Conference Call August 10, 2021, at 10:30 AM
(EDT)
(All $ figures reported in USD)
- Revenue from metals payable of $79.4 million in Q2 2021, a
90% increase from $41.9 million in Q2 2020
- Operating cash flows before movements in working capital of
$35.8 million in Q2 2021, a 171% increase from $13.2 million in Q2
2020
- Adjusted EBITDA of $37.7 million in Q2 2021, a 173% increase
from $12.6 million in Q2 2021
- Record quarterly throughput at the Yauricocha Mine in
Peru
- Q2 2021 consolidated production includes 9.5 million pounds
of copper, a 2% decrease; 1.0 million ounces of silver, a 67%
increase; 21.1 million pounds of zinc, a 54% increase; 8.0 million
pounds of lead, a 24% increase; and 2,812 ounces of gold, a 2%
increase respectively, compared to Q2 2020. Copper production
decreased due to mining of lower-grade zones in Yauricocha and
Bolivar
- Cash costs and All-in Sustaining Costs ("AISC") per copper
equivalent payable pound of $1.41 and $1.57 respectively compared
to Q2 2020 cash costs of $0.91 and AISC of $1.80 at the Yauricocha
Mine; cash costs and AISC per copper equivalent payable pound of
$1.17 and $3.27 respectively compared to Q2 2020 cash costs of
$1.02 and AISC of $1.60 at the Bolivar Mine; cash costs and AISC
per silver equivalent payable ounce of $21.67 and $35.73
respectively compared to Q2 2020 cash costs of $18.66 and AISC of
$26.25 at the Cusi Mine; cash costs increased during Q2 2021 due to
the ongoing COVID-19 related impact on operations, while AISC was
driven higher by the increase in sustaining capital expenditure, as
the mines tried to catch up on the capital expenditure deferred
during the recent quarters.
- $76.1 million of cash and cash equivalents as at June 30,
2021
- A shareholder conference call to be held Tuesday, August 10,
2021, at 10:30 AM (EDT)
Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN:
SMTS) ("Sierra Metals" or "the Company") today reported revenue of
$79.4 million and an adjusted EBITDA of $37.7 million on the
throughput of 787,534 tonnes and metal production of 24.8 million
copper equivalent pounds for the three-month period ended June 30,
2021. The Company saw increased metals production of all individual
metals except copper in Q2 2021. However, using the formula below
to calculate copper equivalent, the increased copper price lowers
the total copper equivalent pounds produced.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210809005854/en/
Truck being loaded at Bolivar Rom Pad
before heading to Concentrate Plant (Photo: Business Wire)
Copper Equivalent Pounds produced = (Ag ounces Produced * Ag$) +
(Pb pounds produced * Pb$) + (Zn Pounds Produced *Zn$) + (Au ounces
produced *Au$) + (Cu Pounds Produced*Cu$) / Cu$
At the Yauricocha Mine, the higher throughput was partially
offset by lower head grades for all metals, resulting in a 7%
higher copper equivalent production as compared to Q2 2020. In
terms of zinc equivalents, this was a 29% increase over the same
quarter of 2020. Copper production for the quarter was 11% lower,
while silver, lead, zinc and gold production increased by 35%, 22%,
54% and 23%, respectively, compared to Q2 2020. Due to COVID-19
operating restrictions, the focus has been on larger, but low-grade
ore bodies to meet tonnages with a reduced workforce. As a result,
mining of certain high-grade, but smaller ore bodies have been
delayed while the Company continues to manage operations during the
pandemic.
The Bolivar Mine processed 385,331 tonnes in Q2 2021, which is a
25% increase from the Q2 2020 throughput. The average daily
throughput realized during the quarter was 4,404 tpd. Head grades
for copper, silver, and gold were 8%, 27%, and 30% lower,
respectively, compared to Q2 2020. Grades were negatively impacted
by the inability to continue mining in the Bolivar West zone due to
the COVID-19 residual delays in development and infrastructure.
Production continues to be focused more on the Mina de Fierro zone
in Q2 2021. Mina de Fierro is a larger ore body with greater
tonnages; however, the head grades and recoveries are lower than
the Bolivar West zone. Copper equivalent production for Q2 2021
decreased 8% compared to Q2 2020 because of lower silver (6%) and
gold (15%) production offset by 5% higher copper production.
The Cusi Mine throughput for Q2 2021 was 73,294 tonnes or 838
tpd. There was no production during the same quarter of 2020, as
Cusi remained in care and maintenance throughout that quarter due
to the government-mandated shutdown to contain the advancement of
COVID-19. The silver head grade for Q2 2021 was 138.94 g/t
resulting in silver production of 269,000 ounces. Mined tonnage and
grade were impacted by the problems related to underground water
and high temperatures deemed unsafe to work in the planned mining
zones. Additionally, gold production was 142 ounces, and lead
production was 129,000 pounds respectively during the quarter.
Consolidated production of silver increased 67% to 1.0 million
ounces, copper decreased 2% to 9.5 million pounds, lead increased
24% to 8.0 million pounds, zinc increased 54% to 21.1 million
pounds, and gold increased 2% to 2,812 ounces compared to Q2
2020.
Luis Marchese, CEO of Sierra Metals, commented, "Despite the
challenges we faced in relation to the COVID-19 pandemic in the
second quarter, the Company continues to see improvements in
consolidated throughput, revenue, EBITDA and net income over the
same period in 2020 and over the previous quarter in 2021. Our
teams are using best practices to manage the impact of the
pandemic. However, in reflecting the ongoing challenges of the
COVID-19 pandemic and the impact on operations in the first half of
2021, we saw the need to revise our production, cost, and EBITDA
guidance to align with the outlook for the year. While Peru and
Mexico are making important improvements on their vaccination
efforts, COVID-19 remains an ongoing challenge, adding to our cost
base and challenging some of our processes. Overall, our goal
continues to be to avoid any mine closures while ensuring that
strict protocols remain in place to protect the wellbeing of our
employees and the local communities."
He continued, "During the second quarter, we received the final
permit required to expand the throughput at Yauricocha to 3,600
tonnes per day. Looking ahead to the remainder of 2021, we are also
expanding and diversifying operations at Bolivar with the
construction of a 500,000 tonne per year magnetite plant, expected
to be fully operational early next year. Furthermore, we continue
to work on the completion of a Preliminary Feasibility Study to
evaluate a 53% throughput expansion at the Yauricocha Mine in Peru
and a potential doubling of production at the Bolivar and Cusi
Mines in Mexico. Finally, turning to exploration, we continue with
our brownfield programs while reactivating our greenfield
explorations programs, and we continue to work to improve
operations and manage costs in this challenging environment."
He concluded, "The Company continues to have a strong balance
sheet and strong EBITDA to support the Company's capital
expenditures and growth initiatives at all mines, and we continue
to work to improve per-share value for all shareholders. Based on
our current budgeting process, and current strong metals price
environment, this scenario could provide support for an attractive
dividend policy."
The following table displays selected financial and operational
information for the three months ended June 30, 2021:
MDA Selected Financial Results Three Months
Ended Six Months Ended (In thousands of dollars, except
per share and cash cost amounts, consolidated figures unless noted
otherwise)
June 30, 2021 June 30, 2020 June 30,
2021 June 30, 2020 Operating Ore Processed /
Tonnes Milled
787,534
511,485
1,561,955
1,252,183
Silver Ounces Produced (000's)
954
572
1,915
1,520
Copper Pounds Produced (000's)
9,535
9,708
17,430
21,483
Lead Pounds Produced (000's)
7,960
6,406
16,964
15,485
Zinc Pounds Produced (000's)
21,133
13,741
45,256
35,387
Gold Ounces Produced
2,812
2,762
5,448
6,419
Copper Equivalent Pounds Produced (000's)1
24,786
22,743
50,157
54,016
Zinc Equivalent Pounds Produced (000's)1
81,114
61,353
160,750
146,032
Silver Equivalent Ounces Produced (000's)1
4,043
3,297
7,778
8,028
Cash Cost per Tonne Processed
$
46.54
$
34.26
$
47.04
$
41.62
Cost of sales per AgEqOz
$
9.91
$
6.93
$
10.66
$
8.11
Cash Cost per AgEqOz2
$
9.17
$
6.87
$
10.06
$
7.79
AISC per AgEqOz2
$
18.48
$
12.29
$
19.04
$
13.71
Cost of sales per CuEqLb2
$
1.62
$
1.00
$
1.65
$
1.21
Cash Cost per CuEqLb2
$
1.49
$
1.00
$
1.56
$
1.16
AISC per CuEqLb2
$
3.01
$
1.78
$
2.95
$
2.04
Cost of sales per ZnEqLb2
$
0.50
$
0.37
$
0.52
$
0.45
Cash Cost per ZnEqLb2
$
0.46
$
0.37
$
0.49
$
0.43
AISC per ZnEqLb2
$
0.92
$
0.66
$
0.92
$
0.75
Cash Cost per ZnEqLb
(Yauricocha)2
$
0.43
$
0.34
$
0.45
$
0.39
AISC per ZnEqLb (Yauricocha)2
$
0.79
$
0.67
$
0.82
$
0.76
Cash Cost per CuEqLb
(Yauricocha)2
$
1.41
$
0.91
$
1.45
$
1.06
AISC per CuEqLb (Yauricocha)2
$
2.57
$
1.80
$
2.62
$
2.05
Cash Cost per CuEqLb
(Bolivar)2
$
1.17
$
1.02
$
1.38
$
1.09
AISC per CuEqLb (Bolivar)2
$
3.27
$
1.60
$
3.09
$
1.73
Cash Cost per AgEqOz (Cusi)2
$
21.67
$
18.66
$
20.15
$
21.53
AISC per AgEqOz (Cusi)2
$
35.73
$
26.25
$
32.92
$
28.96
Financial Revenues
$
79,449
$
41,901
$
149,073
$
97,459
Adjusted EBITDA2
$
37,689
$
12,595
$
62,958
$
28,669
Operating cash flows before movements in working capital
$
35,848
$
13,184
$
61,474
$
28,894
Adjusted net income (loss) attributable to shareholders2
$
12,681
$
1,344
$
17,064
$
2,554
Net income (loss) attributable to shareholders
$
9,084
$
154
$
12,168
$
(1,715
)
Cash and cash equivalents
$
76,102
$
40,743
$
76,102
$
40,743
Working capital
$
62,291
$
49,351
$
62,291
$
49,351
(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices:
$26.80/oz Ag, $4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au.
Silver equivalent ounces and copper and zinc equivalent pounds for
Q2 2020 were calculated using the following realized prices:
$16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb, $1,722/oz Au.
Silver equivalent ounces and copper and zinc equivalent pounds for
6M 2021 were calculated using the following realized prices:
$26.62/oz Ag, $4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au.
Silver equivalent ounces and copper and zinc equivalent pounds for
6M 2020 were calculated using the following realized prices:
$16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb, $1,654/oz Au.
(2) This is a non-IFRS performance measure, see Non-IFRS
Performance Measures section of the MD&A.
The following table displays average realized metal prices
information for the three months ended June 30, 2021, vs June 30,
2020:
Average Realized Metal Prices % (In US
dollars) Q2 2021 Q2 2020 Increase
Silver ($/oz)
$
26.80
$
16.59
62
%
Copper ($/lb)
$
4.37
$
2.40
82
%
Lead ($/lb)
$
0.97
$
0.76
28
%
Zinc ($/lb)
$
1.34
$
0.89
51
%
Gold ($/oz)
$
1,818
$
1,722
6
%
Q2 2021 Financial
Highlights
Revenue from metals payable of $69.6 million in Q2 2021
increased by 25% from $55.6 million in Q2 2020. The increase in
revenues was primarily driven by the increase in realized metal
prices, which more than compensated for the decrease in metal
payable, except zinc and lead.
Yauricocha's cost of sales per copper equivalent payable pound
was $1.53 (Q2 2020 - $0.94), cash cost per copper equivalent
payable pound was $1.41 (Q2 2020 - $0.91), and AISC per copper
equivalent payable pound of $2.57 (Q2 2020 - $1.80). Unit costs
increased during Q2 2021 as the 5% increase in copper equivalent
payable pounds could not compensate for the higher production costs
during Q2 2021. It may be noted here that costs for Q2 2020 were
also suppressed due to a lack of underground development activities
resulting from the COVID-19 related lack of workforce at the site.
AISC per copper equivalent payable pounds for Q2 2021 was also
driven higher by a sharp increase in sustaining capital expenditure
during the quarter compared to Q2 2020 when the Company had to
curtail or defer its capital projects for cash preservation.
Bolivar's cost of sales per copper equivalent payable pound was
$1.33 (Q2 2020 - $1.01), cash cost per copper equivalent payable
pound was $1.17 (Q2 2020 - $1.02), and AISC per copper equivalent
payable pound was $3.27 (Q2 2020 - $1.60) for Q2 2021. Costs
increased as the mine ramped up development activities. Unit costs
were also impacted by the 15% decrease in the copper equivalent
payable pounds during Q2 2021 compared to Q2 2020. AISC per copper
equivalent payable pound was also negatively impacted by the
increase in treatment and refining costs and higher sustaining
capital during the quarter.
Cusi's cost of sales per silver equivalent payable ounce was
$21.90 (Q2 2020 - $16.33), cash cost per silver equivalent payable
ounce was $21.67 (Q2 2020 - $18.66), and AISC per silver equivalent
payable ounce was $35.73 (Q2 2020 - $26.25) for Q2 2021.
Adjusted EBITDA(1) increased 173% to $37.7 million for Q2 2021
from $12.6 million in the same quarter of 2020.
Net income attributable to shareholders for Q2 2021 was $9.1
million (Q2 2020: $0.2 million) or $0.06 per share (basic and
diluted) (Q2 2020: $0.00).
Adjusted net income attributable to shareholders(1) of $12.7
million, or $0.08 per share, for Q2 2021 compared to the adjusted
net income of $1.3 million, or $0.01 per share for Q2 2020.
Cash flow generated from operations before movements in working
capital of $35.8 million for Q2 2021 increased compared to $13.2
million in Q2 2020. The increase resulted from higher revenue
during the quarter resulting from higher realized metal prices;
and
Cash and cash equivalents of $76.1 million and working capital
of $62.3 million as at June 30, 2021, compared to $71.5 million and
$70.9 million, respectively, at the end of 2020. Cash and cash
equivalents increased as $46.6 million of cash generated from
operating activities were partially used to finance capital
expenditure of $34.1 million, repayment of debt installment of $6.2
million and interest payment of $1.7 million.
(1) This is a non-IFRS performance measure. See the Non-IFRS
Performance Measures section of the MD&A.
Exploration Update
Peru:
- During the second quarter, 1,033 meters of surface exploration
drilling was completed in the Triada copper porphyry target,
reaching a total of 1,479 meters for the year. Additionally, 697
meters of drilling was completed in the Kilkasca zones, for a total
of 921 meters for the year 2021.
- Underground exploration drilling continued during Q2 2021 with
the aim to replace and increase mineral resources that were
depleted during 2020 and the first half of 2021. Approximately
4,976 meters of drilling was completed in Esperanza North, Central
Mine, Cachi-cachi and the high-grade cuerpos chicos.
Mexico:
Bolivar
- At Bolivar during Q2 2021, 11,377 meters were drilled in the
Bolivar West, Bolivar North-West, La Montura and the Cieneguita
zones encountering skarn intersections with mineralization.
Additionally, infill drilling of 2,490 meters was completed in the
Bolivar West zone and 2,852 meters in El Gallo Inferior.
Cusi
- During Q2 2021, the Company completed 6,518 meters of infill
drilling to support the development of the Santa Rosa de Lima vein
and NE Trend. In addition, 2,020 meters of surface drilling was
completed to support the "San Nicolas Vein" exploration and the
"Gallo vein."
Covid-19 Update
Protecting our employees and the communities in which we operate
is extremely important to us. The COVID-19 situation in Peru and
Mexico remains serious and is an important factor in the daily
operations. The Company continues to take proactive and reactive
mitigation measures adhering to strict health protocols to minimize
the potential impacts from COVID-19.
The pandemic has impacted operations as we adhere to the public
health restrictions. Testing and quarantining have helped identify
and keep active cases from occurring in the mines, but as a result,
we are operating with a reduced workforce. This results in ongoing
and residual operational issues on the Company’s ability to
function effectively. These issues include delayed capital
expenditures, mine development and preparation of areas for mining,
maintenance and replacement of equipment, staffing, specialized
technical oversight, and exploration drilling, among others.
The Peruvian and Mexican governments vaccination efforts are
bringing vaccines to the population in our areas of influence,
starting with the most at risk in the communities. The situation is
not yet under control yet and remains a significant risk for our
personnel, communities, and our business. The Company has engaged
proactively with the local authorities to support their efforts and
to facilitate vaccination efforts nearby our operations.
Revised Guidance
The production and financial results of the Company in the first
half of 2021 were impacted by COVID-19 and operational challenges.
Some of the COVID-19 issues are still ongoing or are a residual
effect from previous quarters on current operations. Direct impact
issues have included lower workforce availability and additional
costs related to management and prevention of COVID-19. Residual
effect includes delays on Mine development, which has forced
production to come from lower grade, higher tonnage areas in order
to reach throughput targets.
Operational challenges include Permitting delays in Yauricocha,
higher treatment charges due to price participation escalators from
off takers, larger than normal high temperature water flows in
planned mining area at Cusi, among others. Unit costs have been
negatively impacted by indirect fixed costs, which must be
incurred, despite lower production.
Management believes that these issues are temporary and will not
affect the Company’s results in the medium to longer term time
frame. Appropriate actions are being taken to return to full
operational efficiency, while continuing to manage the outstanding
risks related to COVID-19.
The Company has reviewed the impact of these setbacks and has
lowered its production, cost, and EBITDA guidance for 2021, as per
the charts below. Copper equivalent production is now expected to
fall between 110 to 115 million pounds, as summarized in the table
below:
Production Revised 2021 guidance Original
guidance Low High Low High
Silver (000 oz)
3,700
4,000
4,298
4,628
Copper (000 lbs)
36,500
39,000
44,090
48,380
Lead (000 lbs)
30,500
33,000
31,871
34,322
Zinc (000 lbs)
76,500
84,000
101,409
109,240
Gold (oz)
10,500
11,000
10,691
11,720
Copper equivalent pounds (000's) (1)
110,000
115,000
129,988
141,018
Silver equivalent ounces (000's) (1)
13,500
14,500
16,126
17,494
(1) 2021 metal equivalent guidance was calculated using the
following prices: $25.15/oz Ag, $3.12/lb Cu, $1.09/lb Zn, $0.90/lb
Pb and $1,936/oz Au.
The table below summarizes the equivalent production, cash costs
and AISC ranges for each of the sites:
Equivalent Production Range (1) Cash costs range
AISC(2) range Mine per CuEqLb or AgEqOz per
CuEqLb or AgEqOz Revised 2021 guidance Yauricocha
Copper Eq Lbs ('000) 67,000 - 69,000 $1.20 - $1.25 $2.50 - $2.60
Bolivar Copper Eq Lbs ('000) 31,000 - 33,000 $1.32 - $1.40 $2.60 -
2.74 Cusi Silver Eq Oz ('000) 1,270 - 1,400 $16.40 - $17.90 $26.00
- $28.00
Original guidance Yauricocha Copper Eq Lbs
('000) 79,300 - 85,600 $0.96 - $1.03 $1.89 - $1.98 Bolivar Copper
Eq Lbs ('000) 37,500 - 41,500 $1.00 - $1.07 $1.92 - $2.05 Cusi
Silver Eq Oz ('000) 1,650 - 1,725 $13.37 - $14.08 $21.43 - $22.46
(1) 2021 metal equivalent guidance was calculated using the
following prices: $25.15/oz Ag, $3.12/lb Cu, $1.09/lb Zn, $0.90/lb
Pb and $1,936/oz Au. (2) AISC includes treatment and refining
charges, selling costs, G&A costs and sustaining capital
expenditure
Based on the new production and cost guidance ranges, Management
has also revised its EBITDA guidance, which is now expected to
range between $130 to $140 million, as per the table below:
Revised 2021 Guidance Original guidance EBITDA
Range ($'000) (1) (2) EBITDA Range ($'000) (1)
Mine Low High Low High
Yauricocha
87,000
91,000
93,400
100,200
Bolivar
44,000
48,000
47,200
54,500
Cusi
4,000
6,000
19,100
20,000
Corporate
(5,000)
(5,000)
(4,700)
(4,700)
Total
130,000
140,000
155,000
170,000
(1) Calculated using the following analyst consensus prices:
$26.24/oz Ag, $4.13/lb Cu, $1.26/lb Zn, $0.94/lb Pb and $1,812/oz
Au. (2) Using the spot prices $25.53/oz, $4.35/lb, $1.35/lb Zn,
$1.11/lb lead and $1,811/oz Au for the second half of the year, the
annual EBITDA is expected to range between $134 million to $144
million
Revised capital expenditure guidance
In April 2021, the Company announced its plan to invest in
constructing an iron-ore processing plant at its Bolivar Mine to
produce an iron ore concentrate. With the inclusion of this
project, management are now revising capital expenditure guidance
for the year from $78 million to $100 million. This additional
growth capital is expected to return immediate benefits in the form
of additional revenues and reduce tailings deposition and related
costs.
Management will continue to monitor the COVID-19 situation and
its impact on the production and metal prices and will provide any
further updates as required.
Amounts in $M Revised 2021 Capital Expenditure
guidance Sustaining Growth Total
Yauricocha
26
20
46
Bolivar
12
30
42
Cusi
6
5
11
Greenfield Exploration
-
1
1
Total Capital Expenditure
44
56
100
Strategic Review Process
Update
The company has strong foundations for a solid valuation in the
market and return for its shareholders. Despite current challenges,
the company benefits from a strong EBITDA performance at current
metal prices and a solid financial position to build additional
value into the future. It has a current number of exciting
actionable organic growth opportunities, particularly at Bolivar
and Yauricocha, and a large land package for growth in the future,
both near mine and further afield.
The process is still ongoing and considering all options. We
expect to be able to provide a more detailed report on the process
in the coming weeks.
Conference Call and
Webcast
Sierra Metals' Senior Management will host a conference call on
Tuesday, August 10, 2021, at 10:30 AM (EDT) to discuss the
Company's financial and operating results for the three months
ended June 30, 2021.
Via Webcast:
A live audio webcast of the meeting will be available on the
Company's website:
https://event.on24.com/wcc/r/3193745/DC7EA7F3C83E666235B780E1DAD14D0A
The webcast along with presentation slides will be archived for
180 days on www.sierrametals.com.
Via phone:
To register for this conference call, please use the link
provided below. After registering, a confirmation will be sent
through email, including dial-in details and unique conference call
codes for entry. As well, reminders will be sent to registered
participants in advance of the call. If you experience difficulty
registering, please dial: (888) 869-1189 or (706) 643-5902 for
extra assistance.
Registration is open throughout the live call. However, to
ensure you are connected for the full call, we suggest registering
a day in advance or at minimum 10 minutes before the start of the
call.
Conference Call Registration Link:
http://www.directeventreg.com/registration/event/7308198
Qualified Persons
Américo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice
President of Corporate Planning, is a Qualified Person under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company
focused on the production and development of precious and base
metals from its polymetallic Yauricocha Mine in Peru and Bolivar
and Cusi Mines in Mexico. The Company is focused on increasing
production volume and growing mineral resources. Sierra Metals has
recently had several new key discoveries and still has many more
exciting brownfield exploration opportunities at all three Mines in
Peru and Mexico that are within close proximity to the existing
mines. Additionally, the Company also has large land packages at
all three mines with several prospective regional targets providing
longer-term exploration upside and mineral resource growth
potential.
The Company's Common Shares trade on the Toronto Stock Exchange
and the Bolsa de Valores de Lima under the symbol "SMT" and on the
NYSE American Exchange under the symbol "SMTS".
For further information regarding Sierra Metals, please visit
www.sierrametals.com.
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Forward-Looking
Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of Canadian and
U.S. securities laws related to the Company (collectively,
"forward-looking information"). Forward-looking information
includes, but is not limited to, statements with respect to the
Company's operations, including anticipated developments in the
Company's operations in future periods, the Company's planned
exploration activities, the adequacy of the Company's financial
resources, and other events or conditions that may occur in the
future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties
are developed or further developed. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of Management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "anticipates", "plans", "projects", "estimates",
"assumes", "intends", "strategy", "goals", "objectives",
"potential" or variations thereof, or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, the risks described under the heading "Risk
Factors" in our Annual Information Form dated March 30, 2021 in
respect of the year ended December 31, 2020 and other risks
identified in the Company's filings with Canadian securities
regulators and the U.S. Securities and Exchange Commission, which
filings are available at www.sedar.com and www.sec.gov,
respectively.
The risk factors referred to above is not exhaustive of the
factors that may affect any of the Company's forward-looking
information. Forward looking information includes statements about
the future and are inherently uncertain, and the Company's actual
achievements or other future events or conditions may differ
materially from those reflected in the forward-looking information
due to a variety of risks, uncertainties and other factors. The
Company's statements containing forward-looking information are
based on the beliefs, expectations and opinions of Management on
the date the statements are made, and the Company does not assume
any obligation to update forward-looking information if
circumstances or Management's beliefs, expectations or opinions
should change, other than as required by applicable law. For the
reasons set forth above, one should not place undue reliance on
forward-looking information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210809005854/en/
Mike McAllister V.P., Investor Relations Sierra Metals
Inc. +1 (416) 366-7777 Email: info@sierrametals.com Ed
Guimaraes CFO Sierra Metals Inc. +1(416) 366-7777 Luis
Marchese CEO Sierra Metals Inc. +1(416) 366-7777
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