SilverCrest Metals (SIL) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of $80.4 million and mine operating earnings of $47 million, driven by strong operational performance and favorable metal prices.

• Free cash flow rose 49% to $36.2 million ($0.24/share), with treasury assets up 29% to $158.2 million.

• Mining rates increased to 1,350 tpd, above plan, aided by two underground contractors.

• Remain on track to meet or exceed 2024 sales, cash cost, and AISC guidance.

• Announced acquisition by Coeur Mining at an 18% premium, expected to close in late Q1 2025.

Financial highlights

• Q3 2024 revenue reached $80.4 million, up from $63.8 million in Q3 2023 and $72.7 million in Q2 2024.

• Mine operating earnings were $47 million, a 25% increase year-over-year.

• Adjusted net earnings were $26.3 million ($0.18/share), with net earnings of $9.5 million ($0.06/share).

• Operating cash flow was $44.2 million ($0.30/share), and free cash flow was $36.2 million ($0.24/share), up 49% from Q2.

• Treasury assets at quarter-end totaled $158.2 million, including $120.9 million in cash and $37.4 million in bullion.

Outlook and guidance

• Confident in meeting or exceeding 2024 sales, cash cost, and AISC guidance, with YTD sales of 7.9 million oz AgEq and costs below guidance.

• Plant throughput planned at 1,200 tpd for the rest of 2024.

• Sustaining capital expenditures and exploration spend expected at the top end of $40–44 million and $12–14 million guidance, respectively.

• Targeting inferred resource growth and advancing regional exploration.

• Solar power integration and Coeur Mining transaction expected in Q1 2025.