SilverCrest Metals Inc. (NYSE:SILV) Q4 2023 Earnings Conference Call March 11, 2024 10:00 AM ET
Company Participants
Eric Fier - CEO
Chris Ritchie - President
Cliff Lafleur - Vice President, Operations
Conference Call Participants
Travis Anderson - Gilder Gagnon Howe
Operator
Good morning, ladies and gentlemen and welcome to SilverCrest reports 2023 Annual Financial Results. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Monday, March 11, 2024.
I would now like to turn the call over to Eric Fier. Please go ahead.
Eric Fier
Thank you, operator. Good morning, and thanks everyone for joining. Today, we will be providing commentary on Q4 and full year 2023 results. After which, we will be happy to take questions. The slide deck we will be referring to is available on the website at silvercrestmetals.com under the Investor tab. 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.
Before we get started, I'd like to direct you to the forward-looking statement on Slide 2. All figures discussed this morning are in U.S. dollars unless otherwise stated. All of the ounce and per ounce references discussed will be based on silver equivalent ounces sold, unless otherwise specified. Our silver equivalent references are based on gold to silver ratio of 79.51:1. On the call with me today is Chris Ritchie, President; and Cliff Lafleur, Vice President, Operations.
Starting on Slide 3. 2023 was our first full year of commercial production and a successful one at (ph) that. 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. 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.
In the first half of 2023, we repaid the remaining $50 million of debt, ending the year debt free with $105.2 million in treasury assets, which included $86 million in cash and $19.2 million in bullion. In total, $37.2 million was invested in exploration, share buybacks, and bullion purchases. These are all areas of business that we believe drive further value for our shareholders.