Welcome to our dedicated page for Sierra Metals news (Ticker: SMTSF), a resource for investors and traders seeking the latest updates and insights on Sierra Metals stock.
The news feed for Sierra Metals Inc. (SMTSF) covers company announcements, operating updates and corporate transactions for this Canadian mining company. Sierra Metals focuses on copper production with additional base and precious metals by-product credits from its Yauricocha Mine in Peru and Bolivar Mine in Mexico, and its news often reflects developments at these assets.
Investors and analysts following SMTSF can use this page to review updates on consolidated operating and financial results, including periodic discussions of ore throughput, metal production and non-IFRS performance measures such as adjusted EBITDA and all-in sustaining costs, as disclosed by the company. Releases also describe the performance and filings of its majority-owned Peruvian subsidiary, Sociedad Minera Corona S.A., which holds the Yauricocha Mine.
A significant portion of recent news has focused on the take-over process involving Alpayana S.A.C. and Alpayana Canada Ltd. Items include the launch and subsequent increases of Alpayana’s all-cash offer, the formation and work of Sierra Metals’ special committee, the board’s evolving recommendations, and the eventual agreement in principle for a supported bid. Later announcements detail shareholder meetings, voting results, and approval of an amalgamation that will result in Sierra Metals becoming a wholly owned subsidiary of Alpayana.
Readers can expect coverage of topics such as quarterly financial results, subsidiary financial filings in Peru, shareholder meeting notices, responses to bid-related communications, and key milestones in the acquisition and amalgamation process. This page is useful for anyone researching how Sierra Metals has communicated about its operations, exploration outlook around Yauricocha and Bolivar, and the transition from a publicly traded issuer to a company controlled by Alpayana.
Sierra Metals has announced a binding agreement with Silverco Mining Corp. to sell its Cusi Mine in Chihuahua, Mexico. The sale includes mining concessions, land, equipment, and environmental permits. The deal is valued at $2.5 million in cash, along with a 2% net smelter royalty on Cusi's future production. Silverco can buy 1% of this royalty for $5 million. This divestment, expected to complete in Q2 2024, allows Sierra to focus on its core assets in Peru and Mexico. The transaction is subject to regulatory approvals and definitive agreements. Advisors for the deal include SCP Resource Finance, Mintz LLP, and RB Abogados.
Sierra Metals reports strong Q1 2024 financial results with revenues of $63.1 million, a 65% increase from Q1 2023, and adjusted EBITDA of $17.9 million. The company continues to generate positive operating cash flows, with higher production levels in copper, silver, gold, and lead. Bolivar Development is on track to reach full capacity in Q4 2024, and the company reaffirms its 2024 production and cost guidance. The CEO highlights the best financial quarter since early 2021, emphasizing operational performance and positive cash flow. The company plans to host a conference call and webcast to discuss the results further.
Sierra Metals announced updated NI 43-101 Mineral Reserve and Resource Estimates for its Yauricocha and Bolivar Mines. Yauricocha has 8-year LOM with 10.4 million tonnes Measured & Indicated Resources and 13.2 million tonnes of Inferred Resources. Bolivar has 10-year LOM with 18.4 million tonnes Measured & Indicated Resources and 12.1 million tonnes of Inferred Resources. The updated MRE includes mineral reserves and resources supporting the long production history of both mines. The Company plans to enhance growth initiatives and maximize returns with the foundation in place.
Sierra Metals' subsidiary, Sociedad Minera Corona, has reported its Q1 2024 financial results, showing an 81.8% interest in the company. Sierra Metals will release its consolidated financial results on May 10, 2024, focusing on copper production in Peru and Mexico, with a goal of increasing production volume and mineral resources.
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