SilverCrest Metals (US:SILV)2024-11-12 22:03Revenue and Earnings - Revenue for Q3 2024 reached $80,371,000, a 25.9% increase from $63,828,000 in Q3 2023[4] - Net earnings for Q3 2024 were $9,508,000, a decrease of 68.3% compared to $29,936,000 in Q3 2023[4] - Basic earnings per share for Q3 2024 were $0.06, down from $0.20 in Q3 2023[6] - The company reported net earnings for the nine months ended September 30, 2024, of $49,866,000, up from $35,917,000 for the same period in 2023, indicating a year-over-year growth of approximately 38.8%[11] - Revenue for the three months ended September 30, 2024, was $80.4 million, a 25.9% increase from $63.8 million in the same period of 2023[53] - Gold revenue for the nine months ended September 30, 2024, reached $100.9 million, up 24.0% from $81.4 million in 2023[53] - Silver revenue for the nine months ended September 30, 2024, was $115.8 million, an increase of 13.1% compared to $102.4 million in 2023[53] - The company reported a net income before income taxes of $35.3 million for the three months ended September 30, 2024, compared to $31.2 million in 2023[58] Assets and Liabilities - Total assets increased to $527,066,000 as of September 30, 2024, compared to $460,174,000 at the end of 2023, reflecting a growth of 14.5%[3] - Total liabilities increased to $62,887,000 as of September 30, 2024, compared to $57,849,000 at the end of 2023, a rise of 8.5%[3] - The company reported unrealized foreign currency contract losses of $4,218,000 for the three months ended September 30, 2024[24] - Total liabilities, including accounts payable and accrued liabilities, amounted to $28,467,000 as of September 30, 2024, compared to $17,924,000 at December 31, 2023[20] - The company’s total liabilities as of September 30, 2024, were $62,887,000, with total net assets of $464,179,000[64] Cash and Cash Equivalents - Cash and cash equivalents at the end of Q3 2024 were $120,864,000, up from $85,964,000 at the end of 2023, representing a 40.5% increase[3] - Cash and cash equivalents increased to $120,864,000 as of September 30, 2024, compared to $85,964,000 at December 31, 2023, representing a growth of 40.5%[20] - As of September 30, 2024, the Company reported cash and cash equivalents exceeding government-insured limits, managing credit risk by diversifying holdings with highly rated financial institutions[28] - The Company maintained liquidity with sufficient committed loan facilities to meet short-term business requirements, ensuring financial obligations are met as they come due[29] Expenses - Total production costs for the nine months ended September 30, 2024, were $64.0 million, a 13.9% increase from $56.2 million in 2023[54] - General and administrative expenses for the nine months ended September 30, 2024, totaled $15.0 million, compared to $9.2 million in 2023, reflecting a 62.0% increase[55] - The company recorded a current tax expense of $25.4 million for the nine months ended September 30, 2024, compared to $7.9 million in 2023[58] Share-Based Compensation - The total share-based compensation expense for stock options was $1.3 million for the nine months ended September 30, 2024, compared to $0.9 million in 2023[43] - Share-based compensation on option grants was recorded at $1,295,000 for the period ending December 31, 2023[11] - The outstanding number of Performance Share Units (PSUs) at the end of the period increased to 188, with a fair value of $979,000[46] - The outstanding number of Restricted Share Units (RSUs) at the end of the period increased to 498, with a fair value of $2.4 million[48] Production and Royalties - Mine operating earnings for the nine months ended September 30, 2024, were $125,998,000, up 13.2% from $111,359,000 in the same period of 2023[4] - Mine operating earnings for the three months ended September 30, 2024, were $47,033,000, compared to $37,460,000 for the same period in 2023, marking an increase of about 25.5%[62] - The production and government royalties costs for the three months ended September 30, 2024, were $23,557,000, up from $20,047,000 in the same period of 2023, reflecting a rise of approximately 17.5%[62] Acquisitions and Agreements - SilverCrest Metals Inc. entered into a definitive agreement with Coeur Mining, Inc. for the acquisition of all issued and outstanding shares, subject to regulatory approvals[12] - On October 4, 2024, the company announced a transaction with Coeur Mining, Inc. for an acquisition valued at $1.7 billion, or $11.34 per share, subject to shareholder and regulatory approvals[66] Derivative Losses - The company reported derivative losses of $5,263,000 for the three months ended September 30, 2024, compared to no losses in the same period of 2023[66] - The company recorded derivative losses of $5.3 million and $9.2 million for the three and nine months ended September 30, 2024, respectively, due to currency risk exposure[30] - The company experienced realized derivative losses of $992,000 for the three months ended September 30, 2024[24]