SilverCrest Metals, Inc. (NYSE:SILV) Q2 2024 Earnings Conference Call August 8, 2024 11:00 AM ET
Company Participants
Eric Fier - CEO & Director
Rob Doyle - Interim Chief Financial Officer
Christopher Ritchie - President
Cliff Lafleur - VP, Technical Services
Conference Call Participants
Operator
Good day, everyone, and welcome to the SilverCrest Metals Second Quarter 2024 Results Conference Call. [Operator Instructions].
And it is now my pleasure to turn the floor over to CEO and Director, Mr. Eric Fier. Welcome, sir.
Eric Fier
Thank you, operator. Good morning, and thanks, everybody, for joining. Today, we'll be providing commentary on Q2 2024 results, after which, we'll be happy to take questions.
The slide deck we'll be referring to is available on our website, silvercrestmetals.com under the Investor tab. Before we get started, I'd like to direct you to the forwarding statements on slide 2.
All figures discussed this morning are in US 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 a gold-to-silver ratio of 79.5:1.
On the call with me today is Rob Doyle, recently announced interim CFO; Chris Ritchie, President; and Cliff Lafleur, Vice President of Operations.
Starting on slide 3, Q2 was another strong quarter for us, both operationally and financially. Given our strong performance in the first half of the year and to the start of H2, we have announced positive revisions to our annual sales, cash cost, and all-in sustaining cost guidance. These changes were all made under the same silver equivalent assumptions as our original guidance.
Silver equivalent sales of 2.6 million ounces in Q2 and 5.2 million ounces in H1 provided us with the comfort to increase our annual sales guidance to 10 million to 10.3 million ounces from our original guidance of 9.8 million to 10.2 million ounces.
With cash costs and all-in sustaining costs in the first half of the year coming below the bottom end of our original guidance, we have the confidence to revise our 2024 guidance for both. We now expect cash cost to be $9.25 to $7.75 and all-in sustaining cost to be $14.90 to $15.75 per ounce. Our balance sheet continues to demonstrate strength and flexibility with both cash and bullion holdings increasing notably in the quarter.
On to slide 4, we are now pleased to be going into H2 with continued confidence in our execution. As I mentioned, we have improved our guidance for a total silver equivalent ounces sold, cash costs, and corporate all-in sustaining costs. Our exploration and sustaining capital remain unchanged.