SilverCrest Metals Inc. (NYSE:SILV) Q1 2023 Earnings Conference Call May 12, 2023 11:00 AM ET
Company Participants
Eric Fier - Chief Executive Officer and Director
Chris Ritchie - President
Pierre Beaudoin - Chief Operating Officer
Conference Call Participants
Stephen Soock - Stifel
John Sclodnick - Desjardins
Phil Ker - PI Financial
John Tumazos - John Tumazos Very Independent Research
Operator
Good morning, ladies, and gentlemen. And welcome to the SilverCrest Reports First Quarter 2023 Results Conference Call. At this time, all lines are listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]
This call is being recorded on Friday, May 12, 2023. I would now like to turn the conference over to Eric Fier, CEO and Director. Please go ahead.
Eric Fier
Thank you, Operator. Good morning. And thanks, everyone, for joining the first quarterly earnings call as a precious metal producer. Today, we’ll be providing commentary on our first full quarter of production after which we’ll be happy to take questions. The slide deck will be referring to is available on our website at silvercrestmetals.com under the Investor tab.
Before we get started, I’d like to direct you to the forward-looking statements on slide two. All figures discussed this morning are in U.S. dollars unless otherwise stated. On the call with me today are Chris Ritchie, President; and Pierre Beaudoin, Chief Operating Officer.
Let’s start with slide three. Q1 marked our first full quarter of commercial production. We have focused on ramping up, gaining further confidence with operations, generating free cash flow while reducing operational and financial risk. Our early ramp-up success, coupled with our robust cash position has allowed us to accelerate debt prepayments, which significantly derisked our balance sheet.
The Las Chispas operation continues to perform well with the processing plant, meeting, or exceeding design parameters. Also one of our biggest success stories to-date is how our stockpiles have continued to create value and reduce risk. The underground mine ramp-up is progressing as per updated rates.
Completion of the updated Technical Report, so I’d like to refer this to the updated feasibility study remains on schedule for late Q2. This report forms the basis for future production and cost guidance. We will continue to advance our ESG initiatives, including a strong focus on health and safety, as well as risks and opportunities within the community in which we operate.
The second year of our Water Stewardship Plan in the local communities, which is based on the findings of our TCFD work is progressing nicely and we remain on track to deliver our inaugural ESG report in Q2. We are also very proud to announce that we recently received a notable ESG award in Mexico and we look forward to continuing with this momentum.