Precious Metals

Santacruz Silver Mining Ltd. reports its financial and operating results for the third quarter of 2021. The full version of the consolidated financial statements and accompanying management discussion and analysis can be viewed on the Company's website at or on SEDAR at All financial information is prepared in accordance with International Financial Reporting Standards and all dollar amounts are expressed in ...

Santacruz Silver Mining Ltd. (TSXV: SCZ) ("the Company" or "Santacruz") reports its financial and operating results for the third quarter ("Q3") of 2021. The full version of the consolidated financial statements and accompanying management discussion and analysis ("MD&A") can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and all dollar amounts are expressed in thousands of United States dollars, except per unit amounts, unless otherwise indicated.

  • Revenues increased by 55% to $14.6 million during Q3 2021 (Q3 2020 - $9.4 million).

  • Gross profit increased by 190% to $3.7 million during Q3 2021 (Q3 2020 - $1.3 million).

  • On October 13, 2021, the Company announced it had entered into a definitive share purchase agreement with Glencore plc whereby Santacruz has the right to acquire a portfolio of Bolivian silver-base metal assets from Glencore plc.

Carlos Silva, CEO of Santacruz, stated; "We continue to increase our mine production and revenue for the third and fifth consecutive quarter respectively. Production costs were impacted as a result of a Mexican labour reform that came into effect during the quarter. This labour reform required the Company to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds, and seniority departure payments which totaled approximately $1.3 million. In addition, a non-recurring charge to administrative expenses of $0.4 million related to severance payments resulting from the decision to place the Rosario mine on care and maintenance, various non-recurring costs associated with the Zimapan Mine acquisition and other non-cash charges also impacted the quarter-end results."

Financial Results

Selected financial information for the three-month periods ended September 30, June 30 and March 31, 2021 and December 31 and September 30, 2020 is presented below:

  2021 2020 Q3 2021 % Change vs
Q3 Q2 Q1 Q4 Q3 Q2 2021 Q3 2020
Revenue - Mining Operations 14,601 13,744 11,168 9,905 9,437 6% 55%
Gross Profit (Loss) (1) 3,656 3,840 2,181 807 1,259 -5% 190%
Net (Loss) Income (3,849) (3,784) 6,518 (607) (163) 2% 2,261%
Net (Loss) Earnings Per Share - Basic ($/share) (0.01) (0.01) 0.02 0.00 0.00 - -
Adjusted EBITDA (1) 1,263 2,270 1,649 1,090 1,046 -44% 21%
Working Capital Deficiency (12,671) (11,665) (16,478) (22,514) (31,038) 9% -59%

 

(1) The Company reports additional non-IFRS measures which include Gross Profit (Loss) and Adjusted EBITDA. These additional financial disclosure measures are intended to provide additional information. See the Company's MD&A filed on SEDAR or its website for a reconciliation of these amounts to the unaudited interim financial statements for the respective periods.

As compared to Q2 2021, the Q3 2021 working capital deficiency has increased by 9%. The Company has capital management processes in place to manage liquidity risk.

Selected financial information for the Zimapan Mine and Rosario Project for the three months ended September 30, June 30 and March 31, 2021 and December 31 and September 30, 2020 is presented below:

2021 2020 Q3 2021 % Change vs
Q3 Q2 Q1 Q4 Q3 Q2 2021 Q3 2020
Revenue - Zimapan Mine 14,419 13,022 10,442 8,772 8,982 11% 61%
- Rosario Project 182 410 1,011 1,445 642 -56% -72%
Gross profit (loss) - Zimapan Mine 3,928 4,401 2,581 496 1,964 -11% 100%
- Rosario Project (272) (873) (115) 220 (705) -69% -61%

 

Operating Results

Selected operating results for the Zimapan Mine and Rosario Project for the three months ended September 30, June 30 and March 31, 2021 and December 31 and September 30, 2020 is presented below:

2021 2020 Q3 2021 % Change vs
Q3 Q2 Q1 Q4 Q3 Q2 2021 Q3 2020
Material Processed (tonnes milled) (4)              
Zimapan Mine 186,642 155,407 156,433 180,003 164,846 20% 13%
Rosario Project (5) 2,306 16,917 19,806 21,582 11,794 -86% -80%
Consolidated 188,948 172,324 176,239 201,585 176,640 10% 7%
Silver Equivalent Produced (ounces) (1) (3) (4)              
Zimapan Mine 867,215 757,937 646,085 909,379 920,985 14% -6%
Rosario Project (5) 5,698 41,120 60,893 90,863 56,693 -86% -90%
Consolidated 872,913 799,057 706,978 1,000,242 977,678 9% -11%
Silver Equivalent Sold (payable ounces) (4)              
Zimapan Mine 829,164 658,590 553,450 545,580 625,036 26% 33%
Rosario Project (5) 10,765 20,328 52,520 74,511 36,628 -47% -71%
Consolidated 839,929 678,918 605,970 620,091 661,664 24% 27%
Cash Cost of Production per Tonne (2) (4)              
Zimapan Mine 53.88 53.92 49.04 48.90 39.91 - 35%
Rosario Project (5) 173.04 69.81 57.86 59.68 87.08 148% 99%
Consolidated 55.33 55.48 50.03 50.06 43.06 - 29%
Cash Cost per Silver Equivalent Ounce (2) (4)              
Zimapan Mine 17,72 18.37 19.91 23.21 17.45 -4% 2%
Rosario Project (5) 42.81 68.58 27.19 21.82 34.13 -38% 25%
Consolidated 18.04 19.87 20.54 23.04 18.38 -9% -2%
All-in Sustaining Cash Cost per Silver Equivalent Oz (2) (4)              
Zimapan Mine 21.33 21.35 21.03 24.95 18.54 - 15%
Rosario Project (5) 67.27 101.19 52.57 47.63 42.07 34% 60%
Consolidated 21.91 23.74 23.76 27.67 19.85 -8% 10%
Average Realized Silver Price per Ounce (2) (4)              
Zimapan Mine 22.81 25.67 25.07 23.98 21.01 -11% 9%
Rosario Project (5) 22.47 25.63 25.00 24.56 24.08 -12% -7%
Consolidated 22.81 25.67 25.06 24.05 21.18 -11% 8%

 

(1)Silver equivalent ounces produced in 2021 have been calculated using prices of $25.00/oz, $1,925/oz, $0.85/lb, $1.05/lb, and $3.00/lb for silver, gold, lead, zinc and copper respectively applied to the metal content of the concentrates produced by the Rosario Project and the Zimapan Mine. Silver equivalent ounces produced in 2020 have been calculated using prices of $17.85/oz, $1,480/oz, $0.92/lb, $1.09/lb and $2.80/lb for silver, gold, lead, zinc and copper respectively applied to the metal content of the concentrates produced by the Rosario Project and the Zimapan Mine.
(2) Silver equivalent sold ounces have been calculated using the realized silver prices stated in the table above, applied to the payable metal content of the concentrates sold from the Zimapan Mine and Rosario Project in 2021 and 2020.
(3) The Company reports non-IFRS measures which include Cash Cost per Silver Equivalent, All-in Sustaining Cash Cost per Silver Equivalent, Cash Cost of Production per Tonne, and Average Realized Silver Price per Ounce. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. See the Company's MD&A filed on SEDAR or its website for a discussion of these amounts.
(4) The Company is not including production and unit cost results from the Veta Grande Project in this MD&A as operations at Veta Grande were suspended during Q1 2020 and to date have not recommenced.
(5)
Operations at the Rosario Project are suspended and there was minimal production in July 2021 and no production in August and September 2021.

Discussion of Financial Results

The Company recorded a net loss of $3,849 for Q3 2021 (Q3 2020 - $163) and a gross operating profit of $3,656 (Q3 2020 - $1,259). The gross profit increase reflects a 100% increase in gross profit at the Zimapan Mine driven by a 61% increase in revenue that arose as a result of improved metal prices and significant increases in production of silver, zinc and copper as compared to Q3 2020.

The increase in net loss resulted primarily from a $2,066 increase in operating expenses, a $1,163 increase in net finance expense, a $1,014 increase in loss on foreign exchange, and a $1,836 unrealized loss on marketable securities from Q3 2020. Operating expenses increased primarily due to the growth in the Company in addition to non-recurring costs associated with the Zimapan Mine acquisition and a $431 charge in administrative severance costs paid as a result of placing the Rosario Project on care and maintenance. Also impacting operating expense is a $466 increase in share-based compensation as a result of additional stock options granted compared to Q3 2020. The increase in net finance expense is primarily due to a $665 increase IVA recovery inflationary loss which results from changes in the Mexican inflation rate, an additional $162 in interest charges associated with the increased Trafigura loan balance compared to Q3 2020 and an additional $169 of accretion of the Zimapan Mine decommissioning and restoration provision.

Also impacting the net loss for Q3 2021 are production costs resulting from a non-recurring charge of $1,294 due to a Mexican labour reform that became effective September 2021. The Company was required to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds and seniority departure payments.

Discussion of Operational Results and Costs

Zimapan Mine

As compared to Q3 2020, the Q3 2021 silver equivalent production decreased by 6% due to the impact of using different metal price decks for the respective 2021 and 2020 fiscal years. The Q3 2021 silver equivalent production increased by 20% (after adjusting for the metal price deck) as compared to Q3 2020.

As compared to Q2 2021, the Q3 2021 silver equivalent production increased 14%. This increase arose primarily as a result of a 20% increase in tonnes milled during the period.

Operations during Q2 2021 reflect reduced milling availability with operations negatively impacted by challenges with the dewatering circuit. This was remedied in early Q3 as a result of replacing the original drum filters with a filter press. The impact of this change in equipment was immediate as production for July 2021 improved to over 60,000 tonnes of material processed at the milling facility with August and September seeing further production improvements.

The cash cost of production per tonne of mineralized material processed increased by 35% in Q3 2021 to $53.88/t as compared to Q3 2020. This resulted from a 53% increase in the cash cost of production which included a non-recurring charge of $6.93/t due to a Mexican labour reform that came into effect during the quarter, offset by a 13% increase in the tonnes of mineralized material processed.

As compared to Q2 2021, the cash cost of production per tonne of mineralized material processed decreased by $0.04/t. This result reflects a 20% increase in the cash cost of production offset by a 20% increase in the tonnes of mineralized material processed during Q3 2021.

The cash cost of production per silver equivalent ounce sold increased by 2% to $17.72/oz in Q3 2021 compared to Q3 2020. This resulted from a 35% increase in the cash cost of sales of silver equivalent ounces which included a non-recurring charge of $1.56/oz due to the Mexican labour reform that came into effect during the quarter, while the silver equivalent payable ounce produced increased by 33%.

As compared to Q2 2021, the cash cost of production per silver equivalent ounce sold in Q3 2021 decreased by 4%. This resulted from a 21% increase in the cash cost of sales of silver equivalent ounces while the silver equivalent payable ounces produced increased by 26%. As noted earlier, the increase in silver equivalent production arose primarily as a result of a 20% increase in tonnes milled during the period.

All-in sustaining cash cost of production per silver equivalent ounce sold increased by 15% to $21.33/oz as compared to Q3 2020. This resulted from a 51% increase in the cash cost of sales which included a non-recurring charge of $1.56/oz due to the Mexican labour reform that came into effect during the quarter, while the silver equivalent payable ounces produced increased by 33%.

As compared to Q2 2021, the AISC in Q3 2021 decreased by $0.02/oz. This resulted from a 24% increase in the cash cost of sales of silver equivalent ounces while the silver equivalent payable ounces sold increased by 26%. This change occurred largely for the same reasons as referenced above in the discussion regarding cash cost of silver equivalent ounces sold.

Production at the Zimapan Mine is not supported by a feasibility study on mineral reserves demonstrating economic and technical viability or any other independent economic study under NI 43-101. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with production operations at the Zimapan Mine. Production and economic variables may vary considerably due to the absence of a complete and detailed site analysis in accordance with NI 43-101.

Rosario Project

As compared to Q2 2021, the Q3 2021 silver equivalent production decreased by 86%. This decrease occurred due to an 86% decrease in mineralized material processed at the milling facility and in part from processing lower grade material. As noted above, subsequent to Q3 2021, the Company announced it had suspended operations at the Rosario Mine and placed the asset on care and maintenance. As a consequence of the minimal production during Q3 2021, reflective of the suspension of operations, no comparative analysis of Q3 2021 to Q3 2020 and Q2 2021 is provided.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company with one producing silver project, the Zimapan Mine and two exploration properties, the La Pechuga property and Santa Gorgonia prospect. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

'signed'

Arturo Préstamo Elizondo,
Executive Chairman

For further information please contact:

Mars Investor Relations
Telephone: (778) 999 4653
scz@marsinvestorrelations.com

Arturo Prestamo
Santacruz Silver Mining Ltd.
Email: info@santacruzsilver.com
Telephone: (528) 183 785707

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including statements relating to production at the Zimapan Mine and Rosario Project and the Company's plans to grow it. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including that the Company's financial condition and development plans do not change as a result of unforeseen events and that future metal prices and the demand and market outlook for metals will remain stable or improve. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to above prove not to be valid or reliable; market conditions and volatility and global economic conditions, including increased volatility and potentially negative capital raising conditions resulting from the continued COVID-19 pandemic and risks relating to the extent and duration of such pandemic and its impact on global markets; risk of delay and/or cessation in planned work or changes in the Company's financial condition and development plans; risks associated with the interpretation of data (including in respect of third party mineralized material) regarding the geology, grade and continuity of mineral deposits; the uncertainty of the geology, grade and continuity of mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; risks related to gold, silver, base metal and other commodity price fluctuations; risks relating to environmental regulation and liability; the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105597

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Santacruz Silver

Santacruz Silver

Overview

Santacruz Silver Mining (TSXV:SCZ,OTC:SZSMF,FSE:1SZ) is poised to become Mexico’s next mid-tier silver producer. The company is expecting significant growth after a low-cost acquisition of the Zimapan mine for only US$4.96 per ounce silver equivalent (AgEq) of average annual production. The property is located within the Zimapan mining district, which has been the site of prolific precious metals mining for nearly half a century.

Peñoles, Mexico’s second largest mining company, operated the Zimapan mine from 1964 until it leasing the mine to Santacruz in August 2009. From 2011 to 2019, Santacruz completed roughly 30,000 meters of underground drilling and mined approximately 5.9 million tonnes of mineralized material. The Zimapan property covers over 5,000 hectares that remains largely unexplored, with current mining activity limited to less than 5 percent of the total property. The company is now exploring numerous opportunities for low-cost production expansion.

Santacruz’s Rosario project is located in the historic mining district of Charcas, one of Mexico’s most prolific mining sites and home to two world-class vein systems, Rosario and Membrillo. The Rosario property offers many similarities to the contiguous Charcos mine owned by Grupo Mexico (BMV:GMEXICOB), a world leader in precious metals production. In 2019, Santacruz’s Rosario mine and processing facility produced 466 Koz AgEq from 76,000 tonnes of mill feed (190 g/t AgEq) at an all-in sustaining cost (AISC) of US$26.68 per oz AgEq. In the first half of 2020, the company generated 144,0000 oz AgEq at an AISC of US$30.43 per oz AgEq.

Both the Zimapan and Rosario properties benefit significantly from exceptional infrastructure, with access through paved and dirt roads, water supply, grid power and skilled labor. Both properties also host significant exploration upside and new discovery potential. The Rosario mine includes 3,000 ha of unexplored mineralized areas, and recent drilling has confirmed higher silver grades across the Membrillo vein. The company has also planned a 35,000 m diamond drill program to substantially increase resources.

Santacruz is managed by a renowned technical team with a proven track record of success in discovering, developing, and operating silver mines in Mexico. The company’s CEO, Carlos Silva Ramos, is a seasoned mining executive who offers more than three decades of expertise and extensive experience with the Zimapan mine. As co-founder of Carrizal Mining SA de CV, he increased mining and milling operations from 1,400 to 3,200 tons per day.

Santacruz also controls 8,900 ha of the historic Zacatecas silver mining belt, which hosts prolific mines such as the Fresnillo silver mine operated by Peñoles and the Cozamin mine, operated by Capstone Mining (TSX:CS). The Veta Grande mine is located in the renowned mining district of Veta Grande, Zacatecas, and currently operates at 430 tonnes per day (tpd) milling capacity. Construction is already underway to increase capacity to 750 tpd or more.

The company is intent on leveraging its multiple properties in historic, mining-friendly jurisdictions to position itself as Mexico’s next mid-tier silver producer. For the remainder of 2020, Santacruz plans on increasing silver head grades by 64 percent, boosting mill throughput tonnage and investigating unexplored mineralization on its Zimapan and Rosario properties.

Santacruz has also been recognized by the Initiative for Responsible Mining Assurance (IRMA) for Transparency after an audit for compliance against the IRMA Standard for Responsible Mining. Carlos Silva, CEO of Santacruz stated, “Receiving recognition for IRMA Transparency is an important milestone as we advance along IRMA’s process. This norm will help us to continue to improve our business practices that go beyond industry standards for social responsibility, which translates into a culture of mutual respect and ultimately success for the Company and its employees as we strive to meet our corporate objectives.”

Santacruz Silver Mining Company Highlights

  • Santacruz Silver Mining has positioned itself to become Mexico’s next mid-tier silver producer through strategic exploration and resource development. The company recently acquired the historic Zimapan mine at a low cost.
  • The company’s technical and management team offers a proven track record of building efficient and sustainable mines in Mexico.
  • Santacruz’s Zimapan property spans more than 5,000 ha that remain largely unexplored. Mining activity on 5 percent of the property produced 5.9 million tonnes of mineralized material between 2011 and 2019.
  • The company’s Rosario project is located in the historic mining district of Charcas and is home to two world-class vein systems, Rosario and Membrillo. The Rosario property includes 3,000 ha of unexplored mineralized areas. Recent drilling has confirmed higher silver grades across the Membrillo vein.
  • Santacruz’s Veta Grande mine, located within the historic Zacatecas silver mining belt, currently operates at 430 tpd milling capacity. Construction is already underway to increase capacity to 750 tpd or more.

Zimapan Project

zimapan mine location map

The Zimapan mine is located seven kilometres from the municipality of Zimapan in Hidalgo, Mexico. The property is situated along the southern margin of the prolific Sierra Madre Oriental and contains 14 mineralization zones—six at the Carrizal mine and eight at El Monte.

Mineralization

The Zimapan property contains high-temperature carbonate replacement deposits of silver, lead, zinc and copper in semi-massive and massive sulphide bodies hosted in skarns, which are usually 20 m wide and 200 m long, and quartz-feldspar porphyry dikes.

Mineral zones located within the Zimapan property have been characterized with the ideal structure for high-volume, low-cost underground mining. The Carrizal and El Monte mines are connected by a 7.4 km underground access tunnel. Underground mining at Zimapan involves cut-and-fill, long-hole and sub-level stoping.

The processing facility at Zimapan relies on three circuits for the production of high-quality lead, zinc and copper concentrates. Overall process recoveries include 67% silver, 64% lead, 70% zinc and 52% copper. Between 2010 and 2019, Santacruz produced 5.9 million tonnes of precious metals from the Zimapan mine.

Rosario Project

rosario project map

The Rosario property consists of 2,900 ha located in the prolific Mexican mining district of Charcas, roughly 180 km north of the city of San Luis Potosi. The current primary source of mill feed is the Membrillo prospect, a mesothermal, low-sulphidation and polymetallic vein system of silver, gold, zinc and lead that carries to the surface. The mine’s milling capacity is currently 500 tpd, but the company plans on quickly expanding its throughput by an additional 150 tpd.

Santacruz Silver Mining Management Team

Arturo Préstamo Elizondo—President and CEO

Arturo Préstamo Elizondo holds a CPA degree from the University of Monterrey, a master’s degree from EGADE University and a professional degree from IPADE Business School. With more than 10 years of executive and operational experience in the mining industry (precious metals), Elizondo has worked for different public companies as director of planning, corporate finance and investor relations. Elizondo is a member of Mexico’s Mining Chamber, and participates actively in different mining initiatives in the country.

Carlos Silva Ramos—COO

Silva Ramos has a degree in mine engineering from the University of Guanajuato, and additionally holds an MBA from ITESM (Instituto Tecnologico de Estudios Superiores Monterrey). He has more than 30 years of experience working in the mining industry in Mexico with both senior and junior mining companies, the last 17 years of which were in senior management roles.

Silva co-founded Carrizal Mining SA de CV, a private Mexican silver producer. During his nine-year tenure at Carrizal, he successfully increased the mining and milling operations of the Zimapan Mine in Hidalgo, Mexico, from 1,400 tpd to 3,200 tpd. Prior to this, Silva held senior management positions at the Tayoltita mine located in San Dimas, Durango, Mexico. During his time with the Tayoltita mine, production was increased from an initial rate of 1,800 tpd to an eventual final rate of 3,200 tpd.

Robert McMorran—CFO and Corporate Secretary

Robert McMorran has a CPA, CA designation and 30 years of experience in financial reporting and administration of public companies, the last 20 years through his private management company, Malaspina Consultants. During this time, McMorran has served as an officer and director of several public companies, primarily involved in mineral exploration and development.

Roland Löhner—Director

Roland Löhner has been a senior partner and managing director of the Boston Consulting Group (BCG) for the last 20 years and during the last 5 years he has held the position of managing director for Latin America. He is fluent in Spanish, German, French, English, Portuguese, Dutch and Italian. After retirement, he continues to serve as a senior advisor to BCG.

Larry Okada—Director

Larry Okada is a member of both the Canadian Institute of Chartered Professional Accountants and the Washington State Certified Public Accountants Association with over 43 years of experience providing financial management services to publicly traded companies, with emphasis on mineral companies. He is currently a director of several public companies including EMX Royalty, Forum Uranium and Rokmaster Resources.

Federico Villaseñor—Director

Federico Villasenor graduated with a B.Sc. in mining and metallurgy from the University of Guanajuato, a master’s of mineral economics from Columbia University and a finance degree from the Instituto Tecnologico Autonomo de Mexico. His career has spanned 40 years in the mining industry, including roles with Penoles, Grupo Mexico, Goldcorp and as a director of Starcore International Mines.

Barry Girling—Director

Barry Girling has been active in various aspects of mineral exploration since 1977. He couples his geological understanding with a B.Com. (Finance) degree from the University of British Columbia to provide consulting services to a number of TSX Venture Exchange companies. He has strong capital markets experience and has been a founder and director of multiple TSXV listed companies over the past 20 years including I-Minerals Inc, Roxgold and Silver One Resources prior to joining Santacruz Silver Mining.

This profile is sponsored by Santacruz Silver Mining (TSXV:SCZ,OTC:SZSMF,FSE:1SZ). This profile provides information which was sourced by the Investing News Network (INN) and approved by Santacruz Silver Mining, in order to help investors learn more about the company. Santacruz Silver Mining is a client of INN. The company’s campaign fees pay for INN to create and update this profile.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services, or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Santacruz Silver Mining and seek advice from a qualified investment advisor.

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Denarius Announces Initial Drill Results From the Ongoing Drilling Program at Its Polymetallic Lomero-Poyatos Project in Spain, Including 1.51% Cu, 0.40% Pb, 2.27% Zn, 43.83 g/t Ag and 4.71 g/t Au Over 20.60 Meters

Additional assays are expected in the coming weeks and it is expected there should be a steady flow of new assay data as drill holes are completed going forward. Denarius has mobilized a third diamond drill to expedite the ongoing drilling program on the Lomero-Poyatos deposit, which is expected to be operational in mid-February.

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OTC Markets Group Welcomes Silver Dollar Resources Inc. to OTCQX

OTC Markets Group Welcomes Silver Dollar Resources Inc. to OTCQX

OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for over 11,000 U.S. and global securities, today announced Silver Dollar Resources Inc. ("Silver Dollar" or the "Company") (CSE: SLV; OTCQX: SLVDF), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Silver Dollar Resources Inc. upgraded to OTCQX from the OTCQB® Venture Market.

Silver Dollar's common shares will continue to trade on the Canadian Securities Exchange ("CSE") under the symbol "SLV" and begin trading today on OTCQX under the symbol "SLVDF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com .

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