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2017 Highlights //


  • Silver production of 4.9 million oz met revised guidance
  • Gold production of 53,007 oz exceeded revised guidance
  • Silver equivalent production of 8.9 million oz (75:1 silver: gold ratio) – approached top end of revised guidance, despite overcoming operational challenges at Guanacevi mine
  • Completed a Pre-feasibility Study at the Terronera project
  • Advanced the Terronera project towards a production decision, including engineering trade-off studies, received permits to build the mine and plant, awaiting waste dumps and tailings permits
  • Completed a Preliminary Economic Assessment at the El Compas project, made a development decision and initiated construction
  • Explored the prospective Parral Project in the historic silver mining district of Hidalgo de Parral in southern Chihuahua state, Mexico and published an initial Mineral Resource Estimate
  • Received “Socially Responsible Company” awards for the Bolañitos and El Cubo mines


  • Net earnings increased 148% year on year to $9.7 million ($0.08 per share)
  • EBITDA(1) of $25.6 million
  • Cash flow from operations before working capital changes of $23.6 million
  • Revenue totalled $150.5 million on 4,892,855 silver oz sold and 51,460 gold oz sold
  • Cash costs(1) of $8.06 per oz silver payable (net of gold credits)
  • All-in sustaining costs(1) of $16.96 per oz silver payable (net of gold credits)
  • Working capital of $66.2 million, cash of $39.3 million and no debt at year-end


  • Drilled 72,200m and spent $12.9 million on exploration activities
  • After completing the Terronera PFS, additional drilling expanded the Terronera mineralized zone and the high grade La Luz vein
  • Drilled various target areas nearby including Calicanto, Orito vein and the newly discovered Ana Camila vein.
  • At Parral, drilling tested a portion of the historic resource (La Colorada) and identified new other targets (Palmilla and San Patricio). Issued a maiden resource and verified high-grade mineralization in within the Argentina-Remedios area of the Veta Colorada

Reserves and Resources

Silver equivalent Proven and Probable Mineral Reserves increased 228% to 57.1 million oz (75:1 silver:gold ratio) in 2017 compared to 2016, primarily due to resource conversion at Terronera. Silver equivalent Measured and Indicated Mineral Resources decreased 42% to 63.9 million oz in 2017, mainly as the result of conversion into Mineral Reserves at the Terronera project and at the existing operations. Inferred silver Mineral Resources increased by 44% due to the inclusion of the initial Mineral Resource Estimate for the new Parral Properties.

  • 33.5 million oz of proven and probable silver mineral reserves
  • 315,300 oz of proven and probable gold mineral reserves
  • 57.1 million oz of silver equivalent proven and probable mineral reserves (75:1 silver:gold ratio)
  • 36.7 million oz of measured and indicated mineral silver resources
  • 362,900 oz of measured and indicated mineral gold resources
  • 63.9 million oz of silver equivalent measured and indicated Mineral Resources
  • 53.1 million oz of silver inferred mineral resources
  • 300,800 oz of gold inferred mineral resources
  • 75.7 million oz of silver equivalent inferred mineral resources

(1) These items are examples of non-IFRS measures. Please refer to the definitions set out in our Management Discussion and Analysis.

Safety And Health

  • 20% drop in reportable injury frequency rate (employees/ contractors)
  • 300+ people trained in emergency response and mine rescue
  • Launched leadership program to enhance safety skills of site leaders and supervisors

Our People

  • 48% increase in learning activities, with 52 average training hours per employee
  • 14% reduction in employee turnover
  • Implemented new Internal Grievance Mechanism at all sites to improve problem resolution


  • 5% reduction in total water consumption
  • 18% reduction in hazardous waste across all sites
  • Nearly 44,000 trees planted in reforestation projects to reclaim disturbed ground

Community Emgagement

  • $510,000 in corporate giving
  • Launched scholarship program, which benefitted 50 Mexican students last year
  • Introduced External Grievance Mechanism at all sites to better understand and address concerns from community

Economic Performance

  • 148% growth in net earnings, to $9.7 million
  • $150.5 million in total economic value generated
  • Over 99% of onsite personnel, as well as 99% of total procurement, from within Mexico

4.9 million oz
Silver Production

53,007 oz
Gold Production

8.9 million oz
Silver Equivalent Production