SilverCrest Metals (TSX: SIL) has reported its preliminary third quarter production figures, while at the same time reporting record quarterly revenue, which can be attributed to the rising gold and silver prices.

Third quarter production came in at 14,928 ounces of gold and 1.41 million ounces of silver, for a combined 2.60 million silver equivalent ounces. The results compare to 15,700 gold ounces and 1.49 million silver ounces, or 2.74 million silver equivalent ounces, in the third quarter of 2023. Production also declined from the second quarter, which produced 2.68 million silver equivalent ounces.

Sales during the quarter meanwhile came in at 15,204 ounces of gold and 1.45 million ounces of silver, which were sold at a price of $2,472 and $29.48 per ounce, respectively, generating total revenue of $80.4 million. Q3 2023 comparatively saw revenue of $63.8 million, while Q2 2024 recorded revenue of $72.7 million.

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Treasury assets are meanwhile said to have increased by 29%, with cash sitting at $120.9 million, and bullion sitting at $37.4 million.

“With silver equivalent sales of 7.9 million ounces in the first three quarters of the year, we are well positioned to deliver at or above the top end of our 2024 annual sales guidance of 10 to 10.3 million ounces AgEq,” commented CEO Eric Fier.

SilverCrest Metals last traded at $13.99 on the TSX.

Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.