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| Statement |
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| Our balance sheet strength and the choice to hold bullion on our balance sheet are ways we believe we are reducing risk while giving investors more exposure to their currency of choice |
| As costs tend to move with the metal price, this margin is a significant differentiator amongst our peers |
| We have worked hard to create this financial strength and we are happy to be in a position to make better long-term decisions that benefit our shareholders |
| Our strong operating margins of 61% provided flexibility to allow more than $87 million of capital to be allocated in 2023, while still ending the year one of the best balance sheets of the silver space |
| While these results took a bit longer to get filed than we planned, we are extremely proud of what we've accomplished during 2023 and thank you for your patience in making this announcement |
| To enter 2024 with this financial strength after only our first year of commercial production is a unique accomplishment that we believe is a differentiator in the industry and something that provides resilience, flexibility, and the ability to make prudent choices when allocating capital |
| Las Chispas performed well throughout the fourth quarter with gold sales of 16,100 ounces and silver sales of 1.28 million ounces |
| 2023 revenue was $245.1 million and cost of sales was $96.8 million for an impressive average annual operating margin of 61% |
| As discussed, the bullion itself was our best performing currency on the balance sheet for 2023 and obviously, this year it's off to a good start |
| These efforts allowed for a second planting season, which helped support the increased income for the local community partners |
| Our bullion holdings outperformed all other currencies on our balance sheet in 2024 and we are proud to be providing increased exposure to bullion for our shareholders while fighting to make a better return on our invested capital |
| Silver equivalent sales totaled 2.6 million ounces bringing the year-to-date sales to 10.25 million ounces, exceeding the top end of our annual guidance |
| We exceeded 2023 sales guidance with 10.25 million ounces sold and beat the lower end of cost guidance with all sustaining costs averaging $12.58 per ounce |
| These are all areas of business that we believe drive further value for our shareholders |
| 2023 was our first full year of commercial production and a successful one at (ph) that |
| Over the past three years, our stock has had a healthy relationship with the gold and silver price |
| I was just at site and I’m pleased to report that the transition is going well and we're excited for Dumas to be fully mobilized to begin ramping up mining rates in H2 2024, with a targeted exit rate of 1,050 tons per day |
| Average AISC for 2023 was $12.58, which beat the low end of the 2023 guidance range of $12.75 to $13.75 |
| In 2023, we released our inaugural ESG report and made significant process in our local communities to improve water access and reliability |
| Metallurgical recoveries in Q4 remained high at approximately 98% for both metals |
| We strive to increase the sensitivity our stock has to the metal price, while reducing the risk for our shareholders |
| We were recognized for our continued efforts and contributions by receiving a number of ESG distinctions in Mexico |
| Our expected sustaining capital spend of $40 million to $44 million benefited from recent improvements in the mine plan, which increased efficiency and decreased forecasted spend |
| Treasury assets increased by 29% or $23.5 million in the quarter with cash and cash equivalents growing by $16 million and our bullion position increasing by $7.5 million |
| Great |
| Have a great day |
| So I mean we added our bullion, I think the average price was around $18.5 million and since then we've seen an appreciation |
| After a few years of supporting the transition to production, our exploration team is looking forward to strategically approaching exploration with a focus on outlining sustainable resources and reserve growth |
| We are happy to announce that this work was completed in February and the plant has returned to design operating parameters earlier than predicted |
| Our confidence in our 2023 Technical Report is confirmed by our 2024 guidance |
| Statement |
|---|
| The Las Chispas plant average 1,136 tons per day in the quarter, a slight decline from quarter three due to unplanned downtime |
| It is important to note that we do expect our pace of cash build to slow in 2024 due to a number of factors |
| In our quarter four production release in January, we noted that we would have more plant downtime in Q1 2024 for planned maintenance, with no anticipated impact to sales in the quarter |
| We are in a cyclical business and if there are moments of weakness, those are the main areas where we want to be aggressive |
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