The Company restarted mining operations at Velardeña in late December 2023, with the goal of progressively increasing production at the mine during the first half of 2024 until it achieved positive cash flow. The initial performance of the mine and processing plant during the course of the initial several months of production has not achieved the results projected by the Company.
Defiance Silver Corp. announces that it has closed on February 27, 2024 the first tranche of its previously announced non-brokered private placement of units of the Company at a price of C$0.10 per Unit for aggregate gross proceeds of C$1,094,000.
The third quarter confirmed the stability of the production in the San Martin Mine in this fiscal year. Production increases were experienced due to the higher grade of gold fed into the mill and the improvement in recovery of approximately 4 percentage points, both due to the high grade oreshoot discovered during the year as a result of investment in exploration and metallurgical research.
Regarding the arbitration proceedings, Silver Bull is being represented by the global law firm, Boies Schiller Flexner, and is financially supported by Bench Walk Advisors via a Litigation Funding Agreement for up to US$9.5 million to finance the case.
Reyna Silver Corp. is pleased to announce that it is has increased the size of its non-brokered listed issuer financing exemption (LIFE) private placement previously announced on February 14, 2024, due to investor demand. The amended Offering is for up to 20,833,333 units of the Company at a price of $0.12 per Unit for gross proceeds of up to approximately $2,500,000, increased from $1,500,000.
Hecla Mining Company today announced the appointment of Mark P. Board as a Director effective February 23, 2024.
Sierra Madre Gold and Silver Ltd. is pleased announce a non-brokered private placement with an existing long-term institutional shareholder the Company. The Offering consists of 3,571,428 shares for aggregate gross proceeds to the Company of $1,000,000 at a price of $0.28 per share.
“The 2023 drilling program has reinforced our confidence in the ability to continue to grow resources and extend the reserve life of ELG Underground, all with a goal of filling the mill with higher-grade feed and maintaining annual gold equivalent production of +450,000 ounces beyond 2027.”
For 2024, the San Agustin mine in Mexico is expected to remain operating. However, La Colorada has been placed on care and maintenance due to the large capital required to pre-strip the mine. El Castillo is in reclamation.
The Company generated annual revenues totaling $573.8 million in 2023, or 8% lower compared to 2022, primarily due to the temporary suspension of mining activities at Jerritt Canyon in March 2023. As a result, the Company realized a 10% decrease in the total number of payable AgEq ounces sold, which was partially offset by an increase in payable AgEq ounces produced at Santa Elena, combined with a 4% increase in the average realized silver price.
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