SilverCrest Provides First Quarter Operational Results and Conference Call Details

In This Article:

Record Processed Grades and Recoveries, Silver Equivalent Sales Exceed Plan

 

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, April 17, 2024 /CNW/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide interim operational results for the first quarter of 2024 ("Q1, 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.

SilverCrest Metals Inc. Logo (CNW Group/SilverCrest Metals Inc.)
SilverCrest Metals Inc. Logo (CNW Group/SilverCrest Metals Inc.)

Q1, 2024 Operating Results and Sales

  • Recovered 14,719 ounces ("oz") of gold and 1.41 million ounces of silver, or 2.58 million silver equivalent ("AgEq")1 ounces.

  • Sold 15,000 ounces of gold and 1.40 million ounces of silver, or 2.59 million AgEq ounces.

  • Average realized price of $2,062/oz gold and $23.37/oz silver generating $63.6 million of revenue.

N. Eric Fier, CEO, commented, "Our first quarter has set the stage for another year of strong operational performance at Las Chispas, with silver sales exceeding plan and positioning us well to achieve 2024 sales guidance. Mobilization of our new mining contractor began in February 2024 and ramp-up of the underground continues to progress well. In the quarter, we achieved record silver equivalent process grades of 874 grams per tonne and recoveries of 98.3%, while completing planned maintenance ahead of schedule and returning plant availability to 92% in March.

"Strong performance of bullion prices in the quarter contributed to a 4% increase in our bullion holdings, to end the quarter at $20.0 million. As expected a significant cash payment for 2023 taxes and duties was completed, bringing total treasury assets2 to $91.1 million at the end of the quarter. We look forward to providing more details of our operational and financial performance in mid May."

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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.

2 Treasury Assets is comprised of bullion holdings and cash.

Q1, 2024 Operational Highlights


Unit

Q1, 2024

Q1, 2023

Ore mined

tonnes

85,737

63,600

Ore milled (a)

tonnes

93,373

104,400

Average daily mill throughput

tpd

1,026

1,160





Gold (Au)




Average processed grade

gpt

4.97

4.06

Process recovery

%

98.6 %

97.5 %

Recovered

oz

14,719

13,300

Sold

oz

15,000

14,200

Average realized price

$/oz

2,062

1,879





Silver (Ag)




Average processed grade

gpt

479

419

Process recovery

%

98.0 %

91.9 %

Recovered

million oz

1.41

1.29

Sold

million oz

1.40

1.36

Average realized price

$/oz

23.37

23.00





Silver equivalent (AgEq)




Average processed grade

gpt

874

742

Process recovery

%

98.3 %

94.4 %

Recovered

million oz

2.58

2.35

Sold

million oz

2.59

2.49

(a) Ore milled includes material from stockpiles and ore mined.

Q1, 2024 Conference Call

The Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 will be released after market on May 14, 2024.