SilverCrest Metals Inc. (SILV): History, Ownership, Mission, How It Works & Makes Money

Is SilverCrest Metals Inc. (SILV) still the standalone silver-gold powerhouse you remember, or has its story defintely changed in 2025?

The answer is a definitive shift: the company, which generated a record $301.9 million in revenue in 2024, was acquired by Coeur Mining for an implied total equity value of approximately $1.7 billion in February 2025.

This transaction, which is expected to help the combined entity produce a peer-leading 21 million ounces of silver in 2025, makes understanding SilverCrest's history and its high-margin Las Chispas operating model more critical than ever for forecasting the new silver market leader. So, how did this company build an asset so valuable it commanded a $1.7 billion price tag, and what does its legacy mean for your investment decisions now?

SilverCrest Metals Inc. (SILV) History

You're looking for the origin story of a high-grade silver producer, and the truth is, SilverCrest Metals Inc. is a textbook example of a successful corporate spin-off that found a world-class asset. The company's trajectory wasn't a slow burn; it was a quick, focused sprint from a corporate restructuring to a major acquisition in less than a decade.

Given Company's Founding Timeline

Year established

SilverCrest Metals Inc. was formally incorporated on June 23, 2015, under the initial name 1040669 B.C. Ltd., and quickly changed its name to SilverCrest Metals Inc. on August 11, 2015.

Original location

The company was incorporated in British Columbia, Canada, and its head office is in Vancouver, British Columbia.

Founding team members

The company was spun out of SilverCrest Mines Inc. as part of an arrangement, but a key figure driving its strategy and operations from the start was N. Eric Fier, who served as the Chief Executive Officer and Director.

Initial capital/funding

The company's initial assets came from the spin-off arrangement with SilverCrest Mines Inc., which was acquired by First Majestic Silver Corp. on October 1, 2015. SilverCrest Metals Inc. received title to various exploration properties in Mexico, and subsequent capital was raised to finance the initial mineral resource estimate and exploration at its principal asset, Las Chispas.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's short, intense history is defintely defined by three major, transformative decisions that rapidly accelerated its value proposition.

The first was the 2015 Spin-off. By separating the exploration assets from the producing Santa Elena Mine (which went to First Majestic Silver Corp.), the new SilverCrest Metals Inc. became a pure-play exploration company. This focused the team and capital entirely on finding the next big discovery, which is a high-risk, high-reward strategy that paid off immediately.

The second, and most critical, was the Las Chispas Discovery in 2016. This wasn't just another find; it was a high-grade, epithermal silver-gold resource that instantly put SilverCrest Metals on the map. It quickly became the company's principal focus and the engine for its future growth.

The final, defining moment was the Acquisition by Coeur Mining Inc. in February 2025. This transaction, valued at approximately $1.7 billion, cemented the company's success. The deal created a combined entity with significant scale, expected to produce around 21 million ounces of silver and 432,000 ounces of gold in 2025. The Las Chispas asset is expected to contribute to the combined company's projected 2025 EBITDA of about $700 million and free cash flow of $350 million. This sale provided an immediate premium to shareholders and integrated the Las Chispas mine into a larger, US-based producer.

• Focus on high-grade: The decision to pursue only high-grade, low-cost assets like Las Chispas was key to generating strong cash flow.
• Rapid development: Moving Las Chispas from discovery to commercial production in about six years was exceptionally fast for a major underground mine.
• Strategic exit: The sale to Coeur Mining at a $1.7 billion valuation realized maximum value for the asset at a time of strong metal prices.

To understand the full scope of the company's strategic thinking, you should read its Mission Statement, Vision, & Core Values of SilverCrest Metals Inc. (SILV).

SilverCrest Metals Inc. (SILV) Ownership Structure

The ownership structure of SilverCrest Metals Inc. underwent a fundamental shift in early 2025, moving from an independent public company to a wholly-owned subsidiary of Coeur Mining, Inc. (CDE). This means that as of November 2025, the Las Chispas operation is governed by Coeur Mining's strategic direction, with former SilverCrest shareholders now holding a significant stake in the larger, combined entity.

Given Company's Current Status

SilverCrest Metals Inc. is no longer a publicly traded entity. The company's shares were delisted from the NYSE American and the Toronto Stock Exchange (TSX) in February 2025 following the completion of its $1.7 billion acquisition by Coeur Mining, Inc.. This transaction was an all-stock deal, where SilverCrest shareholders received 1.6022 shares of Coeur common stock for each SilverCrest share held, effectively consolidating ownership under the Coeur Mining banner.

The company, which generated a trailing twelve-month (TTM) revenue of approximately $0.27 Billion USD as of November 2025, now operates as a high-grade, low-cost asset within Coeur Mining's diversified portfolio. The integration of SilverCrest's Las Chispas mine is a key driver for the combined company, which is projected to generate approximately $700 million in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and $350 million in free cash flow for the 2025 fiscal year.

Given Company's Ownership Breakdown

While SilverCrest Metals Inc. is now a private, wholly-owned subsidiary, the table below maps out the resulting ownership of the new parent company, Coeur Mining, Inc., which is the true measure of control for former SilverCrest investors. This is where the power sits now, so you defintely need to track the combined entity.

For a deeper dive into the new shareholder base, see Exploring SilverCrest Metals Inc. (SILV) Investor Profile: Who's Buying and Why?

Given Company's Leadership

The former executive team of SilverCrest Metals Inc. has been integrated into the larger Coeur Mining governance structure, providing continuity and expertise, particularly around the high-grade Las Chispas operation.

• N. Eric Fier: The former Chief Executive Officer (CEO) and Director of SilverCrest, he joined the Coeur Mining board of directors upon the transaction's close in February 2025. His extensive experience in the precious metals sector, spanning over 35 years, is now applied at the parent company level.
• Pierre Beaudoin: Another former SilverCrest Director, he also joined the Coeur Mining board in February 2025, bringing over 30 years of mineral processing and capital projects experience to the new board.
• Mitchell J. Krebs: As the Chairman, President, and CEO of Coeur Mining, he is the ultimate executive authority steering the strategy for the entire organization, including the SilverCrest assets, as of November 2025.

The key takeaway is that the strategic direction for the Las Chispas mine is now set in Chicago, Coeur Mining's headquarters, but the operational expertise remains connected through the addition of two former SilverCrest leaders to the Coeur board. This is a common and smart way to manage a major acquisition.

SilverCrest Metals Inc. (SILV) Mission and Values

SilverCrest Metals Inc.'s core purpose centers on disciplined precious metal production-specifically high-grade silver and gold-while upholding a clear commitment to social and environmental responsibility in its operations, particularly at the Las Chispas mine in Mexico. The company's drive is to maximize per-share value for investors, a goal that culminated in its acquisition by Coeur Mining in early 2025, which valued the company's market capitalization at approximately $1.72 Billion USD as of April 2025.

SilverCrest Metals Inc.'s Core Purpose

The company's cultural DNA is built around a realistic, results-driven approach: find high-value assets, develop them efficiently, and operate them profitably and responsibly. This focus on execution is what helped them achieve a record revenue of $301.9 million in 2024, just before the acquisition.

Official mission statement

The mission is a dual mandate, balancing financial performance with operational ethics. It's a classic mining strategy: grow the asset base while being a good corporate citizen. Honestly, it's a defintely smart way to reduce risk in a volatile sector like precious metals.

• Increase per share value through strategic discovery, acquisition, and development of precious metal deposits.
• Operate assets responsibly, maintaining a commitment to social responsibility and sustainable practices.
• Focus on high-grade, low-cost production, exemplified by the Las Chispas operation.

Vision statement

SilverCrest Metals Inc.'s long-term vision, which was the strategic foundation leading up to the Coeur Mining acquisition, was about building a diversified portfolio. They weren't content with just one flagship mine; they aimed for a multi-mine future across the Americas. This tells you they were thinking big-beyond a single-asset company.

• Expand the current resource and reserve base through ongoing exploration initiatives.
• Acquire, discover, and develop additional high-value precious metals projects.
• Ultimately operate multiple silver-gold mines across the Americas.

To be fair, this vision was largely realized through the acquisition, as the combined entity is now a leading global silver company. You can see how well their financial strategy worked by reviewing Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors.

SilverCrest Metals Inc. slogan/tagline

SilverCrest Metals Inc. does not use an official slogan or tagline, which is common for companies that prefer to let their operational results speak for themselves. Their reputation is built on their strategic advantages: high-grade assets and a strong financial position, including a treasury with $193.4 million in assets and no debt at the end of 2024.

SilverCrest Metals Inc. (SILV) How It Works

As of November 2025, SilverCrest Metals Inc. operates as a crucial, high-margin subsidiary of Coeur Mining, Inc. (Coeur), focusing its entire value chain on extracting and selling high-grade silver and gold from its flagship Las Chispas underground mine in Sonora, Mexico. The company's primary function is to convert the world's highest-grade silver-gold veins into doré (a semi-pure alloy of gold and silver) for the global precious metals market, delivering a significant portion of the combined entity's projected $700 million in 2025 EBITDA. Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational framework is centered entirely on the Las Chispas Operation, a fully mechanized, high-grade underground mine. Honestly, it's a textbook example of how to maximize value from a concentrated, narrow-vein deposit.

• Mining: Use underground long-hole stoping and cut-and-fill methods to selectively extract high-grade ore from over 40 known veins, minimizing dilution and maximizing grade.
• Processing: Ore is processed through a conventional 1,250-tonne-per-day (tpd) counter-current decantation (CCD) cyanide leach plant, which achieves high recoveries for both silver and gold.
• Value Creation: The resulting silver and gold doré bars are shipped to third-party refiners for final separation and sale. In 2024, before the acquisition, SilverCrest sold 10.50 million silver equivalent ounces (AgEq), generating $301.9 million in revenue, setting a strong base for its contribution to Coeur's 2025 performance.
• Resource Management: The operation is now a key component of Coeur's larger strategy, contributing to the combined entity's expected 2025 silver production of approximately 21 million ounces.

Given Company's Strategic Advantages

The core advantage is the sheer quality of the Las Chispas asset, which is a rare find in the mining world. This high-grade profile is what defintely drove Coeur Mining's decision to acquire the company in February 2025.

• High-Grade Asset: The Las Chispas mine is globally recognized for having one of the highest-grade silver and gold deposits in the world, meaning less rock needs to be mined and processed to get the same amount of metal.
• Low-Cost Production: The high grades translate directly into a low-cost structure. Las Chispas has consistently demonstrated low cash costs per silver equivalent ounce, which insulates the operation against fluctuations in precious metal prices better than most peers.
• Strong Financial Position (Pre-Acquisition): SilverCrest was debt-free with a strong treasury, which was a major factor in the acquisition. This clean balance sheet provided a significant financial advantage to the combined Coeur-SilverCrest entity, helping to improve Coeur's overall financial position.
• Jurisdictional Focus: Operating in Sonora, Mexico, provides an established and relatively stable mining jurisdiction, which minimizes geopolitical risk compared to other global mining regions.

SilverCrest Metals Inc. (SILV) How It Makes Money

SilverCrest Metals Inc. generated its revenue by mining and selling precious metals, primarily silver and gold, from its high-grade Las Chispas Operation in Sonora, Mexico. The company's financial engine was simple: dig up high-grade ore, process it efficiently, and sell the resulting silver and gold doré bars on the global market.

You need to know that SilverCrest Metals Inc. was acquired by Coeur Mining, Inc. in a deal that closed on February 14, 2025. This means that for the majority of the 2025 fiscal year, the Las Chispas mine operates as a key asset within Coeur Mining, Inc.'s portfolio, not as an independent, publicly traded entity. The following breakdown uses the last full year of standalone financial data (FY 2024) and the most recent cost metrics to illustrate the financial structure of the asset you are evaluating.

SilverCrest Metals Inc.'s Revenue Breakdown

The company's revenue mix, based on the last full year of independent operations (FY 2024), shows a near-equal split between silver and gold sales, which is a key differentiator from pure-play silver miners. Total revenue for FY 2024 was a record $301.9 million. Here's the quick math on the revenue split, using the 5.75 million ounces of silver and 59,804 ounces of gold sold in 2024.

The growth trend was 'Increasing' as the Las Chispas mine ramped up production, driving a 23% revenue increase from 2023 to 2024.

Business Economics

The core of SilverCrest Metals Inc.'s profitability lay in its exceptional ore grade, which translated directly into industry-leading low operating costs. This is the simple truth in mining: high-grade ore means you spend less to get more metal.

• Pricing Strategy: The company is a price-taker, meaning it sells silver and gold at the prevailing global spot prices. For example, in Q4 2024, the average realized prices were $31.26/oz for silver and $2,647/oz for gold.
• Economic Fundamentals (Cost Control): The key financial health indicator is the All-in Sustaining Cost (AISC) per silver equivalent ounce (AgEq). For the nine months ended September 30, 2024, the year-to-date AISC was only $14.50 per AgEq ounce. This low cost, against a silver price well over $20/oz, creates a massive margin.
• Production Base: The entire revenue is generated from a single, high-grade underground operation: the Las Chispas mine in Sonora, Mexico. This focus simplifies the business model but also concentrates operational risk.
• Post-Acquisition Outlook: The Las Chispas asset is expected to be a major contributor to the combined Coeur Mining, Inc. entity. Pro forma projections for 2025 anticipated the combined company would produce approximately 21 million ounces of silver, with Las Chispas being a primary driver of this peer-leading production.

The company was debt-free, which is a huge advantage. You can't ignore a balance sheet that strong.

SilverCrest Metals Inc.'s Financial Performance

The company's standalone financial performance leading up to the acquisition was defined by high margins and strong cash generation, demonstrating the asset's quality. This performance is what drove the $1.7 billion acquisition by Coeur Mining, Inc.

• Operating Margin: In Q3 2024, the company reported an exceptional mine operating margin of 59%, with mine operating earnings of $47.0 million.
• Cash Flow: Free cash flow per share was strong, hitting $0.24 in Q3 2024, a 49% increase from the prior quarter. This shows the operation was quickly turning metal sales into deployable capital.
• Balance Sheet Strength: As of September 30, 2024, the company was debt-free and held treasury assets totaling $158.2 million, including $120.9 million in cash and $37.4 million in bullion.
• Cost Efficiency: The year-to-date cash cost per AgEq ounce was $8.28 through Q3 2024, which was below the low end of their 2024 guidance. That's a defintely low cost base for a high-grade mine.

For a deeper dive into the metrics that underpinned this valuation, check out Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors.

SilverCrest Metals Inc. (SILV) Market Position & Future Outlook

SilverCrest Metals Inc. no longer trades as an independent entity; it is now a crucial, high-grade subsidiary of Coeur Mining, Inc. following a $1.7 billion acquisition that closed in February 2025. This move fundamentally repositioned the Las Chispas mine as a core cash-flow engine, transforming Coeur Mining into a leading global silver producer with a projected annual silver output of approximately 21 million ounces in 2025. The future outlook is tied to maximizing Las Chispas' exceptional grade profile to accelerate Coeur's deleveraging and fund broader exploration. Breaking Down SilverCrest Metals Inc. (SILV) Financial Health: Key Insights for Investors, and you'll see why this asset was so valuable.

Competitive Landscape

Within the primary silver mining sector, the Las Chispas asset provides Coeur Mining with a distinct, high-margin competitive edge. The combined entity's 2025 silver production places it firmly among the top global producers, though still behind the world's largest primary silver miner, Fresnillo plc. Here's a look at the relative production positioning among the major players based on 2025 guidance.

Here's the quick math: These percentages are calculated using the 2025 silver production guidance of each company relative to the total production of this peer group (approx. 92.5 million ounces), not the total global mine supply of 835 million ounces.

Opportunities & Challenges

The Las Chispas mine's strategic initiatives focus on resource expansion and operational efficiency under Coeur's ownership. However, the operational jurisdiction presents persistent risks that management must defintely navigate.

Industry Position

The Las Chispas operation is a top-tier asset, now serving as Coeur Mining's flagship silver mine. Its value proposition is simple: it offers some of the highest-grade silver and gold ounces globally, which translates directly into superior cash flow and lower all-in sustaining costs (AISC).

• High-Margin Contribution: Las Chispas' low-cost structure is a major factor in Coeur's expected 2025 adjusted EBITDA of over $1 billion.
• Resource Upside: The ongoing exploration program, which has already yielded exceptionally high-grade intercepts in veins like North Las Chispas, is targeting resource replacement and expansion.
• ESG Investment: Coeur is actively mitigating operational risks, including a $1.5 million investment in community-focused water stewardship at Las Chispas in 2025.

The strategic move was a success, immediately boosting Coeur's silver production profile and its balance sheet. The key action now is disciplined capital allocation: fund the high-potential exploration at Las Chispas to prove up new reserves while simultaneously using the strong cash flow to pay down debt. Finance: monitor Las Chispas' All-in Sustaining Costs (AISC) against guidance monthly.