UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of January 2022.
Commission File Number 001-38628
SILVERCREST METALS INC.
(Translation of registrant’s name into English)
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
Form 20-F[ ] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):[ ]
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):[ ]
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SILVERCREST METALS INC. | |
| /s/ Anne Yong | |
| Date: January 4, 2022 | Anne Yong |
| Chief Financial Officer |
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INDEX TO EXHIBITS
| Exhibit | Description | |
| 99.1 | Material Change Report dated January 4, 2022 |
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Form 51-102F3
Material Change Report
Item 1. Name and Address of Company
SilverCrest Metals Inc. (the "Company" or "SilverCrest")
Suite 501, 570 Granville Street
Vancouver, British Columbia
Canada V6C 3P1
Item 2. Date of Material Change
December 30, 2021
Item 3. News Release
News Release dated December 30, 2021 was disseminated through CNW Group Ltd.
Item 4. Summary of Material Change
On December, 30, 2021, the Company's Canadian subsidiary has completed the third scheduled drawdown of US$30 million on its previously announced US$120 million Project Financing Facility ("Credit Facility") with an affiliate of RK Mine Finance (see news release dated January 4, 2021).
Item 5.1 Full Description of Material Change
On December 30, 2021, the Company's Canadian subsidiary has completed the third scheduled drawdown of US$30 million on its previously announced Credit Facility with an affiliate of RK Mine Finance (see news release dated January 4, 2021). This drawdown takes the total amount of debt accessed to date to US$90 million. The additional funds will be used towards the continued construction of the Company's Las Chispas Project ("Las Chispas" or "Project") located in Sonora, Mexico, with a targeted completion in Q2, 2022.
To limit risk and enhance flexibility, SilverCrest has now drawn down 75% of the Credit Facility, in-line with the agreed drawdown schedule. By completing this drawdown, the remaining US$30 million will remain available to the Company through August 31, 2022, during the planned H2, 2022 production ramp-up of Las Chispas. Project construction remains on time and in line with the previously disclosed capital cost estimate of US$137.7 million (see news release dated February 2, 2021). The Company still anticipates reaching the previously disclosed 80% of construction completed by the end of 2021 with full power available to facilities by Q2, 2022. To date, there have been no delays to construction as a result of the ongoing COVID-19 pandemic.
As at December 30, 2021, the Company has cash and cash equivalent of approximately US$178 million and US$30 million remaining under its Credit Facility.
Item 5.2 Disclosure for Restructuring Transactions
Not applicable.
Item 6. Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7. Omitted Information
Not applicable.
Item 8. Executive Officer
Anne Yong, Chief Financial Officer
Telephone: (604) 694-1730
Item 9. Date of Report
January 4, 2022
FORWARD-LOOKING STATEMENTS
This material change report 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 strategic plans, timing and expectations for the Company's construction and exploration programs at the Las Chispas Project and the start up of production at the Las Chispas Mine by mid-2022. 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: impact of the COVID-19 pandemic; the reliability of mineralization estimates, mining and development costs, the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to rehabilitation and drilling programs; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: uncertainty as to the impact and duration of the COVID-19 pandemic; 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; 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 material change report if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.