First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the third quarter of 2024 from the Company's three producing underground mines in Mexico, the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine, reached 5.5 million silver equivalent ("AgEq") ounces, consisting of 2.0 million silver ounces and 41,761 gold ounces. In the first nine months of 2024, the Company produced 6.0 million silver ounces and 117,036 gold ounces for total production of 15.9 million AgEq ounces, or approximately 72% of the midpoint of the Company's revised 2024 production guidance of 21.4 to 22.6 million AgEq ounces. The Company's financial results for the third quarter of 2024 are scheduled to be released on Thursday, November 7, 2024.
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Sorby Hills Project FEED Study
Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) is pleased to announce the results of its Front-End Engineering & Design (“FEED”) Study for its 75% owned Sorby Hills Lead-Silver- Zinc Project (“Sorby Hills” or “the Project”), located in the Kimberley Region of Western Australia. The FEED Study augments and enhances the Sorby Hills Definitive Feasibility Study (“DFS”) released by the Company in January 2023.
HIGHLIGHTS
Project updates (excluding any change in macroeconomic assumptions) have delivered an increase of +A$73M Net Cash Flow and +A$41M NPV8 compared to the DFS.
Key Base Case Project Metrics include upfront Capital Expenditure of A$264M, average C1 Cost of US$ 0.36/lb payable Lead (including silver credits), pre-tax NPV8 of A$411M, pre-tax IRR of 37%, and average annual EBITDA of A$126M.
Importantly, the net change to pre-production Capital Expenditure is limited and project pre- tax cash flows over the initial 5 years of production have improved by +A$150M providing a stronger profile to support debt financing.
Assuming current spot pricing1 for Lead, Silver, Exchange Rate and current Benchmark Lead Treatment and Silver Refining Charges results in an NPV8 of A$596M, pre-tax IRR of 47% and average annual EBITDA of A$160M.
Key Project updates include:
- Updated post FEED pricing for the Process Plant EPC Contract provided by GR Engineering Service (“GRES”).
- Updated mining schedule bringing forward mining of the high-grade Norton Deposit.
- Updated metal recovery and concentrate grades for the Norton Deposit based on new metallurgical testwork on core recovered during the Phase VII drilling program.
- Updated pricing for the Mining and Earthworks Contracts provided on a bundled basis and based on the optimised site layout and mining schedule.
- Updated tailings strategy with above-ground tailings disposal being employed for the Life of Mine as opposed to in-pit deposition previously adopted in the DFS.
Boab Managing Director and CEO, Simon Noon, stated:
“Following the DFS, we identified clear opportunities to optimise and de-risk the Project both technically and economically. Over the past year, we have pursued these opportunities in conjunction with completing Front End Engineering & Design on our Process Plant with GRES.
We are pleased to present the results of our work during this period in the form of this FEED Study. We now look forward to accelerating our engagement with financiers and further advancing Sorby Hills toward a Final Investment Decision.”
Click here for the full ASX Release
This article includes content from Boab Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Silver Crown Royalties Appoints Salman Partners as Strategic Advisor
Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) (Cboe: SCRI; OTCQX: SLCRF; FRA: QS0) is excited to announce the appointment of Salman Partners as a Strategic Advisor to the Company.
CEO of Salman Partners, industry icon Terry Salman raised over $20 billion for over 400 exploration and mining companies. His 35+ year portfolio of experience includes executive roles at Nesbitt Thomson (acquired by BMO) where he was instrumental in forming the mining team and its mining conference in the 1990s.
Adding to his mining legacy is his dynamic public service presence, recently appointed to the Order of Canada for his contributions to mining exploration and for his generous philanthropy and community activism. He served with the United States Marine Corps and is a Vietnam veteran. Mr. Salman received an MBA from the University of Hartford. You can read about Mr. Salman’s life’s work in his recently published book “What We Give: From Marine to Philanthropist: A Memoir,” available at https://www.whatwegivebook.com/.
Mr. Salman remarked:“I am intrigued by this appointment as Strategic Advisor to Silver Crown Royalties. Silver Crown’s unique royalty model offers investors a new approach to silver investing. I look forward to an interesting and progress driven working relationship.”
“We are thrilled to welcome Terry Salman to our team as advisor. Terry’s decades of experience in mining finance combined with his deep industry insights and strong leadership make him an invaluable asset to our team. Terry’s commitment to excellence and his proven track record in the sector will be instrumental as we continue to grow and achieve our strategic objectives”, commented Peter Bures CEO of Silver Crown Royalties
ABOUT SALMAN PARTNERS
Salman Partners is an independent advisory firm with a distinguished 30-year history in the financial services industry. Since its incorporation in September 1994, the firm has evolved from its origins as a licensed broker-dealer in Canada and the United States to become a trusted advisor in the resource sector. Throughout its extensive history, Salman Partners has provided expert guidance to over 400 companies, maintaining a rich tradition of excellence and integrity in financial advisory services.
ABOUT SILVER CROWN ROYALTIES INC.
Founded by industry veterans, SCRi is a publicly traded, revenue-generating silver-only royalty company focusing on silver as byproduct credits. SCRi aims to minimize the economic impact on mining projects while maximizing returns for shareholders. SCRi presently has two sources of revenue and continues to build on this foundation, targeting additional operational silver-producing projects.
For further information, please contact:
Silver Crown Royalties Inc.
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include, but are not limited to statements with respect to SCRi’s ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
First Majestic Produces 5.5 Million AgEq Oz in Q3 2024 Consisting of 2.0 Million Silver Ounces and 41,761 Gold Ounces
Q3 2024 HIGHLIGHTS
Higher Q3 Silver Equivalent Production: The Company produced 5.5 million AgEq ounces in Q3 2024 representing a 4% increase when compared to 5.3 million AgEq ounces produced in the previous quarter, primarily due to increased gold production at San Dimas and Santa Elena.
Continued Active Exploration Program: The Company completed a total of 50,020 metres ("m") of drilling across its mines in Mexico and its Jerritt Canyon Gold Mine in Nevada, U.S.A. during the third quarter, representing a continued increase in exploration compared to Q2. Throughout the quarter, 28 drill rigs were active consisting of 14 rigs at San Dimas, nine rigs at Santa Elena, three rigs at Jerritt Canyon and two rigs at La Encantada.
High-Grade Gold and Silver Discovery: The Company announced the discovery of a new, high-grade gold and silver vein hosted system - the Navidad system - at the Santa Elena property (see news release dated July 30, 2024). The new discovery was made adjacent to the Company's 100%-owned, and currently producing, Ermitaño mine. First Majestic is focusing its exploration efforts on Navidad as seven of the nine active rigs at Santa Elena have been allocated to drilling this new vein system.
Jerritt Canyon Mine Exploration Program Commenced: Jerritt Canyon's 2024 exploration program commenced at the beginning of the third quarter. The exploration program is focused on new, never explored before, targets on the recently permitted U.S. Forest Lands on First Majestic's large Nevada land package (30,821 hectares, 119 square miles).
Safety Performance: In Q3 2024, the consolidated Total Reportable Incident Frequency Rate ("TRIFR") was 0.50, consistent with the previous quarter and well below the Company's target KPI of
San Dimas Hydroelectric plant, Las Truchas, at Full Capacity: As a result of a period of continued rain this year following extended drought conditions, the Company's Las Truchas hydroelectric plant, in Durango, is back at full capacity. Las Truchas provides reliable, efficient and renewable energy at lower costs, and with a lower carbon footprint, to the San Dimas mine.
Conversion to Liquefied Natural Gas ("LNG") at San Dimas: As part of its ongoing cost and carbon reduction initiatives, First Majestic is actively reviewing the replacement of the diesel generators used for on-site back-up power at San Dimas with LNG units. This will generate substantial cost-savings and will result in a reduction in carbon emissions of up to 25%, when back-up power is required.
First Mint Inauguration: First Mint, LLC, the Company's 100%-owned and operated minting facility in Nevada, USA, celebrated its Grand Opening on September 26, 2024. While commissioning and silver bullion sales commenced in March, the inauguration celebrated the mint's progress to-date on implementing innovative production and fulfillment processes at the state-of-the-art facility. The mint commissioned several pieces of new equipment including coin presses and lasers for coin manufacturing, and is on track to receiving ISO 9001 certification. First Mint enables First Majestic to turn its mined silver into an array of finished bullion products for direct sale to the public and offers manufacturing capacity for third-party demand. More information is available at www.firstmint.com.
"Santa Elena continues to deliver strong performance, quarter after quarter" said Keith Neumeyer, President & CEO. "The continued impressive operational results at Santa Elena, along with the recent Navidad discovery make this a truly world-class district. Our team is also focused on improving operational performance at San Dimas; we are encouraged by the recent agreement reached with the union and are working hard to finish the year on a strong note. During Q3, we built up water inventory levels at the La Encantada plant and increased throughput rates to in excess of 3,000 tpd by the end of the quarter. We anticipate Q4 to be a stronger quarter at La Encantada, enabling us to meet our revised annual production guidance for the year."
Production Details Table:
Q3 | Q3 | Y/Y | Q2 | Q/Q | |
2024 | 2023 | Change | Consolidated Production Results | 2024 | Change |
678,397 | 670,203 | 1% | Ore processed/tonnes milled | 674,570 | 1% |
5,490,416 | 6,285,790 | (13)% | Total production - Silver equivalent ounces | 5,289,439 | 4% |
1,967,574 | 2,461,868 | (20)% | Silver ounces produced | 2,104,181 | (6)% |
41,761 | 46,720 | (11)% | Gold ounces produced | 39,339 | 6% |
Quarterly Mine-by-Mine Production Table:
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 |
Santa Elena | 259,919 | 2,856 | 68 | 3.50 | 67% | 94% | 376,203 | 27,435 | 2,685,375 |
San Dimas | 195,279 | 2,146 | 188 | 2.12 | 89% | 95% | 1,046,340 | 12,582 | 2,110,905 |
La Encantada | 223,200 | 2,453 | 110 | 0.01 | 69% | 90% | 545,031 | 59 | 550,042 |
Jerritt Canyon* | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1,684 | 144,093 |
*Jerritt Canyon was placed on temporary suspension in March 2023. In-circuit recovery efforts performed in Q3 2024 resulted in production of 1,684 gold ounces.
- Certain amounts shown may not add exactly to the total amount due to rounding differences.
- The Ag:Au ratio used in the calculation of silver equivalent ounces was 84:1.
Santa Elena Silver/Gold Mine:
Santa Elena produced 2,685,375 AgEq ounces, 4% above the prior quarter, consisting of 376,203 ounces of silver and 27,435 ounces of gold.
The mill processed a total of 259,919 tonnes of ore, slightly higher than the prior quarter with average silver and gold head grades relatively consistent at 68 g/t and 3.50 g/t, respectively.
Consolidated silver and gold recoveries averaged 67% and 94%, respectively, during the quarter. Silver recovery increased 1% while gold recovery remained consistent when compared to the prior quarter. Metallurgical recoveries remained strong due to the continuous operational optimization of the new dual-circuit plant.
During the quarter, nine drill rigs consisting of seven surface rigs and two underground rigs completed 14,796 metres of drilling on the property, following on the 15,591 m and 9,991 m drilled in Q2 and Q1 this year, respectively.
San Dimas Silver/Gold Mine:
San Dimas produced 2,110,905 AgEq ounces during the quarter consisting of 1,046,340 ounces of silver and 12,582 ounces of gold. Silver production decreased by 8%, while gold production increased by 4%, when compared to the prior quarter. The decrease in silver production was driven by lower silver grades and silver recoveries offset by an increase in ore tonnes processed. The increase in gold production was driven by an increase in processed ore, offset by a slightly lower gold grade.
The mill processed a total of 195,279 tonnes of ore, an increase of 7% compared to the prior quarter, with average silver and gold grades of 188 g/t and 2.12 g/t, respectively, compared with 210 g/t and 2.15 g/t in Q2.
Silver and gold recoveries during the quarter averaged 89% and 95%, respectively, compared to 92% and 95% in the previous quarter.
The West Block, Central Block and Sinaloa Graben areas contributed approximately 29%, 40% and 31%, respectively, of the total production during the quarter.
Negotiations with the unionized workers continued throughout the quarter, and an agreement was reached in August. Labour and operating efficiencies have improved as a result, and management anticipates improved production levels in Q4 at San Dimas.
During the quarter, a total of 14 drill rigs consisting of four surface rigs and 10 underground rigs completed 29,172 m of drilling on the property, following on the 31,249 m and 26,363 m drilled in Q2 and Q1 this year, respectively.
La Encantada Silver Mine:
During the quarter, La Encantada produced 545,031 ounces of silver, representing a 7% decrease compared to the prior quarter primarily due to a decrease in silver grade offset by an increase in silver recovery.
Water inventory levels at the plant achieved capacity by the end of the quarter, enabling plant ore throughput rates to return to targeted levels. As a result, in the month of September alone, La Encantada produced 232,968 ounces of silver, or approximately 43% of the total Q3 silver production at the mine. Management anticipates Q4 production at La Encantada to revert to historical levels.
The mill processed a total of 223,200 tonnes of ore with an average silver grade of 110 g/t. Stope production from the new Beca Zone contributed 88,444 tonnes with average silver grades of 111 g/t.
Silver recovery for the quarter was 69%, representing a 15% increase when compared to 60% recovery in the prior quarter.
During the quarter, two surface drill rigs completed 1,862 m of drilling on the property, representing a 207% increase when compared to the prior quarter.
Q3 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT
The Company is planning to release its third quarter 2024 unaudited financial results, announce its third quarter dividend payment, and the shareholder record and payable dates for the dividend, on November 7, 2024.
Gonzalo Mercado, P.Geo., the Company's Vice President of Exploration and Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
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 the San Dimas Silver/Gold Mine, the Santa Elena 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 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.
On September 5, 2024, First Majestic and Gatos Silver, Inc. announced that they entered into a definitive merger agreement pursuant to which First Majestic will acquire all of the issued and outstanding shares of Gatos Silver's common stock. The proposed transaction would consolidate three world-class, producing silver mining districts in Mexico to create a leading intermediate primary silver producer. Information relating to the proposed transaction can be found on the Company's website.
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: timing for the release of the Company's Q3 2024 unaudited financial results; the substantial cost-savings and reduction in carbon emissions expected from converting to LNG at San Dimas with respect to back-up power; La Encantada experiencing a stronger Q4 in terms of production as compared with Q3, enabling the Company to meet its revised 2024 production guidance; expected improvements in production levels at San Dimas for Q4 2024; and timing for the announcement of the Company's third quarter dividend payment and the shareholder record and payable dates in connection with such dividend payment. 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. 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 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.
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/226883
News Provided by Newsfile via QuoteMedia
SilverCrest Provides Third Quarter Operational Results and Conference Call Details
Record Revenue, Positioned to Meet or Exceed 2024 Sales Guidance
TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide interim operational results for the third quarter of 2024 ("Q3 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.
Q3 2024 Operating Highlights
- Recovered 14,928 ounces ("oz") gold and 1.41 million ounces silver, or 2.60 million silver equivalent ("AgEq") 1 ounces.
- Sold 15,204 ounces gold and 1.45 million ounces silver, or 2.66 million AgEq ounces.
- Generated record revenue of $80.4 million , a 10% increase from Q2 2024.
- Average realized prices of $2,472 /oz gold and $29.48 /oz silver, increases of 11% and 6% respectively from Q2 2024.
- Treasury assets increased 29% from Q2 2024 to $158.2 million , including $120.9 million cash and $37.4 million bullion.
N. Eric Fier , CEO commented, "We are pleased to announce another quarter of record revenues, a testament to consistent performance from the Las Chispas Operation, coupled with strong metal prices. With silver equivalent sales of 7.9 million ounces in the first three quarters of the year, we are well positioned to deliver at or above the top end of our 2024 annual sales guidance of 10 to 10.3 million ounces AgEq. Our treasury assets continued to grow with increases to both our cash (up 23%) and bullion holdings (up 56%) leading to an ending position of $158.2 million .
Ore mined in the quarter increased by 24% from the previous quarter and continues to track ahead of plan as we benefit from maintaining two underground mining contractors. This acceleration of our mining rate has allowed us to increase our operational flexibility. During the quarter, our team successfully performed capacity testing at the plant which resulted in higher throughput for a portion of the quarter. As planned, we expect plant throughput to return to the range of 1,200 tonnes per day for the remainder of the year.
We are proud to deliver another strong quarter of operational results and look forward to releasing our full financial results on November 12, 2024."
____________________ |
1 Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 based on the Las Chispas Operation Technical Report, dated September 5, 2023 with an effective date of July 19, 2023. |
Q3 2024 Operational Highlights
Three months ended September 30, | Nine months ended September 30, | ||||
Unit | 2024 | 2023 | 2024 | 2023 | |
Ore mined | tonnes | 124,229 | 83,800 | 309,985 | 222,300 |
Ore milled (a) | tonnes | 121,775 | 114,500 | 325,793 | 326,900 |
Average daily mill throughput | tpd | 1,324 | 1,245 | 1,189 | 1,197 |
Gold (Au) | |||||
Average processed grade | gpt | 3.87 | 4.35 | 4.35 | 4.42 |
Process recovery | % | 98.5 % | 98.3 % | 98.5 % | 98.1 % |
Recovered | oz | 14,928 | 15,700 | 44,950 | 45,600 |
Sold | oz | 15,204 | 14,500 | 44,704 | 42,100 |
Average realized price | $/oz | 2,472 | 1,931 | 2,258 | 1,933 |
Silver (Ag) | |||||
Average processed grade | gpt | 366 | 413 | 416 | 427 |
Process recovery | % | 98.3 % | 98.1 % | 98.2 % | 96.1 % |
Recovered | million oz | 1.41 | 1.49 | 4.28 | 4.31 |
Sold | million oz | 1.45 | 1.53 | 4.30 | 4.34 |
Average realized price | $/oz | 29.48 | 23.41 | 26.94 | 23.60 |
Silver equivalent (AgEq) | |||||
Average processed grade | gpt | 674 | 759 | 762 | 778 |
Process recovery | % | 98.4 % | 98.2 % | 98.4 % | 97.0 % |
Recovered | million oz | 2.60 | 2.74 | 7.85 | 7.93 |
Sold | million oz | 2.66 | 2.68 | 7.85 | 7.69 |
(a) Ore milled includes material from stockpiles and ore mined. |
Q3 2024 Conference Call
The Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 will be released after market on November 12, 2024.
A conference call to discuss the Company's Q3 2024 operational and financial results will be held Wednesday, November 13, 2024 at 8:00 a.m. PT / 11:00 a.m. ET . To participate in the conference call, please dial the numbers below.
Date & Time: Wednesday, November 13, 2024 at 8:00 a.m. PT / 11:00 a.m. ET
Telephone: North America Toll Free: 1-800-274-8461
Conference ID: SILVER (745837)
Webcast: https://silvercrestmetals.com/investors/presentations/
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 timing of release of the Company's unaudited condensed interim consolidated financial statements for the three months and nine months ended September 30, 2024 . Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies; continued commercial operations at the Las Chispas Operation; the environment in which the Company will operate in the future, including the price of gold and silver; estimates of capital and operating costs; production estimates; estimates of mineral resources, mineral reserves and metallurgical recoveries and mining operational risk; the reliability of mineral resource and mineral reserve estimates; mining and development costs; the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; and effects of regulation by governmental agencies and changes in Mexican mining legislation. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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SOURCE SilverCrest Metals Inc.
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Pan American Silver to Announce Third Quarter 2024 Unaudited Results
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (" Pan American ") will announce its unaudited results for the third quarter of 2024 after market close on Tuesday, November 5, 2024. A conference call and webcast are planned for 11:00 am ET (8:00 am PT) on Wednesday, November 6, 2024.
Third Quarter 2024 Unaudited Results Conference Call and Webcast
Date: | Wednesday, November 6, 2024 | ||||
Time: | 11:00 am ET (8:00 am PT) | ||||
Dial-in numbers: | 1-888-259-6580 (toll-free in Canada and the U.S.) | ||||
+1-416-764-8624 (international participants) | |||||
Conference ID: | 97750876 | ||||
Webcast: |
The live webcast, presentation slides and the report for the third quarter of 2024 will be available at https://www.panamericansilver.com/invest/events-and-presentations /. An archive of the webcast will also be available for three months.
About Pan American Silver
Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. 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 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
Follow us on LinkedIn
View source version on businesswire.com: https://www.businesswire.com/news/home/20241008078190/en/
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
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Eastern Metals: Exploring for Strategic Metals Vital to Energy Security in Australia
Eastern Metals (ASX:EMS) is a base and precious metals explorer with a high-quality asset portfolio in some of Australia’s resource-rich mineral provinces. The company holds two projects: the Arunta Project in the Northern Territory (NT), and the Cobar Project in the Cobar Basin of New South Wales (NSW), a world-class mineral jurisdiction.
Eastern Metals is exploring the advanced Home of Bullion deposit in the NT, which hosts a resource of 3.1 million metric tons @ 2.9 percent copper-equivalent – and the Browns Reefzinc-lead-copper-silver deposit in the Cobar Basin of NSW, a world-class mineral jurisdiction.
The Arunta Project is located in the Northern Territory encompassing a land package of 539 sq km, and is strategically located between the Stuart Highway, the Adelaide-Darwin rail corridor, and the Amadeus gas pipeline, east of Barrow Creek in the NT. The northern project area comprises one deposit and two prospects – Home of Bullion, Mulbangas and Prospect D.
Company Highlights
- Eastern Metals is an ASX-listed exploration company focused on discovering and developing strategically located base and precious metals projects in New South Wales (Cobar Project) and the Northern Territory (Arunta Project).
- Eastern Metals’ flagship assets are the Home of Bullion deposit in the Northern Territory (NT), which hosts a total Identified Mineral Resource of 3.1 million metric tons @ 2.9% copper equivalent – and the Browns Reef zinc-silver-lead-copper-gold deposit in the world-class Cobar Basin, New South Wales (NSW).
- Both Home of Bullion and Browns Reef are strategically located, with ready access to road, rail and energy infrastructure.
- The world-class Cobar Basin in NSW is enjoying a resurgence courtesy of some new discoveries and Metal Acquisition’s (NYSE:MTAL,ASX:MAC) purchase of the CSA Mine in June 2023.
This Eastern Metals profile is part of a paid investor education campaign.*
Click here to connect with Eastern Metals (ASX:EMS) to receive an Investor Presentation
Endeavour Silver Reports Q3 2024 Production Results
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to report third quarter 2024 production of 874,717 silver ounces and 9,290 gold ounces, for silver equivalent 1 ("AgEq") production of 1.6 million ounces. Total year-to-date production of 6.0 million AgEq ounces is tracking towards the updated 2024 production guidance of 7.3 million to 7.6 million AgEq ounces. All amounts are in U.S. dollars unless stated otherwise.
"The trunnion failure at the Guanaceví mine poses a significant short-term challenge for the Company; however, it's how we manage these difficult moments that often shapes our long-term success." said Dan Dickson, Chief Executive Officer. "The ingenuity, commitment, and hard work of our team have been crucial in reducing the impact on the mine and the surrounding community. We remain focused on further mitigating the effects and look forward to returning Guanaceví to full production capacity in December."
Q3 2024 Overview
- Guanacev í Production Impacted by the Trunnion Failure: Production decreased in August and September due to a trunnion failure of the primary ball mill ( see news release from August 12, 2024 ). Production for Q3 2024 amounted to 768,905 silver ounces and 2,828 gold ounces. Estimated fabrication timing remains at 15 weeks with the mine being back to full operations in December 2024.
- Bolañitos Results Remain Consistent: With throughput remaining steady, gold production continues to be slightly above plan due to higher gold grades. Silver production continues to be slightly below plan due to lower silver grades. Processed ore grades are expected to have similar variation for the fourth quarter.
- Metal Sales and Inventories : Sold 1,017,392 silver ounces and 9,412 gold ounces during the third quarter. A total of 109,719 silver ounces and 401 gold ounces of bullion inventory and 8,202 silver ounces and 560 gold ounces in concentrate inventory were held at quarter end.
- Terronera Senior Secured Debt Facility: Drawdowns totaling $25 million were made during Q3 2024 to develop the Terronera mine, and a further and final drawdown of $35 million subsequent to quarter end ( see news release dated April 10, 2024 ).
Q3 2024 Mine Operations
In August, the Company reported a primary ball mill trunnion failure at the Guanaceví mine. Temporary modifications were completed within the plant to re-purpose one of the regrind mills as the primary ball mill. The temporary modifications allowed throughput to average 565 tonnes per day since re-start after the trunnion failure. The plant team is closely monitoring the operation of the regrind mills to ensure continued reliability and high mechanical availability, including increased planned maintenance down days during this temporary period.
______________________________
1 Silver equivalent (AgEq): AgEq is calculated using an 80:1 silver:gold ratio. Ounces are troy ounces.
During the 15-week period of reduced milling, the preliminary estimate indicated a cash shortfall of less than $5 million with a fabrication cost of $0.5 million for a new trunnion. The timeline for fabrication and installation remains on schedule for December 2024.
Consolidated silver production decreased 24% to 874,717 ounces in Q3 2024 compared to Q3 2023, primarily driven by reduced operating capacity at Guanaceví after the trunnion failure in August. Gold production increased by 2% to 9,290 ounces in Q3 2024 compared to Q3 2023, primarily due to higher gold grades mined at both Guanaceví and Bolañitos as well as higher gold content in third-party feed processed at the Guanaceví mine.
Production Highlights for the Three and Nine Months Ended September 30, 2024
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |
175,065 | 214,270 | (18%) | Throughput (tonnes) | 615,848 | 653,918 | (6%) |
874,717 | 1,148,735 | (24%) | Silver ounces produced | 3,647,295 | 4,266,280 | (15%) |
9,290 | 9,089 | 2% | Gold ounces produced | 29,971 | 28,250 | 6% |
867,293 | 1,140,597 | (24%) | Payable silver ounces produced | 3,621,062 | 4,231,064 | (14%) |
9,112 | 8,929 | 2% | Payable gold ounces produced | 29,429 | 27,749 | 6% |
1,617,917 | 1,875,855 | (14%) | Silver equivalent ounces produced 1 | 6,045,055 | 6,526,280 | (7%) |
1,017,392 | 1,370,032 | (26%) | Silver ounces sold | 3,991,055 | 4,337,112 | (8%) |
9,412 | 8,760 | 7% | Gold ounces sold | 30,179 | 27,769 | 9% |
Production Tables for the Three Months Ended September 30, 2024 by Mine
Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold |
by mine | Processed | per day | Ag gpt | Au gpt | Ag % | Au % | Ounces | Ounces |
Guanaceví | 67,094 | 729 | 402 | 1.46 | 88.7% | 89.8% | 768,905 | 2,828 |
Bolañitos | 107,971 | 1,174 | 36 | 2.00 | 84.7% | 93.1% | 105,812 | 6,462 |
Consolidated | 175,065 | 1,924 | 176 | 1.79 | 88.2% | 92.1% | 874,717 | 9,290 |
Production Tables for the Nine Months Ended September 30, 2024 by Mine
Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold |
by mine | Processed | per day | Ag gpt | Au gpt | Ag % | Au % | Ounces | Ounces |
Guanaceví | 294,995 | 1,077 | 388 | 1.32 | 89.7% | 89.4% | 3,300,400 | 11,195 |
Bolañitos | 320,853 | 1,171 | 40 | 1.99 | 84.1% | 91.5% | 346,895 | 18,777 |
Consolidated | 615,848 | 2,248 | 207 | 1.67 | 89.1% | 90.7% | 3,647,295 | 29,972 |
gpt = grams per tonne
Totals may not add up due to rounding
About Endeavour Silver
Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Qualified Person
Dale Mah, P.Geo., Vice President Corporate Development, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters in this news release.
Q3 2024 Financial Results and Conference Call
Q3 2024 financial results will be released before market open on Tuesday November 5, 2024, and Management will host a conference call the same day at 1:00 pm Eastern time to discuss the results.
Date: | Tuesday November 5, 2024 |
Time: | 10:00am Pacific / 1:00pm Eastern |
Telephone: | Canada & US +1-844-763-8274 |
International +1-647-484-8814 | |
Replay: | Canada & US +1- 855-669-9658 |
International +1-412-317-0088 | |
Access code is 1771202; audio replay will be available on Company's website | |
Contact Information
Allison Pettit
Director, Investor Relations
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
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 2024 including changes in mining operations and forecasts of production levels, timeline for resumption of full operations at Guanacevi, 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, forecasted mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, timeline for resumption of full operations at Guanacevi 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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