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.