SilverCrest Metals Maintained at Hold at Stifel GMP Following Q2 Production; Price Target Kept at C$11.25

MT Newswires Live07-15

Stifel GMP on Monday reiterated its hold rating on the shares of SilverCrest Metals (SIL.TO, SILV) and its C$11.25 price target after the company reported second-quarter production results.

"SilverCrest released its Q2 production results and operating metrics from its Las Chispas mine in Sonora, Mexico. Production of 15.3koz Au and 1.46Moz Ag (2.68Moz AgEq) was largely in line with our estimated 14.5koz Au and 1.46Moz Ag (2.63Moz AgEq). 1H24 silver equivalent production stands at 52% of annual guidance of 9.8-10.2Moz AgEq at the midpoint. Currently, we estimate SIL's annual production to come in slightly above or at the higher end of the 2024 annual guidance range. The ongoing search for an asset of similar quality as Las Chispas continues and the company is targeting to complete the acquisition before October this year. The company continues its strong FCF generation which supports our investment thesis, and we believe the current momentum is driving the premium valuation," analyst Stephen Soock noted.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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