2023-05-12 14:53:03 ET
SilverCrest Metals ( NYSE: SILV ) +6.7% in Friday's trading after reporting better than expected Q1 GAAP earnings and a 42% Q/Q increase in revenues to $58M, aided by higher recovered grade.
Q1 net income surged more than 5x to $27.2M, or $0.18/share, from $5.2M, or $0.03/share, in Q4 2022, in the company's ( SILV ) first full quarter of production since Las Chispas was declared commercial in November 2022.
During Q1, Las Chispas throughput averaged 1,160 tons/day with an estimated 40% of processing plant feed sourced from stockpiles.
SilverCrest ( SILV ) said it made an additional $20M debt prepayment in the quarter and has repaid 95% of its debt within six months of declaring commercial production.
The company said it sold a total of 14.2K oz of gold and 1.36M oz silver at average realized prices of $1,879/oz for gold and $23/oz for silver.
Processed grades increased from Q4, averaging 4.06 g/t gold and and 419 g/t silver.
More on SilverCrest Metals:
- Financial and valuation comparisons to sector peers
- Analysis: SilverCrest Metals: Short-Term Headwinds Persist, But The Future Is Bright
- Stock price return: Up 17.5% YTD, up 14.5% in the past 12 months
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SilverCrest surges after strong Q1, debt reduction