Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports production of 1,073,724 silver ounces (oz) and 11,166 gold oz in Q2, 2021, for silver equivalent ("AgEq") production of 2.0 million oz at an 80:1 silver:gold ratio. Production continues to outpace the 2021 production guidance of 6.1-7.1 million silver equivalent ounces, totaling 3.9 million AgEq oz for the 6 months ended June 30, 2021. Read More >>
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Release - Endeavour Silver Produces 1073724 Oz Silver And 11166 Oz Gold For 2.0 Million Oz Silver Equivalents In Q2 2021
News Provided by Channelchek via QuoteMedia
Peter Krauth: Silver's Time Will Come, Why Price Hasn't Moved (Yet)
Peter Krauth, editor of Silver Stock Investor, provided his latest thoughts on the silver market, honing in on his theory for why the metal's price hasn't risen in the face of substantial deficits for the last several years.
Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, he acknowledged investors' frustration with the metal's price — despite four years of consecutive supply shortfalls, it has largely gone sideways.
"You've got three aspects to this," Krauth explained. "You've got industrial ... supply — this goes to users that make solar panels, that do electronics, all sorts of things like that. You've got the investment side of it, so people who are actually buying physical coins and silver. And then you've got sort of this area where, when there is oversupply in a given year, that gets shunted into the inventories of things like the futures exchanges, exchange-traded funds (ETFs), for example."
Continuing, he said silver is being drained out of these inventories, which he referred to as secondary inventories.
"Here's my take," Krauth said. "I believe that you have numerous industrial consumers buying long futures contracts and/or buying silver ETFs, and then asking for delivery. When the futures contracts mature, they can stand for delivery."
He noted that the registered silver — metal that is available for delivery — has declined by about 70 percent over the last three or four years. And in his view, it won't be too long before there's no more of this silver out there.
"If I had to guess, I would say maybe a year, 18 months, two years max," Krauth said on the sidelines of the event. "At some point, there will be no more secondary silver available — someone's going to stand for delivery on a futures contract, and they will be told, 'Sorry, we can't deliver, we're going to have to ... pay you out cash.'"
He believes that's when the the entire sector will finally "wake up in a big way."
Watch the interview above for more from Krauth on silver supply, demand, prices and stocks. You can also click here for the Investing News Network's full PDAC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, 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.
MAGÂ Silver Reports 2023 Annual Financial Results
MAG Silver Corp. (TSX NYSE American: MAG) ("MAG", or the "Company") announces the Company's consolidated financial results for the year ended December 31, 2023. For details of the audited consolidated financial statements of the Company for the year ended December 31, 2023 ("2023 Financial Statements") and management's discussion and analysis for the year ended December 31, 2023 ("2023 MD&A"), please see the Company's filings on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at ( www.sedarplus.ca ) or on the Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") at ( www.sec.gov ).
All amounts herein are reported in $000s of United States dollars ("US$") unless otherwise specified (C$ refers to Canadian dollars).
KEY HIGHLIGHTS (on a 100% basis unless otherwise noted)
- MAG reported net income of $48,659 ($0.47 per share) driven by income from Juanicipio (equity accounted) of $65,099 and Adjusted EBITDA 1 of $97,480 for the year ended December 31, 2023.
- MAG reported net income of $15,694 ($0.15 per share) driven by income from Juanicipio (equity accounted) of $21,069 and Adjusted EBITDA 1 of $29,787 for the three months ended December 31, 2023.
- A total of 346,766 tonnes of mineralized material at a silver head grade of 467 grams per tonne ("g/t") was processed at Juanicipio during the fourth quarter. Milling performance for 2023 totalled 1,268,757 tonnes at a head grade of 472 g/t.
- Juanicipio achieved silver production of 4.5 million ounces during the fourth quarter. Silver production for 2023 totalled 16.8 million ounces.
- Juanicipio continued to capitalize on available milling capacity at the Saucito plant (100% Fresnillo owned) to maintain processing rates during periods of maintenance. Approximately 5% of the material processed during the fourth quarter was processed through the Saucito plant.
- Juanicipio delivered robust cost performance with cash cost 2 of $3.76 per silver ounce sold and all-in sustaining cost 2 of $9.17 per silver ounce sold in the fourth quarter.
- Juanicipio generated strong operating cash flow of $84,038 and free cash flow 2 of $61,993 in the fourth quarter. Operating cash flow and free cash flow 2 for 2023 totalled $145,064 and $60,814, respectively.
- At the end of the year, Juanicipio held cash balances of $42,913, representing an increase of $41,811 over 2022, driven by strong operating cash flows.
- Juanicipio returned a total of $18,765 in interest and loan principal repayments to MAG during the fourth quarter. Interest and loan principal repayments returned to MAG during 2023 totalled $33,354.
- MAG concluded a $40,000 senior secured revolving credit facility (the "Credit Facility") with the Bank of Montreal on October 4, 2023.
- Effective June 20, 2023, MAG was included in the NYSE Arca Gold Miners Index which is tracked by the VanEck Vectors Gold Miners ETF.
CORPORATE
- In September the Company published its second annual sustainability report underscoring its commitment to transparency with its stakeholders while providing a comprehensive overview of the Company's environmental, social and governance ("ESG") commitments, practices and performance for the 2022 year. The 2022 sustainability report is supported by the MAG Silver 2022 ESG Data Table which discloses MAG's historical ESG performance data.
- During early 2024, as part of the Company's longer term succession planning, Dr. Lex Lambeck was promoted to the position of Vice President, Exploration. Lex has been the project manager for the Deer Trail Project in Utah since it was acquired by MAG in 2019, led by Dr. Peter Megaw. Lex's leadership was instrumental in the application of the "Hub and Spoke" thesis at Deer Trail as well as the Carissa discovery demonstrating his strong skills in generative exploration in district scale settings which will be invaluable in overseeing the Company's portfolio of exploration properties, including exploration at Juanicipio.
- Marc Turcotte, with his almost 10 years experience at MAG as Vice President, Corporate Development, was promoted to the position of Chief Development Officer. In this broader executive role, Marc will leverage his proven track record in identifying unique situations to zero-in-on and assess inorganic growth opportunities aligned with the Company's commitment to continued Tier-1 growth and expansion. Marc was the architect of the consolidation of the Deer Trail project in Utah as well as the catalyst behind the acquisition of Gatling Exploration which brought the Larder project into MAG's portfolio of high quality, high impact exploration properties.
- Tom Peregoodoff was appointed to the Board of Directors of MAG effective January 1, 2024. Mr. Peregoodoff will fill the vacancy to be created by the planned retirement in June 2024 of Dan MacInnis, who does not plan to seek re-election at the Company's 2024 annual general meeting of shareholders. Tom brings with him over 30 years of industry knowledge and leadership and has extensive experience in all aspects and stages of the global mining business, specializing in mineral exploration.
EXPLORATION
- Juanicipio:
- Infill drilling at Juanicipio continued in 2023, with one rig on surface and one underground with the goal of upgrading and expanding the Valdecañas Vein System at depth and further defining areas to be mined in the near to mid-term.
- During 2023, 13,273 metres (three months ended December 31, 2023: nil metres) and 22,015 metres (three months ended December 31, 2023: 6,686 metres), were drilled from surface and underground respectively. Drilling for the year, both surface and underground, was infill in nature and continues to confirm defined mineralization.
- Deer Trail Project, Utah:
- Results from the 12,157 metres in surface-based Phase 2 drilling on the Deer Trail Carbonate Replacement Deposit project were reported on January 17, 2023 and August 3, 2023 (see news releases dated January 17, 2023 and August 3, 2023 available under the Company's SEDAR+ profile at www.sedarplus.ca ).
- On May 29, 2023 MAG started a Phase 3 drilling program focused on up to three porphyry "hub" targets thought to be the source of the manto, skarn and epithermal mineralization and extensive alteration throughout the project area including that at the Deer Trail and Carissa zones. An early onset of winter snowfall impacted the commencement of the third porphyry "hub" target which is expected to be drilled next season and drilling has shifted to offset the Carissa discovery and test other high-potential targets.
- During 2023, 5,525 metres (three months ended December 31, 2023: 1,609 metres) were drilled at high elevation with final results and interpretation pending.
- Larder Project, Ontario:
- On July 12, 2023 drilling resumed at the Larder Project to test additional targets by the end of the year on the Cheminis and Bear areas. During 2023 17,504 metres were drilled at Swansea, Cheminis and Bear.
- Cheminis Success: The magnetotellurics survey carried out in the summer of 2023 enabled modelling of the south volcanic gold zone at Cheminis and is proving to be applicable elsewhere across the property. Drilling in three successive Cheminis drillholes (GAT-23-019, 020A, and 021B, see Table 1 below) intersected grades of 1.1 to 20.3 g/t gold over core lengths of 0.6 - 11.1 metres demonstrating continuity. This also extended the gold-hosting mine sequence down to 700 metres below surface, more than 370 metres below the deepest workings in this portion of the Cadillac-Larder Break. Incorporating these results into the model should enhance predictability in follow-up drilling.
- Bear Success: Increased predictability has led to continued success and further definition of the North Bear zone, especially in hole GAT-23-022NA (see Table 1 below) which cut 5.1 metres grading 4.6 g/t gold (including a high-grade zone of 1.4 metre grading 16.2 g/t gold). These intercepts extend gold mineralization to 650 metres below surface, and it remains open in all directions.
Table 1: 2023 Larder Drillholes Highlights
Hole ID | From (m) | To (m) | Length (m) 1 | Gold (g/t) | Lithology | Target/Zone |
GAT-23-019 | 767.00 | 776.50 | 9.50 | 2.1 | Mafic Volcanics | South Cheminis Mine Sequence Zone |
Including | 767.40 | 768.80 | 1.40 | 5.1 | South Volcanics | South Cheminis Mine Sequence Zone |
Including | 767.80 | 768.00 | 0.30 | 11.0 | South Volcanics | South Cheminis Mine Sequence Zone |
and | 945.00 | 955.00 | 10.00 | 1.1 | Green Komatiites | North Cheminis Zone |
Including | 946.00 | 949.50 | 3.50 | 2.1 | Green Komatiites | North Cheminis Zone |
GAT-23-020A | 605.30 | 605.90 | 0.60 | 9.4 | Quartz Vein & South Volcanics | South Cheminis Zone |
and | 672.90 | 678.80 | 5.90 | 3.5 | Komatiite-Syenite Contact | North Cheminis Zone |
Including | 676.30 | 678.80 | 2.50 | 6.3 | Komatiite-Syenite Contact | North Cheminis Zone |
Including | 678.30 | 678.80 | 0.50 | 20.3 | Green Komatiite-Syenite Contact | North Cheminis Zone |
GAT-23-021B | 757.40 | 768.50 | 11.10 | 3.2 | Brecciated South Volcanics with Graphite | South Cheminis Mine Sequence Zone |
Including | 766.00 | 768.00 | 2.00 | 10.2 | South Volcanics | South Cheminis Mine Sequence Zone |
GAT-23-022NA | 784.60 | 785.50 | 0.90 | 6.0 | Green Komatiites | North Bear Zone |
and | 789.50 | 794.60 | 5.10 | 4.6 | Green Komatiite with Graphite | North Bear Zone |
Including | 790.30 | 791.70 | 1.40 | 16.2 | Quartz Vein with Graphite | North Bear Zone |
Including | 791.20 | 793.70 | 0.50 | 33.8 | Quartz Vein with Graphite | North Bear Zone |
and | 939.50 | 940.20 | 0.70 | 5.7 | South Volcanics | South Bear Zone |
JUANICIPIO RESULTS
All results of Juanicipio in this section are on a 100% basis, unless otherwise noted.
Operating Performance
The following table and subsequent discussion provide a summary of the operating performance of Juanicipio for the years ended December 31, 2023 and 2022, unless otherwise noted.
Key mine performance data of Juanicipio (100% basis) | Year ended | |||
December 31, | December 31, | |||
2023 | 2022 | |||
Metres developed (m) | 14,864 | 12,999 | ||
Material mined (t) | 1,097,289 | 792,693 | ||
Material processed (t) | 1,268,757 | 646,148 | ||
Silver head grade (g/t) | 472 | 520 | ||
Gold head grade (g/t) | 1.27 | 1.39 | ||
Lead head grade (%) | 1.14 | % | 0.90 | % |
Zinc head grade (%) | 2.05 | % | 1.72 | % |
Silver payable ounces (koz) | 15,318 | 8,697 | ||
Gold payable ounces (koz) | 31.73 | 20.27 | ||
Lead payable pounds (klb) | 25,862 | 9,892 | ||
Zinc payable pounds (klb) | 36,881 | 14,898 | ||
During the year ended December 31, 2023 a total of 1,097,289 tonnes of mineralized material were mined. This represents an increase of 38% over 2022. Increases in mined tonnages at Juanicipio have been driven by the operational ramp up of the milling facility.
During the year ended December 31, 2023 a total of 1,268,757 tonnes of mineralized material were processed through the Juanicipio, Saucito and Fresnillo plants. This represents an increase of 96% over 2022. The increase in milled tonnage has been driven by the Juanicipio mill commissioning and operational ramp up. As reported by the operator, Fresnillo, the Juanicipio processing facility achieved nameplate capacity of 4,000 tpd during September 2023 with silver recovery consistently above 88%. Juanicipio continued to capitalize on available milling capacity at the Saucito plant (100% Fresnillo owned) to maintain processing rates during periods of maintenance. Approximately 5% of the material processed during the fourth quarter of 2023 was processed through the Saucito plant.
The average silver head grade for the mineralized material processed in the year ended December 31, 2023 was 472 g/t (year ended December 31, 2022: 520 g/t).
The following table provides a summary of the total cash costs (1) and all-in-sustaining costs ("AISC") (1) of Juanicipio for the years ended December 31, 2023, and 2022.
Key mine performance data of Juanicipio (100% basis) | Year ended | |||
December 31, | December 31, | |||
2023 | 2022 | |||
Total operating cash costs (1) | 88,080 | 40,522 | ||
Operating cash cost per silver ounce sold ($/oz) (1) | 5.75 | 4.66 | ||
Total cash costs (1) | 93,025 | 40,871 | ||
Cash cost per silver ounce sold ($/oz) (1) | 6.07 | 4.70 | ||
All-in sustaining costs (1) | 158,151 | 83,463 | ||
All-in sustaining cost per silver ounce sold ($/oz) (1) | 10.32 | 9.60 |
(1) Total operating cash costs, operating cash cost per ounce, total cash costs, cash cost per ounce, all-in sustaining costs, and all-in sustaining cost per ounce are non-IFRS measures, please see below ‘ Non-IFRS Measures ' section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca for a detailed reconciliation of these measures to the 2023 Financial Statements.
Financial Results
The following table presents excerpts of the financial results of Juanicipio for the years ended December 31, 2023 and 2022 (MAG's share of income from its equity accounted investment in Juanicipio).
Year ended | ||||
December 31, | December 31, | |||
2023 | 2022 | |||
$ | $ | |||
Sales | 442,288 | 215,736 | ||
Cost of sales: | ||||
Production cost | (171,830 | ) | (61,985 | ) |
Depreciation and amortization | (68,475 | ) | (20,913 | ) |
Gross profit | 201,983 | 132,838 | ||
Consulting and administrative expenses | (18,768 | ) | (8,436 | ) |
Extraordinary mining and other duties | (4,945 | ) | (349 | ) |
Interest expense | (18,524 | ) | (2,298 | ) |
Exchange losses and other | (2,937 | ) | (5,160 | ) |
Net income before tax | 156,809 | 116,595 | ||
Income tax expense | (27,381 | ) | (26,348 | ) |
Net income (100% basis) | 129,428 | 90,247 | ||
MAG's 44% portion of net income | 56,948 | 39,709 | ||
Interest on Juanicipio loans - MAG's 44% | 8,150 | 1,058 | ||
MAG's 44% equity income | 65,099 | 40,767 | ||
Sales increased by $226,552 during the year ended December 31, 2023, mainly due to 84% higher metal volumes and 5% higher realized metal prices.
Offsetting higher sales was higher depreciation ($47,561) as the Juanicipio mill achieved commercial production and commenced depreciating the processing facility and associated equipment, and higher production cost ($109,845) which was driven by higher sales and operational ramp-up in mining and processing, including $44,027 in inventory movements as commissioning stockpiles were drawn down.
Other expenses increased by $28,932 mainly as a result of higher extraordinary mining and other duties ($4,596) related to higher precious metal revenues from the sale of concentrates, higher consulting and administrative expenses ($10,332) as an operator services agreement became effective upon initiation of commercial production whereby Fresnillo and its affiliates continue to operate the mine, and higher interest incurred on shareholder loans ($16,227) which were completely expensed during 2023, whereas being only partly expensed with the rest capitalized to construction in progress during 2022.
Taxes increased by $1,033 impacted by deferred tax charges associated with fixed assets as well as higher taxable profits generated during the period.
Mineralized Material Processed at Juanicipio, Saucito and Fresnillo Plants (100% basis)
Year Ended December 31, 2023 (1,268,757 tonnes processed) | Year Ended December 31, 2022 Amount $ | |||||
Payable Metals | Quantity | Average Price $ | Amount $ | |||
Silver | 15,317,765 ounces | 23.66 per oz | 362,457 | 188,722 | ||
Gold | 31,735 ounces | 1,978.07 per oz | 62,774 | 36,958 | ||
Lead | 11,731 tonnes | 0.96 per lb. | 24,746 | 9,380 | ||
Zinc | 16,729 tonnes | 1.15 per lb. | 42,496 | 23,398 | ||
Treatment, refining, and other processing costs ( 2 ) | (50,185 | ) | (42,722 | ) | ||
Sales | 442,288 | 215,736 | ||||
Production cost | (171,830 | ) | (61,985 | ) | ||
Depreciation and amortization (1) | (68,475 | ) | (20,913 | ) | ||
Gross Profit | 201,983 | 132,838 |
(1) The underground mine was considered readied for its intended use on January 1, 2022, whereas the Juanicipio processing facility started commissioning and ramp-up activities in January 2023, achieving commercial production status on June 1, 2023.
(2) Includes toll milling costs from processing mineralized material at the Saucito and Fresnillo plants.
Sales and treatment charges are recorded on a provisional basis and are adjusted based on final assay and pricing adjustments in accordance with the offtake contracts.
MAG FINANCIAL RESULTS – YEAR ENDED DECEMBER 31, 2023
As at December 31, 2023, MAG had working capital of $67,262 (December 31, 2022: $29,232) including cash of $68,707 (December 31, 2022: $29,955) and no long-term debt. As well, as at December 31, 2023, Juanicipio had working capital of $86,336 including cash of $42,913 (MAG's attributable share is 44%).
The Company's net income for the year ended December 31, 2023 amounted to $48,659 (December 31, 2022: $17,644) or $0.47/share (December 31, 2022: $0.18/share). MAG recorded its 44% income from equity accounted investment in Juanicipio of $65,099 (December 31, 2022: $40,767) which included MAG's 44% share of net income from operations as well as loan interest earned on loans advanced to Juanicipio (see above for MAG's share of income from its equity accounted investment in Juanicipio).
December 31, | December 31, | |||
2023 | 2022 | |||
$ | $ | |||
Income from equity accounted investment in Juanicipio | 65,099 | 40,767 | ||
General and administrative expenses | (13,594 | ) | (12,352 | ) |
General exploration and business development | (736 | ) | (193 | ) |
Exploration and evaluation assets written down | - | (10,471 | ) | |
Operating Income | 50,769 | 17,751 | ||
Interest income | 2,594 | 630 | ||
Other income | 1,017 | - | ||
Foreign exchange loss | (144 | ) | (366 | ) |
Income before income tax | 54,236 | 18,015 | ||
Deferred income tax expense | (5,577 | ) | (371 | ) |
Net income | 48,659 | 17,644 | ||
NON-IFRS MEASURES
The following table provides a reconciliation of operating cash cost and cash cost per silver ounce of Juanicipio to production cost of Juanicipio on a 100% basis (the nearest IFRS measure) as presented in the notes to the 2023 Financial Statements.
Year ended December 31, | ||||
(in thousands of US$, except per ounce amounts) | 2023 | 2022 | ||
Production cost as reported | 171,830 | 61,985 | ||
Depreciation on inventory movements | (3,919 | ) | 5,551 | |
Adjusted production cost | 167,911 | 67,536 | ||
Treatment, refining, and other processing costs | 50,185 | 42,722 | ||
By-product revenues (2) | (130,016 | ) | (69,736 | ) |
Total operating cash costs (1) | 88,080 | 40,522 | ||
Extraordinary mining and other duties | 4,945 | 349 | ||
Total cash costs (1) | 93,025 | 40,871 | ||
Silver ounces sold | 15,317,765 | 8,697,372 | ||
Operating cash cost per silver ounce sold ($/ounce) | 5.75 | 4.66 | ||
Cash cost per silver ounce sold ($/ounce) | 6.07 | 4.70 |
(1) As Q3 2023 represented the first full quarter of commercial production, information presented for total operating cash costs and total cash costs together with their associated per unit values are not directly comparable.
(2) By-product revenues relates to the sale of other metals contained in the lead and zinc concentrates produced and delivered, namely gold, lead, and zinc.
The following table provides a reconciliation of AISC of Juanicipio to production cost and various operating expenses of Juanicipio on a 100% basis (the nearest IFRS measure), as presented in the notes to the 2023 Financial Statements.
Year ended December 31, | ||||
(in thousands of US$, except per ounce amounts) | 2023 | 2022 | ||
Total cash costs | 93,025 | 40,871 | ||
General and administrative expenses | 18,768 | 8,436 | ||
Exploration | 7,575 | 7,824 | ||
Sustaining capital expenditures | 37,728 | 25,268 | ||
Sustaining lease payments | 856 | 854 | ||
Interest on lease liabilities | (48 | ) | (23 | ) |
Accretion on closure and reclamation costs | 247 | 232 | ||
All-in sustaining costs (1) | 158,151 | 83,463 | ||
Silver ounces sold | 15,317,765 | 8,697,372 | ||
All-in sustaining cost per silver ounce sold ($/ounce) | 10.32 | 9.60 | ||
Average realized price per silver ounce sold ($/ounce) | 23.66 | 21.70 | ||
All-in sustaining margin ($/ounce) | 13.34 | 12.10 | ||
All-in sustaining margin | 204,306 | 105,259 |
(1) As Q3 2023 represented the first full quarter of commercial production, information presented for all-in sustaining costs and all-in sustaining margin together with their associated per unit values are not directly comparable.
For the year ended December 31, 2023 the Company incurred corporate general and administrative expenses of $13,242 (year ended December 31, 2022: $12,216), which exclude depreciation expense.
The Company's attributable silver ounces sold for the year ended December 31, 2023 were 6,739,817 (year ended December 31, 2022: 3,826,844), resulting in additional AISC for the Company of $1.96/oz (year ended December 31, 2022: $3.19/oz), in addition to Juanicipio's AISC presented in the above table.
The following table provides a reconciliation of Earnings before interest, tax, depreciation and amortization ("EBITDA") and Adjusted EBITDA attributable to the Company based on its economic interest in Juanicipio to net income (the nearest IFRS measure) of the Company per the 2023 Financial Statements. All adjustments are shown net of estimated income tax.
Year ended December 31, | ||||
(in thousands of US$) | 2023 | 2022 | ||
Net income after tax | 48,659 | 17,644 | ||
Add back (deduct): | ||||
Taxes | 5,577 | 371 | ||
Depreciation and depletion | 352 | 136 | ||
Finance costs (income and expenses) | (3,467 | ) | (264 | ) |
EBITDA (1) | 51,121 | 17,887 | ||
Add back (deduct): | ||||
Adjustment for non-cash share-based compensation | 2,894 | 3,250 | ||
Exploration property write-down | - | 10,471 | ||
Share of net earnings related to Juanicipio | (65,099 | ) | (40,767 | ) |
MAG attributable interest in Junicipio Adjusted EBITDA | 108,564 | 65,403 | ||
Adjusted EBITDA (1) | 97,480 | 56,244 |
(1) As Q3 2023 represents the first full quarter of commercial production, information presented for EBITDA and Adjusted EBITDA is not directly comparable.
The following table provides a reconciliation of free cash flow of Juanicipio to its cash flow from operating activities on a 100% basis (the nearest IFRS measure), as presented in the notes to the 2023 Financial Statements.
Year ended December 31, | ||||
(in thousands of US$) | 2023 | 2022 | ||
Cash flow from operating activities | 145,064 | 129,261 | ||
Less: | ||||
Cash flow used in investing activities | (83,393 | ) | (155,758 | ) |
Sustaining lease payments | (856 | ) | (854 | ) |
Juanicipio free cash flow (1) | 60,814 | (27,351 | ) |
(1) As Q3 2023 represents the first full quarter of commercial production, comparative information presented for free cash flow of Juanicipio is not directly comparable.
Qualified Persons: All scientific or technical information in this press release including assay results referred to, and mineral resource estimates, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Dr. Peter Megaw, Ph.D., CPG, MAG's Chief Exploration Officer and Gary Methven, P.Eng., Vice President, Technical Services; both are "Qualified Persons" for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects .
About MAG Silver Corp.
MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day 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 mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail 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.
Certain information contained in this release, including any information relating to MAG's future oriented financial information, are "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation (collectively herein referred as "forward-looking statements"), including the "safe harbour" provisions of provincial securities legislation, the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended and Section 27A of the U.S. Securities Act. Such forward-looking statements include, but are not limited to:
- statements that address achieving the nameplate 4,000 tpd milling rate at Juanicipio;
- statements that address our expectations regarding exploration and drilling;
- statements regarding production expectations and nameplate;
- statements regarding the additional information from future drill programs;
- estimated future exploration and development operations and corresponding expenditures and other expenses for specific operations;
- the expected capital, sustaining capital and working capital requirements at Juanicipio, including the potential for additional cash calls;
- expected upside from additional exploration;
- expected results from Deer Trail Project Phase 3 drilling;
- expected results from the Larder Project at the Cheminis zone;
- expected capital requirements and sources of funding; and
- other future events or developments.
When used in this release, any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, assumptions or future events of performance (often but not always using words or phrases such as "anticipate", "believe", "estimate", "expect", "intend", "plan", "strategy", "goals", "objectives", "project", "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), as they relate to the Company or management, are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to certain known and unknown risks, uncertainties and assumptions.
Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company's expectations regarding forward-looking statements contained in this release include, among others: MAG's ability to carry on its various exploration and development activities including project development timelines, the timely receipt of required approvals and permits, the price of the minerals produced, the costs of operating, exploration and development expenditures, the impact on operations of the Mexican tax and legal regimes, MAG's ability to obtain adequate financing, outbreaks or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally.
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. These forward-looking statements involve known and unknown risks, uncertainties and many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including amongst others: commodities prices; changes in expected mineral production performance; unexpected increases in capital costs or cost overruns; exploitation and exploration results; continued availability of capital and financing; general economic, market or business conditions; risks relating to the Company's business operations; risks relating to the financing of the Company's business operations; risks related to the Company's ability to comply with restrictive covenants and maintain financial covenants pursuant to the terms of the Credit Facility; the expected use of the Credit Facility; risks relating to the development of Juanicipio and the minority interest investment in the same; risks relating to the Company's property titles; risks related to receipt of required regulatory approvals; pandemic risks; supply chain constraints and general costs escalation in the current inflationary environment heightened by the invasion of Ukraine by Russia and the events relating to the Israel-Hamas war; risks relating to the Company's financial and other instruments; operational risk; environmental risk; political risk; currency risk; market risk; capital cost inflation risk; risk relating to construction delays; the risk that data is incomplete or inaccurate; the risks relating to the limitations and assumptions within drilling, engineering and socio-economic studies relied upon in preparing economic assessments and estimates, including the 2017 PEA; as well as those risks more particularly described under the heading "Risk Factors" in the Company's Annual Information Form dated March 27, 2023 available under the Company's profile on SEDAR+ at www.sedarplus.ca .
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made 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 beliefs, expectations or opinions should change. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on 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.sedarplus.ca and www.sec.gov .
LEI: 254900LGL904N7F3EL14
1 Adjusted EBITDA is a non-IFRS measure, please see below ‘ Non-IFRS Measures ' section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca , for a detailed reconciliation of these measures to the 2023 Financial Statements.
2 Total cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce and free cash flow are non-IFRS measures, please see below ‘ Non-IFRS Measures ' section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca , for a detailed reconciliation of these measures to the 2023 Financial Statements.
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 Email:info@magsilver.com
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Silvercorp Offer for OreCorp to Expire March 22, 2024
Silvercorp Metals Inc. (" Silvercorp " or the " Company ") (TSX: SVM) (NYSE American: SVM) reminds its shareholders, and shareholders of OreCorp Limited (" OreCorp ") (ASX:ORR), that its off-market takeover bid for all of the ordinary shares in OreCorp that it does not already own (" Silvercorp Offer ") will close at 7:00pm ( Sydney time) on March 22, 2024 .
Silvercorp notes that as of market close on Thursday March 14, 2024 the Silvercorp Offer has an implied value of A$0.60 per OreCorp share 1 . This represents a 9% premium to the Perseus Mining Limited (" Perseus ") offer. Silvercorp encourages all OreCorp shareholders to accept the Silvercorp Offer without delay.
In the event that the 50.1% minimum acceptance condition is not met, Silvercorp will return all shares tendered already back to OreCorp shareholders when the Silvercorp Offer closes.
Silvercorp further notes that Perseus has yet to announce that it has received merger approval for the acquisition of control of OreCorp from the Tanzanian Fair Competition Commission (" FCC "), a key condition to its offer. Silvercorp reminds OreCorp shareholders that it has received such FCC approval, which removes an element of uncertainty that remains attached to the Perseus offer.
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 .
_____________________________ |
1 All data from S&P. Closing SVM.NYSEA price at March 14, 2024 of US$2.81 per share, USD/ASD of 1.518. Silvercorp offer consists of A$0.19 in cash and 0.0967 Silvercorp shares per OreCorp share. |
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
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.
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: the Company's off-market takeover bid for all of the ordinary shares in OreCorp; regulatory approvals, 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 .
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SOURCE Silvercorp Metals Inc
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SilverCrest Reports Fourth Quarter and 2023 Annual Financial Results
2023 Sales and Corporate AISC Beat Guidance, Driving $54.4 million Increase in Treasury Assets
TSX: SIL | NYSE American: SILV
 SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial results for the fourth quarter of 2023 ("Q4, 2023") and the year ended December 31, 2023 . This release also provides additional operational results, expanding on the January 23, 2024 release of Q4, 2023 operational results from the Company's Las Chispas operation ("Las Chispas" or the "Operation") located in Sonora, Mexico . All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated. Certain amounts shown in this news release may not total to exact amounts due to rounding differences. References to corporate all-in sustaining costs ("AISC"), free cash flow, cash costs, average realized gold and silver price, and treasury assets are described in more detail in the "Non-GAAP Financial Measures" section of this news release.
N. Eric Fier , CEO, commented, "2023 marked a successful first full year of commercial production at Las Chispas, with the Operation exceeding the high end of sales guidance, beating the low end of AISC guidance, delivering impressive operating margins of 61%, and generating $121.1 million in free cash flow. We are extremely proud that within seven months of declaring commercial production we became debt free, after repaying $50.0 million in debt in the first half of 2023 ("H1, 2023"). This was in addition to strategically allocating a total of $37.2 million in capital throughout the year to share buybacks, exploration, and increasing our bullion holdings. We ended 2023 with peer 1 leading treasury assets of $105.2 million , and while we expect the pace of our cash build to slow in 2024 due to the commencement of tax payments and contractor related charges, we remain uniquely positioned to continue to allocate capital strategically. Our new underground mining contractor began mobilization in February 2024 , a key de-risking event, and we are excited that this process is underway while also having our outgoing contractor on site to allow for a smooth transition and continued ramp-up of the underground operations at Las Chispas."
________________________________ |
1 Based on company filing for the period ended September 30, 2023 of silver peer companies, including Aya Gold & Silver Inc., Coeur Mining, Inc., Endeavour Silver Corp., First Majestic Silver Corp., Fresnillo plc., Fortuna Silver Mines Inc., Hecla Mining Company, MAG Silver Corp., and Silvercorp Metals Inc. |
Q4, 2023
- Recovered 14,100 ounces ("oz") of gold ("Au") and 1.34 million oz of silver ("Ag"), or 2.47 million oz of silver equivalent ("AgEq" 2 ).
- Sold 16,100 oz of Au and 1.28 million oz of Ag, or 2.56 million oz of AgEq.
- Cash costs of $7.45 per oz AgEq sold and Corporate AISC of $14.36 per oz AgEq sold, which was within the H2, 2023 guidance range of $13.75 to $15.50 per oz AgEq sold, but higher than Q3, 2023, primarily due to an increase in capital spend and payments to our outgoing mining contractor.
- Average realized price of $1,979 /oz Au and $23.09 /oz Ag.
- Revenue of $61.3 million and cost of sales of $24.4 million , resulting in mine operating earnings of $36.9 million , which represents a 60% operating margin.
- Net earnings of $35.9 million or basic earnings of $0.25 per share.
- Free cash flow of $24.1 million or $0.16 per share.
- Ended the quarter with treasury assets totaling $105.2 million ( $86.0 million cash and $19.2 million in bullion), a $23.4 million or 29% increase from the prior quarter.
Year ended December 31, 2023
- Recovered 59,700 oz of Au and 5.65 million oz of Ag, or 10.40 million oz of AgEq.
- Sold 58,200 oz of Au and 5.62 million oz of Ag, or 10.25 million oz of AgEq, exceeding 2023 sales guidance of 9.8 to 10.2 million oz of AgEq.
- Cash costs of $7.73 per oz AgEq sold was within the guidance range of $7.50 to $8.50 per oz AgEq sold.
- AISC of $12.58 per oz AgEq sold beat the low end of the 2023 guidance range of $12.75 to $13.75 per oz AgEq sold.
- Average realized price of $1,946 /oz Au and $23.48 /oz Ag.
- Revenue of $245.1 million and cost of sales of $96.8 million , resulting in mine operating income of $148.3 million , which represents a 61% operating margin.
- Net earnings of $116.7 million or basic earnings of $0.79 per share.
- Free cash flow of $121.1 million or $0.82 per share.
- Financial position remained strong with no debt and treasury assets totaling $105.2 million ( $86.0 million cash and $19.2 million in bullion), a $54.4 million or 107% increase from the prior year.
- Fully repaid the $50.0 million Term Facility.
- Repurchased $7.1 million of the Company's shares under SilverCrest's Normal Course Issuer Bid ("NCIB"), representing 20% of the allowable 7.4 million common share purchase limit.
_____________________________ |
2 Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 based on the updated technical report for Las Chispas titled "Las Chispas Operation Technical Report" dated September 5, 2023 with an effective date of July 19, 2023 (the "2023 Technical Report"). |
2024 Outlook
The Las Chispas underground operation will continue its ramp-up through 2024 with mining rates expected to remain at or around Q4, 2023 levels in H1, 2024, as the new mining contractor mobilizes. Mining rates will increase in H2, 2024 with a targeted exit rate of 1,050 tonnes per day ("tpd"). The mine plan was created with a measured ramp-up, which when combined with balanced usage of surface stockpiles, reduces execution risk. The new mining contractor, a subsidiary of Dumas Contracting Ltd. ("Dumas"), arrived at site in early February 2024 to begin mobilization, which is expected to continue through Q3, 2024. Guidance for 2024 incorporates assumptions related to the transition of contractors and ramp-up of Dumas, including some one time costs.
In 2024, the processing plant will operate at an average of 1,200 tpd, except in Q1, 2024, due to planned maintenance downtime in February 2024. This work is now complete and is not expected to impact production in the quarter due to the flexibility afforded by the stockpile for ore blending. Silver equivalent sales are expected to be relatively consistent quarterly throughout 2024.
The Company announced its full year 2024 guidance on February 20, 2024 which highlighted stable production at low costs, despite continued industry cost pressures.
Guidance Metric | Unit | 2024 |
AgEq Ounces Sold | millions | 9.8 to 10.2 |
Cash Costs (1) | $/oz AgEq sold | 9.50 to 10.00 |
Corporate AISC (1) | $/oz AgEq sold | 15.00 to 15.90 |
Sustaining Capital (1) | $ millions | 40.0 to 44.0 |
Exploration | $ millions | 12.0 to 14.0 |
Notes: | ||||
1. | Cash Costs, AISC, and sustaining capital are non-GAAP measures. Please refer to the Non-GAAP Financial Measures section of this news release for further information on this measure. | |||
2 | General assumptions: a. Metal prices estimated at $1,850/oz Au and $22.80/oz Ag. b. Annual average exchange rate from all costs based on Mexican peso to US dollar of 17:1. |
Estimated 2024 Corporate AISC of $15.00 to $15.90 /oz AgEq sold is inline with the 2024 AISC estimate based on the 2023 Technical Report of $15.08 /oz AgEq (inclusive of 2024 mine level AISC of $13.48 /oz AgEq sold and an estimate of $1.60 /oz AgEq sold of corporate level costs). AISC in H1, 2024 is expected to be higher than Q4, 2023 as a result of Dumas mobilization and demobilization of the outgoing contractor, and is expected to reduce in H2, 2024.
In Q1, 2024 SilverCrest expects to make payments totaling approximately $30.0 million for 2023 taxes and duties. 2024 taxes are estimated to total $28.0 to $33.0 million and will be paid in quarterly installments. Special mining duties are paid in the first quarter following the end of each fiscal year in accordance with the mandated annual schedule.
In 2024, cash flows are also expected to be impacted by mobilization and demobilization costs, including a $7.5 million advance that was made in Q1, 2024 to support equipment purchases as part of the mobilization of Dumas. The equipment advance will result in estimated savings of $1.5 million over the life of the five year contract. This advance to Dumas will be credited towards mining services for SilverCrest over 24 months starting in Q3, 2024. A total of $4.5 million in mobilization charges will be paid over the mobilization period with the expense recognized over the life of the five year contract and reflected in AISC during this time.
Fourth Quarter and Annual Operating Performance
The following operating performance refers to free cash flow, cash costs, AISC, treasury assets and net cash which are described in more detail in the "Non-GAAP Financial Measures" section of this news release.
OPERATIONAL | Unit | Q4, 2023 | Q4, 2022 | 2023 | 2022 |
Ore mined | tonnes | 78,600 | 64,700 | 300,900 | 201,000 |
Ore milled (a) | tonnes | 104,500 | 104,400 | 431,400 | 187,600 |
Average daily mill throughput | tpd | 1,136 | 1,135 | 1,182 | 877 |
Underground development | km | 3.6 | 2.3 | 13.2 | 8.1 |
Gold | |||||
Average grade | gpt | 4.28 | 3.67 | 4.39 | 3.05 |
Recovery | % | 98.3Â % | 96.9Â % | 98.1Â % | 96.5Â % |
Recovered | oz | 14,100 | 11,940 | 59,700 | 17,770 |
Sold | oz | 16,100 | 11,400 | 58,200 | 11,400 |
Silver | |||||
Average grade | gpt | 410 | 382 | 423 | 312 |
Recovery | % | 97.7Â % | 93.3Â % | 96.5Â % | 92.5Â % |
Recovered | million oz | 1.34 | 1.20 | 5.65 | 1.74 |
Sold | million oz | 1.28 | 0.98 | 5.62 | 1.12 |
Silver equivalent (b) | |||||
Average grade | gpt | 750 | 674 | 771 | 555 |
Recovery | % | 98.0Â % | 94.7Â % | 97.2Â % | 94.2Â % |
Recovered | million oz | 2.47 | 2.15 | 10.40 | 3.16 |
Sold | million oz | 2.56 | 1.89 | 10.25 | 2.03 |
(a) | Ore milled includes material from stockpiles and ore mined. | |||||
(b) | Q4, 2022 and 2022 AgEq figures were originally presented using a Ag:Au ratio of 86.9:1 but have been recast for consistency with the ratio of 79.51:1 being applied to current year figures based on the 2023 Technical Report. |
FINANCIAL | Unit | Q4, 2023 | Q4, 2022 | 2023 | 2022 |
Revenue | $ millions | $Â Â Â Â Â Â Â Â Â Â Â 61.3 | $Â Â Â Â Â Â Â Â Â Â Â 40.8 | $Â Â Â Â Â 245.1 | $Â Â Â Â Â Â Â Â Â Â Â 43.5 |
Cost of sales | $ millions | $Â Â Â Â Â Â Â Â Â Â (24.4) | $Â Â Â Â Â Â Â Â Â Â (14.3) | $Â Â Â Â Â (96.8) | $Â Â Â Â Â Â Â Â Â Â (15.1) |
Mine operating income | $ millions | $Â Â Â Â Â Â Â Â Â Â Â 36.9 | $Â Â Â Â Â Â Â Â Â Â Â 26.5 | $Â Â Â Â Â 148.3 | $Â Â Â Â Â Â Â Â Â Â Â 28.4 |
Earnings for the period | $ millions | $Â Â Â Â Â Â Â Â Â Â Â 35.9 | $Â Â Â Â Â Â Â 5.2 | $Â Â Â Â Â 116.7 | $Â Â Â Â Â Â Â Â Â Â Â 31.3 |
Earnings per share (basic) | $/share | $Â Â Â Â Â Â Â Â Â Â Â 0.25 | $Â Â Â Â Â Â Â Â Â Â Â 0.03 | $Â Â Â Â Â Â 0.79 | $Â Â Â Â Â Â Â Â Â Â Â 0.21 |
Free cash flow | $ millions | $Â Â Â Â Â Â Â Â Â Â Â 24.1 | N/A* | $Â Â Â Â Â 121.1 | N/A* |
Cash costs | $/oz AgEq | $Â Â Â Â Â Â Â Â Â Â Â 7.45 | N/A* | $Â Â Â Â Â Â 7.73 | N/A* |
AISC | $/oz AgEq | $Â Â Â Â Â Â Â Â Â 14.36 | N/A* | $Â Â Â Â Â 12.58 | N/A* |
Units | As at Dec 31, 2023 | As at Dec 31, 2022 | |||
Cash and cash equivalents | $ millions | $Â Â Â Â Â Â Â Â Â Â Â 86.0 | $Â Â Â Â Â Â 50.8 | ||
Bullion | $ millions | $           19.2 | $       — | ||
Treasury assets | $ millions | $Â Â Â Â Â Â Â Â Â 105.2 | $Â Â Â Â Â Â 50.8 | ||
Credit Facility Debt | $ millions | $        — | $      49.6 | ||
Net cash | $ millions | $Â Â Â Â Â Â Â Â Â Â Â 86.0 | $Â Â Â Â Â Â Â 1.2 |
* This information was not available for 2022. |
Underground
Mining rates in Q4, 2023 averaged 855 tpd, a 6% decrease from Q3, 2023, but in line with the ramp-up estimate of 800 to 900 tpd. Rates decreased over the previous quarter as a result of a focus on dilution management. During 2023, mining rates averaged 824 tpd.
In Q4, 2023, the Company completed 3.6 km of horizontal and vertical underground development. In 2023, the Company completed an additional 13.2 km of horizontal and vertical underground development, compared to 8.0 km in 2022.
Processing Plant
Average daily mill throughput was 1,136 tpd in Q4, 2023 and 1,182 tpd in 2023. Q4, 2023 throughput declined slightly from Q3, 2023 throughput of 1,245 tpd as the processing plant experienced some unplanned downtime.
Average processed gold and silver grades of 4.28 gpt Au and 410 gpt Ag, or 750 gpt AgEq, in Q4, 2023 were in line with Q3, 2023 (2% and 1% declines respectively). In 2023, gold and silver processed grades averaged 4.39 gpt Au and 423 gpt Ag, or 771 gpt AgEq.
Costs
During the quarter, cash costs averaged $7.45 per oz AgEq sold. This is higher than Q3, 2023 cash costs of $6.53 per oz AgEq sold, but within H2, 2023 cash cost guidance range of $7.00 to $8.50 per oz AgEq sold. Cash costs increased due to higher payments to our outgoing mining contractor. In 2023 cash costs averaged $7.73 per oz AgEq sold which was within the 2023 cash cost guidance range of $7.50 to $8.50 per oz AgEq sold.
AISC averaged $14.36 per oz AgEq sold in Q4, 2023, higher than $12.23 per oz AgEq sold in Q3, 2023 as expected, but within the H2, 2023 guidance range of $13.75 to $15.50 per oz AgEq sold. AISC increased due to higher capital spend and payments to our outgoing mining contractor. AISC in 2023 was $12.58 per oz AgEq sold which beat the low end of the 2023 guidance range of $12.75 to $13.75 per oz AgEq sold.
Sustaining Capital Expenditures
Sustaining capital expenditures totalled $12.0 million in Q4, 2023 and $37.1 million for 2023, which is consistent with the $39.1 million estimated in the 2023 Technical Report. Sustaining capital in 2023 was largely related to underground development and underground infrastructure.
Exploration Update
During 2023, the Company completed exploration work at Las Chispas, which is capitalized as growth capital.
During Q4, 2023, 17,947 metres of drilling was completed at Las Chispas, with 42% of the metres focused on infill drilling of Inferred Resources (see 2023 Technical Report) for conversion to Indicated Resources and possible conversion to Reserves. The balance of the drilling was focused on new vein targets. In Q4, 2023, the Company spent $5.0 million on exploration at Las Chispas. This drilling program will continue in 2024 with a budget of up to $14 million targeting conversion in H1, 2024 and targeting inferred growth in H2, 2024.
During 2023, 50,233 metres of drilling was completed and $11.4 million was spent on exploration at Las Chispas.
Selected Fourth Quarter Financial Results
Fourth Quarter and Annual Consolidated Income Statements
(unaudited, in thousands of USD)
Three months ended | Year ended | |||
2023 | 2022 | 2023 | 2022 | |
Revenue | $Â Â Â Â Â Â Â Â Â Â 61,320 | $Â Â Â Â Â Â Â Â Â 40,791 | $Â Â Â Â Â Â Â 245,130 | $Â Â Â Â Â Â Â Â Â 43,510 |
Cost of sales | ||||
Production costs | (17,555) | (13,006) | (74,108) | (13,758) |
Depreciation | (6,328) | (1,073) | (21,348) | (1,116) |
Royalties | (490) | (216) | (1,368) | (216) |
(24,373) | (14,295) | (96,824) | (15,090) | |
Mine operating earnings | 36,947 | 26,496 | 148,306 | 28,420 |
General and administrative expenses | (6,534) | (4,365) | (15,756) | (9,746) |
Exploration and project expenses | (99) | (775) | (726) | (5,444) |
Foreign exchange gains (losses) | 630 | (4,493) | (7,247) | 27,913 |
Earnings from operations | 30,944 | 16,863 | 124,577 | 41,143 |
Interest income | 1,448 | 886 | 4,035 | 2,811 |
Interest and finance expense | (334) | (6,397) | (2,713) | (6,589) |
Other expense | 507 | — | (2,653) | — |
Earnings before income taxes | 32,565 | 11,352 | 123,246 | 37,365 |
Income tax expense | 3,352 | $Â Â Â Â Â Â Â Â Â Â (6,121) | (6,526) | $Â Â Â Â Â Â Â Â Â Â (6,064) |
Net earnings | 35,917 | 5,231 | 116,720 | 31,301 |
Other comprehensive income | ||||
Currency translation adjustment | — | 5,399 | 10,255 | (27,987) |
Total comprehensive earnings | $Â Â Â Â Â Â Â Â Â Â 35,917 | $Â Â Â Â Â Â Â Â Â Â 10,630 | $Â Â Â Â Â Â Â 126,975 | $Â Â Â Â Â Â Â Â Â Â Â Â 3,314 |
Net earnings attributable to common shareholders | ||||
Basic earnings per share | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.25 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.03 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.79 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.21 |
Diluted earnings per share | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.24 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.04 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.79 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.21 |
Weighted average shares outstanding (in 000's) Basic | 146,334 | 146,646 | 146,882 | 146,164 |
Weighted average shares outstanding (in 000's) Diluted | 146,972 | 152,403 | 147,539 | 152,190 |
Revenue
During Q4, 2023, the Company sold a total of 16,100 oz Au and 1.28 million oz Ag at average realized prices of $1,979 /oz Au and $23.09 /oz Ag, generating revenue of $61.3 million . During Q4, 2022, the Company sold a total of 11,400 oz Au and 1.0 million oz Ag at average realized prices of $1,730 /oz Au and $21.51 /oz Ag, generating revenue of $40.8 million . The increased quantities sold resulted from the Company having three months of commercial production in Q4, 2023 compared to two months in Q4, 2022.
During 2023, the Company sold a total of 58,200 oz Au and 5.62 million oz Ag at average realized prices of $1,946 /oz Au and $23.48 /oz Ag, generating revenue of $245.1 million . During 2022, the Company sold a total of 11,400 oz Au and 1.12 million oz Ag at average realized prices of $1,730 /oz Au and $21.24 /oz Ag, generating revenue of $43.5 million . The increased quantities sold resulted from the Company having a full year of commercial production in 2023 compared to two months in 2022.
Income
Q4, 2023 net earnings of $35.9 million , or $0.25 per share, was $30.7 million higher than Q4, 2022 net earnings of $5.2 million , or $0.03 per share, primarily from higher mine operating earnings resulting from higher realized metal prices and increased sales quantities and lower interest, taxes and foreign exchange losses.
During 2023, the Company generated net earnings of $116.7 million , or $0.79 per share, $85.4 million higher than 2022 net earnings of $31.3 million , or $0.21 per share. The increase in net earnings resulted from the Company having a full year of commercial production in 2023 compared to two months in 2022.
Fourth Quarter and Annual Consolidated Statements of Cash Flows
(unaudited, in thousands of USD)
Three months ended | Year ended | |||
2023 | 2022 | 2023 | 2022 | |
Operating activities | ||||
Net earnings for the year | $Â Â Â Â Â Â Â Â Â Â 35,917 | $Â Â Â Â Â Â Â Â Â Â Â Â 5,231 | $Â Â Â Â Â Â Â 116,720 | $Â Â Â Â Â Â Â Â Â Â 31,301 |
Income tax (recovery) expense | (3,352) | 6,121 | 6,526 | 6,064 |
Depreciation | 5,957 | 1,894 | 21,348 | 1,937 |
Share-based compensation expense | 2,333 | 1,391 | 4,190 | 2,398 |
Unrealized foreign exchange losses | 842 | 3,579 | 7,942 | (21,868) |
Interest income | (1,448) | (886) | (4,035) | (2,811) |
Interest expense | (4,010) | 6,374 | 1,461 | 6,566 |
Interest paid | 190 | (1,619) | (1,461) | (7,568) |
Interest received | 1,251 | 974 | 4,035 | 2,715 |
Income taxes paid | 10 | — | (977) | — |
Other operating activities | (242) | — | (242) | — |
Net change in non-cash working capital items | (1,352) | (3,630) | 2,754 | (28,644) |
$Â Â Â Â Â Â Â Â Â Â 36,096 | $Â Â Â Â Â Â Â Â Â Â 19,429 | $Â Â Â Â Â Â Â 158,261 | $Â Â Â Â Â Â Â Â Â Â (9,910) | |
Investing activities | ||||
Payments for mineral properties, plant and equipment | (17,327) | (16,409) | (51,257) | (68,489) |
Purchase of bullion | (6,655) | — | (18,674) | — |
Proceeds from derivatives | 264 | — | 264 | — |
$Â Â Â Â Â Â Â Â (23,718) | $Â Â Â Â Â Â Â Â (16,409) | $Â Â Â Â Â Â Â Â (69,667) | $Â Â Â Â Â Â Â Â (68,489) | |
Financing activities | ||||
Common share proceeds | 2,878 | 1,084 | 3,131 | 2,467 |
Common share repurchases | (6) | — | (7,145) | — |
Proceeds from debt | — | 49,583 | — | 49,583 |
Repayment of debt | — | (92,860) | (50,000) | (92,860) |
Payments of equipment leases | (30) | (39) | (112) | (159) |
$Â Â Â Â Â Â Â Â Â Â Â Â 2,842 | $Â Â Â Â Â Â Â Â (42,232) | $Â Â Â Â Â Â Â Â (54,126) | $Â Â Â Â Â Â Â Â (40,969) | |
Effects of exchange rate changes on cash and cash equivalents | 765 | 1,396 | 735 | (6,386) |
Increase (decrease) in cash and cash equivalents | 15,985 | (37,816) | 35,203 | (125,754) |
Cash and cash equivalents at the beginning of the period | 69,979 | 88,577 | 50,761 | 176,515 |
Cash and cash equivalents at the end of the period | $Â Â Â Â Â Â Â Â Â Â 85,964 | $Â Â Â Â Â Â Â Â Â Â 50,761 | $Â Â Â Â Â Â Â Â Â 85,964 | $Â Â Â Â Â Â Â Â Â Â 50,761 |
Cash Flow
In Q4, 2023, the cash flow generated from operating activities was $36.1 million , an increase of $16.7 million compared to Q4, 2022, primarily driven by elevated mine operating earnings. Total cash flow generated from operating activities in 2023 was $158.3 million , a $168.2 million increase from the $9.9 million operating cash outflows in 2022. This notable improvement resulted from increased mine operating earnings and a reduction in cash utilized for working capital.
Q4, 2023 free cash flow was $24.1 million (or $0.16 per share) and 2023 free cash flow was $121.1 million (or $0.82 per share).
Financial Position
As at December 31, 2023 , the Company had treasury assets of $105.2 million ( $86.0 million cash and $19.2 million in bullion), a $54.4 million or 107% increase from the prior year. The Company remains debt free with access to an undrawn revolving facility of $70.0 million .
ESG
In 2023, SilverCrest published its inaugural full ESG report following the success of the Task Force for Climate-Related Disclosures ("TCFD") and Water Stewardship Report disclosures in 2022, collectively available on our website at www.silvercrestmetals.com . This further formalizes the Company's commitment to diligent management of ESG issues within its own operations and the local community.
SilverCrest continues to execute on its commitment to invest in initiatives that support water stewardship in communities local to Las Chispas. In 2023, SilverCrest allocated $0.4 million from its committed five year $1.5 million water stewardship initiatives within the community. This investment facilitated approximately 900 metres of sewer system repairs, more than 500 metres of aqueduct enhancements in the Arizpe region of Sonora , and the establishment of electrified pumps for wells. In addition SilverCrest continued to assist local community members with the process to secure water concessions. These projects helped protect the main sources of income for the local population while also creating a second planting season in the local area.
The Company's ESG practices and community engagement earned recognition in Mexico with the 2023 Empresas Socialmente Responsables (Socially Responsible Companies) distinction from the Mexican Centre for Philanthropy (CEMEFI). In addition, the Company has received recognition from the Confederation of Chambers of Commerce of Mexico (CONCAMIN) in the areas of ESG compliance and Outstanding Social Responsibility and Sustainability Practices.
Fourth Quarter 2023 Conference Call
A conference call to discuss the Company's Q4, 2023 operational and financial results will be held Monday, March 11, 2024 at 7:00 a.m. PT / 10:00 a.m. ET . To participate in the conference call, please dial the numbers below.
Date & Time: | Monday March 11, 2024 at 7:00 a.m. PT / 10:00 a.m. ET |
Telephone: | Toronto: +1-416-764-8624 |
North America Toll Free: 1-888-259-6580 | |
Conference ID: 58528537 | |
Webcast: | https://silvercrestmetals.com/investors/presentations/ |
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals producer headquartered in Vancouver , BC. The Company's principal focus is its Las Chispas Operation in Sonora , Mexico. SilverCrest has an ongoing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering, and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
Non-GAAP Financial Measures
Management believes that the following non-GAAP financial measures will enable certain investors to better evaluate the Company's performance, liquidity, and ability to generate cash flow. These measures do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.
Average realized gold and silver price
Average realized gold and silver price per ounce is calculated by dividing the Company's gross revenue from gold or silver sales for the relevant period by the gold or silver ounces sold, respectively. The Company believes the measure is useful in understanding the metal prices realized by the Company throughout the period. The following table reconciles revenue and metal sold during the period with average realized prices:
Q4, 2023 | 2023 | 2022 | ||
Revenues from financial statements | $Â Â Â Â Â Â Â Â Â Â 61,320 | $Â Â Â Â Â Â Â Â 245,130 | $Â Â Â Â Â Â Â Â Â Â 43,510 | |
Ag sales | (29,452) | (131,867) | (23,784) | |
Au sales | A | 31,868 | 113,263 | 19,726 |
Au oz sold during the period | B | 16,100 | 58,200 | 11,400 |
Average realized Au price per oz sold | A/B | $Â Â Â Â Â Â Â Â Â Â Â Â 1,979 | $Â Â Â Â Â Â Â Â Â Â Â Â 1,946 | $Â Â Â Â Â Â Â Â Â Â Â Â 1,730 |
Revenues from financial statements | $Â Â Â Â Â Â Â Â Â Â 61,320 | $Â Â Â Â Â Â Â Â 245,130 | $Â Â Â Â Â Â Â Â Â Â 43,510 | |
Au sales | (31,868) | (113,263) | (19,726) | |
Ag sales | A | 29,452 | 131,867 | 23,784 |
Ag oz sold during the period | B | 1,275,300 | 5,616,300 | 1,105,700 |
Averaged realized Ag price per oz sold | A/B | $Â Â Â Â Â Â Â Â Â Â Â Â 23.09 | $Â Â Â Â Â Â Â Â Â Â Â Â 23.48 | $Â Â Â Â Â Â Â Â Â Â Â Â 21.51 |
Capital expenditures
Capital expenditures are classified into sustaining capital expenditures or non-sustaining capital expenditures depending on the nature of the expenditure. Sustaining capital expenditures are those required to support current production levels. Non-sustaining capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase production or extend mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of AISC.
The following table reconciles payments for mineral properties, plant and equipment, and equipment leases to sustaining and non-sustaining capital expenditures:
Q4, 2023 | 2023 | |
Payments for mineral properties, plant and equipment | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17,327 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 51,257 |
Payments for equipment leases | 30 | 112 |
Total capital expenditures | 17,357 | 51,368 |
Less: Non-sustaining capital expenditures | (5,332) | (14,224) |
Sustaining capital expenditures | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 12,025 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 37,144 |
Free cash flow
Free cash flow, a non-GAAP financial metric, subtracts sustaining capital expenditures from net cash provided by operating activities, serving as a valuable indicator of our capacity to generate cash from operations post-sustaining capital investments. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.
Q4, 2023 | 2023 | ||
Net cash provided by operating activities | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 36,096 | $Â Â Â Â Â Â 158,261 | |
Less: sustaining capital expenditures | (12,025) | (37,145) | |
Free cash flow | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 24,071 | $Â Â Â Â Â Â Â Â Â Â Â 121,116 | |
Free cash flow per share (basic) | $Â Â Â Â Â Â Â Â Â Â 0.16 | $Â Â Â Â Â Â Â Â Â 0.82 | |
Weighted average shares outstanding (basic) | 146,334 | 146,882 |
Treasury assets
SilverCrest calculates treasury assets as cash and cash equivalents plus bullion as reported in the consolidated statements of financial position. Management believes that treasury assets provide a useful measure of the Company's most liquid assets that can be used to settle short-term obligations or provide liquidity. Treasury assets are calculated as follows:
2023 | 2022 | |
Cash and cash equivalents | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 85,964 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50,761 |
Bullion | 19,191 | — |
Treasury assets | $Â Â Â Â Â Â Â Â Â Â Â 105,155 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50,761 |
Cash costs
Cash costs are a non-GAAP financial metric which includes production costs, royalties and minesite general and administrative costs. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on a site basis.
AISC
All-in sustaining costs, a non-GAAP financial measure, starts with cash costs and includes all other general and administrative costs, reclamation accretion expense and sustaining capital expenditures. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on an overall company basis.
Cash costs and AISC are calculated as follows:
Q4, 2023 | 2023 | |
Production costs | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17,555 | $Â Â Â Â Â Â Â 74,108 |
Royalties | 490 | 1,368 |
General and administrative expenses, minesite | 999 | 3,703 |
Total cash costs | 19,044 | 79,179 |
General and administrative expenses, other | 5,500 | 12,053 |
Reclamation accretion expense | 139 | 493 |
Sustaining capital expenditures | 12,025 | 37,145 |
Total AISC | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 36,708 | $Â Â Â Â Â Â Â Â Â Â Â 128,870 |
Silver equivalent ounces sold (koz) | 2,555 | 10,244 |
Cash costs (per AgEq sold) | $Â Â Â Â Â Â Â Â Â Â 7.45 | $Â Â Â Â Â Â Â Â Â 7.73 |
AISC (per AgEq sold) | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14.36 | $Â Â Â Â Â Â Â Â 12.58 |
Net cash
SilverCrest calculates net cash by deducting debt from cash and cash equivalents as reported in the consolidated statements of financial position. The Company believes that in addition to conventional measures prepared in accordance with IFRS, net cash is useful to evaluate the Company's and liquidity and capital resources.
2023 | 2022 | |
Cash and cash equivalents | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 85,964 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50,761 |
Debt | — | (49,591) |
Net cash | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 85,964 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,170 |
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the Company's 2024 guidance and outlook; the amount of future production of gold and silver over any period; the strategic plans and expectations for the Company's operation and exploration program; working capital requirements; expected recoveries; expected cash costs and outflows, Au and Ag prices and currency exchange rates. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies; continued commercial operations at the Las Chispas Operation; the environment in which the Company will operate in the future, including the price of gold and silver; estimates of capital and operating costs; production estimates; estimates of mineral resources, mineral reserves and metallurgical recoveries and mining operational risk; the reliability of mineral resource and mineral reserve estimates; mining and development costs; the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; and effects of regulation by governmental agencies and changes in Mexican mining legislation. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices and currency exchange rates; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Qualified Persons Statement
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier , CPG, P.Eng, CEO for SilverCrest, who has reviewed and approved its contents.
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SOURCE SilverCrest Metals Inc.
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Endeavour Silver Reports 2023 Financial Results: Earnings Conference Call at 9am PST Time
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces its financial and operating results for the fourth quarter and year ended December 31, 2023. All dollar amounts are in US dollars (US$).
"The path to growth is never a straight line, so our ability to rise above challenges defines our success. During 2023, we kept focused on our main goals, while successfully navigating industry challenges" commented Dan Dickson, CEO of Endeavour Silver. "From a cost perspective, all Mexican miners faced overarching challenges, with persistent cost pressures across various channels. Our operations team demonstrated their resolve to overcome a significant challenge at Guanacevi, by elevating both mine and mill productivity levels above planned targets. As the remediation efforts extended into early Q4, the positive momentum from these initiatives reduced Q4 2023 cost metrics compared to Q3 2023 and will carry forward into the upcoming year."
Mr. Dickson added, "With operating costs at their peak, we remain focused on cost discipline to offset inflationary and foreign exchange pressures while improving productivity. Bringing Terronera into production in late 2024 will provide the base we need for significant production growth and margin expansion as we move down the cost curve. We believe that project execution is our pathway to adding long-term value, as we position ourselves as a top silver investment vehicle for investors seeking industry leading growth."
2023 Financial Highlights
- Production In-Line with Guidance :Â Consolidated production of 5,672,703 silver ounces (oz) and 37,858 gold oz for silver equivalent (1) production of 8.7 million oz, representing the Company's third consecutive year of meeting or exceeding production guidance.
- Revenue : Revenue of $205.5 million from the sale of 5,669,760 oz of silver and 37,186 oz of gold at average realized prices of $23.76 per oz silver and $1,968 per oz gold.
- Multiple Items Resulted in Escalated Annual Costs; Significant Improvement in Q4: Cash costs ( 2) of $13.49 per oz payable silver were above guidance due to a strengthened Mexican Peso, inflationary pressures and lower production and All-in Sustaining Costs (2) of $22.93 per oz were above guidance due to the aforementioned higher costs. Fourth quarter cash costs ( 2) of $12.54 per oz payable silver and all-in sustaining costs (2) of $21.48 signal visible improvement from third quarter costs due to remedial measures implemented at Guanacevi, as productivity improved.
- Healthy Balance Sheet: Cash position of $35.3 million and $42.5 million in working capital ( 2) . Cash decreased in Q4, as funds were spent on development activities at Terronera. During Q4, the Company raised gross proceeds of $39.3 million through issuances, primarily to fund the activities at Terronera.
- Cash Flow : $37.0 million in operating cash flow before working capital changes ( 2) , and mine operating cash flow before taxes (2) of $64.4 million.
- Net Income : Net earnings of $6.1 million, or $0.03 per share, were impacted by inflationary pressures, foreign exchange and higher realized metal prices compared to the prior year.
- Construction Continues on Schedule at the Terronera Mine : Concrete work is well advanced and erection of steel for the grinding and flotation areas has started at year end (see news release dated February 12, 2024 ). Overall project progress reached 43% and the project remains on track for commissioning in Q4 2024.
Financial Overview (see appendix for consolidated financial statements)
Three Months Ended December 31 | 2023 Highlights | Year Ended December 31 | ||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |
Production | ||||||
1,406,423 | 1,830,835 | (23%) | Silver ounces produced | 5,672,703 | 5,963,445 | (5%) |
9,608 | 10,370 | (7%) | Gold ounces produced | 37,858 | 37,548 | 1% |
1,396,315 | 1,816,813 | (23%) | Payable silver ounces produced | 5,627,379 | 5,912,509 | (5%) |
9,440 | 10,196 | (7%) | Payable gold ounces produced | 37,189 | 36,901 | 1% |
2,175,063 | 2,660,435 | (18%) | Silver equivalent ounces produced ( 1) | 8,701,343 | 8,967,285 | (3%) |
12.54 | 11.65 | 8% | Cash costs per silver ounce ( 2) | 13.49 | 10.65 | 27% |
17.66 | 15.03 | 17% | Total production costs per ounce ( 2)) | 18.55 | 14.70 | 26% |
21.48 | 19.38 | 11% | All-in sustaining costs per ounce (2) | 22.93 | 19.97 | 15% |
220,464 | 224,289 | (2%) | Processed tonnes | 874,382 | 834,542 | 5% |
144.59 | 135.71 | 7% | Direct operating costs per tonne ( 2) | 141.72 | 130.80 | 8% |
168.71 | 177.35 | (5%) | Direct costs per tonne ( 2) | 171.00 | 155.63 | 10% |
Financial | ||||||
50.5 | 82.0 | (38%) | Revenue ($ millions) | 205.5 | 210.2 | (2%) |
1,332,648 | 2,816,882 | (53%) | Silver ounces sold | 5,669,760 | 6,464,869 | (12%) |
9,417 | 11,843 | (20%) | Gold ounces sold | 37,186 | 38,868 | (4%) |
23.78 | 21.86 | 9% | Realized silver price per ounce | 23.76 | 22.07 | 8% |
2,051 | 1,783 | 15% | Realized gold price per ounce | 1,968 | 1,814 | 9% |
3.0 | 8.0 | 62% | Net earnings (loss) ($ millions) | 6.1 | 6.2 | 1% |
3.6 | 8.1 | 56% | Adjusted net earnings (loss) ( 2 ) ($ millions) | 1.7 | 6.9 | (76%) |
5.4 | 21.7 | (75%) | Mine operating earnings ($ millions) | 36.6 | 51.5 | (29%) |
12.6 | 30.7 | (59%) | Mine operating cash flow before taxes ($ millions) ( 2 ) | 64.4 | 78.5 | (18%) |
9.8 | 22.5 | (56%) | Operating cash flow before working capital changes ( 2 ) | 37.0 | 54.0 | (31%) |
8.3 | 22.7 | (63%) | EBITDA ( 2 ) ($ millions) | 47.9 | 51.9 | (8%) |
42.5 | 93.6 | (55%) | Working capital ( 2 ) ($ millions) | 42.5 | 93.6 | (55%) |
Shareholders | ||||||
0.01 | 0.04 | (75%) | Earnings (loss) per share – basic ($) | 0.03 | 0.03 | 0% |
0.02 | 0.04 | (50%) | Adjusted earnings (loss) per share – basic ($) ( 2 ) | 0.01 | 0.04 | (75%) |
0.05 | 0.12 | (59%) | Operating cash flow before working capital changes per share ( 2 ) | 0.19 | 0.30 | (37%) |
207,932,318 | 189,993,085 | 9% | Weighted average shares outstanding | 196,018,623 | 183,009,339 | 7% |
(1) Silver equivalent (AgEq) is calculated using an 80:1 silver:gold ratio.
(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company's financial statements on SEDAR+ at www.sedarplus.ca.
Year Ended December 31, 2023
For the year ended December 31, 2023, revenue, net of $2.4 million of smelting and refining costs, decreased by 2% to $205.5 million (2022: $210.2 million).
The decrease in revenue is attributed to lower production compared to 2022 but was partially offset by higher precious metal prices realized during the year. During the period, the Company sold 5,669,760 oz silver and 37,186 oz gold for realized prices of $23.76 and $1,968 per oz, respectively, compared to sales of 6,464,869 oz silver and 38,868 oz gold for realized prices of $22.07 and $1,814 per oz, respectively, in 2022.
After cost of sales of $168.9 million (2022: $158.6 million), an increase of 6%, mine operating earnings were $36.6 million (2022: $51.5 million). The increase in cost of sales, despite lower sales, was due to higher costs as a result of inflation on a number of direct inputs, the impact of the appreciation of the Mexican peso on labour costs and direct inputs and higher royalty costs. Royalties increased 25% to $22.2 million (2022: $17.8 million) due to increased mining of the high-grade El Curso and El Porvenir extensions at the Guanacevà operation, which are subject to significant royalty rates.
The Company had operating earnings of $8.7 million (2022: $23.5 million) after exploration, evaluation and development costs of $15.1 million (2022: $16.2 million), general and administrative costs of $12.4 million (2022: $10.6 million), and a write-off of exploration properties of $0.4 million (2022: $0.7 million). In 2022, there were also care and maintenance costs of $0.6 million related to the El Compas mine which was sold in late 2022.
Earnings before income taxes were $18.2 million (2022: $25.0 million) after finance costs of $1.4 million (2022: $1.3 million), a foreign exchange gain of $4.7 million (2022: $1.9 million), a net gain on disposal of assets of $7.1 million primarily generated by the gain on the sale of the Cozamin royalty (2022: $2.5 million primarily from the gain on the sale of El Compas mine) and investment and other expense of $0.8 million (2022: $1.6 million).
The Company realized net earnings for 2023 of $6.1 million (2022: $6.2 million) after a tax expense of $12.1 million (2022: $18.7 million). Current income tax expense increased to $11.3 million (2022: $6.4 million) while deferred income tax expense decreased to $0.8 million (2022: $12.4 million) The deferred income tax expense of $0.8 million is derived from changes in temporary timing differences between deductions for accounting versus deductions for tax. During 2022, the changes in deferred taxes were driven primarily by the utilization of loss carryforwards at Guanacevi with no further loss carryforwards available to offset against current income tax in 2023.
Direct operating costs ( 2) on a per tonne basis increased to $141.72, up 8% compared with 2022 due to higher operating costs. Guanacevà and Bolañitos have seen increased labour, power and consumables costs primarily driven by inflationary pressure as well as the impact of a strengthened Mexican Peso. Direct costs per tonne (2) increased to $171.00, up 10% compared to 2022 due to the increase in direct operating costs as well as the increase in royalty costs.
Consolidated cash costs per oz, net of by-product credits, increased to $13.49 primarily due to the higher direct costs per tonne and a reduction in production partially offset by higher gold credits. All-in sustaining costs increased 15% to $22.93 per oz in 2023 due to the higher cash costs, an increase in allocated general and administrative expenses partially offset by a decrease in capital expenditures.
Consolidated cash costs per oz, net of by-product credits of $13.49 exceeded cash cost guidance of between a $10.00 and $11.00 range, primarily due to higher direct costs which were impacted by a strengthened Mexican Peso and higher inflationary pressure than anticipated. Cash costs, on a per ounce basis, were also impacted by realized production being on the lower end of guidance. All-In-Sustaining Costs ("AISC") of $22.93 on a per oz basis was above guidance of $19.00 to $20.00 per ounce and similarly impacted by the increased costs.
The complete financial statements and management's discussion & analysis can be viewed on the Company's website, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Investor Relations at 604-640-4804, toll free at 1-877- 685-9775 or by email at gmeleger@edrsilver.com
Conference Call
A conference call to discuss the Company's annual 2023 financial results will be held today at 9:00 a.m. PT / 12:00 p.m. ET. To participate in the conference call, please dial the numbers below.
Date & Time: | Monday, March 11, 2024 at 9:00 a.m. PT / 12:00 p.m. ET |
Telephone: | Toll-free in Canada and the US +1-800-319-4610 |
Local or International +1-604-638-5340 | |
Please allow up to 10 minutes to be connected to the conference call. | |
Replay: | A replay of the conference call will be available by dialing (toll-free) |
+1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 0627#. The replay will also be available on the Company's website at www.edrsilver.com . | |
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
Contact Information:
Galina Meleger, VP, Investor Relations Email: gmeleger@edrsilver.com Website: www.edrsilver.com
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Endnotes
1 Silver equivalent ( AgEq )
AgEq is calculated using an 80:1 silver:gold ratio.
2 Non-IFRS and Other Financial Measures and ratios
Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, all-in sustaining cost ("AISC") per ounce, direct operating costs per tonne, direct costs per tonne, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA per share and sustaining and growth capital.
Please see the December 31, 2023, MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ("IFRS"), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section "Non-IFRS Measures" in the December 31, 2023 MD&A available on SEDAR+ at www.sedarplus.ca .
Reconciliation of Working Capital
Expressed in thousands US dollars | As at December 31, 2023 | As at December 31, 2022 |
Current assets | $100,773 | $146,333 |
Current liabilities | 58,244 | 52,749 |
Working capital | $42,529 | $93,584 |
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in thousands US dollars | Three Months Ended December 31 | Years Ended December 31 | ||
(except for share numbers and per share amounts) | 2023 | 2022 | 2023 | 2022 |
Net earnings (loss) for the period per financial statements | $7,961 | $7,961 | $6,201 | $6,201 |
Gain on sale of Cozamin royalty | - | - | (6,990) | - |
Gain on disposal of El Compas mine and equipment, net of tax | - | - | - | (2,733) |
Change in fair value of investments | 525 | 104 | 2,522 | 3,470 |
Adjusted net earnings (loss) | $3,574 | $8,065 | $1,655 | $6,938 |
Basic weighted average share outstanding | 207,932,318 | 189,993,085 | 196,018,623 | 183,009,339 |
Adjusted net earnings (loss) per share | $0.02 | $0.04 | $0.01 | $0.04 |
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands US dollars | Three Months Ended December 31 | Years Ended December 31 | ||
2023 | 2022 | 2023 | 2022 | |
Mine operating earnings per financial statements | $5,352 | $21,655 | $36,611 | $51,525 |
Share-based compensation | 44 | 89 | (74) | 442 |
Amortization and depletion | 7,181 | 8,945 | 27,885 | 25,179 |
Provision for warehouse inventory | - | - | - | 1,323 |
Mine operating cash flow before taxes | $12,577 | $30,689 | $64,422 | $78,469 |
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share
Expressed in thousands US dollars | Three Months Ended December 31 | Years Ended December 31 | ||
(except for per share amounts) | 2023 | 2022 | 2023 | 2022 |
Cash from (used in) operating activities per financial statements | $6,706 | $44,391 | $11,771 | $54,993 |
Net changes in non-cash working capital per financial statements | (3,085) | 21,924 | (25,243) | 967 |
Operating cash flow before working capital changes | $9,791 | $22,467 | $37,014 | $54,026 |
Basic weighted average shares outstanding | 207,932,318 | 189,993,085 | 196,018,623 | 183,009,339 |
Operating cash flow before working capital changes per share | $0.05 | $0.12 | $0.19 | $0.30 |
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands US dollars | Three Months Ended December 31 | Years Ended December 31 | ||
2023 | 2022 | 2023 | 2022 | |
Net earnings (loss) for the period per financial statements | $3,049 | $3,049 | $6,123 | $6,123 |
Depreciation – cost of sales | 7,181 | 7,181 | 27,885 | 27,885 |
Depreciation – exploration | 80 | 80 | 528 | 528 |
Depreciation – general & administration | 197 | 197 | 376 | 376 |
Finance costs | 164 | 233 | 822 | 816 |
Current income tax expense | 207 | 2,850 | 11,344 | 6,376 |
Deferred income tax expense | (2,544) | 2,345 | 786 | 12,372 |
EBITDA | $8,334 | $22,668 | $47,864 | $51,853 |
Share based compensation | 714 | 619 | 3,618 | 3,878 |
Gain on sale of Cozamin royalty | - | - | (6,990) | - |
Gain on disposal of El Compas mine and equipment, net of tax | - | - | - | (2,733) |
Change in fair value of investments | 525 | 104 | 2,522 | 3,470 |
Adjusted EBITDA | $9,573 | $23,391 | $47,014 | $56,468 |
Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne
Expressed in thousands US dollars | Years Ended December 31, 2023 | Years Ended December 31, 2022 | ||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | |
Direct production costs per financial statements | $79,842 | $38,989 | $118,831 | $74,423 | $39,457 | $113,880 |
Smelting and refining costs included in net revenue | - | 2,451 | 2,451 | - | 3,029 | 3,029 |
Opening finished goods | (4,953) | (245) | (5,198) | (10,093) | (2,857) | (12,950) |
Closing finished goods | 7,137 | 699 | 7,836 | 4,953 | 245 | 5,198 |
Direct operating costs | 82,026 | 41,894 | 123,920 | 69,283 | 39,874 | 109,157 |
Royalties | 21,937 | 273 | 22,210 | 17,554 | 257 | 17,811 |
Special mining duty (1) | 2,862 | 530 | 3,392 | 2,612 | 302 | 2,914 |
Direct costs | 106,825 | 42,697 | 149,522 | 89,449 | 40,433 | 129,882 |
By-product gold sales | (29,273) | (43,925) | (73,198) | (27,569) | (42,932) | (70,501) |
Opening gold inventory fair market value | 2,740 | 354 | 3,094 | 1,900 | 4,784 | 6,684 |
Closing gold inventory fair market value | (2,909) | (619) | (3,528) | (2,740) | (354) | (3,094) |
Cash costs net of by-product | 77,383 | (1,493) | 75,890 | 61,040 | 1,931 | 62,971 |
Amortization and depletion | 15,481 | 12,404 | 27,885 | 14,129 | 11,050 | 25,179 |
Share-based compensation | (17) | (57) | (74) | 221 | 221 | 442 |
Opening finished goods depreciation | (862) | (79) | (941) | (1,965) | (635) | (2,600) |
Closing finished goods depreciation | 1,459 | 197 | 1,656 | 862 | 79 | 941 |
Total production costs | $93,444 | $10,972 | $104,416 | $74,287 | $12,646 | $86,933 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | ||
Throughput tonnes | 433,409 | 440,973 | 874,382 | 412,303 | 422,239 | 834,542 | |
Payable silver ounces | 5,089,921 | 537,458 | 5,627,379 | 5,340,553 | 587,978 | 5,912,509 | |
Cash costs per silver ounce | $15.20 | ($2.78) | $13.49 | $11.46 | $3.28 | $10.65 | |
Total production costs per ounce | $18.36 | $20.41 | $18.55 | $13.95 | $21.51 | $14.70 | |
Direct operating costs per tonne | $189.26 | $95.00 | $141.72 | $168.04 | $94.43 | $130.80 | |
Direct costs per tonne | $246.48 | $96.82 | $171.00 | $216.95 | $95.76 | $155.63 |
Expressed in thousands US dollars | Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | |
Direct production costs per financial statements | 22,956 | 9,861 | 32,817 | 33,586 | 9,235 | 42,821 |
Smelting and refining costs included in net revenue | - | 506 | 506 | - | 694 | 694 |
Opening finished goods | (8,627) | (656) | (9,283) | (18,080) | (195) | (18,275) |
Closing finished goods | 7,137 | 699 | 7,836 | 4,953 | 245 | 5,198 |
Direct operating costs | 21,466 | 10,410 | 31,876 | 20,459 | 9,979 | 30,438 |
Royalties | 5,033 | 72 | 5,105 | 8,430 | 49 | 8,479 |
Special mining duty (1) | 62 | 151 | 213 | 845 | 16 | 861 |
Direct costs | 26,561 | 10,633 | 37,194 | 29,734 | 10,044 | 39,778 |
By-product gold sales | (7,045) | (12,271) | (19,316) | (11,591) | (9,527) | (21,118) |
Opening gold inventory fair market value | 2,345 | 815 | 3,160 | 5,368 | 240 | 5,608 |
Closing gold inventory fair market value | (2,909) | (619) | (3,528) | (2,740) | (354) | (3,094) |
Cash costs net of by-product | 18,952 | (1,442) | 17,510 | 20,771 | 403 | 21,174 |
Depreciation | 3,942 | 3,239 | 7,181 | 6,160 | 2,785 | 8,945 |
Share-based compensation | 33 | 11 | 44 | 45 | 44 | 89 |
Opening finished goods depreciation | (1,509) | (222) | (1,731) | (3,776) | (60) | (3,836) |
Closing finished goods depreciation | 1,459 | 197 | 1,656 | 862 | 79 | 941 |
Total production costs | $22,877 | $1,783 | $24,660 | $24,062 | $3,251 | $27,313 |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | |||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | |
Throughput tonnes | 110,781 | 109,683 | 220,464 | 119,305 | 104,984 | 224,289 |
Payable silver ounces | 1,267,864 | 128,451 | 1,396,315 | 1,675,322 | 141,491 | 1,816,813 |
Cash costs per silver ounce | $14.95 | ($11.23) | $12.54 | $12.40 | $2.85 | $11.65 |
Total production costs per ounce | $18.04 | $13.88 | $17.66 | $14.36 | $22.98 | $15.03 |
Direct operating costs per tonne | $193.77 | $94.91 | $144.59 | $171.48 | $95.05 | $135.71 |
Direct costs per tonne | $239.76 | $96.94 | $168.71 | $249.23 | $95.67 | $177.35 |
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands US dollars | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | |
Cash costs net of by-product | $77,383 | ($1,493) | $75,890 | $61,040 | $1,931 | $62,971 |
Operations share-based compensation | (17) | (57) | (74) | 221 | 221 | 442 |
Corporate general and administrative | 6,354 | 2,419 | 8,773 | 5,439 | 1,951 | 7,390 |
Corporate share-based compensation | 2,328 | 886 | 3,214 | 2,214 | 795 | 3,009 |
Reclamation - amortization/accretion | 313 | 263 | 576 | 268 | 211 | 479 |
Mine site expensed exploration | 1,354 | 1,352 | 2,706 | 1,351 | 1,158 | 2,509 |
Intangible payments | - | - | - | 30 | 11 | 41 |
Equipment loan payments | 819 | 1,805 | 2,624 | 981 | 1,955 | 2,936 |
Capital expenditures sustaining | 24,631 | 10,708 | 35,339 | 26,561 | 11,756 | 38,317 |
All-In-Sustaining Costs | $113,164 | $15,884 | $129,048 | $98,105 | $19,989 | $118,094 |
Growth exploration and evaluation | 11,401 | 12,626 | ||||
Growth capital expenditures | 82,448 | 35,450 | ||||
All-In-Costs | $222,897 | $166,170 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | |
Throughput tonnes | 433,409 | 440,973 | 874,382 | 412,303 | 422,239 | 834,542 |
Payable silver ounces | 5,089,921 | 537,458 | 5,627,379 | 5,324,531 | 587,978 | 5,912,509 |
Silver equivalent production (ounces) | 6,301,637 | 2,399,706 | 8,701,343 | 6,599,353 | 2,367,932 | 8,967,285 |
Sustaining cost per ounce | $22.23 | $29.55 | $22.93 | $18.43 | $34.00 | $19.97 |
Expressed in thousands US dollars | Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | |
Cash costs net of by-product | $18,952 | ($1,442) | $17,510 | $20,771 | $403 | $21,174 |
Operations share-based compensation | 33 | 11 | 44 | 45 | 44 | 89 |
Corporate general and administrative | 1,423 | 550 | 1,973 | 1,771 | 506 | 2,277 |
Corporate share-based compensation | 404 | 156 | 560 | 365 | 67 | 432 |
Reclamation - amortization/accretion | 78 | 66 | 144 | 70 | 53 | 123 |
Mine site expensed exploration | 286 | 350 | 636 | 323 | 295 | 618 |
Equipment loan payments | 140 | 340 | 480 | 245 | 489 | 734 |
Capital expenditures sustaining | 5,944 | 2,700 | 8,644 | 6,653 | 3,103 | 9,756 |
All-In-Sustaining Costs | $27,259 | $2,732 | $29,991 | $30,243 | $4,960 | $35,203 |
Growth exploration and evaluation | 1,609 | 4,170 | ||||
Growth capital expenditures | 32,826 | 18,672 | ||||
All-In-Costs | $64,426 | $58,045 |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | |||||
Guanacevà | Bolañitos | Total | Guanacevà | Bolañitos | Total | |
Throughput tonnes | 110,781 | 109,683 | 220,464 | 119,305 | 104,984 | 224,289 |
Payable silver ounces | 1,267,864 | 128,451 | 1,396,315 | 1,675,322 | 141,491 | 1,816,813 |
Silver equivalent production (ounces) | 1,569,359 | 605,704 | 2,175,063 | 2,075,243 | 585,192 | 2,660,435 |
Sustaining cost per ounce | $21.50 | $21.27 | $21.48 | $18.05 | $35.06 | $19.38 |
Expressed in thousands US dollars | Three Months Ended December 31 | Years Ended December 31 | ||
2023 | 2022 | 2023 | 2022 | |
Mine site expensed exploration | $636 | $618 | $2,706 | $2,509 |
Growth exploration, evaluation and development | 1,609 | 4,170 | 11,401 | 12,626 |
Total exploration, evaluation and development | 2,245 | 4,788 | 14,107 | 15,135 |
Exploration, evaluation and development depreciation | 80 | 276 | 528 | 624 |
Exploration, evaluation and development share-based compensation | 110 | 99 | 478 | 427 |
Exploration, evaluation and development expense | $2,435 | $5,163 | $15,113 | $16,186 |
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands US dollars | Three Months Ended December 31 | Years Ended December 31 | ||
2023 | 2022 | 2023 | 2022 | |
Capital expenditures sustaining | $8,644 | $9,756 | $35,339 | $38,317 |
Growth capital expenditures | 32,826 | 18,672 | 82,448 | 35,450 |
Acquisition capital expenditures | - | (50) | - | 35,948 |
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | $41,470 | $28,378 | $117,787 | $109,715 |
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands US dollars | Three Months En ded December 31 | Years Ended December 31 | ||
2023 | 2022 | 2023 | 2022 | |
Gross silver sales | $31,689 | $61,565 | $134,716 | $142,688 |
Silver ounces sold | 1,332,648 | 2,816,881 | 5,669,760 | 6,464,868 |
Realized silver price per ounces | $23.78 | $21.86 | $23.76 | $22.07 |
Expressed in thousands US dollars | Three Months Ended December 31 | Years Ended December 31 | ||
2023 | 2022 | 2023 | 2022 | |
Gross gold sales | $19,316 | $21,118 | $73,198 | $70,501 |
Gold ounces sold | 9,417 | 11,843 | 37,186 | 38,868 |
Realized gold price per ounces | $2,051 | $1,783 | $1,968 | $1,814 |
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the development and financing of the Terronera Project including: anticipated timing of the project; anticipated timing of completion of conditions precedent to drawdown under the Debt Facility, estimated project economics, Terronera's forecasted operations, costs and expenditures, and the timing and results of various related activities, 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; satisfaction of conditions precedent to drawdown under the Debt Facility; the ongoing effects of inflation and supply chain issues on the Terronera Project economics; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Appendix
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OFCOMPREHENSIVE EARNINGS (LOSS)
(expressed in thousands of US dollars, except for shares and per share amounts)
Years ended | |||||||
December 31, | December 31, | ||||||
2023 | 2022 | ||||||
Revenue | $ | 205,463 | $ | 210,160 | |||
Cost of sales: | |||||||
Direct production costs | 118,831 | 113,880 | |||||
Royalties | 22,210 | 17,811 | |||||
Share-based payments | (74 | ) | 442 | ||||
Depreciation | 27,885 | 25,179 | |||||
Write down of inventory to net realizable value | - | 1,323 | |||||
168,852 | 158,635 | ||||||
Mine operating earnings | 36,611 | 51,525 | |||||
Expenses: | |||||||
Exploration, evaluation and development | 15,113 | 16,186 | |||||
General and administrative | 12,363 | 10,613 | |||||
Care and maintenance costs | - | 580 | |||||
Write off of mineral properties | 435 | 682 | |||||
27,911 | 28,061 | ||||||
Operating earnings | 8,700 | 23,464 | |||||
Finance costs | 1,398 | 1,300 | |||||
Other income (expense): | |||||||
Foreign exchange gain | 4,709 | 1,853 | |||||
Gain on asset disposal | 7,072 | 2,503 | |||||
Investment and other | (830 | ) | (1,571 | ) | |||
10,951 | 2,785 | ||||||
Earnings before income taxes | 18,253 | 24,949 | |||||
Income tax expense: | |||||||
Current income tax expense | 11,344 | 6,376 | |||||
Deferred income tax expense | 786 | 12,372 | |||||
12,130 | 18,748 | ||||||
Net earnings and comprehensive earnings | $ | 6,123 | $ | 6,201 | |||
Basic earnings per share | $ | 0.03 | $ | 0.03 | |||
Diluted earnings per share | $ | 0.03 | $ | 0.03 | |||
Basic weighted average number of shares outstanding | 196,018,623 | 183,009,339 | |||||
Diluted weighted average number of shares outstanding | 197,764,799 | 185,349,634 | |||||
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in thousands of US dollars)
December 31, | December 31, | ||||||
2023 | 2022 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 35,286 | $ | 83,391 | |||
Other investments | 5,135 | 8,647 | |||||
Accounts and other receivables | 22,276 | 14,136 | |||||
Income tax receivable | 3,268 | 4,024 | |||||
Inventories | 27,258 | 19,184 | |||||
Prepaids and other asets | 7,550 | 16,951 | |||||
Total current assets | 100,773 | 146,333 | |||||
Non-current income tax receivable | 4,262 | 3,570 | |||||
Non-current other investments | - | 1,388 | |||||
Non-current IVA receivable | 23,320 | 10,154 | |||||
Non-current loan receivable | 1,874 | 2,729 | |||||
Right-of-use leased assets | 706 | 806 | |||||
Deferred financing fees | 7,545 | - | |||||
Other non-current assets | 21,670 | 565 | |||||
Mineral properties, plant and equipment | 314,657 | 233,892 | |||||
Total assets | $ | 474,807 | $ | 399,437 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 46,146 | $ | 39,831 | |||
Income taxes payable | 7,801 | 6,616 | |||||
Loans payable | 3,861 | 6,041 | |||||
Lease liabilities | 436 | 261 | |||||
Total current liabilities | 58,244 | 52,749 | |||||
Loans payable | 4,658 | 8,469 | |||||
Lease liabilities | 575 | 812 | |||||
Provision for reclamation and rehabilitation | 8,745 | 7,601 | |||||
Deferred income tax liability | 13,730 | 12,944 | |||||
Other non-current liabilities | 2,514 | 968 | |||||
Total liabilities | 88,466 | 83,543 | |||||
Shareholders' equity | |||||||
Common shares, unlimited shares authorized, no par value, issued, issuable | |||||||
and outstanding 217,245,492 shares (Dec 31, 2022 - 189,995,563 shares) | 722,695 | 657,866 | |||||
Contributed surplus | 4,556 | 6,115 | |||||
Retained deficit | (340,910 | ) | (348,087 | ) | |||
Total shareholders' equity | 386,341 | 315,894 | |||||
Total liabilities and shareholders' equity | $ | 474,807 | $ | 399,437 | |||
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in thousands of US dollars)
Years ended | |||||||
December 31, | December 31, | ||||||
2023 | 2022 | ||||||
Operating activities | |||||||
Net earnings for the year | $ | 6,123 | $ | 6,201 | |||
Items not affecting cash: | |||||||
Share-based compensation | 3,617 | 3,878 | |||||
Depreciation | 28,789 | 26,088 | |||||
Deferred income tax expense | 786 | 12,372 | |||||
Unrealized foreign exchange loss | 1,421 | - | 344 | ||||
Finance costs | 1,398 | 1,300 | |||||
Accretion of loans receivable | (395 | ) | (97 | ) | |||
Long term employee benefits | 1,508 | 968 | |||||
Write off of exploration properties | 435 | 682 | |||||
Write down of warehouse inventory to net realizable value | - | 1,323 | |||||
Gain on asset disposal | (7,072 | ) | (2,503 | ) | |||
Loss on other investments | 2,522 | 3,470 | |||||
Performance and deferred share units settled in cash | (2,118 | ) | - | ||||
Net changes in non-cash working capital | (25,243 | ) | 967 | ||||
Cash from operating activities | 11,771 | 54,993 | |||||
Investing activities | |||||||
Proceeds from disposal of property, plant and equipment | 7,567 | 350 | |||||
Payment for mineral properties, plant and equipment | (117,787 | ) | (109,715 | ) | |||
Purchase of other investments | (73 | ) | (2,119 | ) | |||
Proceeds from disposal of other investments | 2,451 | - | |||||
Redemption of (investment in) non-current deposits | (153 | ) | 34 | ||||
Cash used in investing activities | (107,995 | ) | (111,450 | ) | |||
Financing activities | |||||||
Repayment of loans payable | (5,991 | ) | (5,054 | ) | |||
Repayment of lease liabilities | (342 | ) | (219 | ) | |||
Interest paid | (822 | ) | (790 | ) | |||
Proceeds from public equity offerings | 62,656 | 46,001 | |||||
Proceeds from exercise of options | 2,453 | 1,607 | |||||
Payment of deferred financing fees | (7,545 | ) | - | ||||
Proceeds from loans receivable | 800 | - | |||||
Payment of share issuance costs | (1,990 | ) | (2,885 | ) | |||
Performance and deferred share units witholding tax settlement | (294 | ) | (1,904 | ) | |||
Cash from financing activities | 48,925 | 36,756 | |||||
Effect of exchange rate change on cash and cash equivalents | (806 | ) | (211 | ) | |||
Decrease in cash and cash equivalents | (48,105 | ) | (19,912 | ) | |||
Cash and cash equivalents, beginning of the year | 83,391 | 103,303 | |||||
Cash and cash equivalents, end of the year | $ | 35,286 | $ | 83,391 |
News Provided by GlobeNewswire via QuoteMedia
Fortuna discovers new Kingfisher prospect at Séguéla Mine and provides exploration update at the Diamba Sud Gold Project
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its exploration programs at the Séguéla Mine in Côte d'Ivoire and the recently acquired Diamba Sud Gold Project in Senegal.
Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, "Emphasizing the exploration potential at Séguéla, the team has continued their impressive run-rate of discoveries with the new Kingfisher prospect. This follows the Barana, Badior and Kestrel discoveries made during 2022 and 2023." Mr. Weedon continued, "In addition to the exploration success at Kingfisher, drilling for Koula underground mining potential has resulted in several high-grade intersections. This includes 68.0 g/t Au over an estimated true width of 2.1 meters in SGRD1783, as part of a larger interval of 22.5 g/t Au over an estimated true width of 9.8 meters, highlighting the opportunity for underground mining."
Commenting on the successful drilling at the Diamba Sud Gold Project, Mr. Weedon noted, "With the initial campaign of confirmatory drilling wrapping up at Area A and Area D, exploration focus is progressing towards testing the satellite opportunities. Early success at the Moungoundi, Western Splay, and Kassasoko satellite prospects highlight the potential of Diamba Sud." Mr. Weedon continued, "In addition to improving the confidence at Area A, Area D, and Karakara, drilling intersected several mineralized zones extending beyond the historic pit optimization shells. These extensions will be incorporated into a resource model to be prepared later in 2024."
Exploration program highlights
Séguéla Mine, Côte d'Ivoire
Kingfisher prospect
SGRD1724 : | 5.2 g/t Au over an estimated true width of 8.4 meters from 98 meters, including 14.8 g/t Au over an estimated true width of 2.1 meters from 100 meters |
SGRC1728 : | 1.9 g/t Au over an estimated true width of 17.5 meters from 41 meters |
SGRC1762 : | 2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters |
SGRC1763 : | 2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters |
SGRC1764: | 2.4 g/t Au over an estimated true width of 16.8 meters from 125 meters, including 19.2 g/t Au over an estimated true width of 1.4 meters from 147 meters |
Koula deposit
SGRD1781: | 20.3 g/t Au over an estimated true width of 2.1 meters from 110 meters |
SGRD1783: | 22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters, including 68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters, and 40.7 g/t Au over an estimated true width of 1.4 meters from 220 meters |
SGRD1784: | 4.9 g/t Au over an estimated true width of 7.7 meters from 268 meters, including 33.7 g/t Au over an estimated true width of 0.7 meters from 276 meters |
SGRD1806: | 11.6 g/t Au over an estimated true width of 2.8 meters from 36 meters |
Diamba Sud Gold Project, Senegal
Area A
DSR515 : | 3.5 g/t Au over an estimated true width of 23.4 meters from 74 meters |
DSDD140 : | 6.2 g/t Au over an estimated true width of 11.2 meters from 126.6 meters |
Area D | |
DSDD163 : | 6.0 g/t Au over an estimated true width of 32.0 meters from 7 meters, including 39.4 g/t Au over an estimated true width of 2.2 meters from 31 meters |
DSDD173 : | 3.5 g/t Au over an estimated true width of 44.8 meters from 8 meters |
DSDD176 : | 4.4 g/t Au over an estimated true width of 15.6 meters from 36 meters, including 20.6 g/t Au over an estimated true width of 2.4 meters from 38 meters |
DSDD196: | 6.3 g/t Au over an estimated true width of 18.4 meters from 3 meters, including 20.9 g/t Au over an estimated true width of 1.6 meters from 16 meters |
DSDD206: | 4.6 g/t Au over an estimated true width of 19.0 meters from 48 meters, including 70.7 g/t Au over an estimated true width of 0.8 meters from 63 meters |
Karakara | |
DSDD205: | 2.0 g/t Au over an estimated true width of 6.8 meters from 20 meters, and 5.2 g/t Au over an estimated true width of 14.4 meters from 74 meters |
DSDD207: | 8.5 g/t Au over an estimated true width of 9 meters from 79 meters, including 36.2 g/t Au over an estimated true width of 1.5 meters from 80 meters |
DSR541: | 4.2 g/t Au over an estimated true width of 12.8 meters from 92 meters |
DSR546: | 2.8 g/t Au over an estimated true width of 14.3 meters from 79 meters, and 4.5 g/t Au over an estimated true width of 11.3 meters from 117 meters |
Moungoundi | |
DSR551: | 2.1 g/t Au over an estimated true width of 20.3 meters from 31 meters |
DSR558: | 5.4 g/t Au over an estimated true width of 6.8 meters from 88 meters |
DSR563: | 2.7 g/t Au over an estimated true width of 14.2 meters from 45 meters |
DSR568: | 30.7 g/t Au over an estimated true width of 11.3 meters from 46 meters, including 146.0 g/t Au over an estimated true width of 2.25 meters from 46 meters |
Kassasoko | |
DSR604: | 1.5 g/t Au over an estimated true width of 11.3 meters from 29 meters |
Western Splay | |
DSR584: | 2.1 g/t Au over an estimated true width of 13.5 meters from 17 meters |
DSR598: | 7.4 g/t Au over an estimated true width of 7.5 meters from 56 meters, including 19.6 g/t Au over an estimated true width of 1.5 meters from 61 meters |
Séguéla Mine, Côte d'Ivoire
Kingfisher prospect
A 2,040-meter, 20-hole program was completed at the newly discovered Kingfisher prospect identifying three lodes along a 1.9-kilometer strike, all of which remain open along strike and at depth (refer to Figures 1 and 2). Results include drill hole SGRC1762 intersecting 2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters downhole, and drill hole SGRC1763 intersecting 2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters downhole.
The Kingfisher prospect is hosted in a set of quartz veins along a moderately sheared contact between a series of basalt-dolerite units which also hosts the Boulder and Agouti deposits, one and three kilometers, respectively, to the north, with a steep easterly dip consistent with the majority of other deposits at Séguéla.
Additional drilling at Kingfisher is scheduled in the second quarter of 2024 to further test its strike and depth potential.
Figure 1: Kingfisher prospect location; approximately one kilometer east of the Sunbird deposit
Figure 2: Kingfisher prospect long section (looking west)
Koula deposit
A 3,106-meter, 12-hole program was completed at the Koula deposit in December 2023 (refer to Figure 3). As part of the support for potential underground mining, the program was designed to infill and further improve the understanding of the structural controls on the central and hanging wall high-grade lodes. Results such as 22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters downhole, including 68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters downhole in drillhole SGRD1783, highlight the potential of Koula. Drilling continues to expand Koula's underground potential and the further delineation of the hanging wall lodes.
Figure 3: Koula deposit long-section showing select recent results (looking west)
Refer to Appendix 1 for full details of the Séguéla drill holes and assay results.
Diamba Sud Gold Project, Senegal
The Diamba Sud Gold Project's initial 10,945-meter, three-drill rig drilling program, started on October 8, 2023 ( refer to Fortuna news release dated December 12, 2023 ) and was extended into the 2024 budget of $9.2 million which consists of a 42,700 meter RC and diamond drilling campaign. The current program has seen the completion of 181 drill holes totaling 23,170 meters since December 2023.
The objectives of the 2024 drilling program are to:
- Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D, and Karakara (refer to Figure 4)
- Drill to test for extensions to the existing historic resource in support of project development and advancing further economic studies
- Advance prospective areas such as Moungoundi, Kassasoko, Western Splay, Area A North, and others (refer to Figure 4)
- Improve understanding of key geological controls including controlling structures, favorable lithologies, alteration, and secondary enrichment zones
Figure 4: Location plan of the Diamba Sud Gold Project
Drilling continues at Diamba Sud focusing on growing the project's historic resource base through testing satellite areas and other anomalies with limited previous drilling. In addition, drilling is continuing to delineate extensions to high-grade lodes extending beyond the historic pit optimization shells at Area A, Area D, and Karakara.
Highlights of recent drilling at Area A and Area D include several areas where mineralization has extended beyond the historic pit optimization shells. Further drilling is planned to determine the full extent of the mineralization and the relationship with key structures and lithologies. In addition, infill drilling to support resource confidence has intersected several broad zones of mineralization in areas of previous low confidence, as demonstrated by drill hole DSDD176 at Area D intersecting the following estimated true width intervals (refer to Figure 5):
- 1.0 g/t Au over 15.2 meters from 10 meters, and
- 4.4 g/t Au over 15.6 meters from 36 meters, and
- 1.0 g/t Au over 10.2 meters from 81 meters, and
- 1.6 g/t Au over 8.6 meters from 111 meters
Figure 5: Area D cross-section showing select recent results (looking north)
Early-stage drilling returned encouraging results from Moungoundi, located approximately two to four kilometers south of Karakara (refer to Figure 4). Hosted in a shear zone traversing a sediment/granite contact, Moungoundi remains open at depth where additional follow up drilling is planned in the second quarter of 2024. Results include 2.1 g/t Au over an estimated true width of 20.3 meters from 31 meters in drill hole DSR551, and 5.4 g/t Au over an estimated true width of 6.8 meters from 88 meters in drill hole DSR558 (refer to Figure 6).
Figure 6: Moungoundi cross-section showing select recent results (looking north)
Encouraging results were also received from first pass drilling at Kassasoko, with highlights including 1.0 g/t Au over an estimated true width of 18.75 meters from 29 meters in drill hole DSR613 and 1.5 g/t Au over an estimated true width of 11.25 meters in drill hole DSR604. Similar results were also returned from first pass drilling at Western Splay, including 2.1 g/t Au over an estimated true width of 13.5 meters from drill hole DSR584, and 7.4 g/t Au over an estimated true width of 7.5 meters from drill hole DSR598.
Refer to Appendix 2 for full details of the Diamba Sud Gold Project drill holes and assay results.
Quality Assurance & Quality Control (QA - QC)
Séguéla Mine, Côte d'Ivoire and Diamba Sud Gold Project, Senegal
All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel.
All reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the company-controlled core yard.
All diamond drilling (DD) drill holes at Séguéla were drilled with HQ sized diamond drill bits, whereas DD holes at Diamba Sud started with HQ sized diameter before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.
All Séguéla RC and DD core samples were shipped to ALS Laboratories' preparation laboratory in Yamoussoukro for preparation and then, via commercial courier, to ALS's facility in Ouagadougou, Burkina Faso for finishing. All Diamba Sud RC and DD samples were transported to ALS's preparation laboratory in Kedougou, Senegal before also being transported via commercial courier, to ALS's facility in Ouagadougou. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates, and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.
Qualified Person
Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | X | LinkedIn | YouTube
Forward-looking Statements
This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements regarding the exploration potential at Séguéla and the potential for underground mining operations at Koula; planned additional drilling during the second quarter of 2024 to further test the strike and depth potential at Kingfisher; statements relating to the potential of the Diamba Sud Gold Project based on the early success at Moungoundi, Western Splay and Kassasoko; the exploration budget at the Diamba Sud Gold Project and the objectives of the program; statements relating to growing the resource base at the Diamba Sud Gold Project and that encouraging results having been returned from Moungoundi and Kassasoko; the Company's objectives for the current drilling program at the Diamba Sud Gold Project and expectations regarding additional drilling programs budgeted for 2024; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver, gold and other metals; the timing and success of the Company's proposed exploration programs; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the possibility that the appeal in respect of the ruling in favor of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization (the "EIA") at the San Jose Mine will be successful; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form for the financial year ended December 31, 2022. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the results from the exploration programs conducted at the Séguéla Mine, and the Diamba Sud Gold Project; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's information derived from its exploration programs at the Company's mineral properties; current mineral resource and reserve estimates; the presence and continuity of mineralization at the Company's properties; that the Company's activities will be in accordance with the Company's public statements and stated goals; that the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
Appendix 1: Séguéla Mine, Côte d'Ivoire
Hole ID | Easting (WGS84_29N) | Northing (WGS84_29N) | Elevation (m) | EOH Depth (m) 1,4 | UTM Azimuth (°) | Dip (°) | Depth From (m) 2,4 | Depth To (m) 4 | Drilled Width (m) 4 | ETW (m) 3 | Au (ppm) | Hole Type 5 | Area |
SGRD1699 | 742578 | 892361 | 581 | 320.1 | 90 | -60 | 178 | 181 | 3 | 2.1 | 4.52 | RCD | Sunbird |
including | 178 | 179 | 1 | 0.7 | 10.90 | RCD | Sunbird | ||||||
188 | 193 | 5 | 3.5 | 2.67 | RCD | Sunbird | |||||||
including | 192 | 193 | 1 | 0.7 | 11.30 | RCD | Sunbird | ||||||
SGRD1700 | 742537 | 892362 | 573 | 405.1 | 90 | -60 | 274 | 280 | 6 | 4.2 | 1.59 | RCD | Sunbird |
286 | 294 | 8 | 5.6 | 3.31 | RCD | Sunbird | |||||||
SGRD1731 | 742489 | 892361 | 562 | 490 | 90 | -60 | 376 | 382 | 6 | 4.2 | 0.92 | RCD | Sunbird |
395 | 414 | 19 | 13.3 | 2.36 | RCD | Sunbird | |||||||
including | 410 | 411 | 1 | 0.7 | 12.85 | RCD | Sunbird | ||||||
426 | 429 | 3 | 2.1 | 16.59 | RCD | Sunbird | |||||||
including | 427 | 429 | 2 | 1.4 | 19.93 | RCD | Sunbird | ||||||
SGRD1732 | 742535 | 892263 | 580 | 531.4 | 90 | -60 | 324 | 327 | 3 | 2.1 | 3.33 | RCD | Sunbird |
SGRD1733 | 742495 | 892460 | 551 | 490 | 90 | -60 | 418 | 423 | 5 | 3.5 | 1.54 | RCD | Sunbird |
477 | 487 | 10 | 7 | 0.96 | RCD | Sunbird | |||||||
SGRD1734 | 742487 | 892504 | 549 | 498.2 | 90 | -60 | 436 | 440 | 4 | 2.8 | 1.83 | RCD | Sunbird |
482 | 497 | 15 | 10.5 | 1.91 | RCD | Sunbird | |||||||
SGRD1736 | 742533 | 892160 | 592 | 537.2 | 90 | -60 | NSI | RCD | Sunbird | ||||
SGRD1737 | 742391 | 892360 | 567 | 598.4 | 90 | -60 | 76 | 83 | 7 | 4.9 | 0.97 | RCD | Sunbird |
569 | 588 | 19 | 13.3 | 0.96 | RCD | Sunbird | |||||||
SGRC1719 | 743890 | 893102 | 410 | 54 | 90 | -60 | 46 | 53 | 7 | 4.9 | 1.99 | RC | Kingfisher |
SGRC1720 | 743867 | 893103 | 412 | 110 | 90 | -60 | 82 | 86 | 4 | 2.8 | 1.59 | RC | Kingfisher |
SGRC1721 | 743840 | 892901 | 414 | 54 | 90 | -60 | 31 | 32 | 1 | 0.7 | 6.50 | RC | Kingfisher |
SGRD1722 | 743803 | 892898 | 420 | 120.2 | 90 | -60 | 90 | 98 | 8 | 5.6 | 4.55 | RCD | Kingfisher |
including | 97 | 98 | 1 | 0.7 | 17.75 | RCD | Kingfisher | ||||||
SGRC1723 | 743785 | 892700 | 406 | 62 | 90 | -60 | 19 | 32 | 13 | 9.1 | 0.89 | RC | Kingfisher |
SGRD1724 | 743751 | 892700 | 411 | 120.2 | 90 | -60 | 98 | 110 | 12 | 8.4 | 5.21 | RCD | Kingfisher |
including | 100 | 103 | 3 | 2.1 | 14.82 | RCD | Kingfisher | ||||||
SGRC1725 | 743721 | 892501 | 404 | 67 | 90 | -60 | NSI | RC | Kingfisher | ||||
SGRC1726 | 743690 | 892502 | 406 | 118 | 90 | -60 | 102 | 116 | 14 | 9.8 | 1.43 | RC | Kingfisher |
SGRC1727 | 743690 | 892091 | 413 | 50 | 90 | -60 | 2 | 18 | 16 | 11.2 | 2.19 | RC | Kingfisher |
32 | 38 | 6 | 4.2 | 1.44 | RC | Kingfisher | |||||||
SGRC1728 | 743658 | 892092 | 419 | 120 | 90 | -60 | 41 | 66 | 25 | 17.5 | 1.92 | RC | Kingfisher |
including | 64 | 65 | 1 | 0.7 | 12.35 | RC | Kingfisher | ||||||
SGRC1729 | 743659 | 891892 | 425 | 60 | 90 | -60 | NSI | RC | Kingfisher | ||||
SGRC1730 | 743639 | 891692 | 416 | 84 | 90 | -60 | 13 | 24 | 11 | 7.7 | 1.36 | RC | Kingfisher |
SGRC1741 | 743606 | 891693 | 421 | 140 | 90 | -60 | NSI | RC | Kingfisher | ||||
SGRC1742 | 743622 | 891493 | 401 | 65 | 90 | -60 | 8 | 22 | 14 | 9.8 | 0.91 | RC | Kingfisher |
SGRC1743 | 743591 | 891493 | 402 | 110 | 90 | -60 | 52 | 54 | 2 | 1.4 | 2.72 | RC | Kingfisher |
61 | 69 | 8 | 5.6 | 0.78 | RC | Kingfisher | |||||||
SGRC1744 | 743622 | 891294 | 400 | 60 | 90 | -60 | NSI | RC | Kingfisher | ||||
SGRC1745 | 743591 | 891294 | 402 | 120 | 90 | -60 | 66 | 71 | 5 | 3.5 | 7.68 | RC | Kingfisher |
including | 69 | 70 | 1 | 0.7 | 30.00 | RC | Kingfisher | ||||||
SGRC1762 | 743662 | 892500 | 409 | 167 | 90 | -60 | 11 | 12 | 1 | 0.7 | 5.10 | RC | Kingfisher |
106 | 134 | 28 | 19.6 | 2.92 | RC | Kingfisher | |||||||
including | 107 | 108 | 1 | 0.7 | 11.05 | RC | Kingfisher | ||||||
and | 128 | 129 | 1 | 0.7 | 12.80 | RC | Kingfisher | ||||||
and | 131 | 132 | 1 | 0.7 | 29.40 | RC | Kingfisher | ||||||
157 | 161 | 4 | 2.8 | 4.38 | RC | Kingfisher | |||||||
including | 159 | 160 | 1 | 0.7 | 12.10 | RC | Kingfisher | ||||||
SGRC1763 | 743670 | 892594 | 425 | 189 | 90 | -60 | 136 | 159 | 23 | 16.1 | 2.92 | RC | Kingfisher |
including | 152 | 153 | 1 | 0.7 | 27.90 | RC | Kingfisher | ||||||
163 | 180 | 17 | 11.9 | 0.83 | RC | Kingfisher | |||||||
SGRC1764 | 743747 | 892803 | 409 | 170 | 90 | -60 | 125 | 149 | 24 | 16.8 | 2.42 | RC | Kingfisher |
including | 147 | 149 | 2 | 1.4 | 19.18 | RC | Kingfisher | ||||||
156 | 165 | 9 | 6.3 | 1.27 | RC | Kingfisher | |||||||
SGRC1780 | 742462 | 895226 | 425 | 90 | 110 | -60 | NSI | RC | Koula | ||||
SGRD1781 | 742439 | 895235 | 426 | 150.5 | 110 | -60 | 110 | 113 | 3 | 2.1 | 20.33 | RCD | Koula |
120 | 126 | 6 | 4.2 | 0.88 | RCD | Koula | |||||||
SGRD1782 | 742448 | 895284 | 434 | 310.3 | 110 | -60 | NSI | RCD | Koula | ||||
SGRD1783 | 742549 | 895434 | 451 | 260.4 | 110 | -60 | 208 | 222 | 14 | 9.8 | 22.46 | RCD | Koula |
including | 210 | 211 | 1 | 0.7 | 12.90 | RCD | Koula | ||||||
and | 215 | 218 | 3 | 2.1 | 68.03 | RCD | Koula | ||||||
and | 220 | 222 | 2 | 1.4 | 40.68 | RCD | Koula | ||||||
227 | 230 | 3 | 2.1 | 2.19 | RCD | Koula | |||||||
SGRD1784 | 742519 | 895432 | 453 | 310.3 | 110 | -60 | 268 | 279 | 11 | 7.7 | 4.85 | RCD | Koula |
including | 276 | 277 | 1 | 0.7 | 33.70 | RCD | Koula | ||||||
and | 278 | 279 | 1 | 0.7 | 11.40 | RCD | Koula | ||||||
SGRD1785 | 742558 | 895404 | 446 | 250.4 | 110 | -60 | 194 | 200 | 6 | 4.2 | 1.78 | RCD | Koula |
214 | 217 | 3 | 2.1 | 3.35 | RCD | Koula | |||||||
SGRD1786 | 742422 | 895295 | 432 | 354.4 | 110 | -60 | 317 | 333 | 16 | 11.2 | 1.63 | RCD | Koula |
SGRD1787 | 742470 | 895276 | 435 | 288.2 | 110 | -60 | 70 | 80 | 10 | 7 | 4.47 | RCD | Koula |
including | 79 | 80 | 1 | 0.7 | 11.95 | RCD | Koula | ||||||
276 | 281 | 5 | 3.5 | 1.97 | RCD | Koula | |||||||
SGRC1805 | 742475 | 895248 | 429 | 24 | 110 | -60 | Not Sampled | Abandoned | RC | Koula | |||
SGRD1806 | 742475 | 895248 | 429 | 300 | 110 | -60 | 36 | 40 | 4 | 2.8 | 11.60 | RCD | Koula |
244 | 247 | 3 | 2.1 | 1.75 | RCD | Koula | |||||||
SGRD1807 | 742382 | 895262 | 422 | 410 | 110 | -60 | NSI | RCD | Koula | ||||
SGRD1808 | 742410 | 895253 | 424 | 357 | 110 | -60 | NSI | RCD | Koula |
Notes:
- EOH: End of hole
- NSI: No significant intercepts
- ETW: Estimated true width
- Depths and widths reported to nearest significant decimal place
- RC: reverse circulation drilling | RCD: reverse circulation drilling with diamond tail
Appendix 2: Diamba Sud Gold Project, Senegal
Hole ID | Easting (WGS84_29N) | Northing (WGS84_29N) | Elevation (m) | EOH Depth (m) 1,4 | UTM Azimuth (°) | Dip (°) | Depth From (m) 2,4 | Depth To (m) 4 | Drilled Width (m) 4 | ETW (m) 3 | Au (ppm) | Hole Type 5 | Area |
DSDD137 | 233278 | 1429536 | 182 | 150 | 90 | -60 | 88 | 97.25 | 9.25 | 8.33 | 4.73 | DD | Area A |
incl | 92 | 93 | 1 | 0.90 | 10.20 | DD | Area A | ||||||
DSDD138 | 233266 | 1429481 | 180 | 140 | 90 | -60 | 97 | 109 | 12 | 10.80 | 2.43 | RCD | Area A |
DSDD139 | 233203 | 1429484 | 180 | 197 | 90 | -60 | 103.75 | 111.3 | 7.55 | 6.80 | 21.08 | RCD | Area A |
incl | 103.75 | 107 | 3.25 | 2.93 | 34.67 | RCD | Area A | ||||||
and | 108 | 109 | 1 | 0.90 | 13.25 | RCD | Area A | ||||||
and | 109.75 | 110.75 | 1 | 0.90 | 20.90 | RCD | Area A | ||||||
115 | 129.7 | 14.7 | 13.23 | 1.67 | RCD | Area A | |||||||
138 | 148 | 10 | 9.00 | 1.11 | RCD | Area A | |||||||
DSDD140 | 233182 | 1429431 | 179 | 191 | 90 | -60 | 126.6 | 139 | 12.4 | 11.16 | 6.16 | RCD | Area A |
incl | 129.2 | 131 | 1.8 | 1.62 | 16.20 | RCD | Area A | ||||||
160 | 166 | 6 | 5.40 | 2.19 | RCD | Area A | |||||||
184 | 187 | 3 | 2.70 | 2.59 | RCD | Area A | |||||||
DSDD141 | 233224 | 1429460 | 175 | 176 | 90 | -60 | 112.9 | 115 | 2.1 | 1.89 | 4.79 | RCD | Area A |
incl | 113.5 | 114 | 0.5 | 0.45 | 10.10 | DD | Area A | ||||||
119 | 135 | 16 | 14.40 | 1.40 | DD | Area A | |||||||
DSDD142 | 233142 | 1429359 | 178 | 246 | 90 | -60 | 125 | 132 | 7 | 6.30 | 1.10 | DD | Area A |
140 | 150 | 10 | 9.00 | 9.36 | DD | Area A | |||||||
incl | 141 | 142 | 1 | 0.90 | 10.10 | DD | Area A | ||||||
and | 144 | 146 | 2 | 1.80 | 24.48 | DD | Area A | ||||||
156 | 169 | 13 | 11.70 | 1.95 | DD | Area A | |||||||
179 | 187.4 | 8.4 | 7.56 | 0.83 | DD | Area A | |||||||
213 | 225 | 12 | 10.80 | 1.33 | DD | Area A | |||||||
DSDD143 | 233173 | 1429408 | 179 | 198 | 90 | -60 | 131.45 | 136 | 4.55 | 4.10 | 3.37 | DD | Area A |
165 | 174.8 | 9.8 | 8.82 | 1.64 | DD | Area A | |||||||
DSDD150 | 233123 | 1429605 | 186 | 243 | 90 | -60 | 60 | 64 | 4 | 3.60 | 2.43 | DD | Area A |
DSDD153 | 232846 | 1429579 | 184 | 220 | 90 | -60 | 28 | 42 | 14 | 12.60 | 1.89 | RCD | Area A |
incl | 40 | 41 | 1 | 0.90 | 11.70 | RCD | Area A | ||||||
193 | 195 | 2 | 1.80 | 9.12 | RCD | Area A | |||||||
incl | 194 | 195 | 1 | 0.90 | 16.35 | RCD | Area A | ||||||
204 | 210 | 6 | 5.40 | 6.74 | RCD | Area A | |||||||
incl | 208 | 209 | 1 | 0.90 | 12.80 | RCD | Area A | ||||||
DSDD155 | 233067 | 1429469 | 182 | 236 | 90 | -60 | 93 | 96 | 3 | 2.70 | 5.57 | RCD | Area A |
incl | 95 | 96 | 1 | 0.90 | 14.70 | RCD | Area A | ||||||
DSDD156 | 233091 | 1429414 | 181 | 263 | 90 | -60 | 191.5 | 209 | 17.5 | 15.75 | 1.07 | RCD | Area A |
DSDD159 | 233229 | 1429410 | 175 | 161 | 90 | -60 | 78 | 80 | 2 | 1.80 | 11.96 | DD | Area A |
incl | 78 | 79 | 1 | 0.90 | 22.50 | DD | Area A | ||||||
DSDD164 | 233289 | 1429459 | 178 | 125 | 90 | -60 | 88 | 92.85 | 4.85 | 4.36 | 2.68 | DD | Area A |
DSDD220 | 233143 | 1429662 | 188 | 192 | 0 | 0.00 | DD | Area A | |||||
DSDD221 | 233136 | 1429439 | 180 | 245.5 | 0 | 0.00 | DD | Area A | |||||
DSDD224 | 231121 | 1429363 | 179 | 291 | 0 | 0.00 | DD | Area A | |||||
DSR511 | 233179 | 1429532 | 182 | 212 | 90 | -60 | 56 | 65 | 9 | 8.10 | 2.42 | RCD | Area A |
incl | 61 | 62 | 1 | 0.90 | 15.50 | RCD | Area A | ||||||
72 | 78 | 6 | 5.40 | 6.86 | RCD | Area A | |||||||
incl | 73 | 74 | 1 | 0.90 | 25.80 | RCD | Area A | ||||||
DSR512 | 233045 | 1429577 | 185 | 90 | 90 | -60 | NSI | RC | Area A | ||||
DSR513 | 233176 | 1429481 | 182 | 215 | 90 | -60 | 121 | 128 | 7 | 6.30 | 1.15 | RCD | Area A |
DSR514 | 233234 | 1429663 | 187 | 150 | 90 | -60 | 78 | 83 | 5 | 4.50 | 2.64 | RC | Area A |
92 | 96 | 4 | 3.60 | 1.25 | RC | Area A | |||||||
DSR515 | 233199 | 1429659 | 187 | 180 | 90 | -60 | 74 | 100 | 26 | 23.40 | 3.46 | RC | Area A |
incl | 86 | 89 | 3 | 2.70 | 17.98 | RC | Area A | ||||||
DSR516 | 233160 | 1429457 | 181 | 224 | 90 | -60 | 140 | 141 | 1 | 0.90 | 7.10 | RCD | Area A |
DSDD144 | 232995 | 1429497 | 183 | 56 | 90 | -60 | NSI | DD | Area D | ||||
DSDD145 | 232984 | 1429519 | 183 | 66 | 90 | -60 | 6 | 10 | 4 | 3.20 | 1.43 | DD | Area D |
15 | 22 | 7 | 5.60 | 1.40 | DD | Area D | |||||||
36 | 38 | 2 | 1.60 | 13.27 | DD | Area D | |||||||
incl | 36 | 37 | 1 | 0.80 | 24.60 | DD | Area D | ||||||
DSDD146 | 232949 | 1429524 | 183 | 89 | 90 | -60 | 8 | 19 | 11 | 8.80 | 5.44 | DD | Area D |
incl | 12 | 13 | 1 | 0.80 | 11.85 | DD | Area D | ||||||
and | 16 | 17 | 1 | 0.80 | 15.50 | DD | Area D | ||||||
53 | 54 | 1 | 0.80 | 5.75 | DD | Area D | |||||||
DSDD147 | 232899 | 1429522 | 183 | 111 | 90 | -60 | 102.1 | 103.1 | 1 | 0.80 | 71.40 | DD | Area D |
DSDD148 | 232851 | 1429523 | 183 | 98 | 90 | -60 | 6 | 16 | 10 | 8.00 | 3.77 | DD | Area D |
DSDD149 | 232869 | 1429579 | 184 | 131 | 90 | -60 | 8 | 15 | 7 | 5.60 | 3.75 | DD | Area D |
incl | 13 | 14 | 1 | 0.80 | 16.35 | DD | Area D | ||||||
23 | 28 | 5 | 4.00 | 3.23 | DD | Area D | |||||||
55.3 | 57 | 1.7 | 1.36 | 5.27 | DD | Area D | |||||||
incl | 56.4 | 57 | 0.6 | 0.48 | 11.40 | DD | Area D | ||||||
92.6 | 103 | 10.4 | 8.32 | 1.75 | DD | Area D | |||||||
incl | 93.5 | 94 | 0.5 | 0.40 | 11.85 | DD | Area D | ||||||
DSDD151 | 232846 | 1429579 | 184 | 140 | 90 | -60 | 17 | 21 1 | 4 | 3.20 | 4.34 | DD | Area D |
DSDD152 | 232716 | 1429548 | 183 | 98 | 90 | -60 | 12 | 15 | 3 | 2.40 | 1.82 | DD | Area D |
20 | 44 2 | 24 | 19.20 | 1.84 | DD | Area D | |||||||
incl | 26 | 28 | 2 | 1.60 | 12.55 | DD | Area D | ||||||
DSDD154 | 232726 | 1429522 | 182 | 118 | 90 | -60 | 14 | 39 3 | 25 | 20.00 | 5.18 | DD | Area D |
incl | 28 | 29 | 1 | 0.80 | 39.70 | DD | Area D | ||||||
and | 35 | 36 | 1 | 0.80 | 13.10 | DD | Area D | ||||||
and | 37 | 38 | 1 | 0.80 | 16.55 | DD | Area D | ||||||
DSDD157 | 232802 | 1429547 | 183 | 63 | 90 | -60 | NSI | DD | Area D | ||||
DSDD158 | 232809 | 1429528 | 183 | 90 | 90 | -60 | 4 | 48 4 | 44 | 35.20 | 6.29 | DD | Area D |
incl | 12 | 13 | 1 | 0.80 | 11.15 | DD | Area D | ||||||
and | 16 | 24 | 8 | 6.40 | 21.99 | DD | Area D | ||||||
55 | 64 | 9 | 7.20 | 3.65 | DD | Area D | |||||||
incl | 62 | 63 | 1 | 0.80 | 16.60 | DD | Area D | ||||||
DSDD160 | 232853 | 1429545 | 183 | 90 | 90 | -60 | 7 | 21 5 | 14 | 11.20 | 3.43 | DD | Area D |
incl | 12 | 13 | 1 | 0.80 | 14.20 | DD | Area D | ||||||
26 | 36 6 | 10 | 8.00 | 1.72 | DD | Area D | |||||||
DSDD161 | 232829 | 1429504 | 182 | 90 | 90 | -60 | 3 | 27 7 | 24 | 19.20 | 3.33 | DD | Area D |
incl | 13 | 14 | 1 | 0.80 | 14.85 | DD | Area D | ||||||
and | 19 | 20 | 1 | 0.80 | 14.55 | DD | Area D | ||||||
31 | 38 8 | 7 | 5.60 | 9.13 | DD | Area D | |||||||
incl | 31.7 | 32.5 | 0.8 | 0.64 | 63.10 | DD | Area D | ||||||
DSDD162 | 232650 | 1429517 | 181 | 155.5 | 90 | -60 | 88.5 | 91 | 2.5 | 2.00 | 2.17 | DD | Area D |
99.15 | 100.75 | 1.6 | 1.28 | 4.27 | DD | Area D | |||||||
DSDD163 | 232684 | 1429496 | 181 | 153 | 90 | -60 | 7 | 47 9 | 40 | 32.00 | 5.99 | DD | Area D |
incl | 9 | 10 | 1 | 0.80 | 10.45 | DD | Area D | ||||||
and | 11 | 12 | 1 | 0.80 | 28.50 | DD | Area D | ||||||
and | 31 | 33.7 | 2.7 | 2.16 | 39.41 | DD | Area D | ||||||
58 | 61 | 3 | 2.40 | 8.48 | DD | Area D | |||||||
incl | 58 | 60 | 2 | 1.60 | 12.28 | DD | Area D | ||||||
78 | 84 | 6 | 4.80 | 1.10 | DD | Area D | |||||||
DSDD165 | 232769 | 1429502 | 182 | 150 | 90 | -60 | 27 | 34 | 7 | 5.60 | 1.95 | DD | Area D |
38 | 41 | 3 | 2.40 | 18.26 | DD | Area D | |||||||
incl | 39 | 40 | 1 | 0.80 | 52.30 | DD | Area D | ||||||
48 | 53 | 5 | 4.00 | 6.02 | DD | Area D | |||||||
incl | 49 | 50 | 1 | 0.80 | 10.90 | DD | Area D | ||||||
DSDD166 | 232703 | 1429479 | 181 | 134 | 90 | -60 | 16 | 43 10 | 27 | 21.60 | 3.38 | DD | Area D |
incl | 30 | 31 | 1 | 0.80 | 15.05 | DD | Area D | ||||||
and | 39 | 40 | 1 | 0.80 | 10.80 | DD | Area D | ||||||
53 | 62 | 9 | 7.20 | 1.45 | DD | Area D | |||||||
76 | 101 | 25 | 20.00 | 1.39 | DD | Area D | |||||||
incl | 76 | 76.6 | 0.6 | 0.48 | 12.75 | DD | Area D | ||||||
DSDD167 | 232755 | 1429478 | 181 | 122 | 90 | -60 | 58 | 67 | 9 | 7.20 | 1.62 | DD | Area D |
71 | 76 | 5 | 4.00 | 1.62 | DD | Area D | |||||||
86 | 94 | 8 | 6.40 | 1.19 | DD | Area D | |||||||
DSDD168 | 232735 | 1429488 | 181 | 123 | 90 | -60 | 24 | 28 | 4 | 3.20 | 4.26 | DD | Area D |
68 | 76 | 8 | 6.40 | 1.07 | DD | Area D | |||||||
89 | 97 | 8 | 6.40 | 0.98 | DD | Area D | |||||||
109 | 110 | 1 | 0.80 | 5.51 | DD | Area D | |||||||
DSDD169 | 232651 | 1429478 | 181 | 152 | 90 | -60 | 100 | 115 | 15 | 12.00 | 2.70 | DD | Area D |
incl | 101 | 102 | 1 | 0.80 | 12.05 | DD | Area D | ||||||
133.5 | 138.25 | 4.75 | 3.80 | 2.40 | DD | Area D | |||||||
DSDD170 | 232727 | 1429400 | 179 | 146 | 90 | -60 | 13 | 22 | 9 | 7.20 | 2.20 | DD | Area D |
26 | 43 | 17 | 13.60 | 1.88 | DD | Area D | |||||||
49 | 93 11 | 44 | 35.20 | 2.57 | DD | Area D | |||||||
incl | 78 | 79 | 1 | 0.80 | 32.40 | DD | Area D | ||||||
and | 89 | 89.8 | 0.8 | 0.64 | 14.50 | DD | Area D | ||||||
136 | 146 | 10 | 8.00 | 1.37 | DD | Area D | |||||||
DSDD171 | 232728 | 1429450 | 180 | 132 | 90 | -60 | 15 | 27 | 12 | 9.60 | 6.52 | DD | Area D |
incl | 18 | 19 | 1 | 0.80 | 11.10 | DD | Area D | ||||||
and | 21 | 23 | 2 | 1.60 | 15.10 | DD | Area D | ||||||
DSDD172 | 232678 | 1429452 | 180 | 150 | 90 | -60 | 25 | 29 | 4 | 3.20 | 8.18 | DD | Area D |
incl | 25 | 27 | 2 | 1.60 | 12.05 | DD | Area D | ||||||
43 | 49 | 6 | 4.80 | 2.36 | DD | Area D | |||||||
70 | 94 | 24 | 19.20 | 1.92 | DD | Area D | |||||||
incl | 71 | 72 | 1 | 0.80 | 16.65 | DD | Area D | ||||||
DSDD173 | 232771 | 1429399 | 180 | 125 | 90 | -60 | 8 | 64 12 | 56 | 44.80 | 3.47 | DD | Area D |
incl | 10 | 11 | 1 | 0.80 | 20.30 | DD | Area D | ||||||
and | 12 | 13 | 1 | 0.80 | 10.30 | DD | Area D | ||||||
and | 26 | 29 | 3 | 2.40 | 12.82 | DD | Area D | ||||||
119 | 121.4 | 2.4 | 1.92 | 2.27 | DD | Area D | |||||||
DSDD174 | 232754 | 1429418 | 180 | 132 | 90 | -60 | 10 | 17 | 7 | 5.60 | 2.58 | DD | Area D |
24 | 50 | 26 | 20.80 | 2.04 | DD | Area D | |||||||
67 | 71 | 4 | 3.20 | 2.53 | DD | Area D | |||||||
77 | 104 | 27 | 21.60 | 1.07 | DD | Area D | |||||||
DSDD175 | 232678 | 1429396 | 179 | 182 | 90 | -60 | 17 | 34 | 17 | 13.60 | 1.05 | DD | Area D |
169.6 | 176 | 6.4 | 5.12 | 0.95 | DD | Area D | |||||||
DSDD176 | 232693 | 1429425 | 180 | 129 | 90 | -60 | 10 | 29 | 19 | 15.20 | 1.03 | DD | Area D |
36 | 55.5 13 | 19.5 | 15.60 | 4.38 | DD | Area D | |||||||
incl | 38 | 41 | 3 | 2.40 | 20.63 | DD | Area D | ||||||
81 | 93.8 14 | 12.8 | 10.24 | 1.05 | DD | Area D | |||||||
111.2 | 122 | 10.8 | 8.64 | 1.64 | DD | Area D | |||||||
DSDD177 | 232753 | 1429376 | 179 | 152 | 90 | -60 | 13 | 15 | 2 | 1.60 | 6.14 | DD | Area D |
26 | 89 15 | 63 | 50.40 | 2.78 | DD | Area D | |||||||
incl | 28 | 29 | 1 | 0.80 | 10.70 | DD | Area D | ||||||
and | 32 | 33 | 1 | 0.80 | 22.40 | DD | Area D | ||||||
and | 55 | 57 | 2 | 1.60 | 13.38 | DD | Area D | ||||||
101.4 | 106.6 | 5.2 | 4.16 | 1.37 | DD | Area D | |||||||
124 | 135 | 11 | 8.80 | 1.34 | DD | Area D | |||||||
DSDD178 | 232648 | 1429430 | 180 | 98 | 90 | -60 | NSI | DD | Area D | ||||
DSDD179 | 232675 | 1429374 | 179 | 200 | 90 | -60 | 16 | 26 | 10 | 8.00 | 0.95 | DD | Area D |
31 | 46 16 | 15 | 12.00 | 2.55 | DD | Area D | |||||||
incl | 36 | 37 | 1 | 0.80 | 11.55 | DD | Area D | ||||||
81 | 90 | 9 | 7.20 | 2.80 | DD | Area D | |||||||
DSDD180 | 232618 | 1429398 | 179 | 94 | 90 | -60 | 12 | 44 17 | 32 | 25.60 | 2.52 | DD | Area D |
incl | 22 | 23 | 1 | 0.80 | 29.80 | DD | Area D | ||||||
DSDD181 | 232621 | 1429355 | 178 | 82 | 90 | -60 | NSI | DD | Area D | ||||
DSDD182 | 232522 | 1429505 | 180 | 135 | 90 | -60 | 53 | 58 | 5 | 4.00 | 5.66 | DD | Area D |
incl | 54 | 54.5 | 0.5 | 0.40 | 47.50 | DD | Area D | ||||||
DSDD183 | 232547 | 1429350 | 177 | 95 | 90 | -60 | 21 | 29 18 | 8 | 6.40 | 1.17 | DD | Area D |
DSDD184 | 232600 | 1429482 | 180 | 153 | 90 | -60 | 76.15 | 79 | 2.85 | 2.28 | 1.85 | DD | Area D |
DSDD185 | 232578 | 1429374 | 178 | 106 | 90 | -60 | 30 | 41 | 11 | 8.80 | 1.45 | DD | Area D |
DSDD186 | 232572 | 1429480 | 180 | 152 | 90 | -60 | 54 | 70 19 | 16 | 12.80 | 3.28 | DD | Area D |
incl | 60 | 61 | 1 | 0.80 | 37.80 | DD | Area D | ||||||
74 | 93.55 | 19.55 | 15.64 | 1.99 | DD | Area D | |||||||
108 | 120 | 12 | 9.60 | 0.98 | DD | Area D | |||||||
137 | 138 | 1 | 0.80 | 15.30 | DD | Area D | |||||||
DSDD187 | 232528 | 1429405 | 178 | 153 | 90 | -60 | 113 | 117 | 4 | 3.20 | 1.31 | DD | Area D |
DSDD188 | 232613 | 1429458 | 180 | 123 | 90 | -60 | NSI | DD | Area D | ||||
DSDD189 | 232757 | 1429355 | 179 | 140 | 90 | -60 | 67 | 70 | 3 | 2.40 | 2.43 | DD | Area D |
91 | 99 | 8 | 6.40 | 0.68 | DD | Area D | |||||||
DSDD190 | 232840 | 1429482 | 182 | 60 | 90 | -60 | 7 | 26 | 19 | 15.20 | 4.92 | DD | Area D |
incl | 13 | 16 | 3 | 2.40 | 22.82 | DD | Area D | ||||||
DSDD191 | 232703 | 1429354 | 178 | 182 | 90 | -60 | 47 | 54.1 20 | 7.1 | 5.68 | 1.42 | DD | Area D |
69.6 | 76 | 6.4 | 5.12 | 1.44 | DD | Area D | |||||||
80 | 84 | 4 | 3.20 | 1.30 | DD | Area D | |||||||
102 | 108 | 6 | 4.80 | 1.68 | DD | Area D | |||||||
119 | 121 | 2 | 1.60 | 7.87 | DD | Area D | |||||||
incl | 120 | 121 | 1 | 0.80 | 11.65 | DD | Area D | ||||||
151 | 163.1 | 12.1 | 9.68 | 1.99 | DD | Area D | |||||||
DSDD192 | 232796 | 1429477 | 181 | 80 | 90 | -60 | 23 | 41 | 18 | 14.40 | 6.82 | DD | Area D |
incl | 28 | 29 | 1 | 0.80 | 20.90 | DD | Area D | ||||||
and | 33 | 34 | 1 | 0.80 | 11.70 | DD | Area D | ||||||
and | 37 | 39 | 2 | 1.60 | 22.00 | DD | Area D | ||||||
47 | 61 21 | 14 | 11.20 | 14.59 | DD | Area D | |||||||
incl | 47 | 48 | 1 | 0.80 | 12.55 | DD | Area D | ||||||
and | 52 | 53 | 1 | 0.80 | 26.00 | DD | Area D | ||||||
and | 55 | 56 | 1 | 0.80 | 149.00 | DD | Area D | ||||||
DSDD193 | 232830 | 1429451 | 182 | 55 | 90 | -60 | 10.9 | 21 | 10.1 | 8.08 | 0.99 | DD | Area D |
DSDD194 | 232725 | 1429325 | 178 | 161 | 90 | -60 | NSI | DD | Area D | ||||
DSDD195 | 232830 | 1429425 | 181 | 60 | 90 | -60 | 13 | 31 | 18 | 14.40 | 3.73 | DD | Area D |
incl | 18 | 20 | 2 | 1.60 | 14.23 | DD | Area D | ||||||
44 | 49 | 5 | 4.00 | 1.85 | DD | Area D | |||||||
DSDD196 | 232939 | 1429499 | 183 | 110 | 90 | -60 | 3 | 26 | 23 | 18.40 | 6.27 | DD | Area D |
incl | 10 | 11 | 1 | 0.80 | 11.55 | DD | Area D | ||||||
and | 13 | 14 | 1 | 0.80 | 38.30 | DD | Area D | ||||||
and | 16 | 18 | 2 | 1.60 | 20.90 | DD | Area D | ||||||
63.4 | 65 | 1.6 | 1.28 | 9.85 | DD | Area D | |||||||
DSDD197 | 232675 | 1429325 | 177 | 92 | 90 | -60 | 7 | 14 | 7 | 5.60 | 1.81 | DD | Area D |
31.8 | 43.55 | 11.75 | 9.40 | 0.91 | DD | Area D | |||||||
DSDD198 | 232879 | 1429499 | 183 | 68.2 | 90 | -60 | 65 | 66 | 1 | 0.80 | 10.50 | DD | Area D |
DSDD199 | 232624 | 1429325 | 177 | 116 | 90 | -60 | NSI | DD | Area D | ||||
DSDD200 | 232846 | 1429374 | 180 | 66 | 90 | -60 | 7 | 8 | 1 | 0.80 | 6.38 | DD | Area D |
DSDD201 | 232575 | 1429326 | 177 | 97 | 90 | -60 | 15 | 26 | 11 | 8.80 | 3.19 | DD | Area D |
DSDD202 | 232802 | 1429377 | 180 | 96 | 90 | -60 | 8 | 11 | 3 | 2.40 | 1.81 | DD | Area D |
DSDD204 | 232781 | 1429330 | 179 | 123 | 90 | -60 | NSI | DD | Area D | ||||
DSDD206 | 232495 | 1429422 | 178 | 101 | 90 | -60 | 48 | 71.7 | 23.7 | 18.96 | 4.63 | DD | Area D |
incl | 63 | 64 | 1 | 0.80 | 70.70 | DD | Area D | ||||||
and | 71 | 71.7 | 0.7 | 0.56 | 11.25 | DD | Area D | ||||||
DSDD208 | 232408 | 1429546 | 182 | 75 | 90 | -60 | NSI | DD | Area D | ||||
DSDD210 | 232429 | 1429498 | 180 | 80 | 90 | -60 | 41 | 50 | 9 | 7.20 | 1.30 | DD | Area D |
54 | 56 | 2 | 1.60 | 3.23 | DD | Area D | |||||||
DSR517 | 232549 | 1429152 | 174 | 100 | 90 | -60 | 40 | 53 | 13 | 10.40 | 1.04 | RC | Area D South |
DSR518 | 232569 | 1429102 | 174 | 90 | 90 | -60 | NSI | RC | Area D South | ||||
DSR519 | 232567 | 1429078 | 174 | 102 | 90 | -60 | 98 | 99 | 1 | 0.80 | 27.50 | RC | Area D South |
DSR520 | 232554 | 1429053 | 173 | 102 | 90 | -60 | NSI | RC | Area D South | ||||
DSDD203 | 231762 | 1428385 | 153 | 107 | 270 | -60 | 50.35 | 56 | 5.65 | 4.24 | 1.16 | DD | Karakara |
DSDD205 | 231815 | 1428376 | 153 | 134 | 270 | -60 | 20 | 29 | 9 | 6.75 | 1.95 | DD | Karakara |
incl | 25.05 | 26.05 | 1 | 0.75 | 10.60 | DD | Karakara | ||||||
46 | 51 | 5 | 3.75 | 1.12 | DD | Karakara | |||||||
58 | 62 | 4 | 3.00 | 1.98 | DD | Karakara | |||||||
74 | 93.2 | 19.2 | 14.40 | 5.23 | DD | Karakara | |||||||
incl | 89 | 90 | 1 | 0.75 | 17.75 | DD | Karakara | ||||||
and | 92 | 93.2 | 1.2 | 0.90 | 39.40 | DD | Karakara | ||||||
DSDD207 | 231866 | 1428374 | 154 | 167 | 270 | -60 | 34 | 47 | 13 | 9.75 | 0.75 | DD | Karakara |
71 | 75.9 | 4.9 | 3.68 | 2.72 | DD | Karakara | |||||||
79 | 91 | 12 | 9.00 | 8.54 | DD | Karakara | |||||||
incl | 80 | 82 | 2 | 1.50 | 36.23 | DD | Karakara | ||||||
DSDD209 | 231793 | 1428273 | 153 | 182 | 270 | -60 | 106 | 113 | 7 | 5.25 | 1.75 | DD | Karakara |
116.9 | 123.25 | 6.35 | 4.76 | 2.06 | DD | Karakara | |||||||
DSR524 | 231846 | 1428400 | 174 | 130 | 270 | -60 | 86 | 93 | 7 | 5.25 | 3.68 | RC | Karakara |
DSR525 | 231838 | 1428352 | 174 | 156 | 270 | -60 | 42 | 48 | 6 | 4.50 | 1.75 | RC | Karakara |
98 | 103 | 5 | 3.75 | 11.20 | RC | Karakara | |||||||
incl | 99 | 100 | 1 | 0.75 | 38.00 | RC | Karakara | ||||||
107 | 108 | 1 | 0.75 | 16.40 | RC | Karakara | |||||||
112 | 124 | 12 | 9.00 | 3.20 | RC | Karakara | |||||||
incl | 121 | 122 | 1 | 0.75 | 27.40 | RC | Karakara | ||||||
DSR529 | 231751 | 1428352 | 155 | 100 | 270 | -60 | 29 | 48 | 19 | 14.25 | 2.37 | RC | Karakara |
incl | 47 | 48 | 1 | 0.75 | 11.00 | RC | Karakara | ||||||
DSR530 | 231725 | 1428224 | 154 | 140 | 270 | -60 | 58 | 63 | 5 | 3.75 | 4.04 | RC | Karakara |
75 | 80 | 5 | 3.75 | 1.37 | RC | Karakara | |||||||
100 | 104 | 4 | 3.00 | 3.38 | RC | Karakara | |||||||
DSR531 | 231838 | 1428147 | 154 | 84 | 90 | -60 | 47 | 50 | 3 | 2.25 | 5.02 | RC | Karakara |
66 | 67 | 1 | 0.75 | 10.50 | RC | Karakara | |||||||
DSR533 | 231725 | 1428146 | 154 | 102 | 270 | -60 | 67 | 70 | 3 | 2.25 | 2.71 | RC | Karakara |
DSR534 | 231629 | 1428067 | 153 | 180 | 340 | -60 | 11 | 22 | 11 | 8.25 | 1.59 | RC | Karakara |
100 | 111 | 11 | 8.25 | 0.65 | RC | Karakara | |||||||
153 | 159 | 6 | 4.50 | 5.64 | RC | Karakara | |||||||
incl | 156 | 157 | 1 | 0.75 | 13.40 | RC | Karakara | ||||||
DSR535 | 231615 | 1428117 | 156 | 144 | 340 | -60 | 43 | 56 | 13 | 9.75 | 0.87 | RC | Karakara |
65 | 73 | 8 | 6.00 | 5.33 | RC | Karakara | |||||||
81 | 95 | 14 | 10.50 | 1.94 | RC | Karakara | |||||||
incl | 90 | 91 | 1 | 0.75 | 13.90 | RC | Karakara | ||||||
DSR536 | 231869 | 1428203 | 153 | 150 | 270 | -60 | 52 | 58 | 6 | 4.50 | 1.04 | RC | Karakara |
64 | 78 | 14 | 10.50 | 4.18 | RC | Karakara | |||||||
incl | 72 | 73 | 1 | 0.75 | 33.30 | RC | Karakara | ||||||
111 | 128 | 17 | 12.75 | 0.72 | RC | Karakara | |||||||
DSR537 | 231780 | 1428250 | 151 | 174 | 270 | -60 | 80 | 98 | 18 | 13.50 | 2.33 | RC | Karakara |
incl | 81 | 82 | 1 | 0.75 | 24.10 | RC | Karakara | ||||||
104 | 107 | 3 | 2.25 | 7.08 | RC | Karakara | |||||||
incl | 104 | 105 | 1 | 0.75 | 13.35 | RC | Karakara | ||||||
DSR538 | 231743 | 1428203 | 150 | 180 | 270 | -60 | 86 | 100 | 14 | 10.50 | 2.10 | RC | Karakara |
incl | 94 | 95 | 1 | 0.75 | 11.85 | RC | Karakara | ||||||
133 | 135 | 2 | 1.50 | 2.64 | RC | Karakara | |||||||
DSR539 | 231703 | 1428174 | 150 | 120 | 270 | -60 | 18 | 30 | 12 | 9.00 | 2.73 | RC | Karakara |
incl | 18 | 19 | 1 | 0.75 | 18.60 | RC | Karakara | ||||||
41 | 44 | 3 | 2.25 | 3.71 | RC | Karakara | |||||||
52 | 57 | 5 | 3.75 | 3.62 | RC | Karakara | |||||||
108 | 118 | 10 | 7.50 | 2.04 | RC | Karakara | |||||||
DSR540 | 231780 | 1428304 | 150 | 100 | 90 | -60 | 65 | 74 | 9 | 6.75 | 2.53 | RC | Karakara |
DSR541 | 231817 | 1428321 | 150 | 132 | 270 | -60 | 48 | 54 | 6 | 4.50 | 0.98 | RC | Karakara |
92 | 109 | 17 | 12.75 | 4.17 | RC | Karakara | |||||||
incl | 95 | 96 | 1 | 0.75 | 26.20 | RC | Karakara | ||||||
and | 107 | 108 | 1 | 0.75 | 21.00 | RC | Karakara | ||||||
114 | 118 | 4 | 3.00 | 5.77 | RC | Karakara | |||||||
incl | 114 | 115 | 1 | 0.75 | 13.30 | RC | Karakara | ||||||
DSR542 | 231750 | 1428165 | 152 | 170 | 340 | -60 | 50 | 59 | 9 | 6.75 | 6.88 | RC | Karakara |
incl | 56 | 58 | 2 | 1.50 | 24.35 | RC | Karakara | ||||||
DSR543 | 231749 | 1428159 | 149 | 108 | 270 | -60 | 38 | 41 | 3 | 2.25 | 4.62 | RC | Karakara |
72 | 78 | 6 | 4.50 | 17.20 | RC | Karakara | |||||||
incl | 72 | 74 | 2 | 1.50 | 47.35 | RC | Karakara | ||||||
97 | 100 | 3 | 2.25 | 8.04 | RC | Karakara | |||||||
incl | 98 | 99 | 1 | 0.75 | 18.30 | RC | Karakara | ||||||
DSR545 | 231953 | 1428495 | 150 | 132 | 90 | -60 | 66 | 77 | 11 | 8.25 | 0.53 | RC | Karakara |
DSR546 | 231952 | 1428395 | 151 | 200 | 270 | -60 | 79 | 98 | 19 | 14.25 | 2.80 | RC | Karakara |
incl | 91 | 92 | 1 | 0.75 | 13.50 | RC | Karakara | ||||||
and | 94 | 95 | 1 | 0.75 | 18.45 | RC | Karakara | ||||||
105 | 110 | 5 | 3.75 | 4.17 | RC | Karakara | |||||||
incl | 106 | 107 | 1 | 0.75 | 11.35 | RC | Karakara | ||||||
117 | 132 | 15 | 11.25 | 4.51 | RC | Karakara | |||||||
incl | 127 | 129 | 2 | 1.50 | 17.60 | RC | Karakara | ||||||
DSR548 | 231814 | 1428398 | 152 | 132 | 90 | -60 | 113 | 114 | 1 | 0.75 | 14.45 | RC | Karakara |
120 | 129 | 9 | 6.75 | 0.99 | RC | Karakara | |||||||
DSR549 | 230888 | 1426892 | 149 | 90 | 90 | -55 | 25 | 44 | 19 | 14.25 | 0.94 | RC | Moungoundi |
49 | 52 | 3 | 2.25 | 5.68 | RC | Moungoundi | |||||||
DSR550 | 230912 | 1426894 | 152 | 78 | 90 | -55 | NSI | RC | Moungoundi | ||||
DSR551 | 230856 | 1426924 | 151 | 108 | 90 | -50 | 31 | 58 | 27 | 20.25 | 2.10 | RC | Moungoundi |
incl | 50 | 52 | 2 | 1.50 | 15.88 | RC | Moungoundi | ||||||
DSR552 | 230878 | 1426961 | 155 | 90 | 90 | -50 | 51 | 66 | 15 | 11.25 | 4.35 | RC | Moungoundi |
incl | 56 | 57 | 1 | 0.75 | 20.60 | RC | Moungoundi | ||||||
and | 64 | 66 | 2 | 1.50 | 18.88 | RC | Moungoundi | ||||||
DSR553 | 230911 | 1426925 | 153 | 81 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR554 | 230765 | 1426874 | 155 | 90 | 190 | -55 | 58 | 59 | 1 | 0.75 | 11.80 | RC | Moungoundi |
80 | 81 | 1 | 0.75 | 15.95 | RC | Moungoundi | |||||||
DSR555 | 230687 | 1426848 | 153 | 84 | 190 | -50 | NSI | RC | Moungoundi | ||||
DSR556 | 230766 | 1426877 | 155 | 126 | 135 | -50 | 108 | 116 | 8 | 6.00 | 1.30 | RC | Moungoundi |
DSR557 | 230859 | 1426880 | 155 | 110 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR558 | 230807 | 1426926 | 155 | 140 | 90 | -50 | 88 | 97 | 9 | 6.75 | 5.39 | RC | Moungoundi |
incl | 92 | 94 | 2 | 1.50 | 15.63 | RC | Moungoundi | ||||||
DSR559 | 230759 | 1426934 | 156 | 132 | 90 | -50 | 101 | 124 | 23 | 17.25 | 1.20 | RC | Moungoundi |
DSR560 | 230653 | 1426792 | 155 | 90 | 5 | -50 | NSI | RC | Moungoundi | ||||
DSR561 | 230648 | 1426725 | 153 | 100 | 85 | -60 | 20 | 29 | 9 | 6.75 | 0.58 | RC | Moungoundi |
35 | 39 | 4 | 3.00 | 1.86 | RC | Moungoundi | |||||||
43 | 52 | 9 | 6.75 | 0.89 | RC | Moungoundi | |||||||
DSR562 | 230663 | 1426746 | 152 | 80 | 10 | -60 | NSI | RC | Moungoundi | ||||
DSR563 | 230672 | 1426897 | 153 | 156 | 90 | -60 | 45 | 64 | 19 | 14.25 | 2.74 | RC | Moungoundi |
incl | 50 | 51 | 1 | 0.75 | 17.80 | RC | Moungoundi | ||||||
DSR564 | 230721 | 1426901 | 153 | 165 | 90 | -60 | NSI | RC | Moungoundi | ||||
DSR565 | 230671 | 1426772 | 150 | 100 | 5 | -55 | 46 | 54 | 8 | 6.00 | 1.11 | RC | Moungoundi |
DSR566 | 230633 | 1426700 | 150 | 150 | 10 | -50 | NSI | RC | Moungoundi | ||||
DSR567 | 230845 | 1426830 | 153 | 145 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR568 | 230894 | 1426826 | 153 | 110 | 90 | -50 | 46 | 61 | 15 | 11.25 | 30.74 | RC | Moungoundi |
incl | 46 | 49 | 3 | 2.25 | 146.03 | RC | Moungoundi | ||||||
66 | 78 | 12 | 9.00 | 1.73 | RC | Moungoundi | |||||||
DSR569 | 230934 | 1426830 | 154 | 90 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR570 | 230936 | 1426852 | 154 | 114 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR571 | 231368 | 1426840 | 156 | 102 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR572 | 231309 | 1426840 | 156 | 100 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR573 | 231248 | 1426841 | 156 | 108 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR574 | 231189 | 1426838 | 156 | 100 | 90 | -50 | NSI | RC | Moungoundi | ||||
DSR575 | 231176 | 1426371 | 149 | 75 | 90 | -50 | 14 | 20 | 6 | 4.50 | 2.12 | RC | Western Splay |
DSR576 | 231151 | 1426371 | 149 | 78 | 90 | -50 | 19 | 28 | 9 | 6.75 | 1.38 | RC | Western Splay |
DSR577 | 231153 | 1426371 | 149 | 78 | 270 | -75 | NSI | RC | Western Splay | ||||
DSR578 | 230900 | 1426369 | 148 | 120 | 90 | -50 | 118 | 120 | 2 | 1.50 | 13.91 | RC | Western Splay |
incl | 119 | 120 | 1 | 0.75 | 24.70 | RC | Western Splay | ||||||
DSR579 | 231017 | 1426328 | 147 | 141 | 90 | -50 | 38 | 48 | 10 | 7.50 | 1.71 | RC | Western Splay |
113 | 122 | 9 | 6.75 | 1.80 | RC | Western Splay | |||||||
138 | 141 | 3 | 2.25 | 2.72 | RC | Western Splay | |||||||
DSR580 | 231162 | 1426327 | 147 | 100 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR581 | 231034 | 1426246 | 146 | 120 | 90 | -50 | 43 | 54 | 11 | 8.25 | 1.17 | RC | Western Splay |
DSR582 | 231088 | 1426248 | 145 | 120 | 90 | -50 | 5 | 6 | 1 | 0.75 | 5.20 | RC | Western Splay |
58 | 68 | 10 | 7.50 | 3.33 | RC | Western Splay | |||||||
DSR583 | 231193 | 1426351 | 148 | 65 | 260 | -80 | NSI | RC | Western Splay | ||||
DSR584 | 231214 | 1426326 | 147 | 100 | 90 | -50 | 17 | 35 | 18 | 13.50 | 2.13 | RC | Western Splay |
58 | 61 | 3 | 2.25 | 3.70 | RC | Western Splay | |||||||
DSR585 | 230966 | 1426326 | 146 | 150 | 90 | -50 | 110 | 118 | 8 | 6.00 | 1.03 | RC | Western Splay |
DSR586 | 230927 | 1426374 | 147 | 108 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR587 | 230878 | 1426372 | 147 | 120 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR588 | 231016 | 1426428 | 147 | 106 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR589 | 230913 | 1426426 | 148 | 108 | 90 | -50 | 93 | 96 | 3 | 2.25 | 2.40 | RC | Western Splay |
DSR590 | 230875 | 1426430 | 147 | 102 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR591 | 231261 | 1426157 | 144 | 102 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR592 | 231059 | 1426158 | 145 | 102 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR593 | 231008 | 1426160 | 145 | 102 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR594 | 231013 | 1426105 | 146 | 102 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR595 | 231166 | 1426084 | 145 | 102 | 90 | -50 | NSI | RC | Western Splay | ||||
DSR596 | 231267 | 1426216 | 145 | 186 | 310 | -50 | 140 | 143 | 3 | 2.25 | 4.64 | RC | Western Splay |
179 | 186 | 7 | 5.25 | 1.32 | RC | Western Splay | |||||||
DSR597 | 231284 | 1426258 | 147 | 180 | 310 | -50 | 9 | 12 | 3 | 2.25 | 2.67 | RC | Western Splay |
127 | 132 | 5 | 3.75 | 1.01 | RC | Western Splay | |||||||
171 | 179 | 8 | 6.00 | 1.62 | RC | Western Splay | |||||||
DSR598 | 231210 | 1426158 | 145 | 150 | 310 | -50 | 56 | 66 | 10 | 7.50 | 7.42 | RC | Western Splay |
incl | 58 | 59 | 1 | 0.75 | 11.50 | RC | Western Splay | ||||||
and | 61 | 63 | 2 | 1.50 | 19.60 | RC | Western Splay | ||||||
82 | 95 | 13 | 9.75 | 1.42 | RC | Western Splay | |||||||
99 | 101 | 2 | 1.50 | 3.39 | RC | Western Splay | |||||||
DSR599 | 230778 | 1425923 | 152 | 150 | 340 | -50 | NSI | RC | Western Splay | ||||
DSR600 | 231634 | 1425852 | 144 | 138 | 150 | -50 | 19 | 27 | 8 | 6.00 | 1.48 | RC | Kassasoko |
47 | 56 | 9 | 6.75 | 0.99 | RC | Kassasoko | |||||||
66 | 74 | 8 | 6.00 | 1.15 | RC | Kassasoko | |||||||
DSR601 | 231665 | 1425873 | 144 | 132 | 150 | -50 | 10 | 18 | 8 | 6.00 | 2.26 | RC | Kassasoko |
32 | 44 | 12 | 9.00 | 1.24 | RC | Kassasoko | |||||||
DSR602 | 231677 | 1425899 | 145 | 110 | 150 | -50 | 28 | 38 | 10 | 7.50 | 0.90 | RC | Kassasoko |
DSR603 | 231714 | 1425876 | 145 | 100 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR604 | 231726 | 1425913 | 144 | 168 | 150 | -50 | 4 | 12 | 8 | 6.00 | 1.07 | RC | Kassasoko |
29 | 44 | 15 | 11.25 | 1.49 | RC | Kassasoko | |||||||
DSR605 | 231670 | 1425965 | 143 | 160 | 150 | -50 | 26 | 34 | 8 | 6.00 | 1.02 | RC | Kassasoko |
DSR606 | 231616 | 1425834 | 144 | 138 | 150 | -50 | 45 | 56 | 11 | 8.25 | 0.94 | RC | Kassasoko |
DSR607 | 231580 | 1425860 | 144 | 150 | 150 | -50 | 30 | 35 | 5 | 3.75 | 1.89 | RC | Kassasoko |
DSR608 | 231566 | 1425817 | 144 | 126 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR609 | 231590 | 1425778 | 144 | 78 | NSI | RC | Kassasoko | ||||||
DSR610 | 231468 | 1425733 | 145 | 70 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR611 | 231377 | 1425691 | 145 | 60 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR612 | 231431 | 1425820 | 144 | 156 | 150 | -50 | 63 | 75 | 12 | 9.00 | 1.29 | RC | Kassasoko |
DSR613 | 231590 | 1425977 | 144 | 150 | 150 | -50 | 0 | 5 | 5 | 3.75 | 2.15 | RC | Kassasoko |
29 | 54 | 25 | 18.75 | 1.01 | RC | Kassasoko | |||||||
DSR614 | 231853 | 1425886 | 142 | 90 | 150 | -50 | 47 | 58 | 11 | 8.25 | 0.75 | RC | Kassasoko |
79 | 90 | 11 | 8.25 | 0.76 | RC | Kassasoko | |||||||
DSR615 | 231836 | 1425949 | 144 | 120 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR616 | 231884 | 1425921 | 143 | 60 | 150 | -50 | 6 | 13 | 7 | 5.25 | 1.25 | RC | Kassasoko |
DSR617 | 231861 | 1425971 | 144 | 100 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR618 | 231920 | 1426011 | 144 | 120 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR619 | 231976 | 1426023 | 145 | 96 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR620 | 232084 | 1426032 | 145 | 144 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR621 | 232159 | 1426106 | 145 | 162 | 150 | -50 | NSI | RC | Kassasoko | ||||
DSR622 | 232283 | 1426177 | 143 | 162 | 150 | -50 | 46 | 51 | 5 | 3.75 | 3.44 | RC | Kassasoko |
DSR623 | 232198 | 1426238 | 145 | 180 | 150 | -50 | 50 | 54 | 4 | 3.00 | 2.61 | RC | Kassasoko |
Notes:
- EOH - End of hole
- NSI: No significant intercepts
- ETW: Estimated true width
- Depths and widths reported to nearest significant figure
- DD: Diamond drilling tail | RC: reverse circulation drilling | RCD: reverse circulation drilling with diamond tail
- SDD151 - 17 to 21m intercept includes 0.5m core loss from 18.5m taken as zero value
- DSDD152 - 20 to 44m intercept includes 0.7m core loss from 42.3m taken as zero value
- DSDD154 - 14 to 39m intercept includes 0.7m core loss from 16m taken as zero value
- DSDD158 - 4 to 48m intercept includes 1.5m core loss from 7m, 1m core loss from 8m, 1m core loss from 14m, 1m core loss from 18m, 0.4m core loss from 27.6m and 1m core loss from 30m, all taken as zero value
- DSDD160 - 17 to 21m intercept includes 1m core loss from 18m taken as zero value
- DSDD160 - 26 to 36m intercept includes 1m core loss from 33m taken as zero value
- DSDD161 - 3 to 27m intercept includes 0.5m core loss from 3.5m, 0.5m core loss from 12.5m, 1m core loss from 15m and 0.5m core loss from 24.5m, all taken as zero value
- DSDD161 - 31 to 38m intercept includes 0.5m core loss from 33.5m taken as zero value
- DSDD163 - 7 to 47m intercept includes 1m core loss from 22m taken as zero value
- DSDD166 - 16 to 43m intercept includes 1m core loss from 17m taken as zero value
- DSDD170 - 49 to 93m intercept includes 1.3m core loss from 63m, 1m core loss from 67m, 1.7m core loss from 68m and 1m core loss from 73m, all taken as zero value
- DSDD173 - 8 to 64m intercept includes 1.5m core loss from 61m taken as zero value
- DSDD176 - 36 to 55.5m intercept includes 1m core loss from 48m and 2m core loss from 51m, all taken as zero value
- DSDD176 - 81 to 93.8m intercept includes 2.2m core loss from 82m, 1.5m core loss from 86.5m and 2.8m core loss from 89.6m, all taken as zero value
- DSDD177 - 26 to 89m intercept includes 1m core loss from 30m, 1m core loss from 39m, 1m core loss from 41m and 1m core loss from 61m, all taken as zero value
- DSDD179 - 31 to 46m intercept includes 1m core loss from 40m taken as zero value
- DSDD180 - 12 to 44m intercept includes 1m core loss from 39m taken as zero value
- DSDD183 - 21 to 29m intercept includes 0.7m core loss from 22m taken as zero value
- DSDD186 - 54 to 70m intercept includes 1m core loss from 57m and 1m core loss from 61m, all taken as zero value
- DSDD191 - 47 to 54.1m intercept includes 3m core loss from 50m taken as zero value
- DSDD192 - 47 to 61m intercept includes 1m core loss from 56m taken as zero value
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/68cee30d-7327-4fcd-b096-79d66647a77c
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ebdb0c3-8267-4240-9e02-5ecaf8622821
https://www.globenewswire.com/NewsRoom/AttachmentNg/73fd7cf9-be4d-49a5-9b51-963f42fe280d
https://www.globenewswire.com/NewsRoom/AttachmentNg/055bd923-0364-43ee-9623-6c1dc98845be
https://www.globenewswire.com/NewsRoom/AttachmentNg/153f49f0-e8c2-4224-8820-62047c71e68f
https://www.globenewswire.com/NewsRoom/AttachmentNg/5fc0c6be-4d90-47af-bca4-813e0066c392
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