SilverCrest Metals Inc. (TSX:SIL) (NYSE:SILV) is pleased to announce that the Company’s Canadian subsidiary has completed the second scheduled drawdown of US$30 million on its previously announced US$120 million Project Financing Facility with an affiliate of RK Mine Finance (see news release dated January 4, 2021).
The funds will be used towards the continued construction of the Company’s Las Chispas Project located in Sonora, Mexico. At the end of H1, 2021, Las Chispas construction progress was at 33% compared to a scheduled completion of 28% and the Company anticipates reaching approximately 80% completion of construction by the end of 2021. To limit risk and enhance flexibility, SilverCrest expects to have drawn down 75% of the Credit Facility by the end of 2021, in-line with the agreed drawdown schedule. This will allow the Company to maintain availability of the remaining US$30 million through August 2022, during the planned H2, 2022 ramp-up of the plant.
As at August 31, 2021, the Company has cash and cash equivalent of approximately US$207 million and US$60 million remaining under its Credit Facility.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and targeting production in Mexico’s historic precious metal districts. The Company’s top priority is on the high-grade, historic Las Chispas mining district in Sonora, Mexico, where it has completed a feasibility study on the Las Chispas Project and is proceeding with mine construction. Startup of production at the Las Chispas Mine is targeted for mid-2022. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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We acknowledge the [financial] support of the Government of Canada.