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BUILDING ON OUR STRENGTHS
Experienced management team
Management has followed a disciplined growth strategy since 2006,
earning a reputation as efficient mine builders and solid operators.
• San Jose Mine commissioned in 2011 at 1,000 tpd, expanded in 2013
to 1,800 tpd and in April 2014 to 2,000 tpd, on time and on budget
Low-cost, efficient silver producer
By containing costs, expanding capacity and maximizing efficiency, we
have become one the lowest cost silver producers in the industry.
• Estimated consolidated all-in sustaining cash cost for 2014 is $17.14
per ounce of silver, net of by-products gold, lead and zinc
Organic growth opportunities
We forecast continued silver-gold production growth by exploring and
developing our 97,900-hectare land package.
• Trinidad North discovery adds Inferred Resource containing an estimated
16.3 million ounces of silver and 100,800 ounces of gold
• Annual silver equivalent* production expected to rise by 47% from 5.9,
in 2013, to 8.7 million ounces by 2016
Stable balance sheet + financial flexibility
We have a strong balance sheet, no debt and no hedging.
• Cash position as at March 31, 2014 of $62.1 million and an untapped
credit facility of $40 million
* Ag Eq estimated using Au = $1,200/oz and Ag = $20/oz; exclusive of by-product lead and zinc
By focusing on sustainable, long-term growth
and low-cost production, we are building on
our strengths to become a leading silver
mining company in Latin America.
building on our strengths
