The Conversation (0)
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Drilling to test high-grade silver targets at the West Fault, Main Fault and Bighorn
Silver North Commences Drilling at Haldane Property
Vancouver, BC, September 10, 2024 TheNewswire Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF) " Silver North " or the " Company ") is pleased to announce that the 2024 drilling campaign has commenced at the wholly owned Haldane Property in the historic Keno Hill Silver District, Yukon. Approximately 1,000 metres of drilling is planned for 3 holes testing the West Fault, Main Fault and Bighorn targets. The 8,579 hectare Haldane Property is located 25 km west of Keno City, YT and hosts numerous occurrences of silver-lead-zinc-bearing quartz siderite veins as seen elsewhere in the district.
"Silver North's second drill program of 2024 targeting high grade silver mineralization is underway," stated Jason Weber, P.Geo., President and CEO of Silver North. "This is an exciting time for Silver North shareholders as we await the analytical results from Tim and now are drilling three high priority targets at Haldane. We aim to build on the strike and down dip extents at West Fault, attempt to intersect the Main Fault at depth and build on the only hole testing the Bighorn target."
Drilling will target the West Fault, Main Fault and Bighorn areas. Drilling at West Fault will aim to expand upon high grade silver mineralization intersected in recent drilling such as 3.14 metres (true width) averaging 1,351 g/t silver, 2.43% lead and 2.91% zinc. The West Fault structure has been traced for over 650 metres of strike length and is interpreted to extend to 1.1 km in length before merging with the 2.2 km long Main Fault structure.
Drilling at the West Fault will target the interpreted southwest plunge of the mineralization with an approximate 50 m step-out from the high-grade result returned from HLD21-24 (3.14 metres (true width) averaging 1,351 g/t silver, 2.43% lead and 2.91% zinc). A second hole targeting the West Fault and Main Fault will test the West Fault approximately 190 m along strike to the southwest from HLD21-24 and approximately 75m downdip from HLD11-06 that returned 3.04 metres averaging 0.472 g/t gold, 190.8 g/t silver, 4.33% lead and 2.61 % zinc from a very poorly recovered highly oxidized intersection of the vein. This hole is intended to continue to intersect the Main Fault approximately 275m downdip and between the Main and Main South surface showings. A nearby shallow drill hole from 2011 returned 3.08 m averaging 0.122 g/t gold, 83.8 g/t silver, 0.14% lead and 1.39% zinc from poorly recovered and highly oxidized vein material at the overburden – bedrock interface.
Drilling will also target the silver-bearing vein mineralization intersected in the only hole drilled at the Bighorn Target. Drilling in 2019 intersected four separate veins, the best of which returned 2.35 m averaging 125 g/t silver and 4.39% lead. The structure hosting mineralization at Bighorn has been traced for over 525 m of strike length within a 900 m long lead-silver soil geochemical anomaly. The current drilling will target approximately 200 m along strike to the north from the 2019 intersection and will test a combination of soil samples highly anomalous in silver and lead and anomalous trench sampling results from the highly oxidized and weathered main BT structure at Bighorn that returned 22.6 m of 0.12% lead and 6.1 g/t silver.
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About Silver North Resources Ltd.
Silver North's primary assets are its 100% owned Haldane silver project (next to Hecla Mining Inc.'s Keno Hill Mine project) and the Tim silver project (under option to Coeur Mining, Inc.).
The Company is listed on the TSX Venture Exchange under the symbol "SNAG", trades on the OTCQB market in the United States under the symbol "TARSF", and under the symbol "I90" on the Frankfurt Stock Exchange.
Mr. Jason Weber, P.Geo., President and CEO of Silver North Resources Ltd. is a Qualified Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this release.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
X: https://x.com/SilverNorthRes
LinkedIn:
Copyright (c) 2024 TheNewswire - All rights reserved.
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Tim Drilling Program Completed; Crews Mobilizing to Haldane Project
(TheNewswire)
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Drilling indicates the presence of a Carbonate Replacement ("CRD") style system at Tim
2,252 metres drilled in six holes
Drill is currently moving from Tim to the Haldane Property
Vancouver, BC TheNewswire - September 4, 2024 Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF) " Silver North " or the " Company ") is pleased to announce that the 2024 drilling program at the Tim Property has now been completed and the drill is being demobilized from site. The Tim Property is under option to, and operated by, Coeur Mining, Inc. ("Coeur" NYSE-CDE), which is funding the 2024 program. A total of 2,252 metres were drilled in six holes in the program. The drill is now enroute to Silver North's wholly-owned Haldane Property in the historic Keno Hill Silver District and the Company's technical team is on site.
"We would like to thank the Coeur Silvertip team," stated Jason Weber, P.Geo., President and CEO of Silver North. "Coeur has exceeded expectations on every program they have conducted at Tim. The late addition of two airborne geophysical surveys to augment this year's drilling is an example of the big-picture approach they are taking at Tim to identify how it fits into the regional CRD setting. We eagerly await the receipt of analytical results this fall."
As outlined in Silver North's update of August 19, 2024, drill core observations from the first three holes of the program include diagnostic features that are commonly associated with significant CRD mineralization and have been observed at the Silvertip deposits. Such characteristics include fugitive calcite veining that fluoresces in UV light (displaying the classic "barbeque" pink and orange fluorescence) and re-crystallization of the host limestones.
The 2024 program is conducted under the direction of Coeur's exploration team based at Silvertip, under the terms of an option agreement granting Coeur the right to earn a 51% interest in the property by completing a minimum of $3.15 million in additional exploration expenditures and making additional cash payments to Silver North totalling $275,000 by December 31, 2026. Coeur can bring its interest to 80% by making additional cash payments of $100,000 per year in 2027 and 2028, completing a positive feasibility study and informing Silver North of its intention to develop a mine at Tim by December 16, 2028. Under this agreement, Coeur must fund a minimum $700,000 program in 2024. Tim is road accessible via 25 km of 4 x 4 access off the Silvertip Mine Road.
About Silver North Resources Ltd.
Silver North's primary assets are its 100% owned Haldane silver project (next to Hecla Mining Inc.'s Keno Hill Mine project) and the Tim silver project (under option to Coeur Mining, Inc.).
The Company is listed on the TSX Venture Exchange under the symbol "SNAG", trades on the OTCQB market in the United States under the symbol "TARSF", and under the symbol "I90" on the Frankfurt Stock Exchange.
Mr. Jason Weber, P.Geo., President and CEO of Silver North Resources Ltd. is a Qualified Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this release.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
X: https://x.com/SilverNorthRes
LinkedIn: https://
Copyright (c) 2024 TheNewswire - All rights reserved.
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Silver North to Commence Haldane Drilling
(TheNewswire)
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Vancouver, BC, August 27, 2024 TheNewswire Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF) " Silver North " or the " Company ") is pleased to provide an update on 2024 Yukon exploration activities at the wholly owned Haldane Property in the historic Keno Hill Silver District, Yukon. Crews will be mobilizing to the property in the first week of September, with drilling commencing by mid-September. The 8,579 hectare Haldane Property is located 25 km west of Keno City, YT and hosts numerous occurrences of silver-lead-zinc-bearing quartz siderite veins as seen elsewhere in the district.
"We are eager to begin drilling at Haldane again, following on the heels of the Tim drilling program in southern Yukon," stated Jason Weber, P.Geo., President and CEO of Silver North. "In fact, the drill will move north from Tim to Haldane once the final hole at Tim is complete in early September."
Drilling will target the West Fault and Bighorn areas. Drilling at West Fault will aim to expand upon high grade silver mineralization intersected in recent drilling such as 3.14 metres (true width) averaging 1,351 g/t silver, 2.43% lead and 2.91% zinc. The West Fault structure has been traced for over 650 metres of strike length and is interpreted to extend to 1.1 km in length before merging with the 2.2 km long Main Fault structure. The Main Fault is known to host strongly oxidized silver mineralization on surface at the Main and Main South targets. If drilling conditions permit, one hole at the West Fault will be continued to depth in order to intersect the Main Fault target as well.
Drilling will also target the silver-bearing vein mineralization intersected in the only hole drilled at the Bighorn Target. Drilling in 2019 intersected four separate veins, the best of which returned 2.35 m averaging 125 g/t silver and 4.39% lead. The structure hosting mineralization at Bighorn has been traced for over 525 m of strike length within a 900 m long lead-silver soil geochemical anomaly. In total, approximately 1,000 m of drilling is planned for the current program.
About Silver North Resources Ltd.
Silver North's primary assets are its 100% owned Haldane silver project (next to Hecla Mining Inc.'s Keno Hill Mine project) and the Tim silver project (under option to Coeur Mining, Inc.).
The Company is listed on the TSX Venture Exchange under the symbol "SNAG", trades on the OTCQB market in the United States under the symbol "TARSF", and under the symbol "I90" on the Frankfurt Stock Exchange.
Mr. Jason Weber, P.Geo., President and CEO of Silver North Resources Ltd. is a Qualified Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this release.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
X: https://x.com/SilverNorthRes
LinkedIn: https://
Copyright (c) 2024 TheNewswire - All rights reserved.
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Silver North Provides Tim Drilling Progress Update
(TheNewswire)
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Drilling indicates the presence of a Carbonate Replacement ("CRD") style system at Tim
Program Expanded to include airborne geophysical surveys
Over 1,300 m of planned 2,000 m of drilling completed to date
Management recently completed site visit
Vancouver, BC, August 19, 2 024 – TheNewswire – Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF) " Silver North " or the " Company ") is pleased to provide an update on 2024 Yukon exploration activities at the Tim silver property. The Tim Property is under option to, and operated by, Coeur Mining, Inc. ("Coeur" NYSE-CDE), which is funding the 2024 program. To date, over 1,300 metres of drilling in four holes have been completed.
"We are extremely pleased with Coeur's progress to date at Tim," stated Rob Duncan, VP Exploration for Silver North after a recent site visit to the Tim Property. "Given that the Wolf Fault has been identified in several historic trenches, in the current drillholes and anomalous soil geochemistry over a cumulative strike length of >2 km, we believe that the Tim project displays the necessary characteristics of a potentially productive CRD system. We are eagerly awaiting the analytical results from this program, which are expected to be received in October."
Diamond drilling at the Tim Property commenced at the end of June, testing the potential for stratiform (manto) and structural (chimney) style Carbonate Replacement Deposit ("CRD") mineralization. Drilling at Tim is primarily targeting the Wolf Fault, a northwest striking and steeply southwest dipping structure that parallels the regionally significant Kechika Fault, which can be traced from the Silvertip land package through Tim and Silver North's Veronica Project (recently acquired via option). Large conductivity anomalies defined by SkyTEM airborne geophysical data are associated with the Wolf Fault, as is silver mineralization and/or heavily oxidized fault breccias in historical trenches.
All 4 holes drilled to date have intersected the strongly oxidized Wolf structure and/or parallel splays of it. The Wolf Fault is noted to emplace overlying Kechika phyllite and argillites in fault contact with the underlying prospective Rosella Limestone Formation. At depth, parallel structures to the Wolf Fault are seen within the argillites of the Boya Formation that underlie the Rosella limestones. Geological and structural features that have been observed in the drilling to date consist of diagnostic features that are commonly associated with significant CRD mineralization and have been observed at the Silvertip deposits. Such characteristics include fugitive calcite veining that fluoresces in UV light (displaying the classic "barbeque" pink and orange fluorescence) and re-crystallization of the host limestones. These features suggest that the Wolf Fault target at Tim could be part of a productive CRD system.
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The 2024 program is conducted under the direction of Coeur's exploration team based at Silvertip, under the terms of an option agreement granting Coeur the right to earn a 51% interest in the property by completing a minimum of $3.15 million in additional exploration expenditures and making additional cash payments to Silver North totalling $275,000 by December 31, 2026. Coeur can bring its interest to 80% by making additional cash payments of $100,000 per year in 2027 and 2028, completing a positive feasibility study and informing Silver North of its intention to develop a mine at Tim by December 16, 2028. Under this agreement, Coeur must fund a minimum $700,000 program in 2024. Tim is road accessible via 25 km of 4 x 4 access off the Silvertip Mine Road.
About Silver North Resources Ltd.
Silver North's primary assets are its 100% owned Haldane silver project (next to Hecla Mining Inc.'s Keno Hill Mine project) and the Tim silver project (under option to Coeur Mining, Inc.).
The Company is listed on the TSX Venture Exchange under the symbol "SNAG", trades on the OTCQB market in the United States under the symbol "TARSF", and under the symbol "I90" on the Frankfurt Stock Exchange.
Mr. Jason Weber, P. Geo., President and CEO of Silver North Resources Ltd. is a Qualified Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this release.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
X: https://x.com/SilverNorthRes
LinkedIn: https://
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Silver North Announces Closing of Final Tranche of Private Placement
(TheNewswire)
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Vancouver, BC, July 18, 2024 TheNewswire Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF) " Silver North " or the " Company ") is pleased to announce that it has closed the third and final tranche (the " Final Tranche ") of its non-brokered private placement (the " Offering ") for gross proceeds of $89,000. Further to the Company's news releases dated June 21, 2024 and June 28, 2024, the Company has raised aggregate gross proceeds of $827,380 in the Offering.
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First Majestic Completes Acquisition of Gatos Silver
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") and Gatos Silver, Inc. (NYSE: GATO) (TSX: GATO) ("Gatos Silver") are pleased to announce the completion of the acquisition of Gatos Silver by First Majestic (the "Transaction") pursuant to the agreement and plan of merger (the "Merger Agreement") previously announced in the joint news release of First Majestic and Gatos Silver dated September 5, 2024.
On Tuesday, January 14, 2025, both First Majestic and Gatos Silver announced that they received all necessary shareholder approvals at the respective special meetings of each company's shareholders. Approximately 98.44% of the votes cast at the special meeting of First Majestic's shareholders were voted in favour and approximately 99.23% of the votes cast at the special meeting of Gatos Silver's stockholders were voted in favour.
Under the terms of the Merger Agreement, First Majestic has acquired all of the issued and outstanding shares of common stock of Gatos Silver ("Gatos Silver Shares") and Gatos Silver is now a wholly-owned subsidiary of First Majestic. Stockholders of Gatos Silver will receive 2.55 First Majestic common shares ("First Majestic Shares") for each Gatos Silver Share held, and cash in lieu of fractional First Majestic Shares (collectively, the "Merger Consideration").
"With the closing of this transaction, First Majestic is integrating a high-quality, long-life and positive free cash flow operation into our portfolio of producing mines in Mexico. Cerro Los Gatos is truly a world-class district with robust production and cost profile combined with meaningful exploration potential," said Keith Neumeyer, President & CEO. "Over the coming quarters, we will continue to communicate our plans for Cerro Los Gatos, which will include ways to realize synergies and integration throughout the business. I would like to take this opportunity to personally welcome Gatos Silver stockholders into First Majestic as we create the industry's leading intermediate primary silver producer. Finally, I would like to welcome our joint venture partner Dowa Metals and Mining, whom we look forward to working with closely at Cerro Los Gatos as a supportive and trusted partner."
With the Transaction now complete, the Gatos Silver Shares will cease trading and will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.
Gatos Silver stockholders who hold their Gatos Silver Shares beneficially (for example, in a brokerage account or self-directed trading account), will not be required to take any specific actions to exchange their Gatos Silver Shares for the Merger Consideration. Their Gatos Silver Shares will automatically be exchanged for the Merger Consideration, and such stockholders will receive the Merger Consideration to which they are entitled directly in their account(s) in the coming days.
Record holders of Gatos Silver Shares will be sent by mail a letter of transmittal and instructions for use in effecting the surrender of the Gatos Silver Shares that they hold through one or more share certificates or in book-entry form evidenced through a Direct Registration Account Statement in exchange for the Merger Consideration. On the surrender of such share certificates (or effective affidavits of loss in lieu of a share certificate) or book-entry shares to the exchange agent, together with a duly completed and validly executed letter of transmittal, or, in the case of book-entry shares, receipt of an "agent's message" by the exchange agent, and such other documents as may customarily be required by the exchange agent, the holder of such share certificates (or effective affidavits of loss in lieu of a share certificate) or book-entry shares will be entitled to receive, in exchange, the Merger Consideration in respect of their Gatos Silver Shares. A generic form of letter of transmittal has been filed under the Company's profile on SEDAR+ and is available at www.sedarplus.ca.
2025 PRODUCTION AND COST GUIDANCE
The Company is planning to release its 2024 audited financial results, 2025 production and cost guidance and host a conference call with management on February 20, 2025.
ABOUT THE COMPANY
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 the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, and a 70% joint venture interest in the Cerro Los Gatos 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 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.
FIRST MAJESTIC SILVER CORP.
"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: receipt of the Merger Consideration by Gatos Silver stockholders; delisting of the Gatos Silver Shares; the Company's plans for the Cerro Los Gatos Silver Mine and communication thereof; and timing for the release of the Company's 2024 audited financial results and production and cost guidance. Assumptions may prove to be incorrect and actual results 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 the coronavirus and COVID-19, and any other 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; relations with local communities; changes in national or local governments; changes in applicable legislation or application 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, 2023 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, 2023 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237407
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MAG Announces Retirement of Michael Curlook
MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" or "MAG Silver" or "Company") announces the retirement of Michael Curlook after twelve years of outstanding service to the Company.
Michael has been an integral part of MAG's Investor Relations team, playing a pivotal role in shaping the Company's communications strategy and fostering strong relationships with investors and stakeholders. During his extensive tenure, Michael played a key role in transitioning the Company's messaging from its early-stage exploration focus through development milestones and into its current phase of operations. His ability to adapt communication strategies to align with MAG's growth trajectory has been instrumental in building trust and credibility with the market. Michael's commitment, expertise, and passion have contributed significantly to MAG's success.
While Michael has recently been focused on his health and continues to respond well to ongoing therapy, he and MAG's leadership team mutually agreed that stepping back would allow him to prioritize his recovery fully.
"Michael's impact on MAG Silver cannot be overstated. His strategic insight, tireless advocacy for the Company, and dedication have left a lasting legacy. We wish Michael continued strength in his health journey and wish him all the very best in his retirement," said George Paspalas, President and CEO of MAG Silver.
About MAG Silver Corp. ( www.magsilver.com )
MAG Silver Corp. is a growth-oriented Canadian mining and exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to mining and processing operations, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements identified herein include, but are not limited to, changes in applicable laws, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including those risks disclosed in MAG Silver's filings with the Securities Exchange Commission (the "SEC") and Canadian securities regulators. All forward-looking statements contained herein are made as at the date hereof and MAG Silver undertakes no obligation to update the forward-looking statements contained herein. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.
The annual information form of the Company dated March 27, 2024 and other documents filed by it from time to time with securities regulatory authorities describe in greater detail the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available under our profile on SEDAR+ at www.sedarplus.ca .
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the internet at www.sedar.com and www.sec.gov .
For further information on behalf of MAG Silver Corp. Contact Fausto Di Trapani, Chief Financial Officer Phone: (604) 630-1399 Website: www.magsilver.com Toll Free: (866) 630-1399 Email: info@magsilver.com
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Pan American Silver achieves 2024 production guidance and enters 2025 with a record cash balance
All amounts are expressed in US$ unless otherwise indicated. Results are preliminary and unaudited and could be adjusted based on final results.
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (" Pan American " or the "Company" ) achieved its production guidance for 2024, with 21.1 million ounces of silver and 892 thousand ounces of gold produced in 2024. Guidance was also achieved for annual production of zinc, lead and copper.
The full-year ("FY 2024") production results were driven by strong performance in the fourth quarter 2024 ("Q4 2024"):
- Silver production of 6.0 million ounces in Q4 2024, with the La Colorada mine in Mexico making a significant contribution, producing 1.6 million ounces of silver in the quarter.
- Gold production of 224 thousand ounces in Q4 2024, which excludes December production from the La Arena mine in Peru, the sale of which was completed on December 2, 2024, as previously announced by the Company.
"The strong production results combined with proceeds from the sale of La Arena have significantly increased Pan American's cash balances. We entered 2025 with cash and short-term investments totaling $887.3 million, positioning the Company well to execute on its strategic priorities," said Michael Steinmann, President and Chief Executive Officer. "We are pleased to have delivered on our production guidance for 2024, driven by the back-end loaded production profile we had previously indicated. Notable performance was recorded at our two flagship operations: La Colorada and Jacobina. The La Colorada mine produced 1.6 million ounces of silver in Q4 2024, demonstrating the benefit of the new ventilation infrastructure. Meanwhile, 197 thousand ounces of gold were produced from the Jacobina mine in 2024, the highest recorded production in the mine's history."
Cash and Short-term Investments
At December 31, 2024, Pan American's cash and cash equivalents, on an unaudited basis, totaled $862.8 million and short-term investments totaled $24.5 million, together representing an increase of $417.4 million from September 30, 2024. The cash balance included $306.6 million in cash proceeds from the divestment of Pan American's 100% interest in La Arena S.A., comprised of the $245 million cash consideration as well as an amount paid in respect of working capital, which remains subject to further adjustment. The Company's revolving credit facility remained undrawn at year end, resulting in anticipated total available liquidity of $1,637.3 million at December 31, 2024.
2024 PRELIMINARY PRODUCTION VERSUS 2024 GUIDANCE
Consolidated Production | FY 2024 Actual (1) | FY 2024 Guidance (2) |
Silver (Moz) | 21.1 | 21.0 - 23.0 |
Gold (koz) | 892 | 868 - 988 (3) |
Zinc (kt) | 45 | 42 - 46 |
Lead (kt) | 21 | 19 - 22 |
Copper (kt) | 5 | 4 |
| (1) | 2024 production figures are preliminary and subject to final adjustment. | |
| (2) | The 2024 Guidance was provided in the Company's Management's Discussion and Analysis ("MD&A") for the period ended December 31, 2023. | |
| (3) | The 2024 Guidance for annual gold production has been adjusted to exclude the forecast gold production at La Arena for December 2024. Pan American completed the sale of its interest in La Arena S.A. on December 2, 2024. | |
PRELIMINARY 2024 PRODUCTION RESULTS
Silver Production | Gold Production | |||
Q4 2024 | FY 2024 | Q4 2024 | FY 2024 | |
Silver Segment: | ||||
La Colorada (Mexico) | 1,606 | 4,878 | 0.7 | 2.6 |
Cerro Moro (Argentina) | 829 | 2,969 | 22.5 | 77.5 |
Huaron (Peru) | 919 | 3,519 | — | 0.1 |
San Vicente (Bolivia) (1) | 735 | 3,109 | — | — |
Gold Segment: | ||||
Jacobina (Brazil) | 1 | 4 | 52.4 | 196.7 |
El Peñon (Chile) | 1,174 | 3,870 | 32.4 | 126.8 |
Timmins (Canada) (2) | 7 | 15 | 27.9 | 123.7 |
Shahuindo (Peru) | 73 | 278 | 34.7 | 135.1 |
La Arena (Peru) (3) | 9 | 38 | 14.9 | 77.4 |
Minera Florida (Chile) | 240 | 646 | 20.8 | 80.3 |
Dolores (Mexico) | 424 | 1,735 | 17.9 | 72.3 |
Total Production | 6,018 | 21,061 | 224.2 | 892.5 |
| (1) | San Vicente data represents Pan American's 95.0% interest in the mine's production. | |
| (2) | The Timmins operation is comprised of the Timmins West and Bell Creek mines and the Bell Creek mill, together "Timmins". | |
| (3) | Production to November 30, 2024. Pan American completed the sale of its interest in La Arena S.A. on December 2, 2024. | |
2024 Base Metal Production
(thousand tonnes) | Q4 2024 | FY 2024 |
Zinc | 14.1 | 45.1 |
Lead | 6.1 | 20.8 |
Copper | 1.0 | 5.2 |
Q4 2024 and FY 2024 FINANCIAL RESULTS
Pan American plans to release its financial results for Q4 2024 and audited financial results for FY 2024 on February 19, 2025, after market close. The results will include the final production figures, cash and short-term investments figures, cash costs and all-in sustaining costs for Q4 2024 and FY 2024, as well as 2025 production and cost guidance.
Conference Call and Webcast
Date: February 20, 2025
Time: 11:00 am ET (8:00 am PT)
Participants can register at: https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10196160&linkSecurityString=fe574774c0
Registered participants will receive their dial in number upon registration.
Those without internet access or who prefer to speak with an operator may dial:
1-844-763-8274 (toll-free in Canada and the U.S.)
1-647-484-8814 (international participants)
The live webcast, presentation slides and the MD&A for the three and twelve month periods ended December 31, 2024 will be available at panamericansilver.com. An archive of the webcast will also be available for three months on Pan American's website.
Technical Information
Scientific and technical information contained in this news release has been reviewed and approved by Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Emerson, FAusIMM, Vice President Exploration and Geology, each of whom are Qualified Persons, as the term is defined in Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects . Pan American is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
About Pan American
Pan American is a leading producer of precious metals in the Americas, operating silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
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Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: estimates of 2024 production figures, which remain subject to verification and adjustment, including our estimated production of silver, gold, and other metals in 2024; estimates of cash and short-term investments and total available liquidity at December 31, 2024, which remain subject to verification and adjustment; and the timing for release of our Q4 2024 and FY 2024 financial results.
These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate sustainability-linked credit facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments, including legal restrictions relating to mining and risks relating to expropriation; risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the heading "Risk Factors" in the Circular, and under the heading "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250115783093/en/
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
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SilverCrest Provides 2024 Fourth Quarter and Annual Operational Results
2024 Record Sal es Exceed Guidance and Drive Record Annual Revenue
TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide interim operational results for the fourth quarter of 2024 ("Q4 2024") and full year of 2024 ("FY 2024") from the Company's Las Chispas Operation located in Sonora, Mexico . All amounts are expressed in U.S. dollars, unless otherwise noted. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.
Q4 2024 Operating Highlights
- Recovered 13,993 ounces ("oz") gold and 1.38 million ounces silver, or 2.50 million silver equivalent ("AgEq") 1 ounces.
- Sold 15,100 ounces gold and 1.45 million ounces silver, or 2.65 million AgEq ounces.
- Average realized prices of $2,647 /oz gold and $31.26 /oz silver, generating revenue of $85.2 million , a 6% increase from Q3 2024.
- Treasury assets increased by $35.2 million from Q3 2024 to end the quarter at $193.4 million , including $153.4 million in cash and $40.0 million in bullion.
2024 Operating Results and Sales
- Recovered 58,943 ounces of gold and 5.66 million ounces of silver, or 10.35 million AgEq ounces.
- Sold 59,804 ounces of gold and 5.75 million ounces of silver, or 10.50 million AgEq ounces, exceeding our 2024 sales guidance of 10.0 to 10.3 million AgEq ounces.
- Average realized price of $2,356 /oz gold and $28.03 /oz silver generating $301.9 million of revenue, a $56.8 million , or 23%, increase from 2023.
- Treasury assets increased by $88.3 million during 2024 to end the year at $193.4 million .
N. Eric Fier , CEO commented, "For a second consecutive year since declaring commercial production, the Las Chispas operation has exceeded expectations on numerous operational metrics and done so in a safe manner, with no lost time injuries recorded. These outstanding achievements are a direct result of the exceptional efforts by our employees in Mexico and Canada and I would like to thank them all for their contributions in 2024.
Due to their efforts, we achieved record annual sales, which exceeded the top end of our 2024 guidance, delivered a 15% beat on tonnes mined relative to budget, achieved targeted plant throughput and availability, and exceeded budgeted silver equivalent processed grades by approximately 7%. Importantly, all of this was achieved while maintaining a sizable surface stockpile which will allow for continued flexibility at the operation. These efforts resulted in record annual revenue of $301.9 million , driving a 84% increase in treasury assets."
The Company is continuing to advance its announced transaction with Coeur Mining, Inc., which remains on track to close in Q1 2025. All materials related to the transaction can be accessed at the Company's website at https://silvercrestmetals.com/transaction/ , or under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov . The special meeting of shareholders and optionholders of the Company to consider the transaction will be held on February 6, 2025 at 10:00 a.m. (PT) . Securityholders are encouraged to read the Management Information Circular (the "Circular") which was mailed on January 13, 2025 , and vote their SilverCrest shares and options as soon as possible, in accordance with the instructions accompanying the form of proxy or voting instruction form mailed to securityholders together with the Circular.
The deadline for voting SilverCrest shares and options by proxy is 10:00 a.m. (PT) on February 4, 2025 .
___________________________ |
Q4 2024 Operational Highlights
Three months ended December 31, | Year ended December 31, | ||||
Unit | 2024 | 2023 | 2024 | 2023 | |
Ore mined | tonnes | 127,278 | 78,600 | 437,263 | 300,900 |
Ore milled (a) | tonnes | 113,594 | 104,500 | 439,387 | 431,400 |
Average daily mill throughput | tpd | 1,235 | 1,136 | 1,201 | 1,182 |
Gold (Au) | |||||
Average processed grade | gpt | 3.89 | 4.28 | 4.24 | 4.39 |
Process recovery | % | 98.4 % | 98.3 % | 98.5 % | 98.1 % |
Recovered | oz | 13,993 | 14,100 | 58,943 | 59,700 |
Sold | oz | 15,100 | 16,100 | 59,804 | 58,200 |
Average realized price | $/oz | 2,647 | 1,979 | 2,356 | 1,946 |
Silver (Ag) | |||||
Average processed grade | gpt | 385 | 410 | 408 | 423 |
Process recovery | % | 98.4 % | 97.7 % | 98.2 % | 96.5 % |
Recovered | million oz | 1.38 | 1.34 | 5.66 | 5.65 |
Sold | million oz | 1.45 | 1.28 | 5.75 | 5.62 |
Average realized price | $/oz | 31.26 | 23.09 | 28.03 | 23.48 |
Silver equivalent (AgEq) | |||||
Average processed grade | gpt | 694 | 750 | 745 | 771 |
Process recovery | % | 98.4 % | 98.0 % | 98.4 % | 97.3 % |
Recovered | million oz | 2.50 | 2.47 | 10.35 | 10.40 |
Sold | million oz | 2.65 | 2.56 | 10.50 | 10.25 |
(a) Ore milled includes material from stockpiles and ore mined.
Management Appointments
Clifford Lafleur , P.Eng, has been promoted to Senior Vice President, Operations and Tara Hassan , P.Eng, has been promoted to Senior Vice President, Corporate Development, recognizing their invaluable contributions to date.
Qualified Persons Statement
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier , CPG, P.Eng, CEO for SilverCrest, who has reviewed and approved its contents.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals producer headquartered in Vancouver, BC . The Company's principal focus is its Las Chispas Operation in Sonora, Mexico . SilverCrest has an ongoing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering, and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the amount of future production of gold and silver over any period; the strategic plans and expectations for the Company's operation and exploration program; working capital requirements; expected recoveries; expected cash costs and outflows; and the proposed transaction with Coeur Mining, Inc. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies; continued commercial operations at the Las Chispas Operation; the environment in which the Company will operate in the future, including the price of gold and silver; estimates of capital and operating costs; production estimates; estimates of mineral resources, mineral reserves and metallurgical recoveries and mining operational risk; the reliability of mineral resource and mineral reserve estimates; mining and development costs; the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; effects of regulation by governmental agencies and changes in Mexican mining legislation; and the ability to consummate the proposed transaction with Coeur Mining, Inc. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices; general market and industry conditions; and, with respect to forward-looking statements regarding the proposed transaction with Coeur Mining, Inc., the risk factors described in the Circular. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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SOURCE SilverCrest Metals Inc.
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Endeavour Silver Provides 2025 Guidance for Guanaceví and Bolañitos; Production expected at 4.5 - 5.2 Million oz Silver and 30,500 - 34,000 oz Gold for 7.0 - 7.9 Million oz Silver Equivalent
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces its consolidated production and cost guidance for Guanaceví and Bolañitos, and its capital and exploration budgets for 2025. The Company will provide 2025 production and cost guidance for the Terronera project in a separate news release once commissioning is complete. All dollar amounts are in US dollars (US$).
2025 Production and Cost Guidance Highlights
In 2025, silver production is expected to range from 4.5 to 5.2 million ounces (oz) and gold production is expected to be between 30,500 oz and 34,000 oz, bringing total silver equivalent production to between 7.0 and 7.9 million oz 1 .
Consolidated cash costs 2 and all-in sustaining costs 2 (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be $16.00-$17.00 per oz silver and $25.00-26.00 per oz silver, respectively, net of gold by-product credits. Consolidated cash costs excluding Terronera on a per ounce basis are expected to be higher in 2025 compared to 2024, primarily due to lower silver production from these mines as they enter their final years of production, and a lower estimated gold price. AISC are expected to be slightly higher in 2025 than realized in 2024 as higher levels of sustaining capital will be required with costs being borne by lower silver production.
"As we look ahead to 2025, our strategic focus remains firmly on advancing the commissioning of our Terronera project and integrating it into our production profile," commented Dan Dickson, Chief Executive Officer. "This will bring us one step closer to realizing our goal of becoming a senior silver producer. Additionally, we are fortunate to be in a strong position with not only Terronera nearing production but also with Pitarrilla offering significant potential for organic growth, providing further opportunities to drive value to our shareholders as we continue to expand our portfolio."
2025 Production Guidance Summary (3)
| Guanaceví | Bolañitos | Consolidated | ||
| Tonnes per day | Tpd | 1,000 – 1,100 | 1,100 – 1,200 | 2,100 – 2,300 |
| Silver production | M oz | 3.9 – 4.4 | 0.6 – 0.8 | 4.5 – 5.2 |
| Gold production | k oz | 11.0 – 13.5 | 19.5 – 20.5 | 30.5 – 34.0 |
| Silver Eq production 1 | M oz | 4.8 – 5.5 | 2.2 – 2.4 | 7.0 – 7.9 |
Operating Mines
At Guanaceví, 2025 plant throughput is estimated to range from 1,000 tonnes per day (tpd) to 1,100 tpd and average 1,060 tpd with material mined mainly from the Porvenir Cuatro extension on the El Curso concessions. The El Curso concessions were leased from a third party with no upfront costs, but with significant royalty payments on production. Mine grades in 2025 are expected to be slightly lower and recoveries are expected to be similar to 2024. Cash costs per ounce, AISC per ounce and direct costs 2 on a per tonne basis are expected to be slightly higher in 2025 compared to 2024 due to the lower metal production and lower gold by-product credits from the lower gold price estimate.
In 2025, plant throughput at Bolañitos is expected to range from 1,100 tpd to 1,200 tpd and average 1,170 tpd sourcing material from the Plateros-La Luz, Lucero-Karina and Bolañitos-San Miguel vein systems. Mine grades are expected to be higher for silver and lower for gold and recoveries are expected to be similar to 2024. Cash costs per oz, AISC and direct costs 2 on a per tonne basis are expected to be higher in 2025 compared to 2024 due to lower gold by-product credits driven by the lower gold price estimate.
Consolidated Operating Costs (Excluding Terronera)
| Guanaceví & Bolañitos | |||
| Cash costs, net of gold by-product credits 2 | $/oz | $16.00 - $17.00 | |
| AISC, net of gold by-product credits 2 | $/oz | $25.00 - $26.00 | |
| Sustaining capital 2 budget | $M | $33.6 | |
| Exploration & Corporate capital budget | $M | $2.6 | |
2025 cash costs, net of gold by-product credits, are estimated to be $16.00-$17.00 per oz of silver produced.
AISC, net of gold by-product credits are estimated to be $25.00-$26.00 per oz of silver produced.
Direct operating costs 2 per tonne are estimated to be $130-$140. Direct costs 2 , which include royalties and special mining duties, and take account of the impact of the higher Mexico mining taxes enacted at the start of 2025, are estimated to be in the range of $175-$185 per tonne.
Management made the following assumptions in calculating its 2025 cost forecasts: $27.50 per oz silver price, $2,200 per oz gold price, 18:1 Mexican peso per US dollar exchange rate, and a 4% Mexican annual inflation rate.
2025 Planned Capital Expenditures (3)
| Sustaining Mine Development | Sustaining Other Capital | Total Sustaining Capital | Growth Capital | Total Capital | |
| Guanaceví | $12.7 million | $6.6 million | $19.3 million | - | $19.3 million |
| Bolañitos | $9.7 million | $4.6 million | $14.3 million | - | $14.3 million |
| Pitarrilla | $9.1 million | $9.1 million | |||
| Exploration | $2.4 million | $2.4 million | |||
| Corporate | $0.2 million | $0.2 million | |||
| Total | $22.4 million | $11.2 million | $33.6 million | $11.7 million | $45.3 million |
Sustaining Capital Investments
In 2025, Endeavour plans to invest $33.6 million in sustaining capital at its two operating mines. At assumed metal prices, the sustaining capital investments are expected to be paid out of operating cash flow.
At Guanaceví, $19.3 million will be invested in capital projects, the largest of which is 5.3 kilometres of mine development at El Curso and Milache for an estimated $12.7 million. An additional $2.8 million will be invested in mine infrastructure and equipment. A further $1.8 million will be invested in the plant and tailings storage facility, including further work on the tailings facility expansion. A remaining $2.0 million will be spent on various surface infrastructure or equipment.
At Bolañitos, $14.3 million will be invested in capital projects, including $9.7 million for 6.7 kilometres of mine development to access resources in the Plateros-La Luz, Lucero-Karina, and Bolañitos-San Miguel areas. The additional $4.6 million will go to upgrade the mining fleet, plant improvements and to support site infrastructure.
The Company also plans to spend $2.6 million to maintain exploration concessions, acquire mobile exploration equipment and cover corporate infrastructure.
Pitarrilla
Endeavour has announced its intention to advance the Pitarrilla project. Plans for work on the project in 2025 are estimated to cost a total of $25.7 million composed of $16.6 million for feasibility study, development and exploration work, and $9.1 million of capital spending. The capital spending includes $6.0 million of buildings, right of way costs, and surface infrastructure; $2.2 million of mine infrastructure including a ventilation system; and $0.9 million of mobile equipment. The Company plans to complete 14,000 m of drilling and 600 m of ramp development at Pitarrilla in 2025 as it focuses on this project and advances towards construction.
2025 Planned Exploration (3)
| Project | Activity | Drill Metres | Expenditures |
| Guanaceví | Drilling | 6,000 | $1.0 million |
| Bolañitos | Drilling | 8,000 | $1.4 million |
| Terronera | Drilling | 4,000 | $1.0 million |
| Chile | Drilling | 2,500 | $1.6 million |
| Parral | Economic Studies | - | $0.8 million |
| Baxter | Targeting | - | $0.5 million |
| Other | Evaluation | - | $0.2 million |
| Total | 20,500 | $6.5 million |
Technical Disclosure
The scientific and technical information contained in this news release has been reviewed and approved by Don Gray, SME-RM, Chief Operating Officer, a Qualified Person as defined under NI 43-101.
About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information:
Allison Pettit
Director, Investor Relations
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Endnotes
1 Silver equivalent is calculated using an 80:1 silver:gold ratio.
2 Non-IFRS Financial Measures
The Company has included certain performance measures that are not defined under International Financial Reporting Standards (IFRS). The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS as an indicator of performance. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers with similar descriptions.
Cash costs and cash costs per ounce
Cash costs per ounce is a non-IFRS measure. In the silver mining industry, this metric is a common performance measure that does not have a standardized meaning under IFRS. Cash costs include direct costs (including smelting, refining, transportation and selling costs), royalties and special mining duty and changes in finished goods inventory net of gold credits. Cash costs per ounce is based on ounces of silver produced and is calculated by dividing cash costs by the number of ounces of silver produced.
Direct operating costs and direct costs
Direct operating costs per tonne include mining, processing (including smelting, refining, transportation and selling costs) and direct overhead at the operation sites. Direct costs per tonne include all direct operating costs, royalties and special mining duty.
All-in sustaining costs (AISC) and AISC per ounce
This measure is intended to assist readers in evaluating the total cost of producing silver from operations. While there is no standardized meaning across the industry for AISC measures, the Company's definition conforms to the definition of AISC as set out by the World Gold Council and used as a standard of the Silver Institute. The Company defines AISC as the cash costs (as defined above), plus reclamation cost accretion, mine site expensed exploration, corporate general and administration costs and sustaining capital expenditures. AISC per ounce is based on ounces of silver produced and is calculated by dividing AISC by the number of ounces of silver produced.
Sustaining capital
Sustaining capital is defined as the capital required to maintain operations at existing levels. This measurement is used by management to assess the effectiveness of an investment program.
For further information on reconciliations of Non-GAAP measures, refer to the Non-IFRS Measures section of the Company's Management's Discussion & Analysis for the three and nine months ending September 30, 2024, beginning on page 25.
(3) Totals may not add due to rounding
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance in 2025; changes in mining operations; forecasts of Endeavour's production levels, cash costs, AISC, direct costs, capital expenditures, mine grades, recoveries and sustaining capital investments; Endeavour's future production and cost guidance announcements; exploration plans, the expansion of Endeavour's portfolio 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 as of 2025, 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.
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