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,FRA:QS0) is a 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 a 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.
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.
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.
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.
Silver Crown Royalties signed a definitive silver royalty agreement with PPX Mining (TSXV:PPX, BVL:PPX) to acquire royalty for up to 15 percent of the cash equivalent of silver produced from PPX's Igor 4 project in Peru. PPX Mining conducted drilling in late 2017 and early 2018 and discovered a new, shallow, lower-grade gold and silver mineralized zone at Portachuelos, 800 metres south of the Callanquitas resource.
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.
Creating the world’s premier silver-only royalty company
(TheNewswire)
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Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) ( "Silver Crown" "SCRi" the "Corporation" or the "Company" ) is pleased to announce the purchase of 1,000 ounces of physical silver in the spot market as part of its silver exposure strategy
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The purchase was completed at an average price of $30.65 per ounce and reflects an 8% discount to 20-day VWAP and an 11% discount to recent highs. The average price was based on spot price of US$30.15 per ounce plus a premium of US$0.50 per ounce, for a total investment of US$30,650. The physical silver will be stored with Money Metals Depository LLC, with the exact location to be confirmed, potentially at a designated sub-custodian facility managed by the depository.
Photo Credit: MoneyMetals.com
Peter Bures, Silver Crown's Chief Executive Officer, commented, "We strive to maintain an adequate working capital position of at least six months. We feel it is only prudent as a silver only royalty company to convert a portion of that cash to physical silver. SCRi's ultimate vision is to provide a vehicle that serves as a hedge against currency devaluation, and we therefore feel it would be hypocritical to have exposure to 100% fiat money. We appreciate our investors want exposure to silver, not fiat, which they can achieve easily without our assistance. The purchase was made with a cash payment received from PPX effectively converting a cash payment to physical silver bullion delivery."
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown Royalties ( Cboe: SCRI | OTCQX: SLCRF | BF: QS0 ) is a publicly traded, silver royalty company. Silver Crown (SCRi) currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure that allows 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, SCRi's ultimate vision is to provide a vehicle that serves as a hedge against currency devaluation, and we therefore feel it would be hypocritical to have exposure to 100% fiat money . 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.
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TORONTO, ON TheNewswire - March 31, 2025 Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) (" Silver Crown ", " SCRi ", or the " Company ") is pleased to provide an update on its non-brokered offering of units ("Units ") that was previously announced on February 6, 2025 (the " Offering ").
In connection with the Offering, the Company has successfully closed the second tranche (" Second Tranche ") and issued 75,310 Units at a price of C$6.50 per Unit, for gross proceeds of approximately C$489,515. Each Unit consists of one common share (" Common Share ") and one Common Share purchase warrant (" Warrant "), with each Warrant exercisable to acquire one additional Common Share at an exercise price of C$13.00 for a period of three years from the closing date. The total units issued under this Offering total 142,848 for cumulative gross proceeds of C$928,512.
The proceeds from the Second Tranche will be used to partially fund the second tranche of the Company's silver royalty acquisition on the Igor 4 project in Peru, as well as general and administrative expenses. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The closing was subject to customary conditions, including the approval of Cboe Canada Inc.
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown Royalties ( Cboe: SCRI | OTCQX: SLCRF | BF: QS0 ) is a publicly traded, silver royalty company. Silver Crown (SCRi) currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure that allows 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, the proceeds from the Second Tranche will be used to partially fund the second tranche of the Company's silver royalty acquisition on the Igor 4 project in Peru, as well as general and administrative expenses. 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.
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All figures are stated in Canadian dollars unless otherwise noted.
TORONTO, ON TheNewswire - March 26, 2025 Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) ( "Silver Crown" "SCRi" the "Corporation" or the "Company" ) is pleased to announce the release of its financial results for the year ended December 31, 2024. The Company has filed its audited consolidated financial statements, management's discussion & analysis and annual information form for the year ended December 31, 2024 on SEDAR+ ( www.sedarplus.ca ) and will be uploading these filings to its website today.
In the fourth quarter of fiscal 2024, SCRi recorded revenue of $234,702 based on the minimum aggregate quarterly payments of the cash equivalent (" Minimum Payments ") of 5,500 silver ounces under its royalties compared to the previous quarter's revenue of $164,425 that was based on Minimum Payments of 4,245 silver ounces. SCRi revenue for the fourth quarter of fiscal 2023 was $52,976 based on Minimum Payments of 1,837 silver ounces.
Silver Ounce and Revenue Growth Profile
Source: SEDAR+, company filings
Summary of Quarterly Results
Three months ended December 31, 2024 | Three months ended September 30, 2024 | Three months ended December 31, 2023 | |
Attributable Silver Ounces | 5,500 1 | 4,245 | 1,837 |
% change (Q/Q and Y/Y) | 30% | 199% | |
Revenue | $234,702 | $164,425 | $52,976 |
% change (Q/Q and Y/Y) | 43% | 343% |
1 Note: The Minimum Payment due for the fourth quarter of fiscal 2024 on the Company's royalty on the PGDM Complex owned by a
subsidiary Pilar Gold Inc. remains overdue and outstanding.
Peter Bures, Silver Crown's Chief Executive Officer, commented, "I'm happy to announce that Q4 of 2024 marks our seventh consecutive quarter of growth in revenue that is based on underlying silver ounces earned under various royalty agreements. This milestone reflects our ability to execute our strategy as well as the drive and dedication of our team. Looking back, our full-year 2024 revenue has climbed to $581,337 from $124,772 in 2023, a 366% increase - a significant achievement for our team and shareholders. We note that with the early payment of the PPX/Igor 4 royalty, Q1 2025 is expected to be another record silver payment and revenue quarter."
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown Royalties ( Cboe: SCRI | OTCQX: SLCRF | BF: QS0 ) is a publicly traded, silver royalty company. Silver Crown (SCRi) currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure that allows 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, " We note that with the early payment of the PPX/Igor 4 royalty, Q1 2025 is expected to be another record silver payment and revenue quarter"- . 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.
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TORONTO, ON TheNewswire - March 21, 2025 Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) ( "Silver Crown" "SCRi" the "Corporation" or the "Company" ) is pleased to announce the receipt of payments on its producing royalties. PPX Mining Corp. (" PPX ") has paid the royalty due to SCRi for the period ending March 31, 2025 in full in the amount of US$40,672.70 several weeks before it was due. Additionally, Elk Gold Mining Corp. (" Elk Gold "), a wholly owned subsidiary of Gold Mountain Mining Corp. (" GMTN "), has paid the first C$29,811.99 of its royalty payment due for the quarter ended December 31, 2024. Pursuant to a letter agreement dated February 5, 2025, SCRi agreed to delay Elk Gold's payment of the residual $30,070.25 royalty payment due to SCRi for the quarter ended December 31, 2024 until March 31, 2025. SCRi anticipates that Elk Gold will pay this residual amount owing on or before March 31, 2025.
On Monday, March 17, 2025, GMTN announced financial and operating results for the fourth quarter ended January 31, 2025. Highlights from the three months ended January 31 st , 2025 include gold sales of 291 oz from 10,055 tonnes delivered grading at an average of 1.23 g/t. Low production results realized during the period were directly attributable to the planned winter work program, which substantially reduced operations throughout the quarter. As a result, production from the Elk Gold Project is consistent with the reduced activity level. The combination of lower stripping volumes and anticipated lower gold production in Q4 2025 resulted in reduced unit costs compared to Q4 2024.
Historically, the silver to gold ratio at the Elk Gold mine was 2:1, implying silver production of approximately 573 oz during the period. SCRi's royalty agreement with Elk Gold provides for a minimum quarterly royalty payment equal to the cash equivalent of 1,500 ounces of silver, almost 300% of the current quarterly silver output at the mine. Although part of GMTN's update noted that its current technical report on the Elk Gold Project should not be relied upon, the minimum delivery ounces will remain unchanged while the Elk Gold Project remains in operation.
Peter Bures, Silver Crown's Chief Executive Officer commented, "We are thankful to PPX for their early royalty payment to SCRi, which showcases the successful ongoing operations at Igor 4. We are also encouraged by GMTN's payment as mining at Elk resumes following the winter work program. We remain committed to supporting our partners and greatly value the collaborative endeavors that contribute to our collective achievements. Furthermore, we wish to underscore the efficacy of our minimum delivery provision, which has proven instrumental in mitigating additional downside risk associated with operating mines."
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown Royalties ( Cboe: SCRI | OTCQX: SLCRF | BF: QS0 ) is a publicly traded, silver royalty company. Silver Crown (SCRi) currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure that allows 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, SCRi anticipates that Elk Gold will pay this residual amount owing on or before March 31, 2025. 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, FEBRUARY 24, 2025 TheNewswire - Silver Crown Royalties Inc. ( "Silver Crown" "SCRi" the "Corporation" or the "Company" ) is pleased to announce that it has engaged Investor Cubed Inc. (" Investor Cubed ") to provide investor relations and shareholder communications services in Canada. The terms of the consulting agreement with Investor Cubed (the " Agreement ") provide for up to a one-year term (terminable at SCRi's option after three months), provides for cash compensation of C$10,000 per month payable by Silver Crown to Investor Cubed for services rendered pursuant to the terms of the Agreement. Subject to approval by Cboe Canada Inc., Investor Cubed will also be entitled to 25,000 common shares of Silver Crown to be issued in equal quarterly instalments over the one-year term subject to termination clause under the Agreement.
Neil Simon, CEO of Investor Cubed, stated, "Investor Cubed is excited to begin working with Silver Crown. We have been interested Silver and looking for an ideal way to capitalize on the strong price movement and bullishness of the commodity. We believe Silver Crown offers an ideal way to invest in Silver without all the associated risks when investing in silver mining companies. Silver Crown is poised to deliver strong results and increased growth for its shareholders".
Silver Crown is also pleased to announce that it has successfully closed the first tranche of its previously announced non-brokered private placement. The Company issued 67,538 units (" Units ") at a price of C$6.50 per Unit, for gross proceeds of approximately C$439,000. Each Unit consists of one common share (" Common Share ") and one common share purchase warrant (" Warrant "), with each Warrant exercisable to acquire one additional Common Share at an exercise price of C$13.00 for a period of three years from the closing date. The proceeds from this tranche will be used to partially fund the second tranche of the Company's silver royalty acquisition on the Igor 4 project in Peru, as well as general and administrative expenses. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The closing was subject to customary conditions, including the approval of Cboe Canada Inc.
"We look forward to leveraging Investor Cubed's experience and client base. We believe this will boost our ability to connect Silver Crown Royalties with key Canadian investors," stated Peter Bures, CEO of Silver Crown Royalties. "Their expertise and the first tranche closing strengthen our financial position and serve to elevate our presence in Canada's investment community."
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
Investor Cubed Inc.
Neil Simon, CEO Telephone: 647-258-3310
Email: nsimon@investor3.ca
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, "We look forward to leveraging Investor Cubed's experience and client base. We believe this will boost our ability to connect Silver Crown Royalties with key Canadian investors", and "Their expertise and the first tranche closing strengthen our financial position and serve to elevate our presence in Canada's investment community." 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.
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the release of its 2024 Sustainability Report and the mailing of its meeting materials for the Company's upcoming 2025 Annual General Meeting of Shareholders (the "2025 AGM").
2024 SUSTAINABILITY REPORT
The Company's 2024 Sustainability Report has been prepared primarily in alignment with the Sustainability Accounting Standards Board ("SASB") reporting standards, and summarizes the Company's sustainability-related performance for the 2024 calendar year.
Record Safety Performance: Achieved the Company's best health and safety performance on record, including a 48% annual reduction in TRIFR and 70% annual reduction in LTIFR.
Inclusive Excellence: Invested in our own employees' futures, recording 16 inter-company transfers, 67 promotions to higher roles, and providing 33% of our mine site employees with skills-based training.
Carbon Reduction: Reporting our lowest carbon footprint on record, achieving a 33% annual reduction in carbon footprint per tonne of ore processed, and a total reduction in our carbon footprint of 44% compared to the baseline set out in our first sustainability report in 2019.
Community Involvement: Partnered with our local communities on impactful projects, investing over US$1.2 million in our communities during 2024. Strong community support is reflected in an 89% annual reduction in community complaints and no community-related technical delays in 2024.
ESG Recognition: The Company continued its trend of improvement within sustainability ratings and rankings, and by the end of 2024, we placed in the top 20% of the mining industry as ranked by ISS ESG, the top 34% by S&P Global, the top 41% by Sustainalytics, and the top 42% by the London Stock Exchange Group.
The 2024 Sustainability Report provides shareholders and stakeholders of First Majestic an annual progress report against our public sustainability commitments. The Company is pleased to share that in 2024 we met all of our sustainability targets and commitments and achieved our best carbon footprint and health and safety performance on record.
"Sustainability and Accountability are two of our core values at First Majestic," said Keith Neumeyer, President & CEO of First Majestic. "Last year, we built on our long history of responsible management by further applying these values, publicly sharing with all stakeholders our commitments to excellence in eight sustainability topic areas. I am pleased to share that we have met our targets across all these areas. I applaud everyone at First Majestic for their ability to commit and deliver on these goals and look forward to continuing to report on our progress."
For further performance data and information about how First Majestic manages sustainability-related areas of its business, the 2024 Sustainability Report and accompanying documents are available on the Sustainability Report Hub of the Company's website at www.firstmajestic.com/sustainability/report-hub/.
2025 AGM INFORMATION
The Company's 2025 AGM will be held on Tuesday, May 20, 2025, at 10:00 a.m. (Pacific Time) at the offices of Bennett Jones LLP, located at Suite 2500 - 666 Burrard Street, Vancouver, British Columbia V6C 2X8.
As in prior years, the Company has adopted the notice and access model ("Notice and Access") under National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer for the delivery to shareholders of record as of March 31, 2025 (the "Record Date") of the Notice of Meeting, Management Information Circular, Form of Proxy or Voting Instruction Form (as applicable) and our audited financial statements and management's discussion and analysis for the year ended December 31, 2024 (collectively, the "Meeting Materials") in connection with the 2025 AGM.
Under Notice and Access, instead of receiving printed copies of the Meeting Materials, shareholders receive a Notice and Access notification containing details relating to the 2025 AGM such as the date, location and purpose, as well as information on how they can access the Meeting Materials electronically. Using the Notice and Access method allows us to deliver the Meeting Materials to our shareholders in a more environmentally friendly and sustainable way that helps reduce paper usage and our carbon footprint, and it reduces our printing and mailing costs. However, shareholders with existing instructions on their account to receive printed materials will receive a printed copy of the Meeting Materials, and any other shareholders who wish to receive a printed copy of the Meeting Materials may follow the instructions set out in the Notice and Access notification that they will receive.
The Company has retained Kingsdale Advisors to assist anyone who is a First Majestic shareholder as of the Record Date with voting their shares. Once you have received the Meeting Materials in the mail, if you need assistance with voting your First Majestic shares, please reach out to Kingsdale Advisors by telephone at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside of North America), or by e-mail at contactus@kingsdaleadvisors.com.
The Meeting Materials for the 2025 AGM may be found at the following website: www.FirstMajesticAGM.com. Please review the Meeting Materials for instructions relating to voting your First Majestic shares. You may also access the Meeting Materials by scanning the QR code below with your smart device:
2025 AGM Materials QR code
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The Company looks forward to the support of its shareholders at the 2025 AGM, and notes that management recommends that shareholders vote "FOR" all resolutions that are set out in the Meeting Materials.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the time and place of the 2025 AGM. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
Although the Company 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. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the first quarter of 2025 from the Company's four producing underground mines in Mexico, namely the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine reached 7.7 million silver equivalent ("AgEq") ounces, consisting of 3.7 million silver ounces, 36,469 gold ounces, 12.5 million pounds of zinc and 7.5 million pounds of lead.
"The first quarter of 2025 is paving the way for a transformational 2025 for First Majestic," said Keith Neumeyer, President & CEO. "Our team continues to focus on safe production across all our operations, and I am pleased to see another record safety performance combined with an all-time record for silver production this quarter. Operations at Cerro Los Gatos were excellent during the quarter, with the district now accounting for nearly 30% of the Company's production portfolio. The results achieved this quarter by the Company, throughout a busy time closing the Gatos acquisition and integrating the Cerro Los Gatos operation into our portfolio, truly demonstrate the quality of the First Majestic team."
Q1 2025 PRODUCTION HIGHLIGHTS
Record Silver Production (+88% Y/Y): The Company produced 3.7 million silver ounces in Q1 2025 representing an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Total silver production in the quarter included 1.4 million ounces of attributable silver production from Cerro Los Gatos as well as a notable 17% (0.2 million ounce) increase at San Dimas primarily due to operational improvements.
Strong Silver Equivalent Production (+49% Y/Y): The Company produced 7.7 million AgEq ounces in Q1 2025 representing a 49% increase when compared to 5.2 million AgEq ounces produced in Q1 2024 driven by an 88% increase in attributable consolidated silver production and a 1% increase in gold production. The significant increase resulted from the inclusion of attributable production from Cerro Los Gatos, as well as an 11% increase in production at San Dimas.
Continued Active Exploration Program: During the first quarter, the Company completed a total of 61,219 metres ("m") of drilling across its mines in Mexico. Throughout the quarter, up to 28 drill rigs were active consisting of seven rigs at Cerro Los Gatos, seven rigs at Santa Elena, 13 rigs at San Dimas, and one rig at La Encantada.
Conversion to Liquefied Natural Gas ("LNG") at San Dimas: The replacement of the diesel generators used for on-site back-up power at San Dimas with LNG units is near completion, with four 1 megawatt ("MW") LNG generators on site that will commence operating in Q2 2025. We expect this shift to LNG to generate substantial cost-savings and will result in a reduction in carbon emissions of up to 25%, when back-up power is required.
Record Safety Performance Continues (-65% Y/Y): The consolidated Q1 2025 Total Reportable Incident Frequency Rate ("TRIFR") was 0.17, well below the Company's 2025 target KPI of 0.70 and a 65% improvement compared to Q1 2024. The Lost Time Incident Frequency Rate ("LTIFR") was 0.06 compared to 0.08 from the same period last year. The Cerro Los Gatos operation finished Q1 without a reportable incident, a significant milestone in the operation's history.
Attributable Consolidated Production Details:
| Q1 | Q1 | Y/Y | Q4 | Q/Q | |
| 2025 | 2024 | Change | Attributable Consolidated Production Results | 2024 | Change |
| 944,373 | 588,651 | 60% | Ore processed/tonnes milled | 745,124 | 27% |
| 7,711,709 | 5,162,283 | 49% | Silver equivalent ounces | 5,713,289 | 35% |
| 3,704,503 | 1,975,176 | 88% | Silver ounces produced | 2,353,865 | 57% |
| 36,469 | 35,936 | 1% | Gold ounces produced | 39,506 | (8)% |
| 12,492,869 | N/A | N/A | Zinc pounds produced | N/A | N/A |
| 7,487,065 | N/A | N/A | Lead pounds produced | N/A | N/A |
Q1 2025 Mine-by-Mine Production Details:
| Mine | Ore Processed | Tonnes per Day | Ag Grade (g/t) | Au Grade (g/t) | Ag Recovery | Au Recovery | Ag Oz Produced | Au Oz Produced | AgEq Oz Produced |
| Cerro Los Gatos (100%) | 276,892 | 3,692 | 262 | 0.24 | 89% | 53% | 2,063,884 | 1,134 | 3,217,511 |
| Cerro Los Gatos (70%) | 193,825 | 3,692 | 262 | 0.24 | 89% | 53% | 1,444,719 | 794 | 2,252,258 |
| Santa Elena | 270,203 | 2,969 | 58 | 2.59 | 68% | 95% | 339,784 | 21,408 | 2,259,772 |
| San Dimas | 231,190 | 2,541 | 203 | 2.04 | 90% | 94% | 1,359,378 | 14,241 | 2,636,689 |
| La Encantada | 249,155 | 2,738 | 104 | 0.00 | 67% | 90% | 560,622 | 26 | 562,990 |
Cerro Los Gatos Silver Mine (reported on a 70% attributable basis):
Cerro Los Gatos produced 2,252,258 attributable AgEq ounces, consisting of 1,444,719 ounces of silver, 12,492,869 pounds of zinc, 7,487,065 pounds of lead and 794 ounces of gold.
The mill processed a total of 193,825 tonnes of ore, with silver, zinc, lead and gold head grades of 262 g/t, 4.08%, 1.98% and 0.24 g/t, respectively.
Silver, zinc, lead and gold recoveries during the quarter averaged 89%, 72%, 89% and 53%, respectively.
During the quarter, seven drill rigs completed 14,880 m of drilling on the property.
Santa Elena Silver/Gold Mine:
Santa Elena produced 2,259,772 AgEq ounces, consistent with the same period last year, consisting of 339,784 ounces of silver and 21,408 ounces of gold.
The mill processed 270,203 tonnes of ore, 20% higher than the same period last year, with average silver and gold head grades of 58 g/t and 2.59 g/t, respectively.
Silver and gold recoveries during the quarter averaged 68% and 95%, respectively, consistent with 69% and 95% in the same period last year.
During the quarter, seven drill rigs consisting of five surface rigs and two underground rigs completed 16,809 m of drilling on the property.
San Dimas Silver/Gold Mine:
San Dimas produced 2,636,689 AgEq ounces during the quarter representing an 11% increase compared to Q1 2024, consisting of 1,359,378 ounces of silver and 14,241 ounces of gold. Silver production increased by 17%, while gold production increased by 5%, when compared to the same period last year. The increase in silver and gold production was driven by a 29% increase in ore tonnes processed, partially offset by lower metal grades.
The mill processed 231,190 tonnes of ore, an increase of 29% compared to Q1 2024, with average silver and gold grades of 203 g/t and 2.04 g/t, respectively, compared with 220 g/t and 2.45 g/t in the same period last year.
Silver and gold recoveries during the quarter averaged 90% and 94%, respectively, compared to 92% and 96% in the same period last year.
During the quarter, a total of 13 drill rigs consisting of three surface rigs and 10 underground rigs completed 28,535 m of drilling on the property.
La Encantada Silver Mine:
During the quarter, La Encantada produced 560,622 ounces of silver, representing a 23% increase compared to Q1 2024, driven primarily by a 34% increase in ore processed and a 7% increase in silver recovery, partially offset by lower silver grades.
The mill processed 249,155 tonnes of ore, a 34% increase over the same period last year, with an average silver grade of 104 g/t, compared to 123 g/t in the same period last year.
Silver recovery for the quarter was 67%, compared to 62% in Q1 2024.
During the quarter, one underground drill rig completed 995 m of drilling on the property.
Q1 2025 EARNINGS AND DIVIDEND ANNOUNCEMENT
The Company plans to release its first quarter 2025 unaudited financial results, and announce its dividend payment for the first quarter of 2025, and shareholder record and payable dates for such dividend payment, after market close on May 7, 2025.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at http://www.firstmint.com/, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the timing for the release of the Company's financial results for the first quarter of 2025; the timing to replace the diesel generators at San Dimas with LNG generators; statements relating to cost-savings and reduction in carbon emissions from using LNG generators at San Dimas; timing for the announcement of the Company's first quarter dividend payment and the shareholder record and payable dates in connection with such dividend payment; and operations at the Company's 100%-owned and operated minting facility and production of bullion from the mint. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of global health crises, such as pandemics, on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; social and labour unrest; relations with local communities; changes in national or local governments; changes in applicable legislation, rules or regulations and the application and enforcement thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic 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.
The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
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