SilverCrest Metals (US:SILV)2023-03-13 18:18Financial Performance - SilverCrest generated $43.5 million in revenue from the sale of 11,400 ounces of gold and 1.1 million ounces of silver in 2022, compared to $Nil in 2021[6] - The company achieved mine operating income of $28.4 million in 2022, with a cost of sales of $15.1 million, resulting in a significant turnaround from a loss of $22.8 million in 2021[6] - As of December 31, 2022, SilverCrest had cash and cash equivalents of $50.8 million, down from $176.5 million in 2021, and a debt balance of $50 million, reduced from $90 million[6] Mine Development - The Las Chispas Mine construction was completed for $133 million, which was $4.7 million below the 2021 Feasibility Study estimate[6] - The company declared commercial production effective November 1, 2022, after achieving several operational targets ahead of schedule[6] Production and Recovery - In Q4 2022, SilverCrest recovered 11.9 koz of gold and 1.2 million ounces of silver, with recovery rates of 96.9% and 93.3%, respectively[9] - SilverCrest's ore stockpiles at the end of 2022 were estimated at 261 kt, below the 2021 Feasibility Study estimate of 311 kt, supporting financial de-risking[11] Debt Management - The company prepaid $15 million of its term facility in March 2023, reducing outstanding debt to $35 million, marking a 60% reduction in debt since declaring commercial production[8] Safety Performance - The company reported an improvement in its lost time injury frequency rate (LTIFR) to 0.42 in 2022, down from 0.63 in 2021, indicating enhanced safety performance[11] Future Plans - SilverCrest plans to deliver an updated technical report in Q2 2023, which will provide updated cost and production guidance[3]