Past year: ▼ 33%(84.5c – 1.34 USD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2014listing compliance notice▲ GoodMajor
Graduated from the TSX Venture Exchange to the main Toronto Stock Exchange, trading from 24 February 2014 under the same SVL symbol, with the NYSE MKT listing unchanged. A step up in market standing eighteen months after the US listing.
18 Feb 2014drilling result▲ Good
Twenty-two closely spaced underground holes (1,590 m) confirmed continuity and grade in the Main Mineralized Zone ahead of the first planned production stopes - 11.6 m at 5.83 g/t gold and 232.5 g/t silver, including 1.15 m at 21.7 g/t gold and 572 g/t silver.
16 Jan 2014production update▲ GoodMajor
Record 2013 production of 2.66 million silver-equivalent ounces, up 12%, comprising 779,026 ounces of silver (up 34%) and 31,099 ounces of gold (down 6%), with the strip ratio cut from 4.25 to 2.56. The second full year of commercial production, and the last before the mine was rebuilt as an underground operation.
15 Jan 2014joint venture update▲ Good
Optioned the 165 square kilometre Ermitano property next door to Santa Elena from Evrim Resources: US$75,000 on signing, US$50,000 a year, at least US$500,000 of exploration in year one and a production notice within five years to earn 100%, with Evrim keeping a 2% net smelter royalty and a third-party 2% royalty underneath. Same volcanic host rocks and structures as the mine.
27 Dec 2013resource reserve update● Neutral
The La Joya preliminary economic assessment technical report itself, dated 5 December 2013, filed with ten qualified-person consents. Same study as the 21 October announcement and the 23 December filing notice - three rows in this record cover one piece of work.
24 Dec 2013resource reserve update● Neutral
Filed the La Joya preliminary economic assessment report with Canadian regulators; results unchanged from the 21 October announcement. Paperwork behind an already-announced study.
21 Oct 2013resource reserve update▲ GoodMajor
A preliminary economic assessment for a La Joya starter pit - a low-strip open pit with a nine-year life feeding a 5,000 tonne-a-day plant - showing a base-case pre-tax net present value of US$133 million at a 5% discount and a 30% internal rate of return. Deliberately scoped small and cheap for the market conditions, with expansion left as an option.
15 Oct 2013production update▲ Good
A second consecutive record silver quarter at 202,736 ounces, with gold at 7,194 ounces, on lower throughput of 251,374 tonnes (2,732 t/d) but pad grades up 26% for silver. Nine-month output reached 550,239 ounces of silver and 21,881 of gold, about 1.87 million silver-equivalent ounces.
5 Sept 2013drilling result▲ GoodMajor
Results for the 47 holes that missed the cut-off for the pre-feasibility study - 15 m at 4 g/t gold and 243 g/t silver including 2 m at 17.5 g/t gold and 664 g/t silver - expanding El Cholugo and El Cholugo Dos and finding a third new zone, Tortuga. Of the 181-hole programme, 134 holes went into the reserve; the deposit was still open laterally and at depth.
7 Aug 2013resource reserve update● Neutral
Filed the full NI 43-101 technical report behind the 25 July pre-feasibility announcement, effective 30 April 2013. Paperwork behind an already-announced study.
25 July 2013resource reserve update▲ GoodMajor
The Santa Elena expansion pre-feasibility study added eight years of mine life from January 2014: US$684.9 million of revenue from 12.11 million ounces of silver and 262,739 ounces of gold, US$282.2 million of operating costs at an average cash cost near US$11 per silver-equivalent ounce, US$87.8 million of capital, and a base-case pre-tax net present value of US$243.7 million at a 5% discount with an 88% internal rate of return, on US$1,450 gold and US$28 silver.
17 July 2013production update▲ Good
Record quarterly silver production of 194,022 ounces, up 26% on the first quarter, with gold at 7,463 ounces and 665,684 silver-equivalent ounces, from 307,091 tonnes at about 3,375 t/d. Half-year silver ran 11% above budget and gold 11% below.
12 July 2013debt financing● NeutralMajor
A three-year US$40 million secured corporate facility from Scotiabank to fund the Santa Elena expansion, secured on the equity of the Mexican subsidiaries. The headline size overstates what was available: the limit steps down US$10 million in July 2014 and again in July 2015, and until Mexican security registration was complete only US$15 million could be drawn. Pricing runs 3.00-4.25% over LIBOR depending on leverage, and drawing it required releasing Macquarie's existing security.
29 May 2013resource reserve update▲ GoodMajor
The payoff from eighteen months of delineation drilling: Santa Elena probable reserves - underground, open pit and leach pad - restated at 8.2 million tonnes grading 74.9 g/t silver and 1.24 g/t gold for 19.7 million ounces of silver and 327,430 ounces of gold, up 103% in silver and 50% in gold. Indicated resources outside reserves rose 127% in silver and 99% in gold to 7.9 million ounces and 116,000 ounces.
28 May 2013asset acquisition disposition▲ GoodMajor
Exercised the option over the nine La Joya West concessions (about 529 hectares) with a final US$2.5 million payment, half in cash and half in 615,776 shares at C$2.06; the vendors keep a 2% net smelter royalty. With La Joya East still under option and five staked concessions, the project reached about 10,660 hectares.
25 Apr 2013security holder rights change● Neutral
Adopted an advance notice policy fixing a deadline and disclosure requirements for shareholder nominations of directors; no nominee is eligible for election unless put forward under it. Standard for Canadian issuers, but it makes an outside board slate harder to run.
8 Apr 2013drilling result▲ GoodMajor
Since mid-2012, 132 holes at Santa Elena had delineated the deposit over 1,200 m of strike and to 600 m depth, with 21.6 m at 1.46 g/t gold and 169.1 g/t silver including 0.60 m at 5.2 g/t gold and 1,840 g/t silver in this batch. Management expected the coming reserve estimate to extend mine life well past the 5.5 years originally set for the heap leach.
28 Mar 2013resource reserve update▲ Good
Filed the La Joya technical report supporting the January resource statement, adding preliminary metallurgy that pointed to a copper-silver-gold concentrate grading over 30% copper. Resource figures unchanged from 29 January: 198.6 million ounces silver-equivalent at a 15 g/t cut-off, 159.8 million at 30 g/t, 100.8 million at 60 g/t.
26 Feb 2013drilling result▲ GoodMajor
One hundred and eleven of 114 delineation holes done at Santa Elena: 25.8 m at 1.24 g/t gold and 187.6 g/t silver including 1.9 m at 2.34 g/t gold and 1,281.9 g/t silver, a second new zone (El Cholugo Dos) below the Main Mineralized Zone, and that zone extended about 300 m past the resource boundary. The underground decline had passed 1,200 m, against an open-pit heap leach life of only 6.5 years.
29 Jan 2013resource reserve update▲ GoodMajor
Updated La Joya inferred resource: 198.6 million ounces silver-equivalent at a 15 g/t cut-off, 159.8 million at the 30 g/t base case, and 100.8 million at 60 g/t, plus 75.1 million pounds of tungsten at a 0.05% cut-off. The 60 g/t portion - 27.9 million tonnes at 112 g/t silver-equivalent - was flagged as a potential starter pit for a preliminary economic assessment. Up from the 101.9 million ounce resource the 2012 drilling started from.
16 Jan 2013production update▲ GoodMajor
Beat 2012 guidance with 579,609 ounces of silver, 33% above the original 435,000-ounce target, and 33,004 ounces of gold just short of its 33,500-ounce target - 2.37 million silver-equivalent ounces in all. The crusher averaged 3,162 tonnes a day against a 2,500 t/d design, the Phase II leach pad was finished on time and on budget, and the mine passed one million ounces of silver produced since it started.
14 Jan 2013drilling result▲ GoodMajor
More Santa Elena bonanza intercepts - 13 m at 1.6 g/t gold and 324.8 g/t silver including 1 m at 5.07 g/t gold and 2,840 g/t silver, plus a 1.7 m intercept at 42.59 g/t gold and 1,460 g/t silver - and the naming of the new El Cholugo zone. Four of the high-grade hits sit on or beyond the existing resource boundary.
7 Jan 2013drilling result▲ GoodMajor
Bonanza grades below the pit at Santa Elena: 15.6 m at 23.9 g/t gold and 307.9 g/t silver, including 2.3 m at 157.3 g/t gold and 1,610.5 g/t silver, and a new high-grade zone sub-parallel to and below the Main Mineralized Zone being mined. Eighty-seven of a planned 100 holes complete. This is the result that turns the underground expansion from an idea into a plan.
21 Dec 2012drilling result▲ GoodMajor
The final 15 holes of La Joya Phase II returned 80 m at 78.8 g/t silver, 0.31 g/t gold and 0.5% copper - 137 g/t silver-equivalent - with intervals up to 251 m and silver-equivalent values reaching 411.5 g/t. Phase II closed with the trend at about 2.5 km by 700 m and the Coloradito and Santo Nino targets outlined.
4 Dec 2012drilling result▲ Good
Seventy-nine of a planned 100 Santa Elena holes done, converting indicated and inferred resources towards probable reserves and testing underground extensions. Best intercepts were 30.7 m at 1.61 g/t gold and 169.6 g/t silver (SE-12-54) and 16 m at 2.15 g/t gold and 166.9 g/t silver (SERC-12-36), all at near-true thickness.
27 Nov 2012drilling result▲ Good
Fifteen more La Joya holes returned 45.0 m at 135.5 g/t silver, 0.11 g/t gold and 1.14% copper - 240 g/t silver-equivalent - with mineralised intervals from 15.2 m to 288.7 m and many intercepts close to surface. Testing continued on the southern trend, the Contact Zone and the Santo Nino target.
13 Nov 2012drilling progress report▲ GoodMajor
Twenty-one holes of a planned 110-hole programme at Santa Elena, aimed at confirming remaining open-pit reserves, testing below the pit and re-categorising underground resources for the coming pre-feasibility study. Best results were 52 m at 2.19 g/t gold and 95.5 g/t silver (SERCP-9V, apparent width) and 16 m at 6.18 g/t gold and 103.4 g/t silver (SERCP-11A, true width).
7 Nov 2012debt financing▲ GoodMajor
Paid out the last of the gold hedge that Macquarie Bank had required in June 2009 as a condition of the Santa Elena construction loan. The original hedge sold 55,000 ounces forward at US$926.50; 26,000 ounces had been delivered in 2010-11, and the remaining 29,000 were cash-settled for US$23.25 million, an effective US$1,728 an ounce against the US$926.50 the hedge would have paid. Funded from the $34.5 million raised the week before, it left the company entirely unhedged.
30 Oct 2012capital raising announcement▲ GoodMajor
Closed the offering at $34.5 million gross after the over-allotment was taken in full: 13,529,750 shares at $2.55, with a 5.5% underwriting commission. Proceeds were to pay out the remaining gold hedge and for general purposes.
What it means for a shareholder
13.5m new shares at $2.55 to raise about $34.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
30 Oct 2012capital raising announcement▲ Good
The non-US-dissemination version of the same closing announcement - 13,529,750 shares at $2.55 for $34.5 million gross, co-led by Dundee and Canaccord with ROTH Capital. One financing, two rows dated 30 October 2012.
What it means for a shareholder
13.5m new shares at $2.55 to raise about $34.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
