SilverCrest Metals – Construction Update, Ahead Of Schedule And On Budget
Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins me for a comprehensive construction update at the Las Chispas Project, in Sonora Mexico. As stated in yesterday’s news release the Company is ahead of schedule on construction, currently 86.2% completed vs 79.3% that was scheduled at this time.
Chris provides a breakdown of how much money is left to spend and the amount that is within the fixed contract. We also look at the balance sheet compared to the remaining costs and the large exploration program that will be undertaken this year. With construction so close to completion we look ahead to where SilverCrest will be in 2023 including cash-flow projections.
If you have any follow up questions for Chris please email me at Fleck@kereport.com.
Click here to read over the full construction update news release.
Yes, indeed. Not management’s first rodeo and they are skilled at under-promising, over budgeting, and then over performing against those benchmarks they established. That is a winning formula. They also know the the terrain from their days running Silvercrest 1. Great asset, great management team.
In contrast here is today’s train wreck from larger silver producer – (GATO) Gatos Silver where they may have miscalculated their stated reserves by 30-50% after depletion. These were supposed to have been the proven reserves too, checked off by a 3rd party.
Wow! (no wonder the stock crashed by 69% today…. Just another black eye for the mining industry).
Gatos Silver Provides Update on Mineral Resources and Reserves at Cerro Los Gatos and 2022 Performance Guidance
25 Jan 2022
“On a preliminary basis, the Company estimates a potential reduction of the metal content of CLG’s mineral reserve ranging from 30% to 50% of the metal content remaining after depletion.”
Scratch them OFF THE LIST…………..
Agreed OOTB. How bout no?
Very nice to get the update from Chris on Silvercrest, and so nice to see a company take all the right steps on both an aggressive growth strategy, and from a defensive preservation of capital and conservative estimation standpoint. They took a bit of heat in the past for raising a bit more funds than initially needed, but now in light of the obvious higher inflation that all companies are dealing with, that move was more wise than many gave them credit for. They are hitting an exciting period of the construction phase and are well on their way to becoming Mexico’s next big silver producers.