Silver prices breached $30/oz in the second half of May 2024 as investor demand drove prices to their highest in more than a decade. Strong imports and low stocks in China reflect robust solar industry demand, which is expected to maintain momentum in China and elsewhere as economies ramp up their clean energy ambitions. With mine supply struggling to keep pace with demand, we believe further price appreciation is likely, making Silver Crown Royalties well-placed to leverage this positive silver market.
Silver Crown Royalties (CBOE CA:SCRI, OTCQX:SLCRF) is revenue-generating silver-only royalty company focusing on silver as by-product credits. The company targets royalty originations on producing or near-producing assets in tier 1 jurisdictions. The company has two current sources of revenue (Gold Mountain and Pilar Gold) and continues to build on this foundation, targeting additional operational silver-producing projects.
As a pure-play silver equity company, Silver Crown offers organic growth, exploration upside and dividend payments. The company’s business model includes acquiring a guaranteed amount of silver delivered as by-product from mining operations, paying a dividend to shareholders, and keeping all excess cash in silver bullion. “An investment in Silver Crown is a protection against currency devaluation,” says Peter Bures, founder, chairman and CEO of Silver Crown.
Diversification is a key strategy for the company, with the objective to grow its portfolio to more than 200 silver-only royalties that pay dividends, creating more value for shareholders.
Silver Crown is led by board members, founders and advisors with hundreds of years of collective experience in world renowned international brokerage, royalty, fund management and mining companies.
Gold Mountain Mining: In Q2 2023, Silver Crown Royalties entered into a royalty purchase agreement with Gold Mountain Mining (TSX:GMTN;OTC:GMTNF) on 90 percent of the aggregate gross proceeds of silver sold from the Elk Gold Mine. The Elk Gold Project is a past producing and newly permitted mine located approximately 57 km from Merritt, British Columbia. The claims and leases comprising the Elk Gold Project cover over 21,000 hectares.
Pilar Gold: On August 21, 2023, Silver Crown announced its entry into a definitive agreement providing for 90 percent of the silver sold as a result of the processing of ores extracted from Pilar Gold’s PGDM complex and related milling operations in Goias State, Brazil. Pilar Gold has a portfolio of operations in Brazil with an annual production of ~45,000 oz gold and medium term aspirations to reach 125,000 oz gold per annum. The company acquired its flagship PGDM operation in April 2021, which includes three underground mines, one open-pit project in the development stage, and a 4,500 tpd modern processing facility along with significant associated infrastructure. PGDM uses a "hub and spoke" strategy with satellite mines in the Goiás region, through which it plans to achieve aggressive production growth over the near term.
Tucano Gold: On January 18, 2024, Silver Crown announced its entry into a royalty purchase agreement with Tucano Gold, whereby Tucano Gold will deliver 90 percent of the payable silver produced, but no less than the cash equivalent of 7,000 oz annually from the Mina Tucano project. Assuming the closing of the transaction, minimum silver equivalent deliveries start on January 1, 2025, and continue for up to 10 years. Mina Tucano is an open-pit gold mining operation, fully equipped with a modern 10,000 tpd gold plant and sizable resources. Up until 2020, it was producing more than 120,000 oz gold per annum at grades of 1.2 to 1.4 grams per ton.
Peter Bures is a geological and mineral engineer with more than 25 years of mining and metals capital market expertise. Recent experience includes CEO at C2C Gold, co-founder and chief business development officer at Star Royalties, director of global mining sales at BMO Capital Markets (New York), and portfolio management at Sentry Investments, where he co-managed several top-ranked funds. He also held various equity research roles, including VP analyst at Canaccord Genuity, HSBC (New York and Toronto), and Orion Securities. Bures began his career as a mining engineer at Placer Dome and is a graduate of BASc Geo. Eng. at the University of Toronto.
Hassnain Raza is a CPA with more than 20 years of financial experience in Canada, the USA, Europe, Asia and the Caribbean, serving both public and private sector clients. Raza is the founding partner of a boutique consulting firm specializing in CFO advisory services to start-ups and SMEs. Previously held senior management and leadership roles at Namaste Technologies and Senior Manager at KPMG. He is the founder and patron of Allama Iqbal Model School in Pakistan, providing free education (kindergarten to grade 10).
Patrick Sullivan is a mining, M&A, and securities lawyer at Osler, Hoskin & Harcourt LLP. With over a decade of experience in the mining sector, he has advised a wide range of clients in connection with joint ventures, options, mineral property acquisition, royalty and streaming agreements, and mineral tenure issues. Sullivan has acted on several of the most significant mining transactions in Canada, including South32 Limited’s $2.1 billion acquisition of Arizona Mining, Washington Companies’ $1.2 billion acquisition of Dominion Diamond, and Hudbay Minerals’ $555 million acquisition of Augusta Resource Corporation.
Wray Carvelas provided 25 years of visionary leadership, developing and implementing ambitious strategic plans. Carelas is the founder and CEO of Ascencia Group, providing strategic and executive leadership development to the mining industry. He is also a director at Heritage Mining. Carvelas’ previous experience includes senior positions at DRA Global responsible for business growth and development in North and South America, as well as KBR, ELB, and De Beers managing development, production and metallurgical (R&D and capital management).
Frank Balint is a seasoned mining executive with over 35 years of broad-ranging experience in the mining industry. He has been involved in all aspects of the mining life cycle and possesses strong technical skills backed up by solid financial experience that have resulted in a strong exploration and acquisition track record. Previously a senior member of the executive team at Inmet for nearly 20 years, he was crucial in executing corporate strategy that saw Inmet grow its market cap to over $5 billion. He was the former director of Wolfden Resources, which was sold to Zinifex for $363 million. Balint is a licensed professional geologist in Ontario, British Columbia, and the Northwest Territories.
(TheNewswire)
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TORONTO, ON, January 10, 202 5 TheNewswire - Silver Crown Royalties Inc. (" Silver Crown ", " SCRi ", the " Corporation ", or the " Company ") (CBOE:SCRI; OTCQX:SLCRF; FRA:QS0) wishes to provide an update on its 2024 progress and 2025 expectations. Based on minimum silver payment obligations, we anticipate receipt of cash payments on 15,180 ounces of silver for 2024 and 36,063 ounces of silver in 2025 on our royalty portfolio.
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B acTech Environmental Corp. ("BacTech")– Bioleaching Facility in Tanquel, Ecuador
In the fourth quarter of 2024 we closed our first all-equity royalty purchase transaction on BacTech's future bioleaching facility in Tenguel, Ecuador and issued C$1.0 million of units of the Company (" Units ") at a deemed price of C$10 per Unit at closing. Each Unit consists of one common share in the capital of the company and one warrant entitling the holder thereof to acquire another common share at a price of C$16.00 for a period of 36 months from closing. BacTech is advancing a bioleaching facility in Ecuador with the expectation of first production within the next two years. Upon full deployment of royalty payments (an additional C$3.0 million in common shares at a deemed price of at C$10.00 per common share) BacTech is to deliver 90% of silver produced or 35,000 ounces per year, for a minimum of ten years, whichever is higher.
BacTech continues to make positive advancements regarding its bioleaching initiatives. Early last year BacTech, in collaboration with MIRARCO Mining Innovation, commissioned a bioleaching pilot plant in Sudbury to test bioleaching processes on pyrrhotite tailings, targeting the recovery of nickel, cobalt, and other valuable by-products. The pilot plant has completed baseline campaigns to ensure operational readiness, with full-scale testing planned to commence shortly. BacTech continues to expand its search for historic mine tailings in northern Peru to potentially supply feed for the Ecuador project or establish a base for a new plant near Trujillo, in northern Peru.
Gold Mountain – Elk Gold Mine, British Columbia, Canada
At the end of the third quarter of 2024 Silver Crown received the C$124,299 minimum royalty payment from Elk Gold Mining Corp. pursuant to the terms of the royalty agreement dated May 11, 2023. Cash payments delivered to Silver Crown pursuant to the terms of the Royalty Agreement now total C$216,296.
Gold Mountain encountered various financial challenges that reflected ongoing operational issues, including commissioning difficulties and delays that impacted production levels at the Elk Mine. These challenges stemmed from grade control and sampling inefficiencies during ramp-up, resulting in lower-than-forecast ore production. To address these challenges, the Company implemented a series of financial restructuring initiatives, that included issuing additional common shares, converting secured debt, raising additional capital by way of a convertible debenture and restructured secured obligations to improve its financial position.
Winter operations commenced in late November of 2024, with a planned return to normal operations by late February. The first phase of infill drilling, focused on the east bench, has been completed, supported by Phase 1 financing for exploration drilling. Currently, mining is focused on the east face of Pit 1, targeting the 1300 series vein system at surface. Construction of a new crushing and ore sorting system is set to begin by the end of the month, with the sorting system expected to significantly improve grades.
Pilar Gold Inc. – PGDM Mine, Goiás, Brazil
The restart of commercial production at the PGDM Complex was delayed from Q3 2024 to Q1 2025. Accordingly, while Pilar de Goiás Desenvolvimento Mineral Ltda. has acknowledged its obligation to make minimum royalty payments during Q3 2024 and Q4 2024, it has defaulted on its obligation to make its minimum royalty payment in the amount of US$81,536.41 for the quarter ending September 30, 2024 in accordance with the terms of the amended and restated royalty agreement dated April 26, 2024 between Silver Crown and Pilar (the " A&R Royalty Agreement "). The Company had previously agreed to forbear on enforcement action under the A&R Royalty Agreement pursuant to a letter forbearance agreement whereby Pilar agreed to release the C$100,000 contained in a segregated cash account to the Company and pay the balance of the Royalty Payment for the third quarter of 2024 and replenish the Segregated Cash Account no later than December 31, 2024. However, Pilar failed to pay the balance of the Royalty Payment for the third quarter of 2024 and failed to replenish the Segregated Cash Account on December 31, 2024.
Silver Crown will work in good faith with Pilar to cure the ongoing default and provide a further update to the market as soon as possible.
PPX Mining Corp. - Igor 4 project, Peru
During the fourth quarter in 2024 Silver Crown announced the signing of a definitive royalty agreement for up to 15% of the cash equivalent of silver produced from the Igor 4 project in Peru for an aggregate of US$2.5 million in cash. The first tranche of US$1.0 million is to be paid on closing which is expected to occur in early 2025, with the second tranche of US$1.5 million to be paid within six months of Closing. The Royalty will be payable immediately based on current operations at the Project and, beginning on and from the earlier of October 1, 2025 and the startup of metallurgical operations at the 250 tpd CIL and flotation plant currently under construction, will provide for minimum deliveries of the cash equivalent of 14,062.5 ounces of silver per quarter up to a total of 225,000 ounces. Upon the closing of the second tranche, and upon the delivery of the cash equivalent of an aggregate of 225,000 ounces of silver to Silver Crown, the Royalty will automatically terminate. PPX intends to use the proceeds from the sale of the Royalty together with other sources of financing to complete the construction of the Beneficiation Plan.
Peter Bures, Silver Crown's Chief Executive Officer commented, "We are very pleased to continue our collaboration with PPX and are excited about the opportunities the new year will bring. We have great faith in the company as skilled operators and are happy to support them in achieving their production milestones. We continue to be encouraged with progress at GMTN. Although we are disappointed by the non-payment of the PDGM royalty, we note the minimal impact (~C$14,000) to Silver Crown's revenues to date as we have set up internal protection against such an eventuality. In the meantime, we have been able to identify numerous opportunities to grow our revenue and will continue to advance such opportunities."
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, SCRi is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.
For further information, please contact:
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi's ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi's ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi's business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. 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, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
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TORONTO, ON, December 16, 2024 TheNewswire - Silver Crown Royalties Inc. (" Silver Crown ", " SCRi ", the " Corporation ", or the " Company ") (CBOE:SCRI; OTCQX:SLCRF; FRA:QS0) is pleased to announce the signing of a definitive silver royalty agreement (the " Agreement ") with PPX Mining Corp. (" PPX ") (TSXV:PPX; BVL:PPX).
The Agreement contemplates the acquisition of a royalty (the " Royalty ") for up to 15% of the cash equivalent of silver produced from PPX's Igor 4 project in Peru (the " Project ") less customary deductions for an aggregate of US$2.5 million in cash. The first tranche of US$1.0 million is to be paid on closing (" Closing ") which is expected to occur in early 2025, with the second tranche of US$1.5 million (the " Second Tranche ") to be paid within six months of Closing. Upon Closing, Silver Crown will be granted a Royalty for 6% of the cash equivalent of silver produced from the Project which will automatically be increased to 15% upon the completion of the Second Tranche. If the Second Tranche is not completed within 6 months of Closing, PPX may repurchase the royalty for US$1.0 million in cash less any Royalty payments made to date. The Royalty will be payable immediately based on current operations at the Project and, beginning on and from the earlier of October 1, 2025 and the startup of metallurgical operations at the 250 tpd CIL and flotation plant currently under construction at the Project (the " Beneficiation Plant "), will provide for minimum deliveries of the cash equivalent of 14,062.5 ounces of silver per quarter up to a total of 225,000 ounces. Upon the closing of the Second Tranche, and upon the delivery of the cash equivalent of an aggregate of 225,000 ounces of silver to Silver Crown, the Royalty will automatically terminate. PPX intends to use the proceeds from the sale of the Royalty together with other sources of financing to complete the construction of the Beneficiation Plan.
Peter Bures, Silver Crown's Chief Executive Officer commented, "the PPX transaction marks a significant step forward toward free cash flow for the Company while underscoring our diversification strategy. We are thrilled to welcome this Peruvian producer into our expanding portfolio of revenue-generating royalties. With over 20,000 annual silver ounces currently, we anticipate reaching 80,000 silver ounces annually by Q4 2025 with the full completion of this transaction."
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, SCRi is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.
For further information, please contact:
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi's ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi's ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi's business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. 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, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Silver Crown Royalties Inc. ("Silver Crown", "SCRi", the "Corporation", or the "Company") (Cboe:SCRI; OTCQX:SLCRF; FRA:QS0) is pleased to announce financial results and MD&A for the third quarter ended September 30, 2024 are being filed on SEDAR+ and our website today
In the third quarter SCRi received payments on 4,245 silver ounces (C$164,425). This compares favorably to the prior quarter ended June 30, 2024 of 2,880 ounces (C$107,875) and last year's third quarter ended September 30, 2023 of 1,500 ounces (C$42,627).
Peter Bures, Silver Crown's Chief Executive Officer, commented, "We're very proud to note that over the last year, we were able to increase silver delivery payments by 183%. Further, we increased revenues by almost 300% while the silver price increased 40% over the same timeframe. With our robust pipeline of opportunities, we continue to target aggressive silver delivery growth into next year and beyond."
Summary of Quarterly Results:
Three | Three | Three | |
Attributable Silver Deliveries | 4,245 | 2,880 | 1,500 |
% change (Q/Q and Y/Y) | 47% | 183% | |
Revenue | 164,425 | 107,785 | 42,627 |
% change (Q/Q and Y/Y) | 52% | 286% |
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which two are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.
For further information, please contact:
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to our robust pipeline of opportunities, we continue to target aggressive silver delivery growth into next year and beyond . Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi's ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi's business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. 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, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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TORONTO, ON TheNewswire - October 28, 2024 Silver Crown Royalties Inc. ("Silver Crown", "SCRi", the "Corporation", or the "Company") (Cboe:SCRI; OTCQX:SLCRF; FRA:QS0) is pleased to announce the signing of a definitive royalty purchase agreement (the " Agreement ") with BacTech Environmental Corporation (" BacTech ") (CSE:BAC, OTCQB:BCCEF). Pursuant to the terms of the Agreement, SCRi will be granted a royalty on BacTechs's future bioleaching facility in Tenguel, Ecuador (the " Project ") equal to the cash equivalent of 90% of the silver processed at Project (the " Royalty "). Additionally, the Royalty provides that SCRi is to receive payments of a minimum 35,000 ounces annually for at least ten years following the commencement of regular processing operations at the Project (" Commercial Production ").
The total purchase price for the Royalty is C$4,000,000 in SCRi units (" Units ") at a deemed value of C$10.00 per Unit, with each Unit consisting of a common share of SCRi and a common share purchase warrant entitling the holder to acquire an additional Common Share at a price of C$16.00 for a period of 36 months from issue, will be deployed in three tranches based on milestones as follows:
1) 100,000 Units will be issued to Bactech upon the grant of the Royalty at Closing,
2) 100,000 Units will be issued upon BacTech successfully financing the Project, and
3) 200,000 Units will be issued upon BacTech achieving Commercial Production.
Peter Bures, Silver Crown's Chief Executive Officer, commented, "We believe this transaction opens the door to a very exciting new opportunity for Silver Crown Royalties in Ecuador—a country with immense potential that is gaining recognition from companies such as Lundin Gold, Franco-Nevada, Osisko Gold Royalties, BHP and SolGold. Additionally, we are eager to cultivate a partnership with an operator that utilizes environmentally sensitive methods for precious metals extraction and seeks an innovative approach to further unlock value."
Ross Orr, BacTech's President and Chief Executive Officer, added: "We are happy to be working with Silver Crown. Many of the projects that we are looking at contain complimentary amounts of silver, and, as a shareholder in SCRi, it only makes sense for them to be our first call with any future silver ounces we acquire. We look forward to developing a long-standing mutual relationship with Silver Crown."
ABOUT BACTECH ENVIRONMENTAL
BacTech Environmental Corporation is a company that specializes in environmental technology. We use a process called bioleaching to recover metals like gold, silver, cobalt, nickel, and copper while also safely removing harmful contaminants like arsenic. This process is eco-friendly and uses naturally occurring bacteria that are safe for both humans and the environment. By using our proprietary method of bioleaching, we can neutralize toxic concentrates and tailings while also creating profitable opportunities. The company is publicly traded on several stock exchanges, including the CSE, OTCQB, and Frankfurt Stock Exchange.
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which two are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.
For further information, please contact:
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi's ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi's ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi's business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. 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, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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TORONTO, ON, October 17, 2024 TheNewswire Silver Crown Royalties Inc. ("Silver Crown", "SCRi", the "Corporation", or the "Company") (Cboe: SCRI; OTCQX: SLCRF; FRA: QS0) is excited to announce the appointment of Salman Partners as a Strategic Advisor to the Company.
CEO of Salman Partners, industry icon Terry Salman raised over $20 billion for over 400 exploration and mining companies. His 35+ year portfolio of experience includes executive roles at Nesbitt Thomson (acquired by BMO) where he was instrumental in forming the mining team and its mining conference in the 1990s.
Adding to his mining legacy is his dynamic public service presence, recently appointed to the Order of Canada for his contributions to mining exploration and for his generous philanthropy and community activism. He served with the United States Marine Corps and is a Vietnam veteran. Mr. Salman received an MBA from the University of Hartford. You can read about Mr. Salman's life's work in his recently published book "What We Give: From Marine to Philanthropist: A Memoir," available at https://www.whatwegivebook.com/ .
Mr. Salman remarked: "I am intrigued by this appointment as Strategic Advisor to Silver Crown Royalties. Silver Crown's unique royalty model offers investors a new approach to silver investing. I look forward to an interesting and progress driven working relationship."
"We are thrilled to welcome Terry Salman to our team as advisor. Terry's decades of experience in mining finance combined with his deep industry insights and strong leadership make him an invaluable asset to our team. Terry's commitment to excellence and his proven track record in the sector will be instrumental as we continue to grow and achieve our strategic objectives", commented Peter Bures CEO of Silver Crown Royalties
ABOUT SALMAN PARTNERS
Salman Partners is an independent advisory firm with a distinguished 30-year history in the financial services industry. Since its incorporation in September 1994, the firm has evolved from its origins as a licensed broker-dealer in Canada and the United States to become a trusted advisor in the resource sector. Throughout its extensive history, Salman Partners has provided expert guidance to over 400 companies, maintaining a rich tradition of excellence and integrity in financial advisory services.
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, SCRi is a publicly traded, revenue-generating silver-only royalty company focusing on silver as byproduct credits. SCRi aims to minimize the economic impact on mining projects while maximizing returns for shareholders. SCRi presently has two sources of revenue and continues to build on this foundation, targeting additional operational silver-producing projects.
For further information, please contact:
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include, but are not limited to statements with respect to SCRi's ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi's ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi's business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. 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, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Boab Metals (ASX:BML) is a base and precious metals explorer and developer progressing toward a final investment decision (FID) on its Sorby Hills project, a world-class lead-silver deposit. Boab Metals is poised to capitalize on the rising demand for lead and silver, delivering value to shareholders and supporting the global transition to sustainable energy systems.
The Sorby Hills project is strategically located 150 km from Wyndham Port providing access to excellent infrastructure, and green power from the Ord River hydroelectric plant. Boab Metals combines technical expertise, sustainable practices, and robust financial planning to advance the Sorby Hills project, which is slated to produce high-grade lead-silver concentrate through conventional open-pit mining.
Boab Metals owns 75 percent of the Sorby Hills Project, with the remaining 25 percent held by Henan Yuguang Gold & Lead Co., China's largest lead smelting and silver producer. The project boasts a substantial, high-quality resource base of 47.3 million ton resource base at 4.3 percent lead equivalent (123 g/t silver equivalent), including 53 million ounces of contained silver, all with significant exploration upside.
This Boab Metals profile is part of a paid investor education campaign.*
Click here to connect with Boab Metals (ASX:BML) to receive an Investor Presentation
Boab Metals is well-positioned to capitalize on the rising demand for lead and silver, delivering value to shareholders and supporting the global transition to sustainable energy systems.
Boab Metals (ASX:BML) is an ASX-listed base and precious metals explorer and developer with a flagship project poised for near-term production. Boab Metals is progressing toward a final investment decision (FID) on its Sorby Hills project, a world-class lead-silver deposit, underpinned .
Strategically located 150 km from Wyndham Port, the Sorby Hills project benefits from excellent infrastructure, including access to green power from the Ord River hydroelectric plant. The company's strategy combines technical expertise, sustainable practices, and robust financial planning to advance the Sorby Hills project, which is slated to produce high-grade lead-silver concentrate through conventional open-pit mining.
Strong economics underpin the project with a net present value (8 percent) of AU$411 million and a 37 percent internal rate of return, as confirmed by the completed front-end engineering design (FEED) study. Life-of-mine operating cash flow is pegged at AU$1.1 billion with an average annual EBITDA of AU$126 million. It boasts a competitive C1 cash cost of US$0.36/lb payable lead (after considering silver credits).
Further boosting the prospects of the Sorby Hills project a binding offtake and prepayment agreements with Trafigura, which ensured 75 percent of the lead-silver concentrate produced at Sorby Hills is pre-sold, providing a cornerstone financial foundation.
Boab Metals owns 75 percent of the Sorby Hills Project, with the remaining 25 percent held by Henan Yuguang Gold & Lead Co., China's largest lead smelting and silver producer. The project boasts a substantial, high-quality resource base of 47.3 million ton resource base at 4.3 percent lead equivalent (123 g/t silver equivalent), including 53 million ounces of contained silver, all with significant exploration upside.
An engineer with over 30 years of experience in the Australian mining industry, Gary Comb has a strong track record in successfully commissioning and operating base metal mines. He previously served as chairman of Finders Resources, and was the managing director of Jabiru Metals and CEO of BGC Contracting.
Appointed on October 19, 2013, Simon Noon brings more than 15 years of experience managing public resource companies. He has a strong background in strategic management, business planning, finance and capital raising across various commodities. Noon's notable achievements include leading the acquisition and development of the Sorby Hills project, resulting in a 50 percent increase in the mineral resource and the delivery of high-quality feasibility studies
A geologist with a successful career spanning over 30 years in the international mineral resource industry, Richard Monti has broad industry knowledge and strong strategic planning capabilities. He has more than 46 years of directorship experience in 13 ASX and TSX listed mining and exploration companies, building and managing teams of up to 70 personnel.
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) reports full year 2024 production of 4,471,824 silver ounces ("oz") and 39,047 gold oz, for silver equivalent ( 1) ("AgEq") production of 7.6 million oz. Fourth quarter production was 824,529 silver oz and 9,075 gold oz for 1.6 million AgEq oz.
"After operating at reduced capacity due to the Guanaceví trunnion failure in August, and subsequently resuming full capacity in December, we are satisfied with our production performance in Q4 and producing at the top range of our updated production guidance," said Dan Dickson, Chief Executive Officer. "The team demonstrated exceptional diligence and commitment throughout the 15 week recovery period, ensuring the timely fabrication and installation of the trunnion while maintaining seamless operations and bringing Guanaceví's plant back to its historical levels of 1,200 tonnes per day."
Q4 2024 Overview
Q4 2024 Mine Operations
In December, Guanaceví processing resumed to full capacity after the trunnion failure in August. After a 15 week period of operating at a reduced capacity averaging 620 tonnes per day ("tpd"), the newly fabricated trunnion was installed on schedule on November 30, with alignment testing occurring over the ensuing two weeks, restoring the plant to its designed capacity of 1,200 tpd. The total cost of fabrication and installation was US$400,000.
Consolidated silver production decreased 41% to 824,529 ounces in Q4 2024 compared to Q4 2023, primarily driven by 25% lower throughput caused by reduced operating capacity at Guanaceví after the trunnion failure in August. Gold production decreased by 6% to 9,075 ounces in Q4 2024 compared to Q4 2023, primarily due to the decrease in throughput, partially offset by higher gold grades mined at both Guanaceví and Bolañitos as well as higher gold recoveries.
1 Silver equivalent ( AgEq ): AgEq is calculated using an 80:1 silver:gold ratio. Ounces are troy ounces.
Production Highlights for the Three and Twelve Months Ended December 31, 2024
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||
| 165,591 | 220,464 | (25 | %) | Throughput (tonnes) | 781,439 | 874,382 | (11 | %) |
| 824,529 | 1,406,423 | (41 | %) | Silver ounces produced | 4,471,824 | 5,672,703 | (21 | %) |
| 9,075 | 9,608 | (6 | %) | Gold ounces produced | 39,047 | 37,858 | 3 | % |
| 817,292 | 1,396,315 | (41 | %) | Payable silver ounces produced | 4,438,354 | 5,627,379 | (21 | %) |
| 8,898 | 9,440 | (6 | %) | Payable gold ounces produced | 38,327 | 37,189 | 3 | % |
| 1,550,529 | 2,175,063 | (29 | %) | Silver equivalent ounces produced 1 | 7,595,584 | 8,701,343 | (13 | %) |
| 654,519 | 1,332,648 | (51 | %) | Silver ounces sold | 4,645,574 | 5,669,760 | (18 | %) |
| 8,343 | 9,417 | (11 | %) | Gold ounces sold | 38,522 | 37,186 | 4 | % |
Production Tables for the Three Months Ended December 31, 2024 by Mine
| Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold | ||
| by mine | Processed | per day | Ag gpt | Au gpt | Ag % | Au % | Ounces | Ounces | ||
| Guanaceví | 58,798 | 639 | 440 | 1.53 | 86.4 | % | 90.7 | % | 718,797 | 2,622 |
| Bolañitos | 106,793 | 1,161 | 36 | 1.95 | 85.5 | % | 96.4 | % | 105,732 | 6,453 |
| Consolidated | 165,591 | 1,800 | 179 | 1.80 | 86.3 | % | 94.7 | % | 824,529 | 9,075 |
Production Tables for the Twelve Months Ended December 31, 2024 by Mine
| Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold | ||
| by mine | Processed | per day | Ag gpt | Au gpt | Ag % | Au % | Ounces | Ounces | ||
| Guanaceví | 353,793 | 967 | 397 | 1.35 | 89.0 | % | 90.0 | % | 4,019,197 | 13,817 |
| Bolañitos | 427,646 | 1,168 | 39 | 1.98 | 84.4 | % | 92.7 | % | 452,627 | 25,230 |
| Consolidated | 781,439 | 2,135 | 201 | 1.69 | 88.5 | % | 91.7 | % | 4,471,824 | 39,047 |
gpt = grams per tonne
Totals may not add up due to rounding
About Endeavour Silver
Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Qualified Person
Dale Mah, P.Geo., Vice President Corporate Development, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters in this news release.
2024 Financial Results and Conference Call
The Company's annual 2024 financial results will be released before market open on Tuesday March 11, 2025, and management will host a conference call the same day at 10:00 a.m. PT / 1:00 p.m. ET to discuss the results.
| Date: Time: Telephone: Replay: | Tuesday March 11, 2025 10:00am PT / 1:00pm ET Canada & US +1-844-763-8274 International +1-647-484-8814 Canada & US +1- 855-669-9658 International +1-412-317-0088 Access code is 9624341; audio replay will be available on Company's website |
Contact Information
Allison Pettit
Director, Investor Relations
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance, the use of proceeds from Endeavour's financings, the release of Endeavour's financial results and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecast mine economics, mining operations will function and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
News Provided by GlobeNewswire via QuoteMedia
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) reports full year 2024 production of 4,471,824 silver ounces ("oz") and 39,047 gold oz, for silver equivalent ( 1) ("AgEq") production of 7.6 million oz. Fourth quarter production was 824,529 silver oz and 9,075 gold oz for 1.6 million AgEq oz.
"After operating at reduced capacity due to the Guanaceví trunnion failure in August, and subsequently resuming full capacity in December, we are satisfied with our production performance in Q4 and producing at the top range of our updated production guidance," said Dan Dickson, Chief Executive Officer. "The team demonstrated exceptional diligence and commitment throughout the 15 week recovery period, ensuring the timely fabrication and installation of the trunnion while maintaining seamless operations and bringing Guanaceví's plant back to its historical levels of 1,200 tonnes per day."
Q4 2024 Overview
Q4 2024 Mine Operations
In December, Guanaceví processing resumed to full capacity after the trunnion failure in August. After a 15 week period of operating at a reduced capacity averaging 620 tonnes per day ("tpd"), the newly fabricated trunnion was installed on schedule on November 30, with alignment testing occurring over the ensuing two weeks, restoring the plant to its designed capacity of 1,200 tpd. The total cost of fabrication and installation was US$400,000.
Consolidated silver production decreased 41% to 824,529 ounces in Q4 2024 compared to Q4 2023, primarily driven by 25% lower throughput caused by reduced operating capacity at Guanaceví after the trunnion failure in August. Gold production decreased by 6% to 9,075 ounces in Q4 2024 compared to Q4 2023, primarily due to the decrease in throughput, partially offset by higher gold grades mined at both Guanaceví and Bolañitos as well as higher gold recoveries.
1 Silver equivalent ( AgEq ): AgEq is calculated using an 80:1 silver:gold ratio. Ounces are troy ounces.
Production Highlights for the Three and Twelve Months Ended December 31, 2024
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||
| 165,591 | 220,464 | (25 | %) | Throughput (tonnes) | 781,439 | 874,382 | (11 | %) |
| 824,529 | 1,406,423 | (41 | %) | Silver ounces produced | 4,471,824 | 5,672,703 | (21 | %) |
| 9,075 | 9,608 | (6 | %) | Gold ounces produced | 39,047 | 37,858 | 3 | % |
| 817,292 | 1,396,315 | (41 | %) | Payable silver ounces produced | 4,438,354 | 5,627,379 | (21 | %) |
| 8,898 | 9,440 | (6 | %) | Payable gold ounces produced | 38,327 | 37,189 | 3 | % |
| 1,550,529 | 2,175,063 | (29 | %) | Silver equivalent ounces produced 1 | 7,595,584 | 8,701,343 | (13 | %) |
| 654,519 | 1,332,648 | (51 | %) | Silver ounces sold | 4,645,574 | 5,669,760 | (18 | %) |
| 8,343 | 9,417 | (11 | %) | Gold ounces sold | 38,522 | 37,186 | 4 | % |
Production Tables for the Three Months Ended December 31, 2024 by Mine
| Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold | ||
| by mine | Processed | per day | Ag gpt | Au gpt | Ag % | Au % | Ounces | Ounces | ||
| Guanaceví | 58,798 | 639 | 440 | 1.53 | 86.4 | % | 90.7 | % | 718,797 | 2,622 |
| Bolañitos | 106,793 | 1,161 | 36 | 1.95 | 85.5 | % | 96.4 | % | 105,732 | 6,453 |
| Consolidated | 165,591 | 1,800 | 179 | 1.80 | 86.3 | % | 94.7 | % | 824,529 | 9,075 |
Production Tables for the Twelve Months Ended December 31, 2024 by Mine
| Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold | ||
| by mine | Processed | per day | Ag gpt | Au gpt | Ag % | Au % | Ounces | Ounces | ||
| Guanaceví | 353,793 | 967 | 397 | 1.35 | 89.0 | % | 90.0 | % | 4,019,197 | 13,817 |
| Bolañitos | 427,646 | 1,168 | 39 | 1.98 | 84.4 | % | 92.7 | % | 452,627 | 25,230 |
| Consolidated | 781,439 | 2,135 | 201 | 1.69 | 88.5 | % | 91.7 | % | 4,471,824 | 39,047 |
gpt = grams per tonne
Totals may not add up due to rounding
About Endeavour Silver
Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Qualified Person
Dale Mah, P.Geo., Vice President Corporate Development, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters in this news release.
2024 Financial Results and Conference Call
The Company's annual 2024 financial results will be released before market open on Tuesday March 11, 2025, and management will host a conference call the same day at 10:00 a.m. PT / 1:00 p.m. ET to discuss the results.
| Date: Time: Telephone: Replay: | Tuesday March 11, 2025 10:00am PT / 1:00pm ET Canada & US +1-844-763-8274 International +1-647-484-8814 Canada & US +1- 855-669-9658 International +1-412-317-0088 Access code is 9624341; audio replay will be available on Company's website |
Contact Information
Allison Pettit
Director, Investor Relations
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance, the use of proceeds from Endeavour's financings, the release of Endeavour's financial results and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecast mine economics, mining operations will function and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
News Provided by GlobeNewswire via QuoteMedia