Discovery Silver Corp reported Q2 net loss, Cordero silver project showcased potential and sustainability efforts.
From GlobeNewswire: 2024-08-13 22:31:00
Discovery Silver Corp. announced financial results for Q2 and YTD 2024, along with key events related to its Cordero silver project in Mexico. The Feasibility Study revealed Cordero as one of the world’s largest silver projects, with 302 million ounces of silver reserves and an expected annual production of 37 million AgEq ounces.
The study also highlighted low unit costs, attractive economic returns, and benefits for Mexico, including thousands of high-paying jobs, multi-generational training, billions in investment, and environmental sustainability efforts. Cordero aims to be one of the lowest carbon footprint open-pit mines, utilizing green energy sources like solar power and electric vehicles.
In Q2 2024, Discovery reported a net loss of $7,031,192, and YTD, a loss of $7,711,998. Cash and cash equivalents totaled $37,047,745 as of June 30, 2024. The Company’s flagship asset is the Cordero project in Mexico, showcasing the potential for large-scale, long-life mining operations with significant economic and socio-economic benefits.
The Feasibility Study for Cordero, completed in February 2024, outlined a 19-year life-of-mine with an annual production of 37 Moz AgEq in Years 1-12. Attractive returns include a net present value of US$1.2 billion at US$22 per ounce silver, growing to US$2.2 billion by Year 4 and leveraging silver prices for potential growth up to US$2.8 billion.
Discovery Silver Corp. is focused on the acquisition, development, and operation of high-quality precious metal assets, with a strong emphasis on sustainable practices and green energy solutions. The Company’s goal is to establish Cordero as one of the lowest carbon footprint mines globally, setting industry-leading environmental standards and delivering substantial benefits to local stakeholders.
Read more at GlobeNewswire:: Discovery Reports Second Quarter 2024 Financial Results