Discovery Silver Corp. reports strong financials for Q3 2024, highlighting the Cordero project
From GlobeNewswire: 2024-11-12 19:40:00
Discovery Silver Corp. announced financial results for Q3 2024, showing a strong position in the silver market. The Cordero project boasts a reserve of 302M oz of silver, with attractive economics and an NPV5% of $1.2B at $22/oz silver. The Feasibility Study highlights significant benefits for Mexico and industry-leading environmental standards.
In 2023, Discovery received awards for environmental compliance, social responsibility, and workplace quality. The ESG Report also highlighted $19.2M spent on local businesses, $5.0M in local salaries, and investments in community well-being. The workforce of 85, with 88% in Mexico, received 26 hours of training per employee and generated 21.09 GJ of renewable energy.
The Feasibility Study for the Cordero project, released in February 2024, projects an average annual production of 37M oz AgEq over 19 years. Attractive returns include an NPV5% of $1.2B at $22/oz silver, growing to $3.2B in Year 4. The project is expected to create over 2,500 jobs during construction and contribute significantly to Mexico’s economy. Current spot metal prices as of November 11, 2024, include silver at US$30.64 per ounce, gold at US$2,619 per ounce, zinc at US$1.35 per pound, and lead at US$0.92 per pound versus Feasibility Study prices. Financial data for Q3 2024 shows a net loss of $(5,265,159) and total comprehensive loss of $(8,647,141). Cash and cash equivalents on September 30, 2024, were $33,442,223.
Discovery is a precious metals company with the Cordero project as its flagship asset. The Feasibility Study completed in February 2024 shows potential for development into a large-scale, long-life project. The company aims to use green energy sources and contribute to improved water treatment infrastructure in the area. Qualified Persons have validated the information in the news release.
The Feasibility Study project team was led by Ausenco Engineering Canada ULC, with support from other companies. Mineral resources without demonstrated economic viability were noted. Non-GAAP measures like total cash costs per ounce, all-in sustaining costs, and free cash flow were explained. Forward-looking statements were also provided. TSX Exchange does not accept responsibility for this release’s accuracy. The news release highlights important legal information regarding the securities mentioned, stating they have not been registered under the U.S. Securities Act of 1933 and cannot be sold within the United States. The release also includes a cautionary note about forward-looking statements, emphasizing potential risks and uncertainties associated with the Project.
Factors that could impact the Project’s development include market fluctuations, availability of capital, changes to mineral reserves, environmental regulations, and the ongoing effects of COVID-19. Other risks include geopolitical conflicts, operational difficulties, and challenges related to mining and processing activities. The Company’s ability to secure additional capital and navigate legal proceedings are also highlighted as potential concerns. 1. The stock market saw a significant increase today, with the S&P 500 reaching a record high of 4,500 points. This surge was driven by strong performance in tech and healthcare sectors, with Apple and Pfizer leading the way.
2. In other news, a new study has found that 70% of Americans are now fully vaccinated against COVID-19. This milestone is a positive step towards achieving herd immunity and reducing the spread of the virus.
3. On the economic front, the US GDP growth rate for the second quarter has been revised upwards to 6.6%, exceeding expectations. This growth is attributed to increased consumer spending and business investments, signaling a strong recovery from the pandemic-induced recession.
Read more at GlobeNewswire:: Discovery Reports Third Quarter 2024 Financial Results