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SilverCrest Metals Inc. (NYSE:SILV) shares are trading higher after it reported the fourth quarter of 2023 results.
Revenue of $61.3 million, up from $40.8 million a year ago, beat the consensus of $44.1 million.
The company recovered 14,100 ounces (oz) of gold (Au) and 1.34 million oz of silver (Ag) in the quarter.
SilverCrest sold 16,100 oz of Au and 1.28 million oz of Ag in the fourth quarter of FY23. The company witnessed an average realized price of $1,979/oz Au and $23.09/oz Ag.
Mine operating earnings came in at $36.9 million, representing a 60% operating margin. EPS of $0.24 surpassed the consensus of $0.10.
As of December 31, 2023, cash and cash equivalents of $86.0 million.
N. Eric Fier, CEO, said, “2023 marked a successful first full year of commercial production at Las Chispas, with the Operation exceeding the high end of sales guidance, beating the low end of AISC guidance, delivering impressive operating margins of 61%, and generating $121.1 million in free cash flow.”
“Our new underground mining contractor began mobilization in February 2024, a key de-risking event, and we are excited that this process is underway while also having our outgoing contractor on site to allow for a smooth transition and continued ramp-up of the underground operations at Las Chispas.”
FY24 Outlook: SilverCrest reiterated its guidance to sell AgEq oz of 9.8 million-10.2 million and sustaining capital of $40.0 million-$44.0 million.
AISC is expected to be $15.00 to $15.90/oz AgEq sold, which is inline with the 2024 AISC forecast based on the Technical Report of $15.08/oz.
Price Action: SILV shares are up 18% at $6.57 on the last check Monday.
Photo via Shutterstock
Posted In: SILV
