sees supply contributions coming from Newmont’s (TSX:NGT,NYSE:NEM) Penasquito mine, which will return to full production in 2024 following strike action in 2023, Coeur Mining’s (NYSE:CDE) expansion of its Rochester mine and the onlining of Kinross Gold's (TSX:K,NYSE:KGC) Manh Choh project.
Even with these additions, the Silver Institute sees steep offsets, including the loss of 17.9 million ounces out of Peru as Hochschild Mining (OTCQX:HCHDF,LSE:HOC) has placed its Pallancata operation into care and maintenance as it waits for permits for its Royropata deposit.
Even when operations come online, the increases amount to tens of millions of ounces for an industry that requires hundreds of millions to overcome supply deficits.
Investor takeaway
Unlike gold, Krauth sees silver’s industrial applications holding a lot of upside, even though he believes the market hasn’t really come to terms with that, still largely viewing itas a precious metal. He also thinks the there is some opportunity for change on the horizon.
This past January, silver producers penned an open letter to the Canadian government urging the metals inclusion on the critical minerals list. While that decision won’t be known until May, if it is approved it would open up new funding options and a streamlined permitting system. Krauth thinks this would boost silver’s status among investors, and is something to watch for through the second quarter.
“I, along with the entire sector, will be watching closely to see whether silver makes the list or not. If it does, I think that would be a shot in the arm for silver. The broader investment community would pay more attention to silver’s significant structural supply shortages,” he said.
While its inclusion remains uncertain, Krauth is bullish on the white metal, but he also says he wouldn’t be surprised at a pullback this year.
More broadly, he thinks silver is in a sustained bull market and expects the price to continue to hold at US$28 and probably grow to US$30 in the second half of the year.
As silver sees upward momentum going into the next quarter, it may present new opportunities to investors looking for an alternative to gold, or taking advantage of the white metal’s increasing notoriety as an industrial metal.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Endeavour Silver Provides Q1 2024 Construction Progress Update on Terronera; Construction Progress Reaches 53% Completion
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to provide a Q1 2024 construction progress update for its Terronera Project in Jalisco state, Mexico. A photo gallery presentation accompanies this news release and can be found here or on the Company website at Terronera Project Progress Photos . All dollar ($) references in this news release are United States dollars.
The Terronera project made significant progress in the first quarter, as concrete work was nearly complete on the Upper Plant Platform and erection of structural steel advanced for areas including crushing, coarse-ore storage, grinding, flotation, and thickening. Mechanical installation of major equipment continued to advance on schedule and the project remains on track for commissioning in Q4 2024.
"Site activities ramped up rapidly, as overall construction surpassed the halfway milestone," commented Don Gray, Chief Operating Officer. "We've been very pleased with progress of structural steel erection and major equipment installation including the semi-autogenous grinding ("SAG") and ball mills, apron feeders and flotation cells. Our procurement and materials management planning has been effective in keeping pace with site construction. We've been able to install many components upon immediate arrival to site, while making use of the limited laydown area. Underground mine development continues advancing very well, and we anticipate initial ore access in Q2. We are exceptionally pleased with the progress our Terronera team is making and remain committed to successfully completing and operating Endeavour's next core asset."
Q1 2024 Construction and Development Highlights
As of March 31, 2024, site works and activities included:
- Safety – A strong onsite safety focus has enabled a notable 60% reduction in the lost-time injury frequency rate since Q2 2023, during a substantial increase in the workforce. Ongoing initiatives such as mandatory certification for working-at-heights, frequent field audits and inspections, rescue-team training, and regular emergency drills continue.
- Progress – Overall project progress reached 53% completion, with more than $158 million (1) of the project's budget spent to date. Project commitments total $225 million (1,2) which is 83% of the $271 million capital budget.
- Engineering – Efforts have been transitioning over to construction support. Detail design was completed for the Tailing Storage Facility ("TSF"), Portal 2 waste dump, and Lower Platform excavation.
- Mine Development – During the quarter, over 1,000 metres of underground mine development was completed, bringing the total to over 3,200 metres. Mine crews continue working in Portal 1, 2, and 4 declines with excavations well advanced for the explosives magazines and the main pump-station sump system.
- Upper Platform Plant Site – Surface mill and infrastructure construction is 56% complete and progressing on schedule. Concrete work is 83% complete, and structural steel erection is 80% complete.
- Primary Crusher – Structural and mechanical construction was initiated on the conveyor and apron feeder support steel, and the apron feeder was placed in position.
- Course Ore Stockpile and Reclaim ("COS") Tunnel – Two apron feeders were installed in the COS tunnel along with structural steel support, which opened the area to install the SAG feed conveyor.
- Grinding – All major SAG and Ball Mill components were assembled. The high-pressure hydraulic pump was used for mounting the main bearings (spherical roller bearings), and all four bearings were installed under vendor supervision. Structural steel and pump installations continued.
- Flotation – All flotation cell tanks were set in place and installation of the drive decks and structural steel installation continued. Several drive decks were assembled on the ground and lifted as complete units for each flotation cell tank. The regrind mill was set in place.
- Tailing Thickener – The floor foundation and wall concrete were completed and erection of steel commenced together with the installation of the thickener tank floor.
- Primary Crusher – Structural and mechanical construction was initiated on the conveyor and apron feeder support steel, and the apron feeder was placed in position.
- Lower Facilities Platform and TSF – Excavation for the TSF embankment key trench was nearly 60% complete, and the lower platform area was nearly 45% complete, with the excavated material suitable to use in the TSF key trench and as embankment fill. Concrete work on the lower platform is anticipated to start in Q2.
- Procurement – Bulk materials procurement purchase orders have been released and lead times are aligned with the current schedule. The Procurement team has focused on critical path purchases, such as electrical components and transfer chutes, and reducing bulk material lead times to increase schedule float.
- Onsite Personnel – The workforce increased to 150 employees and over 400 contractor workers.
- Community Relations – Supporting the local municipality continues to be a major commitment. A new miner training program for local community members was established to provide training and employment. The Company also sponsored English and computer skills for local communities.
- Environmental – Environmental and social assessment initiatives continue according to schedule as outlined under the Equator Principal requirements for project loan financing.
Next Steps and Planning
The Terronera Project is on track for commissioning in Q4 2024.
For Q2 2024, surface construction will continue focusing on mechanical installations and initial electrical work for the crushing, coarse-ore stockpile, grinding, flotation and tailing thickener areas. Excavation of the Lower Platform is anticipated to be complete in the coming months. Concrete work is expected to be initiated for the LNG and power generation and concentrate and tailing filtration. Concentrate and tailing filtration structural, mechanical, and electrical installations will commence in early Q3.
Mine development in Portal 1, 2 and 4 declines will continue with first ore development anticipated in Q2. Initial long-hole mining is planned for Q3 followed by cut-and-fill mining; ore will be stockpiled for mill ramp up. Development activities at La Luz are anticipated to begin in Q2 with portal construction and ramp advance to ore access anticipated in Q4. The critical path remains the TSF and lower platform construction and advancing underground mine, where development is meeting expectations.
Visit www.terronera.com , our dedicated project website, to stay informed on the ongoing development at Terronera. Explore updates, learn about our commitment to environmental stewardship, and discover the positive impacts on local communities.
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
Footnote:
- Financial figures are based on a preliminary estimate. Final audited figures will be released with the Q1 2024 financial statements on May 9, 2024.
- Project commitments are inclusive of total project expenditures.
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: capital cost estimates, anticipated timing of the project construction; anticipated timing of drawdown under the project loan debt facility, 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, Chile, the U.S.A 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 project loan 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 Terronera 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
Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fourth quarter (Q4 Fiscal 2024) and fiscal year ended March 31, 2024 ("Fiscal 2024") and the production and cost guidance for the 2025 fiscal year ending March 31, 2025 ('Fiscal 2025"). The Company expects to release its Fiscal 2024 audited financial results on Thursday, May 23, 2024 after market close.
Q4 Fiscal 2024 Operational Results
- Gold production of 1,916 ounces, up 92% over the same quarter last year ("Q4 Fiscal 2023");
- Silver equivalent (only silver and gold) 1 production of approximately 1.3 million ounces, up 11% over Q4 Fiscal 2023;
- Lead production of approximately 12.5 million pounds, up 15% over Q4 Fiscal 2023; and
- Zinc production of approximately 4.56 million pounds, up 27% over Q4 Fiscal 2023.
Fourth Quarter Fiscal 2024 | Fourth Quarter Fiscal 2023 | |||||||
Ying Mining | GC | Consolidated | 'Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 147,122 | 48,038 | 195,160 | 132,205 | 49,643 | 181,848 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 21,843 | - | 21,843 | - | - | - | ||
Silver ore | 158,424 | 57,226 | 215,650 | 130,910 | 48,483 | 179,393 | ||
180,267 | 57,226 | 237,493 | 130,910 | 48,483 | 179,393 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 197 | 57 | 255 | 88 | ||||
Lead (%) | 3.1 | 1.1 | 3.6 | 1.3 | ||||
Zinc (%) | 0.6 | 2.5 | 0.6 | 2.5 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.4 | 83.2 | 95.2 | 78.9 | ||||
Lead (%) | 95.0 | 89.8 | 95.3 | 90.9 | ||||
Zinc (%) | 70.2 | 89.3 | 68.3 | 89.3 | ||||
Metal production | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,063 | 87 | 1,150 | 997 | 109 | 1,106 | ||
Silver equivalent (in thousands of ounces) | 1,237 | 87 | 1,324 | 1,086 | 109 | 1,195 | ||
Lead (in thousands of pounds) | 11,317 | 1,210 | 12,527 | 9,688 | 1,250 | 10,938 | ||
Zinc (in thousands of pounds) | 1,750 | 2,809 | 4,559 | 1,164 | 2,413 | 3,577 | ||
Metals sold | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,052 | 87 | 1,139 | 966 | 107 | 1,073 | ||
Lead (in thousands of pounds) | 10,821 | 1,051 | 11,872 | 8,924 | 1,097 | 10,021 | ||
Zinc (in thousands of pounds) | 1,730 | 2,702 | 4,432 | 1,115 | 2,336 | 3,451 | ||
In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined at the Ying Mining District, up 11% over Q4 Fiscal 2023, and 180,267 tonnes of ore were milled, up 38% over Q4 Fiscal 2023. Approximately 1.1 million ounces of silver, 1,916 ounces of gold (or 1.2 million ounces of silver equivalent), 11.3 million pounds of lead, and 1.8 million pounds of zinc were produced, representing production increases of 92%,7%, 14%, 17%, and 50%, respectively, in silver, gold, silver equivalent, lead and zinc over Q4 Fiscal 2023.
At the GC Mine, 48,038 tonnes of ore were mined, down 3% over Q4 Fiscal 2023, and 57,226 tonnes of ore were milled, up 18% over Q4 Fiscal 2023. Approximately 87 thousand ounces of silver, 1.2 million pounds of lead, and 2.8 million pounds of zinc were produced, representing an increase of 16% in zinc, and decreases of 20% and 3%, respectively, in silver and lead over Q4 Fiscal 2023.
Fiscal 2024 Operational Results
- Gold production of 7,268 ounces, an increase of 65% over Fiscal 2023;
- Silver equivalent (only silver and gold) production of approximately 6.8 million ounces, a decrease of 2% over Fiscal 2023;
- Lead production of approximately 63.2 million pounds, a decrease of 7% over Fiscal 2023; and
- Zinc production of approximately 23.4 million pounds, a decrease of 1% over Fiscal 2023; and
Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||
Ying Mining | GC | Consolidated | Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 827,112 | 290,006 | 1,117,118 | 769,024 | 299,959 | 1,068,983 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 58,262 | - | 58,262 | - | - | - | ||
Silver ore | 757,883 | 290,050 | 1,047,933 | 773,057 | 299,597 | 1,072,654 | ||
816,145 | 290,050 | 1,106,195 | 773,057 | 299,597 | 1,072,654 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 231 | 69 | 261 | 75 | ||||
Lead (%) | 3.4 | 1.2 | 3.8 | 1.3 | ||||
Zinc (%) | 0.7 | 2.6 | 0.7 | 2.8 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.9 | 82.0 | 95.6 | 81.9 | ||||
Lead (%) | 95.1 | 90.5 | 95.0 | 89.8 | ||||
Zinc (%) | 70.6 | 90.0 | 63.2 | 89.9 | ||||
Metal production | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,677 | 527 | 6,204 | 6,024 | 593 | 6,617 | ||
Silver equivalent (in thousands of ounces) | 6,317 | 527 | 6,844 | 6,404 | 593 | 6,997 | ||
Lead (in thousands of pounds) | 56,269 | 6,902 | 63,171 | 60,254 | 7,814 | 68,068 | ||
Zinc (in thousands of pounds) | 8,213 | 15,172 | 23,385 | 7,150 | 16,313 | 23,463 | ||
Metals sold | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,717 | 518 | 6,235 | 6,049 | 588 | 6,637 | ||
Lead (in thousands of pounds) | 54,292 | 6,333 | 60,625 | 58,240 | 7,447 | 65,687 | ||
Zinc (in thousands of pounds) | 8,240 | 15,010 | 23,250 | 7,175 | 16,263 | 23,438 | ||
At the Ying Mining District, 827,112 tonnes of ore were mined, up 8% over Fiscal 2023, and 816,145 tonnes of ore were milled, up 6% over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268 ounces of gold (or 6.3 million ounces of silver equivalent), 56.3 million pounds of lead, and 8.2 million pounds of zinc were produced, representing increases of 65% and 15%, respectively, in gold and zinc, and decreases of 6%, 1% and 7%, respectively, in silver, silver equivalent and lead over Fiscal 2023.
The decrease in silver and lead production was mainly due to i) lower head grades achieved due to mining sequences; and ii) 58,262 tonnes of gold ores were mined and processed with grades of 1.8 grams per tonne ("g/t") gold, 77 g/t silver, 1.1% lead, and 0.2% zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate in Fiscal 2024. The gold recovery rate for gold ores processed was 92.0%.
At the GC Mine, 290,006 tonnes of ore were mined, down 3% over Fiscal 2023, and 290,050 tonnes of ore were milled, down 3% over Fiscal 2023. Approximately 527 thousand ounces of silver, 6.9 million pounds of lead, and 15.2 million pounds of zinc were produced, representing decreases of 11%, 12% and 7%, respectively, in silver, lead and zinc over Fiscal 2023. The decrease in metal production was mainly due to lower head grades achieved due to mining sequences.
Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
i) Fiscal 2025 production and cash cost guidance |
In Fiscal 2025, the Company expects to mine and process 1,151,000 to 1,256,000 tonnes of ore, yielding approximately 7,900 to 9,000 ounces of gold, 6.8 to 7.2 million ounces of silver, 64.2 to 69.3 million pounds of lead, and 27.1 to 30.1 million pounds of zinc. Fiscal 2025 production guidance represents production increases of approximately 4% to 14% in ores, 8% to 23% in gold, 9% to 17% in silver, 2% to 10% in lead, and 16% to 29% in zinc compared to the production results in Fiscal 2024.
Head Grade | Metal Productions | Production Costs | |||||||||||||||||||||||
Ore processed | Gold | Silver | Lead | Zinc | Gold | Silver | Lead | Zinc | Cash Cost | AISC | |||||||||||||||
Fiscal 2025 Guidance | (tonne) | (g/t) | (g/t) | ( %) | ( %) | (Koz) | (Koz) | (Klb) | (Klb) | ($/t) | (S/t) | ||||||||||||||
Gold ore | 63,000 | - | 70,000 | 2.4 | 78 | 2.1 | - | 4.3 | - | 5.0 | 140 | - | 160 | 2,680 | - | 2,980 | |||||||||
Silver ore | 797,000 | - | 885,000 | - | 249 | 3.3 | 0.8 | 3.6 | - | 4.0 | 6,070 | - | 6,520 | 54,480 | - | 58,910 | 8,877 | - | 10,986 | ||||||
Ying Mining District | 860,000 | - | 955,000 | 0.3 | 235 | 3.1 | 0.8 | 7.9 | - | 9.0 | 6,210 | - | 6,680 | 57,160 | - | 61,890 | 8,877 | - | 10,986 | $ 83.7 | - | $ 88.1 | $ 142.3 | - | $ 153.2 |
GC Mine | 291,000 | - | 301,000 | - | 68 | 1.1 | 3.0 | 540 | - | 550 | 7,070 | - | 7,450 | 18,240 | - | 19,110 | $ 54.4 | - | $ 55.5 | $ 99.3 | - | $ 99.7 | |||
Consolidated | 1,151,000 | - | 1,256,000 | 7.9 | - | 9.0 | 6,750 | - | 7,230 | 64,230 | - | 69,340 | 27,117 | - | 30,096 | $ 77.0 | - | $ 79.6 | $ 143.6 | - | $ 152.3 | ||||
The Ying Mining District plans to mine and process 860,000 to 955,000 tonnes of ore, including 63,000 to 70,000 tonnes of gold ore with an expected head grade of 2.4 g/t gold, to produce approximately 7,900 to 9,000 ounces of gold, 6.2 to 6.7 million ounces of silver, 57.2 to 61.9 million pounds of lead, and 8.9 to 11.0 million pounds of zinc for Fiscal 2025. This production guidance represents production increases of approximately 5% to 17% in ore, 8% to 23% in gold, 9% to 18% in silver, 2% to 10% in lead, and 8% to 34% in zinc compared to the actual production in Fiscal 2024.
The cash production cost is expected to be $83.7 to $88.1 per tonne of ore, and the all-in sustaining production cost is estimated at $142.4 to $153.3 per tonne of ore processed, comparable to the actual costs in Fiscal 2024.
The GC Mine plans to mine and process 291,000 to 301,000 tonnes of ore to produce 540 to 550 thousand ounces of silver, 7.1 to 7.5 million pounds of lead, and 18.2 to 19.1 million pounds of zinc. Fiscal 2025 production guidance at the GC Mine represents production increases of approximately 0% to 4% in ore, 2% to 4% in silver, 2% to 8% in lead, and 20% to 26% in zinc production compared to the production results in Fiscal 2024.
The cash production cost is expected to be $54.4 to $55.5 per tonne of ore, and the all-in sustaining production cost is estimated at $99.3 to $99.7 per tonne of ore processed.
ii) Fiscal 2025 capital expenditure guidance |
In Fiscal 2025, the Company expects to incur a total $90.8 million of capital expenditures as summarized in the table below.
Capitalized Development Work and Expenditures | Expensed | |||||||||
Ramp and development | Exploration tunneling | Diamond Drilling | Facilities and | Total | Mining Preparation | Diamond | ||||
(Metres) | ($ Million) | (Metres) | ($ Million) | (Metres) | ($ Million) | ($ Million) | ($ Million) | (Metres) | (Metres) | |
Fiscal 2025 Capitalized Work Plan and Capita Expenditure Estimates | ||||||||||
Ying Mining District | 45,100 | 27.3 | 45,800 | 17.4 | 137,700 | 3.4 | 30.6 | 78.7 | 37,800 | 117,300 |
GC Mine | 8,000 | 4.5 | 9,700 | 5.0 | 51,500 | 1.3 | 0.3 | 11.1 | 7,100 | 18,700 |
Corporate and others | - | - | - | - | - | - | 1.0 | 1.0 | - | - |
Consolidated | 53,100 | 31.8 | 55,500 | 22.4 | 189,200 | 4.7 | 31.9 | 90.8 | 44,900 | 136,000 |
The total capital expenditures for mine optimization and facilities improvement at the Ying Mining District are estimated at $78.7 million . For mine optimization, the Company plans to spend a total $48.1 million comprised of the following capital expenditures:
(i) | Develop 45,100 metres of ramps and tunnels for transportation and access at estimated capitalized expenditures of $27.3 million (average $605/m). The main goal of these mine optimization programs is to have ramps and a trackless system replace current shafts, and to have more mechanized mining, such as using the shrinkage mining method to gradually replace the more labor intensive "Re-Suing" mining; |
(ii) | Develop 45,800 metres of exploration tunnels at estimated capitalized costs of $17.4 million ($380/m); and |
(iii) | Drill 137,700 metres of exploration diamond drill holes for future production at an estimated capitalized cost of $3.4 million; |
For the tailing storage facilities ("TSF") and mill expansion and equipment, the Company plans to spend $30.6 million :
(i) | Complete the TSF by the 3 rd quarter of 2024 with remaining expenditures of $15.9 million; and |
(ii) | Add a 1,500 tonne per day flotation production line to the No. 2 Mill by the 4 th Quarter of 2024 at a cost of $7.2 million per signed EPCM contract, and add two XRT Ore Sorting systems for $1.7 million. The XRT Ore Sorting system will help to sort out waste rock resulting from the increased dilution rate as the Company shifts to more shrinkage mining method from the "Re-Suing" mining method. |
In addition to the capitalized tunneling and drilling work, the Ying Mining District also plans to complete and expense 37,800 metres of mining preparation tunnels and 117,300 metres of diamond drilling.
For the GC Mine, the Company plans to: i) complete and capitalize 8,000 metres of transportation ramps and mining development tunnels at estimated costs of $4.5 million ( $562 /m); ii) complete and capitalize 9,700 metres of exploration tunnels at estimated costs of $5.0 million ( $515 /m); iii) complete and capitalize 51,500 metres of diamond drilling at an estimated cost of $1.3 million ; and iv) spend $0.3 million on equipment and facilities. The total capital expenditures at the GC Mine are budgeted at $11.1 million in Fiscal 2025.
In addition to the capitalized tunneling and drilling work, the Company also plans to complete and expense 7,100 metres of mining preparation tunnels and 18,700 metres of diamond drilling at the GC Mine.
The Kuanping Project is expected to receive all permits and licenses in the third quarter of 2024, and $1.0 million of capital expenditures are budgeted for the startup of mine construction.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com .
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
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 and US securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.
Actual results may vary from forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada ; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Risk Factors" and in the Company's Annual Report on Form 40-F, and in the Company's other filings with Canadian and U.S. securities regulators. Although the Company 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. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Additional information related to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca , on EDGAR at www.sec.gov , and on the Company's website at www.silvercorpmetals.com .
______________________________ |
1 Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio between the net realized selling prices of gold and silver achieved, and then adding the converted amount expressed in silver ounces to the ounces of silver. |
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Silver Due to Record Second Highest Deficit in 20 Years
Industrial demand for silver rose to a new record high in 2023, coming in at 654.4 million ounces (Moz).
The surge was fueled by significant advancements in green economy sectors, particularly photovoltaics (PV), where demand skyrocketed by 64 percent year-on-year to hit 195.3 Moz, surpassing previous estimates.
PV is included in the electrical and electronics segment, which experienced demand growth of 20 percent year-on-year.
According to the Silver Institute's latest World Silver Survey, other green energy applications, such as power grid construction and automotive electrification, contributed to the overall increase in industrial demand.
“The deficit in the silver market helps to provide robust support and a strong floor for the price,” said Philip Newman, managing director at Metals Focus, which produces the annual survey. “The deficit fell by 30 percent last year, but in absolute terms — at 184.3 million ounces — it was still eye-watering. Global supply has been broadly steady at around the 1-billion-ounce mark, while industrial demand did incredibly well with 11 percent growth,” he added.
Despite an overall 7 percent decline in total silver demand to 1,195 Moz in 2023, industrial demand emerged as the standout category, offsetting losses in the physical investment, jewelry and silverware sectors.
Notably, Chinese industrial demand surged by 44 percent to 261.2 Moz, primarily driven by PV production expansion.
Silver recycling, which accounted for 18 percent of total supply in 2023, saw a modest 1 percent increase to 178.6 Moz, mainly driven by growth in the recycling of ethylene oxide catalysts.
Looking ahead, Metals Focus forecasts 2 percent growth in total silver demand for 2024, with industrial fabrication expected to reach another all-time high, driven by a projected 20 percent gain in the PV market.
However, physical investment in silver bars and coins is anticipated to contract by 13 percent.
Silver mine supply to remain flat in 2024
In terms of global mine production, Metals Focus notes that in 2023 it witnessed a slight decrease of 1 percent to 830.5 Moz. This fall was influenced by the four month suspension of operations at Newmont’s (TSX:NGT,NYSE:NEM) Peñasquito mine in Mexico due to strike action among workers.
Additionally, lower ore grades and mine closures affected production in countries like Argentina, Australia and Russia. However, increased supply from Chile and Bolivia partially offset these losses.
The report forecasts a marginal 0.8 percent decline in global silver mine production to 823.5 Moz in 2024. Recovery is anticipated in Mexico as Peñasquito resumes full production post-strike action.
Expansions and new projects in the US, Morocco and elsewhere are expected to contribute to supply growth.
Offsetting these increases, a significant drop in production is expected in Peru due to operational issues, while China is anticipated to experience a decline in silver by-product supply alongside decreasing lead and zinc production.
Silver recycling, which hit a 10 year high in 2023, is forecast to remain nearly flat in 2024. Industrial scrap is expected to grow, driven by factors like higher receipts from ethylene oxide recycling. However, declines in other segments such as jewelry and silverware scrap, along with a further decrease in photographic scrap, are likely to offset these gains.
Overall, silver supply is seen coming in at 1,010.7 Moz in 2023 versus 1,015.4 Moz in 2022.
Silver market headed for second largest deficit
Overall, the silver market is expected to witness another substantial deficit in 2024, amounting to 215.3 Moz. According to Metals Focus, that would be the second highest in over 20 years.
While near-term price weakness remains a possibility for silver due to speculative inflows into gold and short-term downside risks, the outlook for the second half of the year is positive, driven by expectations of looser US monetary policy and sustained investor interest in precious metals.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Endeavour Silver Celebrates Milestone: Terronera Surpasses 50% Construction Completion
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces a significant milestone in the construction of its new Terronera mine, in Jalisco state, Mexico. The project has surpassed the 50% completion mark, marking a crucial step forward in the Company's expansion efforts.
To celebrate this achievement, the Company is pleased to provide a short video offering investors an exclusive look at the new mine with insights from the executive team. This video highlights the construction progress, showcases the scale and scope of the project, and emphasizes the positive impact on both the company and the local community. Investors, stakeholders, and the public are invited to watch this milestone video here . The video was filmed in mid-March and represents construction progress at that time.
Dan Dickson, Chief Executive Officer stated, "Reaching the halfway mark in our construction schedule is a testament to the hard work and dedication of our team. With commissioning expected in Q4 2024, Terronera will bring tremendous potential to our company's future, as we grow and expand our operations through responsible practices."
Visit www.terronera.com , our dedicated project website, to stay informed on the ongoing development at Terronera. Explore updates, learn about our commitment to environmental stewardship, and discover the positive impacts on local communities.
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 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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