SilverCrest Mines' (SVLC) Management on Q2 2014 Results - Earnings Call Transcript

Aug.14.14 | About: SilverCrest Mines, (SVLC)

SilverCrest Mines, Inc. (NYSEMKT:SVLC)

Q2 2014 Earnings Conference Call

August 14, 2014 1:00 PM ET

Executives

Michael Rapsch – Manager-Corporate Communications

N. Eric Fier – President and Chief Operating Officer

Barney Magnusson – Chief Financial Officer

Tom Keating – Vice President-Finance

Analysts

Shane Nagle – National Bank Financial

Stuart McDougall – Jennings Capital Inc.

Joseph George Reagor – ROTH Capital Partners, LLC

Philip Ker – PI Financial Corp.

Operator

Welcome to the introduction of SilverCrest Mines Second Quarter Financials 2014 Conference Call. At this time, all lines are in listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Michael Rapsch, Manager of Corporate Communications. Please go ahead, sir.

Michael Rapsch

Thank you, operator, and good morning, everyone and welcome to SilverCrest second quarter financials 2014 conference call. On the call with me today is President and Chief Operating Officer, Eric Fier; Barney Magnusson, Chief Financial Officer; and the Company’s Vice President-Finance, Thomas Keating.

Before we get started, I’m required to remind you that certain statements on this call will contain forward-looking information. So I refer you to the detailed forward-looking statement disclaimer contain in SilverCrest Annual Information Form and MD&A. This may include statements regarding SilverCrest’s anticipated performance in 2014 and future years, including gold and silver production, cost and revenue forecasts as well as grades and recoveries forecast.

For additional and more detailed information, please refer to the second quarter financial statements and MD&A, July 17 and August 11, 2014 news releases regarding operational data and updates. Thank you.

And with that, I will turn the call over to SilverCrest’s President and Chief Operating Officer, Eric Fier.

N. Eric Fier

Thanks, Michael, and good morning, everybody to the Q2 financial conference call. As we’ve done before in the past, I’ll review the quarterly financial performance and then open it up for the question-and-answer session. Hopefully everybody has seen the news releases and had time to cruise through the financial statements. So, I won’t go into too much detail here. I’ll just focus on the highlights of the financial reports and also give you a brief update on operations and a little bit on exploration.

So I’ll go through the highlights. As expected, cash flow from operation had decreased from Q2 of 2013, a year ago, by about 45% or $3.1 million or $0.03 per share. This once again was expected with the transition that we’re in right now.

Cash operating costs decreased by 2% to $7.66. Just a reminder, this is a low cash operating cost operation at Santa Elena along with Corporate, we’re ones with the lowest cash cost operators in our peer group and in the industry. The decrease of the 2% to the $7.66 was basically driven by direct production cost as a result of closure of the open pit and the elimination of the associated open pit mining costs.

All-in sustaining cash cost equivalent decreased by 5% to $12.62, once again very attractive. We have a high profit margin. We continue to be one of the lowest cost producers from an all-in sustaining capital cash cost basis also.

Revenue reported from last year were down 41% to $7.7 million, again as expected, attributable more to silver and gold sales at lower realized metal price. Our metal sales for the quarter were approximately 163,000 ounces of silver and 4,700 ounces of gold, which is a decrease respectively of 10% and 36%.

Direct relationship to the closure of the pit three months ahead of schedule, which we closed in April, if you recall. We’re going to run that through June. We had a realized spot metal price decline from $22 to $20 for silver, which is a 9% decrease. And from $1,365 a year ago to $1,296, a 5% decrease in the gold price. Net earnings were $1.3 million or $0.01 per share, compared to $2.9 million or $0.03 per share, basically due to reduced revenues.

Cash and cash equivalents were $40.9 million as of June 30, 2014, compared to $29.6 million a year ago. It should be noted that the company has completed its budgeted capital expenditures as of July 31 for the expansion at Santa Elena. And we’re anticipating free cash flow in the near future this second half of 2014. Working capital as of June 30 of 2014 is $44.5 million, compared to $41.6 million, a year ago. Currently in inventory as of June 30, 2014 we have approximately 69,000 ounces of silver and 1,330 ounces of gold.

So that gives you the highlight from the financials for Q2. 2014. I will just tough briefly now on some operating. From an operating standpoint, the mill continues to perform well over the last one week to two weeks. As everybody should be aware, we have now commissioned the mill.

We haven’t declared commercial production around that mill, because we’re already in commercial production, this is just a transition and the expansion of the operating unit. Over the last week we’ve seen the average throughput through the mill above 2,700 tons per day. So working our way up to the nameplate 3,000 tons per day. We feel pretty comfortable that we will be there at 3,000 tons per day, sometime in September within a month.

Current bottlenecks, at the mill as far as tweaking goes to get our nameplate capacity, is mostly rotating around training, relatively new processing crew. So they are getting up the speed on what needs to be done. We do have a top notch commissioning team still on site through FLSmidth, our major equipment provider and they continue to train our people. So we’ll see the benefit of that over the next one to two months.

Underground stope production should start around the end of next week. We are currently about three weeks behind schedule, mostly due to some geotechnical analysis we wanted to do. And some final design for the first stope, using the recently completed underground drill program. So we drilled 24 holes underground, core holes, completed about 2,800 meters, this was consider to be infill drilling and covered about the next year’s production and the results of those drill results, now they’ve can be piled or released within one to two weeks. And you can take a look at the numbers. Generally we show that the drilling reconciled well with the model that we’re currently using.

As of July 31, underground stockpile ore its approximately 32,000 tonnes, had a grade of 1.65 grams gold and about 110 grams silver. We should start feeding this into the mill within the next 30 days. We’re currently looking at since we’ve commissioned, we’re feeling a lot more comfortable with the performance of the mill. We can start working into the blend scenario. For a reminder that were going to, for everybody online here, we were going to blend the, what we call the pad were off the leach pad with the underground ore. Look through the results of that in Q3 2014 coming up here.

Besides mill production in July, as stated in news releases and recent news releases, we are also still producing off the leach pad. So residual ounces are coming off at a rate of between 15 to 20 ounces of gold and 752 to 1,000 ounces of silver per day. So we are still continuing with that production form an operating standpoint. And I anticipate we’ll continue at least through August with that, we’ll see how is September is looking. Part of the continuation is a water balance, we’re still in the rainy season, and we’re doing water balance off the leach pad and with the mill.

So that gives you a brief update on where we’re at from an operational standpoint. Just one brief note on exploration, we anticipate to start drilling on one of our three known targets in Ermitaño within the next 30 days.

Also, if you recall Ermitaño, there is three targets there. They’re three to six kilometers from Santa Elena and this fits into our program of organic growth around Santa Elena in what we call the 30/60 program, 30 kilometers priority one, 60 kilometers priority two within and near to Santa Elena for potential mill feed or leach pad feed. Since we’re downloading the leach pad there is an opportunity to reload that in the future. So we’re looking at both low grade and high grade opportunities within the region.

So to wrap up my comments, as discussed and as expected we knew that Q2, second quarter would bring some challenges and the transition was subsequent impact to the financial performance. However, SilverCrest remains financially robust. It will focus on strengthening its cash position and expected free cash flow moving forward.

Our immediate effort now is to focus on the development of the underground and initial underground stope production in order to achieve what we’re saying is market guidance on the lower end now of about 3.3 million ounces silver equivalent. If you recall our range was 3.3 ounces to 3.6 ounces. So we’ll be targeting the 3.3 silver equivalent ounces for 2014.

Also looking at some more optimization of the mill, there is some potential for better recoveries through the mill moving forward towards the end of the year. And we’re also looking at expand of the resources and subsequent reserves at or near Santa Elena, much like I discussed there at Ermitaño.

So, operator, I’d like to turn it over to you for question-and-answer period. Please.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) And the first question is from Shane Nagle from National Bank Financial. Please go ahead.

Shane Nagle – National Bank Financial

Thanks operator. Hey, guys. Just one quick question on the underground development. Development grades so far seem to be in line in your 24 drill holes that you drilled to date. Like you said, it reconciles well with the model. Just wondering when that test stope is planned. I think it’s still for later this month. And are you comfortable with the level of development work that you’ve got completed to date?

N. Eric Fier

First question there, Shane, on the test stope itself, we’re starting to drill that right now. So, we should be pulling muck out of that test stope within seven to 10 days. So it’s come in pretty quick at us here. As far as the grade reconciliation grows, I’m pretty confident that we’ve developed a good model there. We’ve been pretty conservative on our dilutions and our cut grades. And look for the news release next week on the drill program and you’ll able to see some of the grades that are uncut and they’re pretty significant that are within that stope area or nearby or within the next six months to a year’s production.

Shane Nagle – National Bank Financial

So the development work that you’ve got completed then, I mean how many stopes you’re looking at having available to you? And when will we see a decline in that development capital?

N. Eric Fier

We currently have five levels that are ongoing development. Most of that’s ore development. The waste development that is required to do the production is mostly focused on the 575 level and the 600 level. And we probably have enough development on the waste side to give us the next two to four stopes. Each stope averaging 40,000 tonnes. So that’s 80,000 to 160,000 tonnes of underground production and at 1,500 tonnes per day.

But, remember, Shane, we’re in ramp up here. So it’ll start out at 500 tonnes per day and then by end of the year it’d be at 1,500 tonnes per day. So we have probably enough development moving forward right now for the next two to four months.

Shane Nagle – National Bank Financial

That’s great. Thanks, Eric.

N. Eric Fier

Okay.

Operator

Thank you. The next question is from Stuart McDougall of Jennings Capital. Please go ahead.

Stuart McDougall – Jennings Capital Inc.

A quick question on the cost outlook at this point for the underground. In your presentation you got about $21 per ton for the level of stoping. Are you still comfortable with that as a guess right now or an estimate right now? And how long would you be using the long hole stoping before you have to bring in the cut and fill?

N. Eric Fier

First question there, Stuart, would be the cost. We’re comfortable with that. I don’t see a change in that anywhere. And so, we’ve some good data to move forward. And the long hole stoping right now, we’re working on the short term and long term new mine design. And from what I’ve seen so far long hole stoping will least occur for the next two to two and half years. So there’s no cut and fill during that period. I just also like to add we’re still thinking about the cut and fill, it may not be cut and fill, so there may be a cost reduction there. It requires some more delineation drilling to depth below the 575. We’re using the 575-metre level as a platform right now, anything above that is mostly long hole stoping, anything below it would be cut and fill.

So there’s plenty of reserve over the next few years above that level. And we’ll drilling of that level to test whether indeed we have to do cut and fill or not. A couple of pools we’ve already drilled was in this last program had shown potentially that the area may not be cut and fill, that we drilled into at the long hole stoping.

Stuart McDougall – Jennings Capital Inc.

That’s great. Just follow-up, is it still a good idea to be look at a 50/50 split between the pad and the underground from a mill feeding standpoint?

N. Eric Fier

Perhaps you run for the rest of the year here, if you start running 500 tonnes per day out of the underground, over the next, I’d say till the end of September, and then go to a 1,000 tonnes per day for October and part of November, and then into 1,500 tonnes per day for the rest of the year, as we ramp up the underground. They you’re just going to have to supplement that with pad feed. So it won’t be a 50/50. So you can run those percentage numbers back of the envelope there.

Stuart McDougall – Jennings Capital Inc.

Sure. But we’ll take that and keep on…

N. Eric Fier

Yes, that’s short-term. Long-term, looking at 2015 I’d go with the 50/50, but remember we budgeted in to put in a second decline, so that may get offset. And that second decline scheduled for potential production towards the second half of next year. So that 50/50 split may go more to a 70/30 underground versus pad.

Stuart McDougall – Jennings Capital Inc.

Okay. Thanks, Eric.

N. Eric Fier

You bet.

Operator

Thank you. The next question is from [Andy Shapack] (ph), a private investor. Please go ahead.

Unidentified Analyst

Thanks very much. And a couple of questions I’d like to ask. At this time this company’s production in revenue derived strictly from concentrate. Secondly, do you have any plans for any kind of dore?

N. Eric Fier

All of our production is dore.

Unidentified Analyst

It is dore?

N. Eric Fier

Yes, it’s silver gold.

Unidentified Analyst

You mean it’s silver?

N. Eric Fier

Silver and gold.

Unidentified Analyst

Silver and gold, and that’s what is in bullion inventory. It’s all dore?

N. Eric Fier

Yes, all dore. Yes.

Unidentified Analyst

Terrific, all right. That really was my primary question. Thank you.

N. Eric Fier

I’ll just follow that up to for you. In 2013, we’re mostly a gold producer. About two-thirds of our value was gold, one-third silver. With this transition plan we’re seeing a value of about 50/50 now, silver to gold.

Unidentified Analyst

Thank you.

N. Eric Fier

You bet.

Operator

Thank you. The next question is from [Gail Little] (ph), a private investor. Please go ahead.

Unidentified Analyst

I wonder about the outstanding liabilities of SilverCrest and what changes you might see in the next year as to whether they will be increasing substantially or decreasing.

N. Eric Fier

As far as liabilities, can you be more specific there? Are you talking financial or…

Unidentified Analyst

Yes, financial. I’m sorry. Yes, financial.

N. Eric Fier

Okay. I’ll turn it over to Tom Keating. He can address that with you.

Tom Keating

Well, our main financial liability is the credit facility that we have outstanding of $15 million. And depending on our free cash, we’ll be looking Q4 or first quarter next year to make decision on the repayment of that. Older payables are just standard payables relating to the Santa Elena Mine site, which we don’t expect to be moving too much going forward.

Unidentified Analyst

Okay. Thank you.

N. Eric Fier

You bet. Thank you.

Operator

Thank you. The next question is from [Douglas Guet] (ph), a private investor. Please go ahead.

Unidentified Analyst

Yes. I just wanted to know what is the company’s focus as far as bringing another property in production. Is it La Joya or Ermitaño?

N. Eric Fier

Yes, that, we’re going down two paths right now, Doug, and those two pads are: one, organic growth around Santa Elena. We feel that’s probably about best bang for the buck for us if we were have to a discovery there and perhaps at Ermitaño. That would be a second producing unit and we could probably fast track that since we already have processing facilities there.

There are conceptual ideas right now around the potential to expand Santa Elena. That would be the second expansion beyond what it is right now, if you did find another deposit nearby.

The second path is to work and continue to work on La Joya. So we’re doing quite a bit of work right now from a pre-feasibility level. We just completed a drill program, we’re doing a new model for that, along with a new resource. I hope to have new corporate resources and reserves, which will include La Joya for the end of the year, first part of next year, a new restatement of everything. And also working on metallurgical work around La Joya.

So if we’re looking at La Joya being a production unit, we are still looking at probably late 2016, early 2017 as a target for that. We’re also been out in the market, taking any interest on the partnership on La Joya. That partnership could come in if you recall La Joya is a sulphide deposit, it will require floatation and concentrates. It is a Silver Copper Gold system. And that would require some smelting. So there’s an opportunity from a partnership standpoint for an off-take agreement, or other associated possibilities for a deal there to move that forward. But Silver Crest is prepared to move it forward, whether there is a partner there or not. Through our cash flow, and our reputation we feel that we could probably bring La Joya into production.

Just to add, I said two parts, Ermitaño or La Joya. There is a third part there, we are still aggressively looking at M&A, M&A here of things that would be more on the development or producers standpoint. So we’re not going to get stupid or ridiculous here. I would do a good business plans to pick up what would be considered very attractive acquisition, could be a company, or a project, or a producer, or a developer. So we continue to focus on that too.

Unidentified Analyst

Another question I have is, are you looking to buy any properties or any companies with the United States?

N. Eric Fier

Our priority right now, since we are Mexico-based we are looking in Mexico. But given the new Mexican tax reform, what was very attractive investment climate in Mexico a year or two ago now is just about the same as everybody else in the world. So we are looking at diversification. I’ve worked in the U.S., I’ve worked extensively in Western U.S. along with my team. So we look at things in Nevada, those are still attractive targets there.

Potentially Arizona center is close to Santa Elena, we’re only about two hours from the border at Santa Elena. And if there’s an opportunity in the U.S. that’s probably where it be focused. We’re also looking at some things in Canada potentially and south of Mexico. We like to western hemisphere acquisitions.

Unidentified Analyst

Okay, my last question is, what is your vision for SilverCrest?

N. Eric Fier

Our vision is to go from a junior precious metals produced up to a mid-tier, that’s our growth profile right now with this new expansion around Santa Elena, and work our way to a senior producer. We like to do this systematically, we use a phased approach business model. So we like to build through cash flow and not dilution of equity through our shares, and we’ll continue to do that. The foundation of SilverCrest was built about ten years ago, was to get into production, have free cash flow and responsibly grow the company.

We’ll also look at some opportunities in the near future of potential dividends, back to our share holders. As long as we have a good business plan and schedule that we can keep over the next several years to, in order to deliver and give back dividends. But we don’t want to give up our growth profile either for a dividend. So there may be a mix and an opportunity coming up.

Unidentified Analyst

Just have one more question, do you see a moving the stock, company over stock from the American Exchange up to the New York in the future?

N. Eric Fier

I’ll let Michael address that.

Michael Rapsch

We have been listed on the New York Stock Exchange market since August 2012. So we have been there quiet successfully, we’ve seen volume also increase quite a bit through some marketing that we have done within the U.S. So those are the plans right now. We have also graduated from the Toronto Stock Exchange Venture to venture to the main board to TSX. And it’s been good for us there, as well So does that answer your question?

Unidentified Analyst

Yes. Thank you very much, Michael.

N. Eric Fier

We’re listed on the New York market as SVLC, so you can look us up there.

Unidentified Analyst

Thank you.

N. Eric Fier

You bet.

Operator

Thank you. The next question is from Joseph Reagor of ROTH Capital Partners. Please go ahead.

Joseph George Reagor – ROTH Capital Partners, LLC

Good morning guys. Just I guess two quick things. First one is, do you guys have an expectation as far as average tonnes per day for Q3 from the mill?

N. Eric Fier

I would look at – probably hang your hat around somewhere – since July it’s been – July will come and around 2,700, I think or – no, what is it, Tom? 2,500?

Tom Keating

Yes, 2,500.

N. Eric Fier

2,500 for July, August 2,700 to 2,800 and then September 2,900 to 3,000 seeking to average that.

Joseph George Reagor – ROTH Capital Partners, LLC

Okay. And then obviously, from that point forward we expect that to average about to 3,000 tonnes per day?

N. Eric Fier

Exactly.

Joseph George Reagor – ROTH Capital Partners, LLC

Okay. And then, on the recovery side, what are you guys doing specifically? Can you add some more color to that maybe to like improve recovery? And what magnitude are we thinking? Are we thinking 1% to 3% maybe on each of the metals, are we talking more like 5%?

N. Eric Fier

So the recovery of full finals that we’re looking at right now are within the budget expectations. So, as we continue to improve and optimize the mill we expect the gold to be up to around 92%. That’s currently running around – what is it, Tom? 80…

Tom Keating

Mid 80s.

N. Eric Fier

Mid 80s right now through the mill. And silver is actually doing better than expected from, let’s say, it’s 2% to 3% above what our budget numbers were. So the color that you’re probably looking for, Joe is, there is some potential to improve. Mostly that silver recovery side, we’ve done quite a bit of test work looking at lead nitrates into the system, which is a very standard practice and that test worked from a laboratory standpoint is in that range of the 5% to 15% increase. There is other mines that use this in Mexico in their (indiscernible) CCD plants and they usually see a 1% to 5% increase. So a 5% to 15% would be very good for Santa Elena. So we’re going to be testing that lead nitrate between now and the end of the year to see if it works.

Joseph George Reagor – ROTH Capital Partners, LLC

Okay. Thanks a lot for the color.

N. Eric Fier

You bet.

Operator

Thank you. The next question is from Philip Ker of PI Financial. Please go ahead.

Philip Ker – PI Financial Corp.

Hi, Eric. Congrats on the quarter here. Just a quick question. Just to clarify on the operating cost, the inventory adjustment. Could you just describe how that will be accounted for with the ore coming out the leach pad going forward?

N. Eric Fier

Well, I’ll turn it over to Tom. Could you run through the inventory here?

Tom Keating

So, at June 30 pretty much the remaining inventories on the pads was re-classed to leach pad ore. So stock value of $8 million is going to be basically every time we push for tonnes through the mill, per tonne. So we got probably about 3.7 million tonnes left on us. So that will be processed depending on how many tonnes we process in the period. So grade, it’s about $2.20.

N. Eric Fier

About $2.20 per tonne in the inventory coming off the leach pad to offset that $8 million.

Philip Ker – PI Financial Corp.

Okay. Yes, that’s probably what I was looking for. And just on the gold equivalent ounces sold, there was two numbers shown in the MD&A. One was $447,000, another one $397,000. Was a there difference there just the amount of sales that was capitalized against Santa Elena?

N. Eric Fier

Yes, that’s right. And that was silver equivalent. You said gold equivalent.

Philip Ker – PI Financial Corp.

Say about value, I’ve got written down as oil equivalent, month to date. Okay. That’s it for me. Thanks a lot, guys.

N. Eric Fier

Thanks, Phil.

Operator

Thank you. (Operator Instructions) The next question is a follow-up from [Andy Shapack] (ph), a private investor. Please go ahead.

Unidentified Analyst

Yes. I just want to review quickly the existing Sandstorm purchase agreement. How many gold ounces are you obligated to pay under that agreement? Is there a finite amount now?

N. Eric Fier

I’ll turn it over to Tom. He can run through that.

Tom Keating

No, There’s no finite amount. Sandstorm are entitled to 20% of gold for the remainder of the project at Santa Elena.

N. Eric Fier

Yes, they elected to participate in the underground development by contributing $10 million to the construction and development side of the project. So they are now eternally our partners on the Santa Elena ground. If we find something outside of that, for instance, Ermitaño, they are not participants in that ground.

Unidentified Analyst

All right. Thank you for clarifying that. Secondly, I’d like to ask you. What your guidance is going to be on overall tax provision, tax rate this year and next year? I know that what’s happened in Mexico hasn’t been very favorable for lot of you folks but any color you can provide on the overall tax rate situation?

Barney Magnusson

It’s quite.

N. Eric Fier

Well with the changes we’d expect, we’re expecting in the range of 40% gone from, our 30% to like 40%, given the mining royalty tax.

Unidentified Analyst

Yes what’s the new mining royal tax?

N. Eric Fier

There is also quite a bit of work going on as would expects so with all companies that are operating in Mexico, to look at some reduction of that. So this requires some restructuring on the corporate side for particular reductions. So the number of the times giving us is probably bit, most conservative. So there is opportunity there to reduce that burden.

Unidentified Analyst

Okay, one final one. Is everything that you do in price in Canadian dollars your financial statements or is in U.S.

Barney Magnusson

U.S. dollars.

Unidentified Analyst

Okay, thanks again gentlemen.

N. Eric Fier

You bet, thank you.

Operator

Thank you (Operator Instructions) There are no further questions at this time please continue.

Michael Rapsch

Thank you operator. Just in as closing comments, I would like to thank everybody and to all the participants for dialing in and have a pleasant day.

N. Eric Fier

Thank you.

Barney Magnusson

Thank you.

Operator

Ladies and gentlemen, this concludes the conference call for today. We thank you for your participation. You may now disconnect your lines and have a great day.

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