Business
Sierra Madre Announces Fourth Quarter and Year-End 2024 Financial Results
Revenues of $6.5 million USD generated in 2024 from the Guitarra Mine Vancouver, British Columbi...
About this update from Sierra Madre Gold & Silver Ltd.
[{"type":"text","content":"Sierra Madre Announces Fourth Quarter and Year-End 2024 Financial ResultsRevenues of $6.5 million USD generated in 2024 from the Guitarra MineVancouver, British Columbia--(Newsfile Corp. - April 22, 2025) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) (\"Sierra Madre\" or the \"Company\") is pleased to announce its audited consolidated financial results for the year ended December 31, 2024 (\"FY 2024\") including results for the fourth quarter (\"Q4 2024\"). All amounts are expressed in U.S. dollars, unless otherwise stated.Alex Langer, Chief Executive Officer, commented, \"In 2024, Sierra Madre generated $6.5 million USD in revenues as we ramped up the Guitarra Mine Complex in Estado de Mexico, Mexico to the current operating capacity of 500 t/d. These revenues reflect the six-month test mining program that started mid-2024 and wrapped up December 31, 2024 as Guitarra reached commercial production on January 1, 2025.\" Mr. Langer continued; \"Notably, as the test mining program progressed, we saw an increase in revenues to $3.9 million for Q4, compared to $2.5 million generated in Q3; which equated to a net loss of only $38,000 for Q4. With Guitarra now operating at full capacity, we are looking forward to releasing our first set of full quarterly operating metrics next month. I would also like to thank the operating team for working towards such a smooth restart and ramp up of the operation.\" FY 2024 and Q4 2024 Financial Highlights Net Revenues: After refining, treatment and smelting charges, the Company recorded net revenues of $6.5 million in the six-month period ended December 31, 2024, or approximately $28.35 per silver equivalent ounce (\"AgEq ounce\"). The Company averaged $30.37 per silver (\"Ag\") ounce sold and $2,594 per gold (\"Au\") ounce sold in the six-month period of operations to December 31, 2024.In Q4 2024, Sierra Madre recorded silver revenues totaling approximately $1.9 million ($31.58 per Ag ounce) and gold revenues totaled approximately $2.4 million ($2,667 per Au ounce). Cost of Sales was $5.1 million for the six-month period ended December 31, 2024, approximately $22.40 per AgEq ounce sold, representing $20.95 per AgEq ounce sold in Q4 ($2.8 million) and $24.13 per AgEq ounce sold in Q3 ($2.3 million).Gross profit was $1.36 million for FY 2024.Current assets, including cash, totaled $3....