SilverCrest Metals Inc. (NYSE:SILV) Q1 2024 Earnings Conference Call May 15, 2024 11:00 AM ET
Company Participants
Eric Fier - CEO
Chris Ritchie - President
Cliff Lafleur - Vice President, Operations
Conference Call Participants
John Sclodnick - Desjardins
Dan Ellsworth - World Micro
Stephen Soock - Stifel
Operator
Good day everyone and welcome to the SilverCrest First Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode and later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note, this call may be recorded. I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to CEO and Director of SilverCrest, Mr. Eric Fier.
Eric Fier
Thank you, operator. Good morning and thanks everyone, for joining. Today, we'll be providing commentary on our Q1 2024 results, 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 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 indicated, 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. Q1 marked a strong start to the year as we continued to exhibit our ability to deliver positive operational results and demonstrated our continued financial flexibility.
Sales of 15,000 ounces of gold and 1.4 million ounces of silver for silver equivalent sales of 2.6 million ounces exceeded plan, positioning us favorably to deliver on 2024 guidance.
In all-sustaining costs in the quarter was lower than planned, but is expected to increase in future quarters with our 2024 guidance range of $15 to $15.90 per ounce sold is reiterated.
Our balance sheet remains one of the best of our Silver peers and a significant strength to us. During the quarter, it is supported some large outflows related to 2023 taxes and duties as a standard course of business and the mobilization of our new mining contractor.
We are also happy to report positive retained earnings of $21.5 million, a unique achievement in the mining industry and one we accomplished with only -- within only six quarters of commercial production.