Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors

You're looking at SilverCrest Metals Inc. (SILV) to understand its financial health, but the first thing to grasp is the February 14, 2025, acquisition by Coeur Mining, which fundamentally changed the investment thesis and delisted the stock. The focus now shifts to the performance of the Las Chispas operation, the core asset, which is expected to contribute significantly to Coeur Mining's 2025 results, with guidance pointing to a prorated production of between 42,500 and 52,500 ounces of gold and 4.25 to 5.25 million ounces of silver for the 10.5 months post-acquisition. This production profile, using a conservative revenue estimate of around $274.2 million for the Las Chispas asset in 2025, shows the high-margin potential that made the company a target in the first place, but still, the near-term risk is always in the smooth integration and maintaining the low all-in sustaining costs (AISC) that were previously well below guidance. We need to see if the new parent company can defintely keep that operational discipline while scaling up. The real question is how this world-class asset's performance translates into Coeur Mining's overall valuation, and what that means for investors who held through the merger.

Revenue Analysis

The revenue story for SilverCrest Metals Inc. (SILV) is one of rapid, successful growth that culminated in a record year right before the company's strategic acquisition by Coeur Mining in early 2025. For investors, the key takeaway is that the standalone revenue stream is now a high-margin, silver-dominant contributor to a much larger entity, fundamentally changing its risk profile and growth trajectory.

SilverCrest Metals Inc. primarily generated revenue from the extraction and sale of precious metals, specifically silver and gold, all sourced from its flagship Las Chispas Operation in Sonora, Mexico. This single-asset focus meant revenue was highly sensitive to both production volume and fluctuating metal prices. Honsetly, that's a classic single-asset risk that the Coeur acquisition has now diversified away for the asset itself.

The company's independent financial performance peaked in 2024, reporting a record annual revenue of $301.9 million. This represented a substantial year-over-year increase of 23%, or $56.8 million, compared to 2023. This aggressive growth was driven by consistent operational performance that exceeded sales guidance for silver equivalent ounces (AgEq).

The contribution of different metals to the overall revenue stream was relatively balanced, though silver was the primary driver. This breakdown is crucial for understanding the company's exposure to commodity price movements:

• Silver Sales: Approximately 60% of total revenue.
• Gold Sales: Approximately 40% of total revenue.

Here's the quick math: In a year like 2024, with total revenue at $301.9 million, this split means silver sales accounted for roughly $181.14 million, and gold sales were around $120.76 million. This high-grade, silver-heavy profile is what made the asset so attractive in the first place.

The most significant change in SilverCrest Metals Inc.'s revenue stream in the 2025 fiscal year is its effective cessation as a standalone public company. The acquisition by Coeur Mining was expected to close around February 14, 2025, and the stock was delisted by April 2025. Therefore, any revenue generated by the Las Chispas mine after Q1 2025 is now consolidated within Coeur Mining's financial statements, meaning the SilverCrest revenue line item has effectively vanished from the public market as an independent entity. This is a massive shift from an independent growth story to a subsidiary's contribution to a major producer. You can read more about the strategic rationale behind this shift in their Mission Statement, Vision, & Core Values of SilverCrest Metals Inc. (SILV).

For a final look at the independent company's revenue capacity before the merger, here is the last reported full-year data:

What this estimate hides is the operational revenue in the first two months of 2025, which would have been reported in the Q1 2025 results (expected June 2025), but that revenue is now a final, small chapter before the integration. The action for you now is to track Coeur Mining's 'Silver Segment' performance to gauge the ongoing value contribution of the Las Chispas asset.

Profitability Metrics

Let's cut straight to the numbers: SilverCrest Metals Inc. (SILV) was a high-margin operation, a key reason Coeur Mining acquired them in early 2025. While the company is no longer standalone, its final trailing twelve months (TTM) data, which captures performance into 2025, shows superior operational efficiency compared to the silver mining industry average.

The TTM period ending in 2025 showed a strong Gross Profit Margin of 57.81%, meaning for every dollar of revenue, nearly 58 cents remained after the direct costs of mining and processing (Cost of Goods Sold). This is defintely a marker of a high-quality, low-cost asset like the Las Chispas operation.

Here is the quick math on SilverCrest Metals Inc.'s TTM profitability ratios, which reflect its final performance before the acquisition closed on February 14, 2025:

Trends in Profitability and Operational Efficiency

The trend analysis shows a fascinating picture, particularly in the Operating Profit Margin. In 2023, the Operating Profit Margin was just 5.39%, but the TTM data for 2025 jumped to a massive 53.17%. This huge shift signals the Las Chispas mine moving from its ramp-up phase into full, efficient commercial production, where fixed costs are spread over much higher production volumes.

What this estimate hides is the one-time, non-cash costs like depreciation and amortization (D&A) and exploration expenses that weighed heavily on the Operating Income (and thus the margin) in the earlier years. As the asset matured, these costs stabilized relative to surging revenue. The Gross Profit Margin remained consistently strong, dipping only slightly from 60.50% in 2023 to 57.81% in the TTM 2025 period, which is still excellent and shows solid cost management at the mine-site level.

• Gross Margin is consistently strong, a sign of low All-in Sustaining Costs (AISC).
• Operating Margin spiked dramatically, reflecting production maturity and cost leverage.
• Net Profit Margin of 10.45% is respectable for a mining company, though down from 2023's 12.77%.

Outperforming the Industry

When you compare SilverCrest Metals Inc.'s profitability to its peers, the operational outperformance is clear. The average TTM Operating Margin for the silver mining sector is around 30.64%. SilverCrest Metals Inc.'s final TTM Operating Margin of 53.17% is significantly higher, nearly double the industry average. That is a huge competitive advantage.

This wide gap is why the company was such an attractive acquisition target. It suggests a superior ore body-higher grade, easier to mine-and a highly efficient management team focused on cost control. This level of profitability is what investors seek, as it provides a substantial buffer against metal price volatility. This kind of financial strength is what you need to understand when Exploring SilverCrest Metals Inc. (SILV) Investor Profile: Who's Buying and Why?

Debt vs. Equity Structure

You need to know how a company pays for its growth, and for SilverCrest Metals Inc. (SILV), the answer is simple: almost entirely with equity and cash, not debt. The company's financial health leading up to its acquisition by Coeur Mining, Inc. in early 2025 was characterized by a remarkably clean balance sheet, which is a major reason why it was an attractive target.

This low-leverage strategy meant SilverCrest Metals Inc. operated with minimal financial risk, a significant advantage in the capital-intensive mining sector. The latest trailing twelve months (TTM) Debt-to-Equity (D/E) ratio, as of November 2025, was an exceptionally low 0.18x.

Here's the quick math on their debt position:

• Total Debt (Q3 2024): Approximately $990K.
• Long-term Debt: Minimal, with long-term debt and capital lease obligations reported at around $660K.
• Short-term Debt: Virtually non-existent, underscoring a strong liquidity position.

To be fair, this low debt profile is a massive outlier. The average D/E ratio for the Silver industry is around 0.2025, and for the broader Precious Metals & Minerals industry, it jumps to about 0.8026. SilverCrest Metals Inc.'s figure of 0.18x shows they were running a very tight, conservative ship, well below the sector average.

The company's financing strategy was defintely equity-heavy, relying on share issuances and, more importantly, strong cash flow from its high-grade Las Chispas operation to fund development and exploration. This approach avoided the interest rate risk and repayment pressure that often plagues smaller miners.

The most significant financing event of the 2025 fiscal year was not a debt issuance but a corporate transaction: the all-stock acquisition by Coeur Mining, Inc.. The arrangement closed around February 14, 2025, where SilverCrest Metals Inc. shareholders received 1.6022 shares of Coeur common stock for each SilverCrest Metals Inc. share held. This all-equity structure for the transaction confirms the company's preference for non-debt-based growth and exit strategy, eliminating any need for new debt or refinancing activity. The balance sheet is now consolidated under Coeur Mining, Inc., making this historical low-debt structure a legacy strength that Coeur Mining, Inc. acquired.

For more on the operational drivers behind this financial strength, read the full post: Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors

Liquidity and Solvency

The liquidity position of SilverCrest Metals Inc. (SILV) is defintely a source of strength, showing a significant buffer against near-term obligations. This is a classic profile for a high-margin precious metals producer that has transitioned from development to production.

For the trailing twelve months (TTM) leading up to the most recent data, SilverCrest Metals Inc. (SILV) reported a current ratio of 4.89. The quick ratio, which strips out inventory-a less liquid asset for a miner-stood at a powerful 3.68. A ratio above 1.0 is generally considered healthy, so these numbers signal exceptional short-term financial flexibility. Simply put, the company has nearly five times more current assets than current liabilities, and even without selling its inventory, it has almost four times the liquid assets to cover those debts.

Here's the quick math on their liquidity indicators (TTM):

• Current Ratio: 4.89
• Quick Ratio: 3.68

This strong liquidity translates directly into a robust working capital position. The company has a net cash position of approximately $119.87 million, which is a massive advantage. This trend indicates that the company is generating and retaining cash from its operations, far exceeding the cash needed to manage its day-to-day liabilities. It means less reliance on external financing for operational needs, which is a key de-risking factor for investors.

Looking at the cash flow statement (CFS), we see how this liquidity is built. The TTM figures show a healthy inflow from core operations:

Operating Cash Flow of $119.34 million is strong, showing the Las Chispas mine is a significant cash generator. Investing Cash Flow, which includes Capital Expenditures (CapEx), is a net outflow of $62.41 million, which is expected as the company continues to invest in its assets. The resulting Free Cash Flow (FCF) of $56.93 million is what matters most; it's the cash left over after all necessary business expenses and capital investments are paid. This FCF can be used for things like share buybacks, dividends, or further exploration-a clear opportunity for shareholder return.

The financing cash flow is less of a concern right now, primarily because the company has a TTM Debt-to-Equity ratio of 0, meaning it carries essentially no debt on its balance sheet. This is a significant strength, eliminating interest expense risk and giving them maximum flexibility for strategic moves. The primary liquidity concern, if any, would be a major, unforeseen operational disruption at the mine, but based on the current metrics, the balance sheet can easily weather minor setbacks. This is a company with cash to spare. If you want to understand the long-term vision driving this financial strength, you should review the Mission Statement, Vision, & Core Values of SilverCrest Metals Inc. (SILV).

Valuation Analysis

You're looking at SilverCrest Metals Inc. (SILV) and trying to figure out if the ship has already sailed, especially with the 2025 acquisition news. The direct takeaway is that, based on the last available financial data from early 2025, the stock appeared overvalued relative to analyst price targets, but its valuation multiples were generally in line with a high-growth precious metals producer, not a deep value play. The massive 12-month price run-up was the real story.

The biggest factor here is that SilverCrest Metals Inc. was acquired by Coeur Mining in February 2025, which means the SILV ticker is no longer active or is trading as a stub. The valuation you see reflects the company's performance leading up to that transaction, not its future as an independent entity. You must view these metrics through the lens of a successful exit for shareholders.

Here's the quick math on the key valuation multiples from early to mid-2025:

• Price-to-Earnings (P/E): The TTM (Trailing Twelve Months) P/E ratio sat around 19.9 as of February 2025. This is a premium for a mining company, suggesting investors were pricing in significant growth from the Las Chispas mine.
• Price-to-Book (P/B): The P/B ratio was relatively high at 3.7. This indicates the market valued the company at nearly four times its net asset value, which is common for companies with high-grade, low-cost assets that promise strong future cash flow.
• Enterprise Value-to-EBITDA (EV/EBITDA): The EV/EBITDA multiple was approximately 9.5. This is a more reasonable figure, reflecting a total enterprise value of roughly $1.48 billion as of November 2025 (TTM), which is the market's estimate of the company's value including debt, minus cash.

The stock price trend over the last year was defintely a rocket ship. SilverCrest Metals Inc. shares closed at $11.08 in late 2025, after a monumental 12-month price increase of over +100.36%. The 52-week trading range was between $4.83 and $11.98, showing the high volatility you expect in the silver and gold sector.

Since SilverCrest Metals Inc. was focused on growth and development, it did not pay a dividend. The dividend yield was 0%, and the payout ratio was 0.00%. This is a non-issue for a growth-oriented precious metals producer, as capital is better deployed back into the ground for exploration and expansion.

Analyst consensus, even with the stock's massive run, was leaning cautious. The overall consensus recommendation for SilverCrest Metals Inc. was a Hold. This is a clear signal that the market price had largely caught up to, or even exceeded, the fundamental valuation. The average analyst price target was only $9.06, which was a significant 18.21% below the stock's recent closing price of $11.08. The market was essentially saying: 'We're done buying at this price.'

If you want to dig deeper into the operational side that drove this valuation, you can read the full analysis in Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors.

Risk Factors

You need to understand that analyzing SilverCrest Metals Inc. (SILV) in late 2025 is really about analyzing the Las Chispas operation, which Coeur Mining, Inc. acquired on February 14, 2025. The biggest strategic risk-single-asset concentration-is now largely mitigated, but the operational and external risks inherent to the mine itself still matter greatly to Coeur's overall financial health and your investment thesis.

Operational Risks: The Final Ramp-up and Cost Control

The primary internal risk for the Las Chispas operation throughout 2025 is the final stage of the underground mine ramp-up. The original plan was to have the mine fully ramped up by the end of 2025, moving away from a reliance on surface stockpiles. Any delays in underground development or ground support issues could directly impact the planned high-grade ore flow. This is a classic mining risk-you have to defintely hit your tonnes-per-day targets to maintain efficiency.

The company's strategy to use two underground contractors, including Dumas Contracting Ltd., through at least Q1 2025 was a smart move to manage this specific operational risk and ensure flexibility. Still, a failure to meet the full ramp-up schedule by year-end could mean higher-than-anticipated operating costs for the new parent company. For context, the 2024 All-in Sustaining Costs (AISC) guidance was already in the range of $14.90 to $15.75 per ounce of silver equivalent (AgEq) sold. Slippage here would push that number higher.

• Ramp-up Delay: Missing the full underground production rate planned for late 2025.
• Cost Creep: Sustaining the 2024 AISC range of $14.90 to $15.75 /oz AgEq in the face of inflation.
• Resource Conversion: Failing to convert enough inferred resources to indicated for reserve consideration to extend the mine life.

External and Financial Risks: Metal Prices and Jurisdiction

The external risks are clearer now that Las Chispas is part of a larger, diversified portfolio. The largest financial risk is the volatility of precious metal prices. While the Las Chispas asset is a high-grade, low-cost producer, its revenue is still a direct function of the gold and silver markets. Coeur Mining, Inc. is expecting the combined entity to produce approximately 21 million ounces of silver in 2025, so even a small price swing has a massive impact on cash flow.

Also, like any miner in the region, the Las Chispas operation faces geopolitical and regulatory risk in Mexico. This includes potential changes to mining duties, permitting delays, or shifts in environmental regulations. The company has to constantly manage the social license to operate (SLO)-a crucial, non-financial risk. You can't ignore the fact that the operation is entirely in one country, Sonora, Mexico.

Here's the quick math: if the combined 2025 silver production of 21 million ounces is realized, a $1.00/oz drop in the realized silver price means a $21.0 million hit to revenue for the consolidated entity. That's a real number.

For a deeper dive into the consolidated financial picture, check out the full analysis: Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors.

Growth Opportunities

You're looking for a clear path forward on SilverCrest Metals Inc. (SILV), but the biggest growth story for this company isn't about a new mine-it's about a new parent. The single most important factor for SilverCrest's future growth is its acquisition by Coeur Mining, Inc., which closed in the first quarter of 2025, specifically around February 14, 2025. This transaction fundamentally changes the investment thesis from a single-asset producer to a key part of a much larger, diversified global silver company.

The Las Chispas operation, SilverCrest's flagship mine, is the core growth driver here, not a new product innovation. It's one of the world's highest-grade, lowest-cost silver-gold operations, and it immediately enhances the financial profile of the combined entity. Honestly, the merger is the new business model.

2025 Revenue and Earnings Estimates

Because the acquisition was completed early in the year, we must look at the pro forma (combined) financial picture for the most accurate 2025 outlook. The integration of Las Chispas is expected to generate significant scale and cash flow for the new company.

• Future Revenue Growth: The combined entity is projected to generate approximately US$700 million in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the 2025 fiscal year.
• Cash Flow: Free cash flow for the combined company is estimated to be around US$350 million in 2025, a substantial boost driven by Las Chispas's high margins.
• Earnings Per Share (EPS): Prior to the merger, analyst consensus for SilverCrest's 2025 EPS was around $0.50, but this figure is now largely superseded by the value creation within Coeur Mining.

Here's the quick math: Las Chispas is estimated to add between 7.5 million and 8.5 million silver equivalent ounces annually to the new company's production profile, representing a nearly 30% increase in overall silver output. This is a defintely material addition to the bottom line.

Strategic Advantages and Production Scale

The strategic initiative was simple: combine SilverCrest's world-class, high-grade asset with Coeur's existing diversified portfolio. The key growth driver is the exceptional grade of the ore at Las Chispas, which boasts an average silver grade of 879 grams per ton (g/t) and a gold grade of 7.43 g/t. This high-grade profile translates directly into low-cost production, which is the ultimate competitive advantage in commodity markets.

The combined company is expected to achieve peer-leading silver production of approximately 21 million ounces in 2025 from five North American operations. This scale provides better market positioning and operational flexibility. SilverCrest also brought a strong balance sheet to the deal, holding $193.4 million in treasury assets and no debt as of the end of 2024. This financial strength is crucial for funding future exploration and development across the new, larger portfolio.

You can find more context on the operational side of this story in Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors.