Sierra Metals reports Q1 earnings; reaffirms 2024 production and cost guidance

2024 Outlook

Management expects 2024 to be the year to consolidate the optimization efforts that started in 2023 and to establish the platform for growth. In 2023, under the guidance of the new management team, the company began a process of stabilization and optimization.

The company anticipates ramping up to full production levels of 3,600 tonnes per day (40% higher than current levels) by Q4 2024.

At Bolivar, the company will continue the construction of the new tailings dam, which is expected to be completed over the next three years, allowing the mine to increase its production capacity to 7,500 tpd in the future.

Total capital for 2024 is expected to range between $39.2 million to $49.0 million.

Growth capital for 2024 is expected to range between $9.3 million to $11.6 million, focusing on the new tailings dam at Bolivar.