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01/11 03:34
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The company's financial performance is strong, with significant revenue growth and improved cash flow. Despite a net loss due to a non-cash charge, the adjusted net income is positive. Production and cost guidance are stable, and strategic projects are progressing. Risks are present, but the market may view the positive financial metrics and strategic initiatives favorably, leading to a positive stock price movement.
Silver Production 1,600,000 ounces, up 42% from last year.
Revenue (Q4) $75,000,000, up 76% from last year.
Cash Flow from Operating Activities (Q4) $31,000,000, up 200% from last year.
Net Loss (Q4) $7,600,000, primarily due to a non-cash $21,000,000 charge on derivative liabilities.
Adjusted Net Income (Q4) $14,700,000 or $0.07 per share, compared to $3,800,000 or $0.02 per share in the comparative quarter.
Revenue (Full Year) $299,000,000, up 39% from the prior year.
Attributable Net Income (Full Year) $58,000,000 or $0.29 per share, compared to $36,000,000 or $0.21 per share in the prior year.
Annual Cash Flow from Operating Activities $139,000,000, up from $92,000,000 in the prior year.
Capital Expenditures (Full Year) $86,000,000, up from $64,000,000 in the prior year.
Production Costs (Q4) $83 per ton, down 1% from last year.
Consolidated Cash Cost per Ounce of Silver (Q4) $2.49, compared to $1.22 in the prior year quarter.
All-in Sustaining Production Costs (Q4) $132 per ton, down 8% year over year.
All-in Sustaining Cost per Ounce (Q4) $14.31, in line with the prior year quarter.
Production Costs (Full Year) $81 per ton, up 3% from last year.
Consolidated Cash Cost per Ounce of Silver (Full Year) Negative $0.54, compared to negative $0.38 last year.
All-in Sustaining Production Costs (Full Year) $142 per ton, up 1% year over year.
All-in Sustaining Cost per Ounce (Full Year) $12.12, up from $11.38 in fiscal twenty twenty four.
Silver Production: Produced approximately 1,600,000 ounces of silver, up 42% from last year.
Gold Production: Produced 3,110 ounces of gold, reflecting a 60% increase.
Lead Production: Produced 16,000,000 pounds of lead, a 30% increase.
Zinc Production: Produced 4,000,000 pounds of zinc, a modest 3% decrease.
Revenue Growth: Revenues reached $75,000,000, up 76% from last year.
Realized Metals Prices: Realized silver price increased by 34%, gold by 33%, zinc by 23%, and lead by 6%.
Full Year Revenue: Total revenue for fiscal year 2025 was $299,000,000, up 39% from the prior year.
Cash Flow from Operations: Generated $31,000,000 in cash flow from operating activities, up 200% year over year.
Production Costs: Q4 production costs averaged $83 per ton, down 1% from last year.
Capital Expenditures: Invested $86,000,000 in capital expenditures, up from $64,000,000 in the prior year.
Expansion Plans: Budgeted $25,000,000 for ramp and tunnel development at Ying.
Ecuador Project: Construction plan for Al Domo project with first production targeted by end of 2026, estimated capital cost of $241,000,000.
Ponderay Gold Project: Plan to complete a PEA for an underground gold operation later this year.
Net Loss: The company reported a net loss of $7,600,000 for the quarter, primarily due to a non-cash $21,000,000 charge on the fair value of derivative liabilities.
Production Costs: Production costs increased by $20,000,000 due to expanded production capacity and tunneling expenses, which could impact profitability.
Mineral Rights Royalty: A $13,000,000 mineral rights royalty related to the SGX license renewal could pose a financial burden.
Corporate Expenses: A $6,000,000 increase in corporate admin and business development expenses may affect overall financial performance.
Economic Factors: The company’s performance is sensitive to fluctuations in commodity prices, which can impact revenue and profitability.
Regulatory Issues: The company is engaged in ongoing permitting processes in Ecuador, which could delay project timelines and increase costs.
Supply Chain Challenges: The construction plan for the Al Domo project involves significant capital costs of $241,000,000, which may be affected by supply chain disruptions.
Project Development Risks: The timeline for the Al Domo project includes several phases, and any delays in construction or equipment installation could impact production schedules.
Capital Expenditures: For fiscal year 2026, Silver Corp has budgeted $25,000,000 for ramp and tunnel development at Ying, $25,000,000 for exploration tunneling, and $6,000,000 for capitalized drilling.
Al Domo Project: Construction is scheduled with first production targeted by the end of 2026, with an estimated capital cost of $241,000,000.
Ponderay Gold Project: An updated mineral resource estimate has been published, and a PEA for an underground gold operation is planned for later this year.
Production Guidance: For fiscal year 2026, expected production is between 7.4 million and 7.6 million ounces of silver, 9,100 to 10,400 ounces of gold, 132 million pounds of lead, and 29 to 30 million pounds of zinc.
Cost Guidance: Production costs are anticipated to be between $81 and $82 per tonne, with all-in sustaining costs projected between $155 and $158 per tonne.
Dividends Paid: $5,000,000
Share Repurchase: Close to $1,000,000 worth of shares repurchased under the current NCIB program.
The earnings report shows mixed results: strong revenue growth and positive cash flow but a net loss due to noncash charges. Production costs are up, yet production metrics are mixed. The Q&A revealed uncertainties around project timelines and guidance. Despite some positive developments, risks and uncertainties, especially in regulatory and production aspects, balance the outlook. Without market cap data, but considering the mixed signals, a 'Neutral' sentiment is appropriate.
The earnings call presents a mixed picture. Strong cash flow, increased silver and gold sales, and a robust cash position are positives. However, decreased net income, increased costs, and production concerns at Ying, coupled with unclear guidance, balance out the positives. The Q&A reveals uncertainties and management's hesitance to commit to guidance, suggesting a cautious outlook. The lack of a new partnership or significant guidance change keeps the sentiment neutral. Without market cap data, the stock's sensitivity to these factors remains uncertain, supporting a neutral prediction.
The company's financial performance is strong, with significant revenue growth and improved cash flow. Despite a net loss due to a non-cash charge, the adjusted net income is positive. Production and cost guidance are stable, and strategic projects are progressing. Risks are present, but the market may view the positive financial metrics and strategic initiatives favorably, leading to a positive stock price movement.
The earnings call showed mixed results: a rise in net income and cash flow, but a decrease in adjusted earnings and an increase in costs. The Q&A revealed no major risks but highlighted tax and cash distribution concerns. Despite some positive financial metrics, the lack of strong guidance and increased costs suggest a neutral market reaction.
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