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) |
Form 20-F | o | Form 40-F | x |
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. |
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. |
SILVERCREST METALS INC. |
Date: May 14, 2024 | /s/ Anne Yong______________ Anne Yong Chief Financial Officer |
Condensed Interim Consolidated Statements of Financial Position (unaudited, in thousands of U.S. dollars) |
March 31, 2024 | December 31, 2023 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents (Note 19) | $ | 71,085 | $ | 85,964 | ||||
Bullion (Note 7) | 20,039 | 19,191 | ||||||
Trade and other receivables | 4,980 | 114 | ||||||
Value-added tax receivables | 17,544 | 16,250 | ||||||
Inventories (Note 8) | 53,240 | 49,798 | ||||||
Prepaids and other assets | 7,741 | 7,216 | ||||||
Derivative assets | 548 | - | ||||||
175,177 | 178,533 | |||||||
Non-current assets | ||||||||
Mineral properties, plant and equipment (Note 9) | 254,911 | 246,728 | ||||||
Deferred tax assets | 18,255 | 22,723 | ||||||
Long-term value-added tax receivables | 14,743 | 12,190 | ||||||
Prepaids and other long-term assets | 7,290 | - | ||||||
Total assets | $ | 470,376 | $ | 460,174 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities (Note 10, 6(a)) | $ | 20,232 | $ | 17,924 | ||||
Tax liabilities | 6,256 | 33,614 | ||||||
Derivative liabilities | 344 | 168 | ||||||
Lease obligations | 67 | 67 | ||||||
26,899 | 51,773 | |||||||
Non-current liabilities | ||||||||
Long-term lease obligations | 210 | 221 | ||||||
Reclamation provision (Note 12) | 5,986 | 5,855 | ||||||
Total liabilities | 33,095 | 57,849 | ||||||
Equity (Note 13) | ||||||||
Issued capital | 407,837 | 406,890 | ||||||
Share option reserve | 11,483 | 11,338 | ||||||
Currency translation reserve | (3,538) | (3,538) | ||||||
Retained earnings | 21,499 | (12,365) | ||||||
Total equity | 437,281 | 402,325 | ||||||
Total liabilities and equity | $ | 470,376 | $ | 460,174 |
"signed" | N. Eric Fier, Director | "signed" | Anna Ladd-Kruger, Director |
SILVERCREST METALS INC. | 2 |
Condensed Interim Consolidated Statements of Earnings and Comprehensive Earnings (unaudited, in thousands of U.S. dollars except per share amounts) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Revenue (Note 14) | $ | 63,646 | $ | 57,983 | ||||
Cost of sales | ||||||||
Production costs (Note 15) | (18,203) | (18,038) | ||||||
Depreciation | (7,776) | (4,045) | ||||||
Government royalties | (190) | (294) | ||||||
(26,169) | (22,377) | |||||||
Mine operating earnings | 37,477 | 35,606 | ||||||
General and administrative expenses (Note 16) | (4,695) | (3,533) | ||||||
Exploration and project expenses | (222) | (226) | ||||||
Foreign exchange gains | 366 | 1,119 | ||||||
Earnings from operations | 32,926 | 32,966 | ||||||
Interest income | 1,638 | 772 | ||||||
Interest and finance expense (Note 17) | (315) | (1,369) | ||||||
Other income | 1,350 | — | ||||||
Earnings before income taxes | 35,599 | 32,369 | ||||||
Income tax expense (Note 18) | (1,735) | (5,204) | ||||||
Net earnings | $ | 33,864 | $ | 27,165 | ||||
Other comprehensive income | ||||||||
Currency translation adjustment | — | 329 | ||||||
Total comprehensive earnings | $ | 33,864 | $ | 27,494 | ||||
Net earnings attributable to common shareholders | ||||||||
Basic earnings per share | $ | 0.23 | $ | 0.18 | ||||
Diluted earnings per share | $ | 0.23 | $ | 0.18 | ||||
Weighted average shares outstanding (in 000’s) Basic | 146,954 | 147,200 | ||||||
Weighted average shares outstanding (in 000’s) Diluted | 147,956 | 152,414 |
SILVERCREST METALS INC. | 3 |
Condensed Interim Consolidated Statements of Cash Flows (unaudited, in thousands of U.S. dollars) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
(Note 19) | ||||||||
Operating activities | ||||||||
Net earnings for the period | $ | 33,864 | $ | 27,165 | ||||
Income tax expense (Note 18) | 1,735 | 5,204 | ||||||
Depreciation | 7,776 | 4,067 | ||||||
Share-based compensation expense | 1,065 | 1,120 | ||||||
Unrealized foreign exchange losses (gains) | 484 | (1,629) | ||||||
Interest income | (1,638) | (772) | ||||||
Interest expense (Note 17) | 147 | 1,242 | ||||||
Interest paid (Note 19) | (49) | (1,077) | ||||||
Interest received (Note 19) | 1,638 | 721 | ||||||
Income taxes paid | (26,164) | (987) | ||||||
Other operating activities (Note 19) | (1,244) | 107 | ||||||
Change in working capital (Note 19) | (18,735) | (8,544) | ||||||
$ | (1,121) | $ | 26,617 | |||||
Investing activities | ||||||||
Payments for mineral properties, plant and equipment | (14,804) | (7,930) | ||||||
Purchase of bullion | — | (1,810) | ||||||
Proceeds from derivatives | 161 | — | ||||||
$ | (14,643) | $ | (9,740) | |||||
Financing activities | ||||||||
Common share proceeds | 658 | 179 | ||||||
Repayment of debt (Note 11) | — | (25,000) | ||||||
Payments of equipment leases | (11) | (43) | ||||||
$ | 647 | $ | (24,864) | |||||
Effects of exchange rate changes on cash and cash equivalents | 238 | 2,991 | ||||||
Decrease in cash and cash equivalents | (14,879) | (4,996) | ||||||
Cash and cash equivalents at the beginning of the period | 85,964 | 50,761 | ||||||
Cash and cash equivalents at the end of the period | $ | 71,085 | $ | 45,765 |
SILVERCREST METALS INC. | 4 |
Condensed Interim Consolidated Statements of Changes in Equity (unaudited, in thousands of U.S. dollars except for number of shares) |
Issued shares | Issued capital | Share option reserve | Currency translation reserve | Retained earnings | Total | |||||||||||||||
Balance, December 31, 2022 | 147,156 | $ | 405,811 | $ | 10,945 | $ | (13,793) | $ | (125,969) | $ | 276,994 | |||||||||
Total comprehensive earnings | ||||||||||||||||||||
Net earnings for the period | — | — | — | — | 27,165 | 27,165 | ||||||||||||||
Foreign exchange translation | — | — | — | 329 | — | 329 | ||||||||||||||
— | — | — | 329 | 27,165 | 27,494 | |||||||||||||||
Shares issued on the exercise of stock options | 75 | 294 | (115) | — | — | 179 | ||||||||||||||
Stock options forfeited | — | — | (36) | — | 36 | — | ||||||||||||||
Share-based compensation on option grants | — | — | 674 | — | — | 674 | ||||||||||||||
Share repurchased and cancelled | — | — | — | — | — | — | ||||||||||||||
Balance, March 31, 2023 | 147,231 | 406,105 | 11,468 | (13,464) | (98,768) | 305,341 | ||||||||||||||
Total comprehensive earnings | ||||||||||||||||||||
Net earnings for the year | — | — | — | — | 89,555 | 89,555 | ||||||||||||||
Foreign exchange translation | — | — | — | 9,926 | — | 9,926 | ||||||||||||||
— | — | — | 9,926 | 89,555 | 99,481 | |||||||||||||||
Shares issued on the exercise of stock options | 1,208 | 4,814 | (1,862) | — | — | 2,952 | ||||||||||||||
Stock options forfeited | — | — | 36 | — | (36) | — | ||||||||||||||
Share-based compensation on option grants | — | — | 1,696 | — | — | 1,696 | ||||||||||||||
Share repurchased and cancelled | (1,504) | (4,029) | — | — | (3,116) | (7,145) | ||||||||||||||
Balance, December 31, 2023 | 146,935 | 406,890 | 11,338 | (3,538) | (12,365) | 402,325 | ||||||||||||||
Total comprehensive earnings | ||||||||||||||||||||
Net earnings for the period | — | — | — | — | 33,864 | 33,864 | ||||||||||||||
— | — | — | — | 33,864 | 33,864 | |||||||||||||||
Shares issued on the exercise of stock options | 126 | 928 | (270) | — | — | 658 | ||||||||||||||
Shares issued on the settlement of share units | 3 | 19 | — | — | — | 19 | ||||||||||||||
Share-based compensation on option grants | — | — | 415 | — | — | 415 | ||||||||||||||
Balance, March 31, 2024 | 147,064 | 407,837 | 11,483 | (3,538) | 21,499 | 437,281 |
SILVERCREST METALS INC. | 5 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
1. Nature of Operations |
2. Basis of Preparation |
3. Material Accounting Policies |
4. Changes in Accounting Standards |
SILVERCREST METALS INC. | 6 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
5. Significant Judgments and Estimates |
6. Financial Instruments |
March 31, 2024 | Amortized cost | FVTPL | Total | ||||||||
Financial assets | |||||||||||
Cash and cash equivalents | $ | 71,085 | $ | - | $ | 71,085 | |||||
Trade and other receivables | 4,980 | - | 4,980 | ||||||||
Derivative assets | - | 548 | 548 | ||||||||
Financial liabilities | |||||||||||
Accounts payable and accrued liabilities | 16,698 | 3,534 | 20,232 | ||||||||
Derivative liabilities | - | 344 | 344 |
December 31, 2023 | Amortized cost | FVTPL | Total | ||||||||
Financial assets | |||||||||||
Cash and cash equivalents | $ | 85,964 | $ | - | $ | 85,964 | |||||
Trade and other receivables | 114 | - | 114 | ||||||||
Financial liabilities | |||||||||||
Accounts payable and accrued liabilities | 14,080 | 3,844 | 17,924 | ||||||||
Derivative liabilities | - | 168 | 168 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Unrealized gains on derivatives (Note 22) | 533 | - | ||||||
SILVERCREST METALS INC. | 7 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
At March 31, 2024 | At December 31, 2023 | |||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||
Assets and Liabilities: | ||||||||||||||
Derivative assets | — | 548 | — | — | ||||||||||
Derivative liabilities | — | 344 | — | 168 |
SILVERCREST METALS INC. | 8 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
7. Bullion |
March 31, 2024 | December 31, 2023 | |||||||||||||
Cost | Fair value | Cost | Fair value | |||||||||||
Gold bullion | $ | 5,535 | $ | 6,166 | $ | 5,535 | $ | 5,743 | ||||||
Silver bullion | 13,139 | 13,873 | 13,139 | 13,448 | ||||||||||
$ | 18,674 | $ | 20,039 | $ | 18,674 | $ | 19,191 |
SILVERCREST METALS INC. | 9 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
8. Inventories |
March 31, 2024 | December 31, 2023 | |||||||
Stockpile | $ | 30,270 | $ | 27,115 | ||||
In-process | 2,605 | 2,055 | ||||||
Finished | 11,465 | 11,496 | ||||||
Materials and supplies | 8,900 | 9,132 | ||||||
$ | 53,240 | $ | 49,798 |
9. Mineral Properties, Plant, and Equipment |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Cost | Accumulated Depreciation | Carrying Value | Cost | Accumulated Depreciation | Carrying Value | ||||||||||||||||||
Producing: | |||||||||||||||||||||||
Mexico | Las Chispas | $ | 298,237 | $ | (45,814) | $ | 252,423 | $ | 281,371 | $ | (37,130) | $ | 244,241 | ||||||||||
Non-Producing: | |||||||||||||||||||||||
Mexico | Other | 2,748 | (260) | $ | 2,488 | 2,748 | (261) | $ | 2,487 | ||||||||||||||
Canada | Other | 58 | (58) | $ | - | 58 | (58) | $ | — | ||||||||||||||
2,806 | (318) | 2,488 | 2,806 | (319) | 2,487 | ||||||||||||||||||
Total | $ | 301,043 | $ | (46,132) | $ | 254,911 | $ | 284,177 | $ | (37,449) | $ | 246,728 |
10. Accounts Payable and Accrued Liabilities |
March 31, 2024 | December 31, 2023 | |||||||
Trade payables | $ | 5,618 | $ | 2,938 | ||||
Accrued liabilities | 8,424 | 9,890 | ||||||
Payroll related liabilities | 2,656 | 1,957 | ||||||
Share unit accrued liabilities | 3,534 | 3,139 | ||||||
$ | 20,232 | $ | 17,924 |
SILVERCREST METALS INC. | 10 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
11. Debt |
Three months ended March 31, 2024 | Year ended December 31, 2023 | |||||||
Term Facility | ||||||||
Balance, beginning of period | $ | - | $ | 49,591 | ||||
Accretion | - | 409 | ||||||
Interest expense | - | 1,030 | ||||||
Interest payments | - | (1,030) | ||||||
Debt repayment | - | (50,000) | ||||||
Balance, end of period | $ | - | $ | - | ||||
12. Reclamation Provision |
March 31, 2024 | December 31, 2023 | |||||||
Balance, beginning of period | $ | 5,855 | $ | 4,590 | ||||
Accretion of reclamation provision (Note 17) | 136 | 493 | ||||||
Revisions in estimates and obligations | (5) | 772 | ||||||
Balance, end of period | $ | 5,986 | $ | 5,855 |
13. Share Capital and Employee Compensation Plans |
SILVERCREST METALS INC. | 11 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
Three months ended March 31, 2024 | Year ended December 31, 2023 | |||||||||||||
Number of options | Weighted average exercised price CAD | Number of options | Weighted average exercised price CAD | |||||||||||
Outstanding, beginning of period | 4,105,200 | $ | 9.16 | 5,560,450 | $ | 7.87 | ||||||||
Granted | 620,800 | 7.43 | 65,000 | 7.13 | ||||||||||
Exercised | (125,916) | 7.07 | (1,282,750) | 3.34 | ||||||||||
Forfeited | (68,667) | 10.15 | (237,500) | 9.80 | ||||||||||
Outstanding, end of period | 4,531,417 | $ | 8.97 | 4,105,200 | $ | 9.16 |
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices CAD | Number Outstanding as at March 31, 2024 | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price CAD | Number Outstanding as at March 31, 2024 | Weighted Average Exercise Price CAD | ||||||||||||
$4.54 - $8.21 | 1,535,550 | 2.4 | $ | 7.74 | 833,083 | $ | 8.02 | ||||||||||
$8.22 - $8.50 | 1,343,867 | 2.2 | 8.37 | 909,699 | 8.30 | ||||||||||||
$8.51 - $10.80 | 740,000 | 2.7 | 9.86 | 493,327 | 9.86 | ||||||||||||
$10.81 - $12.63 | 912,000 | 1.9 | 11.18 | 878,666 | 11.18 | ||||||||||||
4,531,417 | 2.3 | $ | 8.97 | 3,114,775 | $ | 9.28 |
Three months ended March 31, 2024 | Year ended December 31, 2023 | |||||||||||||
Number outstanding | Fair value | Number outstanding | Fair value | |||||||||||
Outstanding, beginning of period | 153,125 | $ | 705 | 173,750 | $ | 764 | ||||||||
Granted | 96,900 | 49 | 61,875 | 451 | ||||||||||
Settled for cash | (61,875) | (405) | (82,500) | (535) | ||||||||||
Change in value | - | 62 | — | 25 | ||||||||||
Outstanding, end of period | 188,150 | $ | 411 | 153,125 | $ | 705 |
SILVERCREST METALS INC. | 12 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
Three months ended March 31, 2024 | Year ended December 31, 2023 | |||||||||||||
Number outstanding | Fair value | Number outstanding | Fair value | |||||||||||
Outstanding, beginning of period | 235,437 | $ | 1,055 | 249,498 | $ | 254 | ||||||||
Granted | 380,800 | 254 | - | - | ||||||||||
Settled for cash | (87,846) | (564) | - | - | ||||||||||
Settled for shares | (2,925) | (16) | - | - | ||||||||||
Forfeited | - | - | (14,061) | (20) | ||||||||||
Change in value | - | 83 | - | 821 | ||||||||||
Outstanding, end of period | 525,466 | $ | 811 | 235,437 | $ | 1,055 |
Three months ended March 31, 2024 | Year ended December 31, 2023 | |||||||||||||
Number outstanding | Fair value | Number outstanding | Fair value | |||||||||||
Outstanding, beginning of period | 228,000 | $ | 1,498 | 228,000 | $ | 1,364 | ||||||||
Granted | 118,800 | 790 | - | - | ||||||||||
Change in value | - | 20 | - | 134 | ||||||||||
Outstanding, end of period | 346,800 | $ | 2,308 | 228,000 | $ | 1,498 |
14. Revenue |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Gold | $ | 30,923 | $ | 26,676 | ||||
Silver | 32,723 | 31,307 | ||||||
$ | 63,646 | $ | 57,983 |
SILVERCREST METALS INC. | 13 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
15. Production Costs |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Materials and consumables | $ | 11,251 | $ | 9,081 | ||||
Salaries and benefits | 2,814 | 3,155 | ||||||
Contractors | 5,980 | 4,127 | ||||||
Refining and transportation | 452 | 607 | ||||||
Other | 514 | 486 | ||||||
Changes in inventories | (2,808) | 582 | ||||||
$ | 18,203 | $ | 18,038 |
16. General and Administrative Expenses |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Corporate administration | $ | 3,630 | $ | 2,815 | ||||
Share-based compensation | 1,065 | 718 | ||||||
$ | 4,695 | $ | 3,533 |
17. Interest and Finance Expense |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Interest expense | $ | 147 | $ | 1,239 | ||||
Reclamation accretion expense (Note 12) | 136 | 107 | ||||||
Other financing costs | 32 | 23 | ||||||
$ | 315 | $ | 1,369 |
18. Income Taxes |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Current tax (recovery) expense | $ | (2,733) | $ | 2,483 | ||||
Deferred tax expense | 4,468 | 2,721 | ||||||
$ | 1,735 | $ | 5,204 |
SILVERCREST METALS INC. | 14 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Earnings for the period before income taxes | $ | 35,599 | $ | 32,369 | ||||
Statutory tax rate | 27 | % | 27 | % | ||||
Income taxes computed at statutory rates | 9,612 | 8,739 | ||||||
Permanent differences | 404 | (3,262) | ||||||
Effect of other taxes (recovered) paid, mining and withholding | 1,899 | 2,483 | ||||||
Change in unrecognized temporary differences and other | (10,180) | (2,756) | ||||||
$ | 1,735 | $ | 5,204 |
19. Supplemental Cash Flow |
Three months ended March 31, | ||||||||
Other operating activities | 2024 | 2023 | ||||||
Adjustments for non-cash income statement items: | ||||||||
Reclamation accretion expense (Note 12) | $ | 136 | $ | 107 | ||||
Bullion gains (Note 7) | (847) | - | ||||||
Derivative gains (Note 6) | (533) | - | ||||||
$ | (1,244) | $ | 107 |
Three months ended March 31, | ||||||||
Change in working capital | 2024 | 2023 | ||||||
Trade and other receivables | $ | (8,712) | $ | (4,057) | ||||
Inventories | (2,532) | 4,180 | ||||||
Prepaid expenses | (7,814) | (239) | ||||||
Accounts payable | 323 | (8,428) | ||||||
Provisions | - | - | ||||||
$ | (18,735) | $ | (8,544) |
Amount | |||||
Interest paid(1) | (1,077) | ||||
Interest received(2) | 721 | ||||
SILVERCREST METALS INC. | 15 |
Notes to the Condensed Interim Consolidated Financial Statements | |||||
As at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (unaudited with tabular amounts in thousands of USD$ except number of shares, options and per share amounts, unless otherwise noted) |
20. Segmented Information |
For the three months ended March 31, 2024 | |||||||||||||||||
Segment | Revenue | Production costs and government royalties | Depreciation | Mine operating earnings | Capital expenditures | ||||||||||||
Las Chispas | $ | 63,646 | $ | 18,393 | $ | 7,776 | $ | 37,477 | $ | 14,804 | |||||||
For the three months ended March 31, 2023 | |||||||||||||||||
Segment | Revenue | Production costs and government royalties | Depreciation | Mine operating earnings | Capital expenditures | ||||||||||||
Las Chispas | $ | 57,983 | $ | 18,332 | $ | 4,045 | $ | 35,606 | $ | 7,930 | |||||||
At March 31, 2024 | |||||||||||
Segment | Assets | Liabilities | Net assets | ||||||||
Las Chispas | $ | 431,689 | $ | 22,205 | $ | 409,484 | |||||
Corporate | 37,216 | 10,866 | 26,350 | ||||||||
Other | 1,471 | 24 | 1,447 | ||||||||
$ | 470,376 | $ | 33,095 | $ | 437,281 |
At December 31, 2023 | |||||||||||
Segment | Assets | Liabilities | Net assets | ||||||||
Las Chispas | $ | 420,613 | $ | 43,899 | $ | 376,714 | |||||
Corporate | 38,039 | 13,926 | 24,113 | ||||||||
Other | 1,522 | 24 | 1,498 | ||||||||
$ | 460,174 | $ | 57,849 | $ | 402,325 |
21. Related Party Transactions |
22. Other Income |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Derivative gains (Note 6(b)) | $ | 533 | $ | - | ||||
Bullion gains | 847 | - | ||||||
Miscellaneous expense | (30) | - | ||||||
Other Income | $ | 1,350 | $ | - |
SILVERCREST METALS INC. | 16 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
Cautionary Note |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
TABLE OF CONTENTS | ||||||||
Description of Business | ||||||||
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
1. Introduction |
2. Description of Business |
SILVERCREST METALS INC. | 5 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
3. Highlights |
4. Environmental, Social, and Governance ("ESG") |
SILVERCREST METALS INC. | 6 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
5. Operating Performance |
OPERATIONAL | Unit | Q1, 2024 | Q1, 2023 | ||||||||
Ore mined | tonnes | 85,737 | 63,600 | ||||||||
Underground development | km | 4.2 | 2.8 | ||||||||
Ore milled(1) | tonnes | 93,373 | 104,400 | ||||||||
Average daily mill throughput | tpd | 1,026 | 1,160 | ||||||||
Gold | |||||||||||
Average grade | gpt | 4.97 | 4.06 | ||||||||
Recovery | % | 98.6 | % | 97.5 | % | ||||||
Recovered | oz | 14,719 | 13,300 | ||||||||
Sold | oz | 15,000 | 14,200 | ||||||||
Silver | |||||||||||
Average grade | gpt | 479 | 419 | ||||||||
Recovery | % | 98.0 | % | 91.9 | % | ||||||
Recovered | million oz | 1.41 | 1.29 | ||||||||
Sold | million oz | 1.40 | 1.36 | ||||||||
Silver equivalent(2) | |||||||||||
Average grade | gpt | 874 | 742 | ||||||||
Recovery | % | 98.3 | % | 94.4 | % | ||||||
Recovered | million oz | 2.58 | 2.35 | ||||||||
Sold | million oz | 2.59 | 2.49 | ||||||||
FINANCIAL | Unit | Q1, 2024 | Q1, 2023 | ||||||||
Revenue | $ millions | $ | 63.6 | $ | 58.0 | ||||||
Cost of sales | $ millions | $ | (26.2) | $ | (22.4) | ||||||
Mine operating earnings | $ millions | $ | 37.5 | $ | 35.6 | ||||||
Earnings for the period | $ millions | $ | 33.9 | $ | 27.2 | ||||||
Earnings per share (basic) | $/share | $ | 0.23 | $ | 0.18 | ||||||
Operating cash flow | $ millions | $ | (1.1) | $ | 26.6 | ||||||
Operating cash flow (basic) | $/share | $ | (0.01) | $ | 0.18 | ||||||
Free cash flow | $ millions | $ | (11.4) | $ | 19.0 | ||||||
Free cash flow (basic) | $/share | $ | (0.08) | $ | 0.13 | ||||||
Cash costs(2) | $/oz AgEq | $ | 7.09 | $ | 7.36 | ||||||
AISC(2) | $/oz AgEq | $ | 12.90 | $ | 10.90 | ||||||
Unit | March 31, 2024 | December 31, 2023 | |||||||||
Cash and cash equivalents | $ millions | $ | 71.1 | $ | 86.0 | ||||||
Bullion | $ millions | $ | 20.0 | $ | 19.2 | ||||||
Treasury assets | $ millions | $ | 91.1 | $ | 105.2 | ||||||
SILVERCREST METALS INC. | 7 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
SILVERCREST METALS INC. | 8 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
Babicanora Sur (BAS) Infill and Expansion Drilling | |||||||||||||||||||||||
Hole ID | From | To | Drilled | Approx. | Au gpt | Ag gpt | AgEq gpt* | ||||||||||||||||
Intercept | True | ||||||||||||||||||||||
(m) | Thickness | ||||||||||||||||||||||
(m) | |||||||||||||||||||||||
BAS-23-233 | 109.8 | 110.4 | 0.6 | 0.5 | 7.55 | 197.0 | 797 | ||||||||||||||||
BAS-23-234 | 120.8 | 122.5 | 1.7 | 1.4 | 9.07 | 295.6 | 1,017 | ||||||||||||||||
Includes | 121.5 | 122.5 | 1.0 | 0.8 | 8.80 | 415.0 | 1,115 | ||||||||||||||||
BAS-23-243 | 265.2 | 265.7 | 0.5 | 0.4 | 0.73 | 105.0 | 163 | ||||||||||||||||
BAS-23-244 | 249.2 | 254.8 | 5.6 | 4.5 | 5.83 | 605.0 | 1,068 | ||||||||||||||||
Includes | 249.2 | 249.7 | 0.5 | 0.4 | 29.70 | 3,400.0 | 5,761 | ||||||||||||||||
Includes | 254.3 | 254.8 | 0.5 | 0.4 | 26.10 | 2,540.0 | 4,615 | ||||||||||||||||
BAS-23-245 | 248.4 | 249.0 | 0.5 | 0.4 | 1.24 | 113.0 | 212 | ||||||||||||||||
BAS-23-247 | 250.1 | 250.9 | 0.8 | 0.6 | 1.04 | 91.0 | 174 | ||||||||||||||||
BAS-23-249 | 275.5 | 276.0 | 0.5 | 0.4 | 11.80 | 1,540.0 | 2,478 | ||||||||||||||||
BAS-23-250 | 245.2 | 245.8 | 0.5 | 0.4 | 1.98 | 59.9 | 217 | ||||||||||||||||
BAS-23-251 | 281.5 | 284.6 | 3.1 | 2.5 | 7.22 | 517.0 | 1,091 | ||||||||||||||||
Includes | 284.0 | 284.6 | 0.6 | 0.5 | 28.00 | 2,070.0 | 4,296 | ||||||||||||||||
BAS-23-252 | 273.8 | 274.3 | 0.5 | 0.4 | 1.60 | 179.0 | 306 | ||||||||||||||||
BAS-23-253 | 129.0 | 135.0 | 6.0 | 4.8 | 1.86 | 47.2 | 195 | ||||||||||||||||
BAS-23-256 | 95.5 | 96.0 | 0.5 | 0.4 | 3.97 | 173.0 | 489 | ||||||||||||||||
BAS-24-263 | 276.5 | 277.3 | 0.8 | 0.6 | 1.37 | 100.0 | 209 | ||||||||||||||||
BAS-24-265 | 298.0 | 298.9 | 0.8 | 0.6 | 0.96 | 103.0 | 179 | ||||||||||||||||
BAS-24-266 | 288.1 | 288.8 | 0.7 | 0.6 | 1.35 | 158.0 | 265 | ||||||||||||||||
BAS-24-267 | 212.0 | 212.9 | 0.9 | 0.7 | 5.86 | 588.0 | 1,054 | ||||||||||||||||
BAS-24-268 | 192.1 | 192.6 | 0.5 | 0.4 | 1.67 | 66.0 | 199 | ||||||||||||||||
Weighted Average | 1.5 | 1.2 | 4.35 | 323.0 | 669 |
Babicanora Sur Footwall (BAS FW) Infill Drilling | |||||||||||||||||||||||
Hole ID | From | To | Drilled | Approx. | Au gpt | Ag gpt | AgEq gpt* | ||||||||||||||||
Intercept | True | ||||||||||||||||||||||
(m) | Thickness | ||||||||||||||||||||||
(m) | |||||||||||||||||||||||
BAS-23-243 | 316.4 | 316.9 | 0.5 | 0.4 | 12.15 | 1,025.0 | 1,991 | ||||||||||||||||
BAS-23-247 | 300.0 | 301.1 | 1.1 | 0.9 | 0.65 | 138.9 | 191 | ||||||||||||||||
BAS-23-255 | 244.6 | 245.2 | 0.6 | 0.5 | 4.34 | 243.0 | 588 | ||||||||||||||||
Weighted Average | 0.7 | 0.6 | 4.27 | 370.4 | 710 |
SILVERCREST METALS INC. | 9 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
Babicanora Norte Splay 3 (BAN Splay 3) Infill and Expansion Drilling | |||||||||||||||||||||||
Hole ID | From | To | Drilled | Approx. | Au gpt | Ag gpt | AgEq gpt* | ||||||||||||||||
Intercept | True | ||||||||||||||||||||||
(m) | Thickness | ||||||||||||||||||||||
(m) | |||||||||||||||||||||||
UBN-23-26 | 133.8 | 134.6 | 0.8 | 0.6 | 0.75 | 115.0 | 175 | ||||||||||||||||
UBN-23-28 | 188.9 | 191.0 | 2.1 | 1.7 | 2.87 | 384.0 | 612 | ||||||||||||||||
Includes | 189.4 | 189.9 | 0.5 | 0.4 | 5.74 | 687.0 | 1,143 | ||||||||||||||||
UBN-23-29 | 205.3 | 205.8 | 0.6 | 0.4 | 6.79 | 854.0 | 1,394 | ||||||||||||||||
UBN-23-31 | 195.9 | 196.5 | 0.6 | 0.4 | 15.15 | 1,575.0 | 2,780 | ||||||||||||||||
UBN-23-32 | 199.7 | 200.2 | 0.5 | 0.4 | 37.70 | 4,250.0 | 7,248 | ||||||||||||||||
UBN-23-33 | 180.7 | 181.3 | 0.7 | 0.5 | 2.90 | 377.0 | 608 | ||||||||||||||||
UBN-23-37 | 201.5 | 202.7 | 1.2 | 0.9 | 46.35 | 3,394.6 | 7,080 | ||||||||||||||||
Includes | 202.1 | 202.7 | 0.6 | 0.4 | 98.30 | 7,040.0 | 14,856 | ||||||||||||||||
UBN-23-39 | 215.6 | 216.1 | 0.5 | 0.4 | 0.85 | 150.0 | 218 | ||||||||||||||||
UBN-23-40 | 235.8 | 236.3 | 0.5 | 0.4 | 9.42 | 1,025.0 | 1,774 | ||||||||||||||||
UBN-24-42 | 235.0 | 235.5 | 0.5 | 0.4 | 20.70 | 2,630.0 | 4,276 | ||||||||||||||||
UBN-24-44 | 200.9 | 201.4 | 0.5 | 0.4 | 0.79 | 151.0 | 214 | ||||||||||||||||
Weighted Average | 0.8 | 0.6 | 13.24 | 1,274.1 | 2,326 |
Babicanora Norte Northwest (BAN NW) Infill Drilling | |||||||||||||||||||||||
Hole ID | From | To | Drilled | Approx. | Au gpt | Ag gpt | AgEq gpt* | ||||||||||||||||
Intercept | True | ||||||||||||||||||||||
(m) | Thickness | ||||||||||||||||||||||
(m) | |||||||||||||||||||||||
BAN-23-448 | 182.4 | 183.1 | 0.7 | 0.6 | 3.11 | 429.0 | 676 | ||||||||||||||||
BAN-24-463 | 93.7 | 94.2 | 0.5 | 0.4 | 2.24 | 280.0 | 458 | ||||||||||||||||
BAN-24-466 | 91.4 | 91.9 | 0.5 | 0.4 | 11.80 | 921.0 | 1,859 | ||||||||||||||||
BAN-24-467 | 92.7 | 93.3 | 0.5 | 0.4 | 2.43 | 384.0 | 577 | ||||||||||||||||
Weighted Average | 0.6 | 0.5 | 4.79 | 500.7 | 882 |
Babi Vista Footwall (BAV FW) Infill Drilling | |||||||||||||||||||||||
Hole ID | From | To | Drilled | Approx. | Au gpt | Ag gpt | AgEq gpt* | ||||||||||||||||
Intercept | True | ||||||||||||||||||||||
(m) | Thickness | ||||||||||||||||||||||
(m) | |||||||||||||||||||||||
UBV-23-68 | 91.2 | 91.7 | 0.5 | 0.4 | 39.40 | 7,750.0 | 10,883 | ||||||||||||||||
UBV-23-69 | 143.6 | 144.1 | 0.5 | 0.4 | 0.85 | 123.0 | 191 | ||||||||||||||||
UBV-23-76 | 131.9 | 132.4 | 0.5 | 0.4 | 29.90 | 2,100.0 | 4,477 | ||||||||||||||||
Weighted Average | 0.5 | 0.4 | 23.41 | 3,272.1 | 5,133 |
SILVERCREST METALS INC. | 10 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
El Muerto Splay (EM Splay) Infill Drilling | |||||||||||||||||||||||
Hole ID | From | To | Drilled | Approx. | Au gpt | Ag gpt | AgEq gpt* | ||||||||||||||||
Intercept | True | ||||||||||||||||||||||
(m) | Thickness | ||||||||||||||||||||||
(m) | |||||||||||||||||||||||
EM-23-142 | 343.9 | 344.4 | 0.5 | 0.4 | 8.33 | 538.0 | 1,200 | ||||||||||||||||
EM-23-145 | 327.0 | 327.5 | 0.5 | 0.4 | 8.19 | 1,205.0 | 1,856 | ||||||||||||||||
EM-23-148 | 365.9 | 366.4 | 0.5 | 0.4 | 13.85 | 983.0 | 2,084 | ||||||||||||||||
EM-23-150 | 353.2 | 353.8 | 0.6 | 0.5 | 1.84 | 137.0 | 283 | ||||||||||||||||
Weighted Average | 0.5 | 0.4 | 7.85 | 703.4 | 1,327 |
Encinitas Infill Drilling | |||||||||||||||||||||||
Hole ID | From | To | Drilled | Approx. | Au gpt | Ag gpt | AgEq gpt* | ||||||||||||||||
Intercept | True | ||||||||||||||||||||||
(m) | Thickness | ||||||||||||||||||||||
(m) | |||||||||||||||||||||||
BAS-23-232 | 149.4 | 150.5 | 1.1 | 0.8 | 3.07 | 2.4 | 246 | ||||||||||||||||
BAS-23-240 | 151.6 | 152.1 | 0.5 | 0.4 | 2.14 | 10.1 | 180 | ||||||||||||||||
BAS-23-248 | 165.1 | 165.9 | 0.8 | 0.6 | 6.56 | 4.3 | 526 | ||||||||||||||||
BAS-23-255 | 33.0 | 34.8 | 1.8 | 1.4 | 2.56 | 8.1 | 212 | ||||||||||||||||
BAS-23-257 | 208.2 | 208.8 | 0.6 | 0.5 | 1.37 | 48.8 | 158 | ||||||||||||||||
BAS-24-258 | 262.2 | 262.7 | 0.5 | 0.4 | 4.29 | 228.0 | 569 | ||||||||||||||||
BAS-24-259 | 184.4 | 185.4 | 1.0 | 0.8 | 3.09 | 86.2 | 332 | ||||||||||||||||
BAS-24-261 | 181.6 | 182.2 | 0.6 | 0.5 | 81.70 | 52.0 | 6,548 | ||||||||||||||||
BAS-24-266 | 151.4 | 152.5 | 1.1 | 0.9 | 3.27 | 90.1 | 350 | ||||||||||||||||
EN-23-09 | 148.1 | 148.6 | 0.5 | 0.4 | 3.36 | 17.6 | 285 | ||||||||||||||||
EN-23-10 | 148.5 | 149.0 | 0.5 | 0.4 | 2.47 | 14.6 | 211 | ||||||||||||||||
EN-23-15 | 165.2 | 165.9 | 0.7 | 0.6 | 5.93 | 68.1 | 540 | ||||||||||||||||
Weighted Average | 0.8 | 0.6 | 8.25 | 47.6 | 704 |
SILVERCREST METALS INC. | 11 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
6. Financial Performance |
Three months | Note | |||||||
Net earnings, period ended March 31, 2023 | $ | 27,165 | ||||||
Increased revenue | 5,663 | 1 | ||||||
Increased production costs and government royalties | (61) | |||||||
Increased depreciation | (3,731) | |||||||
Increased cost of sales | $ | (3,792) | 2 | |||||
Increased mine operating earnings | $ | 1,871 | ||||||
Increased other income | 1,350 | 3 | ||||||
Decreased interest and finance expense | 1,054 | 4 | ||||||
Increased interest income | 866 | |||||||
Increased general and administrative expenses | (1,162) | 5 | ||||||
Decreased foreign exchange gains | (753) | |||||||
Other | 3,473 | |||||||
Net earnings, period ended March 31, 2024 | $ | 33,864 |
Realized Metal Prices ($ per oz) | Quantities of Metal Sold (oz) | |||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Gold | $ | 2,062 | $ | 1,879 | 15,000 | 14,200 | ||||||||
Silver | $ | 23.37 | $ | 23.00 | 1,400,000 | 1,361,000 |
SILVERCREST METALS INC. | 12 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
7. Liquidity and Capital Position |
Liquidity and Capital Measures | Mar 31, 2024 | Dec 31, 2023 | Change | ||||||||
Cash and cash equivalents | $ | 71,085 | $ | 85,964 | $ | (14,879) | |||||
Bullion | $ | 20,039 | $ | 19,191 | $ | 848 | |||||
Treasury assets(1) | $ | 91,124 | $ | 105,155 | $ | (14,031) | |||||
Working capital(2) | $ | 148,278 | $ | 126,760 | $ | 21,518 | |||||
SILVERCREST METALS INC. | 13 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
Outstanding as at May 14, 2024 | |||||
Common Shares | 147,260,572 | ||||
Options(1) | 4,334,500 | ||||
151,595,072 |
8. Non-GAAP Financial Measures |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Gold revenue | 30,923 | 26,676 | ||||||
Gold ounces sold during the period | 15,000 | 14,200 | ||||||
Average realized gold price (per oz sold) | $ | 2,062 | $ | 1,879 | ||||
Silver revenue | 32,723 | 31,307 | ||||||
Silver ounces sold during the period | 1,400,000 | 1,361,000 | ||||||
Average realized silver price (per oz sold) | $ | 23.37 | $ | 23.00 |
SILVERCREST METALS INC. | 14 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Payments for mineral properties, plant and equipment | $ | 14,804 | $ | 7,930 | ||||
Payments for equipment leases | 11 | 43 | ||||||
Total capital expenditures | 14,815 | 7,973 | ||||||
Less: Non-sustaining capital expenditures | (4,586) | (320) | ||||||
Sustaining capital expenditures | $ | 10,229 | $ | 7,653 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Operating cash flow | $ | (1,121) | $ | 26,617 | ||||
Less: sustaining capital expenditures | (10,229) | (7,653) | ||||||
Free cash flow | $ | (11,350) | $ | 18,964 | ||||
Free cash flow per share (basic) | $ | (0.08) | $ | 0.13 | ||||
Weighted average shares outstanding (basic) | 146,954 | 147,200 |
Three months ended March 31, | ||||||||
2024 | 2023(1) | |||||||
Operating cash flow | $ | (1,121) | $ | 26,617 | ||||
Less: change in working capital | 18,735 | 8,544 | ||||||
Operating cash flow before change in working capital | $ | 17,614 | $ | 35,161 | ||||
Operating cash flow per share (basic) | $ | (0.01) | $ | 0.18 | ||||
Operating cash flow before change in working capital per share (basic) | $ | 0.12 | $ | 0.24 | ||||
Weighted average shares outstanding (basic) | 146,954 | 147,200 |
SILVERCREST METALS INC. | 15 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
March 31 2024 | December 31 2023 | |||||||
Cash and cash equivalents | $ | 71,085 | $ | 85,964 | ||||
Bullion | 20,039 | 19,191 | ||||||
Treasury assets | $ | 91,124 | $ | 105,155 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Production costs | $ | 18,203 | $ | 18,038 | ||||
Government royalties | 190 | 294 | ||||||
Total cash costs | 18,393 | 18,332 | ||||||
General and administrative expenses | 4,695 | 3,533 | ||||||
Reclamation accretion expense | 136 | 107 | ||||||
Sustaining capital expenditures | 10,229 | 5,181 | ||||||
Total AISC | $ | 33,453 | $ | 27,153 | ||||
Silver equivalent ounces sold (koz) | 2,593 | 2,490 | ||||||
Cash costs (per AgEq sold)(1) | $ | 7.09 | $ | 7.36 | ||||
AISC (per AgEq sold)(1) | $ | 12.90 | $ | 10.90 |
9. Review of Quarterly Results |
Quarter Ended | ||||||||||||||
Q1, 2024 | Q4, 2023 | Q3, 2023 | Q2, 2023 | |||||||||||
Revenue | $ | 63,646 | $ | 61,320 | $ | 63,828 | $ | 61,999 | ||||||
Mine operating earnings | $ | 37,477 | $ | 36,947 | $ | 37,460 | $ | 38,293 | ||||||
Earnings for the period | $ | 33,864 | $ | 35,917 | $ | 29,936 | $ | 23,702 | ||||||
Earnings per common share - basic | $ | 0.23 | $ | 0.24 | $ | 0.20 | $ | 0.16 | ||||||
Earnings per common share - diluted | $ | 0.23 | $ | 0.24 | $ | 0.20 | $ | 0.16 |
SILVERCREST METALS INC. | 16 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
Quarter Ended | ||||||||||||||
Q1, 2023 | Q4, 2022 | Q3, 2022 | Q2, 2022 | |||||||||||
Revenue | $ | 57,983 | $ | 40,791 | $ | 2,719 | $ | - | ||||||
Mine operating earnings | $ | 35,606 | $ | 26,496 | $ | 1,924 | $ | - | ||||||
Earnings for the period | $ | 27,165 | $ | 5,231 | $ | 25,212 | $ | 9,605 | ||||||
Earnings per common share - basic | $ | 0.18 | $ | 0.03 | $ | 0.17 | $ | 0.07 | ||||||
Earnings per common share - diluted | $ | 0.18 | $ | 0.04 | $ | 0.17 | $ | 0.06 |
10. Related Party Transactions |
11. Risks and Uncertainties |
SILVERCREST METALS INC. | 17 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
SILVERCREST METALS INC. | 18 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
12. Material Accounting Policies, Standards and Judgements |
Amount | |||||
Interest paid(1) | (1,077) | ||||
Interest received(2) | 721 | ||||
SILVERCREST METALS INC. | 19 |
Management Discussion and Analysis | |||||
For the three months ended March 31, 2024 (All amounts are in USD with tabular amounts in thousands of USD) |
13. Disclosure and Internal Control Procedures |
SILVERCREST METALS INC. | 20 |
OPERATIONAL | Unit | Q1, 2024 | Q1, 2023 | ||||||||
Ore mined | tonnes | 85,737 | 63,600 | ||||||||
Underground development | km | 4.2 | 2.8 | ||||||||
Ore milled(1) | tonnes | 93,373 | 104,400 | ||||||||
Average daily mill throughput | tonnes per day (“tpd”) | 1,026 | 1,160 | ||||||||
Gold | |||||||||||
Average grade | gpt | 4.97 | 4.06 | ||||||||
Recovery | % | 98.6 | % | 97.5 | % | ||||||
Recovered | oz | 14,719 | 13,300 | ||||||||
Sold | oz | 15,000 | 14,200 | ||||||||
Silver | |||||||||||
Average grade | gpt | 479 | 419 | ||||||||
Recovery | % | 98.0 | % | 91.9 | % | ||||||
Recovered | million oz | 1.41 | 1.29 | ||||||||
Sold | million oz | 1.40 | 1.36 | ||||||||
Silver equivalent(2) | |||||||||||
Average grade | gpt | 874 | 742 | ||||||||
Recovery | % | 98.3 | % | 94.4 | % | ||||||
Recovered | million oz | 2.58 | 2.35 | ||||||||
Sold | million oz | 2.59 | 2.49 | ||||||||
FINANCIAL | Unit | Q1, 2024 | Q1, 2023 | ||||||||
Revenue | $ millions | $ | 63.6 | $ | 58.0 | ||||||
Cost of sales | $ millions | $ | (26.2) | $ | (22.4) | ||||||
Mine operating earnings | $ millions | $ | 37.5 | $ | 35.6 | ||||||
Earnings for the period | $ millions | $ | 33.9 | $ | 27.2 | ||||||
Earnings per share (basic) | $/share | $ | 0.23 | $ | 0.18 | ||||||
Operating cash flow | $ millions | $ | (1.1) | $ | 26.6 | ||||||
Operating cash flow per share (basic) | $/share | $ | (0.01) | $ | 0.18 | ||||||
Free cash flow | $ millions | $ | (11.4) | $ | 19.0 | ||||||
Free cash flow per share (basic) | $/share | $ | (0.08) | $ | 0.13 | ||||||
Cash costs(2) | $/oz AgEq | $ | 7.09 | $ | 7.36 | ||||||
AISC(2) | $/oz AgEq | $ | 12.90 | $ | 10.90 | ||||||
Unit | March 31, 2024 | December 31, 2023 | |||||||||
Cash and cash equivalents | $ millions | $ | 71.1 | $ | 86.0 | ||||||
Bullion | $ millions | $ | 20.0 | $ | 19.2 | ||||||
Treasury assets | $ millions | $ | 91.1 | $ | 105.2 | ||||||
For Further Information: SilverCrest Metals Inc. | |||||
Contact: Telephone: Fax: Toll Free: Email: Website: | Lindsay Bahadir, Manager Investor Relations and Corporate Communications +1 (604) 694-1730 +1 (604) 357-1313 1-866-691-1730 (Canada & USA) info@silvercrestmetals.com www.silvercrestmetals.com | ||||
570 Granville Street, Suite 501 Vancouver, British Columbia V6C 3P1 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Gold revenue | 30,923 | 26,676 | ||||||
Gold ounces sold during the period | 15,000 | 14,200 | ||||||
Average realized gold price (per oz sold) | $ | 2,062 | $ | 1,879 | ||||
Silver revenue | 32,723 | 31,307 | ||||||
Silver ounces sold during the period | 1,400,000 | 1,361,000 | ||||||
Average realized silver price (per oz sold) | $ | 23.37 | $ | 23.00 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Payments for mineral properties, plant and equipment | $ | 14,804 | $ | 7,930 | ||||
Payments for equipment leases | 11 | 43 | ||||||
Total capital expenditures | 14,815 | 7,973 | ||||||
Less: Non-sustaining capital expenditures | (4,586) | (320) | ||||||
Sustaining capital expenditures | $ | 10,229 | $ | 7,653 |
Three months ended March 31, | ||||||||
2024 | 2023(1) | |||||||
Operating cash flow | $ | (1,121) | $ | 26,617 | ||||
Less: sustaining capital expenditures | (10,229) | (7,653) | ||||||
Free cash flow | $ | (11,350) | $ | 18,964 | ||||
Free cash flow per share (basic) | $ | (0.08) | $ | 0.13 | ||||
Weighted average shares outstanding (basic) | 146,954 | 147,200 |
Three months ended March 31, | ||||||||
2024 | 2023(1) | |||||||
Operating cash flow | $ | (1,121) | $ | 26,617 | ||||
Less: change in working capital | 18,735 | 8,544 | ||||||
Operating cash flow before change in working capital | $ | 17,614 | $ | 35,161 | ||||
Operating cash flow per share (basic) | $ | (0.01) | $ | 0.18 | ||||
Operating cash flow before change in working capital per share (basic) | $ | 0.12 | $ | 0.24 | ||||
Weighted average shares outstanding (basic) | 146,954 | 147,200 |
March 31 2024 | December 31 2023 | |||||||
Cash and cash equivalents | $ | 71,085 | $ | 85,964 | ||||
Bullion | 20,039 | 19,191 | ||||||
Treasury assets | $ | 91,124 | $ | 105,155 |
Three months ended March 31, | ||||||||
2024 | 2023(1) | |||||||
Production costs | $ | 18,203 | $ | 18,038 | ||||
Government royalties | 190 | 294 | ||||||
Total cash costs | 18,393 | 18,332 | ||||||
General and administrative expenses | 4,695 | 3,533 | ||||||
Reclamation accretion expense | 136 | 107 | ||||||
Sustaining capital expenditures | 10,229 | 5,181 | ||||||
Total AISC | $ | 33,453 | $ | 27,153 | ||||
Silver equivalent ounces sold (koz) | 2,593 | 2,490 | ||||||
Cash costs (per AgEq sold) | $ | 7.09 | $ | 7.36 | ||||
AISC (per AgEq sold) | $ | 12.90 | $ | 10.90 |