SilverCrest Metals – Q2 Financial Results; Record Revenue and Mine Operating Earnings, Improved 2024 Guidance For AgEq Ounces, Cash Costs and AISC
Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins me to recap the Q2 financial results from the Las Chispas Mine in Mexico.
The discussion covers the Company’s record revenues of US$72 million and mine operating earnings of $41.5 million, noting a 51% operating margin. We delve into the impact of the generally higher silver prices, the deferred tax assets in Mexican pesos, and the significant difference between net earnings and free cash flow.
We also discuss the strategy of balancing cash and bullion holdings, with treasury assets increasing by 34% to $122 million and subsequent to the end of Q2 $7.6million worth of bullion was purchased. Moreover, the discussion highlights shareholder sentiments, and future guidance improvements in terms of mining rates and cost efficiencies. Chris provides clarity on potential M&A activities and elaborates on SilverCrest’s capital flexibility and opportunities.
Will do Bankster!
Please ask him how the exploration program is going at Las Chispas. Does he expect to replace the mined reserves this year???