Sierra Metals Reports Q1 2024 Production Results, Including Record Quarterly Copper Equivalent Production at Bolivar
- Q1 2024 consolidated copper production of 11.2 million pounds was 36% higher than in Q1 2023.
- Consolidated Q1 2024 production reaffirms annual guidance targets for all metals.
- Q1 2024 consolidated copper, silver, gold, and lead production were all higher than Q1 2023 by 36%, 10%, 19%, and 10% respectively.
- The Bolivar mine continued its trend of quarter-over-quarter production increases, achieving another record quarter of metal production.
- The underground development below the 1120 level at Yauricocha is progressing as planned and the mine is expected to operate at full capacity by Q4 2024.
Consolidated Q1 2024 financial results will be released pre-market on
(All metal prices reported are in USD)
First Quarter 2024 Consolidated Production Results
Consolidated Production | Three months ended | ||||
|
|
% Var. |
|
% Var. | |
Tonnes processed |
638,916 |
673,846 |
-5% |
518,162 |
23% |
Daily throughput |
7,302 |
7,701 |
-5% |
5,922 |
23% |
Copper production (000 lb) |
11,247 |
12,096 |
-7% |
8,285 |
36% |
Zinc production (000 lb) |
10,132 |
9,629 |
5% |
10,579 |
-4% |
Silver production (000 oz) |
427 |
468 |
-9% |
389 |
10% |
Gold Production (oz) |
4,505 |
4,708 |
-4% |
3,791 |
19% |
Lead production (000 lb) |
3,049 |
2,481 |
23% |
2,778 |
10% |
Copper equivalent pounds (000's)(1) |
19,973 |
20,902 |
-4% |
16,465 |
21% |
(1) Copper equivalent pounds were calculated using the following weighted average realized prices for Q1 2024 - |
Consolidated quarterly throughput during Q1 2024 was 638,916 tonnes, which is a 23% increase from the same quarter of 2023, as both mines registered increases in throughput during Q1 2024 compared to Q1 2023. When compared to Q4 2023, consolidated throughput was 5% lower.
Grades from the
Consolidated production for all metals except zinc increased in Q1 2024 compared to Q1 2023. When compared to Q4 2023, consolidated production for copper, silver, and gold were lower by 7%, 9% and 4%, respectively.
Throughput from the
For Q1 2024, copper and lead grades remained aligned with Q1 2023, but gold, silver, and zinc grades were lower. Compared to Q4 2023, zinc grades were higher but copper grades decreased, attributable to the reduced output from the high-grade copper ore bodies (Pamela and Kimberly). Mining activities primarily focused on the lower-grade orebodies, such as Fortuna and Esperanza Distal, which were originally contemplated in the mine plan for the quarter.
Copper equivalent production of 8.6 million pounds for Q1 2024 was a 20% decrease from Q4 2023 as the drop in the throughput rates and lower copper, silver and gold grades impacted metal production. When compared to the same quarter of Q1 2023, copper equivalent production remained in line as increased copper and lead production were offset by the decline in zinc, gold, and silver production during Q1 2024.
A summary of production from the
Yauricocha Production | Three months ended | ||||
|
|
% Var. |
|
% Var. | |
Tonnes processed |
240,686 |
263,851 |
-9% |
219,145 |
10% |
Daily throughput |
2,751 |
3,015 |
-9% |
2,505 |
10% |
Copper grade |
0.81% |
1.09% |
-26% |
0.79% |
3% |
Zinc grade |
2.31% |
2.12% |
9% |
2.54% |
-9% |
Silver grade (g/t) |
39.95 |
48.29 |
-17% |
46.45 |
-14% |
Gold Grade (g/t) |
0.36 |
0.51 |
-29% |
0.46 |
-22% |
Lead grade |
0.72% |
0.60% |
20% |
0.70% |
3% |
Copper recovery |
76.40% |
79.75% |
-4% |
75.70% |
1% |
Zinc recovery |
82.66% |
78.08% |
6% |
86.18% |
-4% |
Silver recovery |
72.22% |
70.72% |
2% |
76.16% |
-5% |
Gold Recovery |
17.88% |
21.78% |
-18% |
23.39% |
-24% |
Lead recovery |
79.26% |
70.74% |
12% |
81.66% |
-3% |
Copper production (000 lb) |
3,288 |
5,036 |
-35% |
2,895 |
14% |
Zinc production (000 lb) |
10,132 |
9,629 |
5% |
10,579 |
-4% |
Silver production (000 oz) |
223 |
289 |
-23% |
249 |
-10% |
Gold Production (oz) |
503 |
951 |
-47% |
754 |
-33% |
Lead production (000 lb) |
3,049 |
2,481 |
23% |
2,778 |
10% |
Copper equivalent pounds (000's)(1) |
8,611 |
10,726 |
-20% |
8,585 |
0% |
(1) Copper equivalent pounds were calculated using the following weighted average realized prices for Q1 2024 - |
Throughput from the
The improved access and mining activities in the high-grade Dulce zone drove grades higher for all metals when compared to Q1 2023 and Q4 2023. Production for copper, silver, and gold was 48%, 46% and 32% higher, respectively, when compared to Q1 2023. In comparison to Q4 2023, these increases were 13%, 14%, and 7%, respectively. The Company is dedicated to continued exploration efforts aimed at further understanding the continuation of Dulce, yielding promising results so far.
Copper equivalent production of 11.4 million pounds from the
A summary of production for the
Bolivar Production | Three months ended | ||||
|
|
% Var. |
|
% Var. | |
Tonnes processed (t) |
398,230 |
409,995 |
-3% |
299,017 |
33% |
Daily throughput |
4,551 |
4,686 |
-3% |
3,417 |
33% |
Copper grade |
0.98% |
0.84% |
17% |
0.87% |
13% |
Silver grade (g/t) |
19.59 |
16.56 |
18% |
17.39 |
13% |
Gold grade (g/t) |
0.47 |
0.42 |
12% |
0.45 |
4% |
Copper recovery |
92.66% |
92.62% |
0% |
94.25% |
-2% |
Silver recovery |
81.46% |
82.38% |
-1% |
83.99% |
-3% |
Gold recovery |
66.54% |
68.39% |
-3% |
69.47% |
-4% |
Copper production (000 lb) |
7,959 |
7,060 |
13% |
5,390 |
48% |
Silver production (000 oz) |
204 |
179 |
14% |
140 |
46% |
Gold production (oz) |
4,002 |
3,757 |
7% |
3,037 |
32% |
Copper equivalent pounds (000's)(1) |
11,362 |
10,176 |
12% |
7,880 |
44% |
(1) Copper equivalent pounds were calculated using the following weighted average realized prices for Q1 2024 - |
Conference Call and Webcast
Management will host a conference call and webcast to discuss Q1 2024 financial and operating results on
Webcast: |
https://services.choruscall.ca/links/sierrametals2024q1.html |
Dial In: |
|
Other: 1-647-484-8814 |
Participants are asked to dial-in 5 to 10 minutes before the scheduled start time and ask to join the Sierra Metals First Quarter 2024 Consolidated Financial Results Call.
About
Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will allow", "occur" or "be achieved" or the negative of these words or comparable terminology. Forward-looking statements include statements with respect to the timing of the development below the 1120 level, the timing of the increase in production and the timing to operate at full capacity at Yauricocha. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
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