Wednesday, October 8, 2025

Latest

SilverCrest Reports Construction At Las Chispas Ahead Of Schedule In Q2 Results

SilverCrest Metals Inc. (TSX: SIL) last night announced it’s unaudited financial results for the second quarter of 2021. The company doesn’t have operations from which to derive revenues as of yet, with funding coming by way of debt and the issuance of common shares. 

SilverCrest centered the release around an update on its operations and expenditures at their flagship Las Chispas and El Picacho mines in Sonora, Mexico. The company recorded a comprehensive loss of $21.7 million in the first half of 2021, a decrease from 2020s recorded $24.7 million loss.

As per the end of the second quarter, the company recorded a strong funding position with $200.4 million in cash and cash equivalents. The company also has access to $90.0 million, which is remaining from a $120.0 million project financing facility that was completed in February.

The Las Chispas mine recorded $27.6 million as development expenditures under mineral property and plant and equipment, which was primarily made up of $6.4 million in drilling costs, $11.4 million in decline construction and underground working, $2.1 million in salaries and payments, as well as $4.1 million in field and administrative costs.

SilverCrest also declared the addition of $35.2 million in expenditures during the first half of 2021, related to the Las Chispas project as plant and equipment and mineral property which was mainly attributed to the construction that’s underway at the mine. The mine is reportedly 33% complete, with construction ahead of schedule.

Expenditures at El Picacho totaled $4.4 million during the first half of 2021, which was attributed to exploration and evaluation activities. During the same period, the company has completed 39,771 metres of drilling with three active surface rigs at El Picacho.

SilverCrest Metals Inc. last traded on the TSX at $9.62.


Information for this briefing was found via Sedar and SilverCrest Metals. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Another Big Silver Deal! Coeur Mining Acquires SilverCrest for $1.7 Billion

There’s been another major silver transaction in the mining sector. Silvercrest Metals (TSX: SIL) is...

Monday, October 7, 2024, 01:44:00 PM

SilverCrest Metals Discovers New Zone At Las Chispas, Hitting 2,675 G/T Silver Equivalent Over 1.5 Metres

SilverCrest Metals (TSX: SIL) this morning announced the discovery of a new zone at its...

Thursday, November 5, 2020, 07:46:09 AM

SilverCrest Intersects 3,297 G/T Silver Equivalent Over 7.3 Metres At El Picacho

SilverCrest Metals (TSX: SIL) (NYSE: SILV) this morning reported drill results from its initial drill...

Wednesday, February 24, 2021, 07:30:35 AM

SilverCrest Sees Production Fall In Q3 2024

SilverCrest Metals (TSX: SIL) has reported its preliminary third quarter production figures, while at the...

Friday, October 11, 2024, 08:45:28 AM

SilverCrest Metals Acquires Property Near Las Chispas Project

SilverCrest Metals (TSX: SIL) this morning announced the purchase of its latest project, referred to...

Thursday, August 27, 2020, 09:35:44 AM