SilverCrest Metals Inc. (SILV): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine room of a newly acquired gem, the former SilverCrest Metals Inc. operation, which is now Coeur Mining, Inc.'s high-margin Las Chispas asset following the February 14, 2025, deal. Honestly, what makes this tick is its sheer quality: think world-class silver grades driving All-in Sustaining Costs (AISC) that were below \$15.00/oz AgEq in 2024, keeping costs tight. This isn't just about ounces; it's about cash, with the operation projected to drop an estimated \$180-200 million in annual EBITDA into Coeur's books. To really see how this high-grade machine works-from its key partners like Dumas Contracting Ltd. to its direct sales channels-dive into the full Business Model Canvas we've mapped out below.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Key Partnerships

You're looking at the structure of SilverCrest Metals Inc. following its integration into a larger entity. The key partnerships are now viewed through the lens of Coeur Mining, Inc., which finalized the acquisition on February 14, 2025.

The parent company relationship fundamentally reshaped the operational landscape. Coeur Mining, Inc. brought its existing portfolio, which includes the Palmarejo underground mine in Mexico, complementing SilverCrest's primary asset, the Las Chispas underground mine in Sonora, Mexico. The combined entity projected peer-leading 2025 silver production of approximately 21 million ounces annually. Financially, the pro forma Coeur Mining, Inc. expected to realize $700 million in EBITDA and $350 million in free cash flow for the 2025 fiscal year based on the acquisition projections. Post-closing, former SilverCrest Metals Inc. shareholders held approximately 37% of the combined company's outstanding common stock.

Underground Mining Contractors

For the Las Chispas operation, a critical partnership for underground development and production is with Dumas Contracting Ltd., a subsidiary of STRACON Group. This was established as a five-year service contract. Dumas Contracting Ltd. began mobilization at the site in early February 2024. To support this, SilverCrest Metals Inc. made a $7.5 million advance payment in Q1 2024, which is credited towards mining services over 24 months starting in Q3 2024. The operational target for the Las Chispas underground mine was to exit 2024 at over 1,050 tonnes per day (tpd), which feeds into the 1,250 tpd plant capacity.

Here are the key contractors and their roles:

• Parent Company: Coeur Mining, Inc. (Post-acquisition entity)
• Underground Contractor: Dumas Contracting Ltd. (STRACON Group subsidiary)
• Jurisdictional Partner: Mexican federal and state governments (Permitting/Concessions)
• Offtake/Processing Partners: Refiners and bullion banks (Post-closing arrangements)
• Equipment/Consumables: Key suppliers for the 1,250 tpd plant

Government and Regulatory Relationships

Operating the Las Chispas mine requires maintaining key relationships with Mexican federal and state government bodies for the continued validity of operating permits and concessions. The acquisition itself was contingent upon several regulatory approvals, including Mexican antitrust approval. The combined entity's expected 2025 production profile included operations in Mexico, with approximately 40% of the combined company's expected total 2025 revenue projected to come from silver production, much of which is tied to the Mexican assets.

Processing and Sales Offtake

The doré product from the operations, including Las Chispas, is sent to established refiners and bullion banks for final processing and sale. While specific 2025 counterparty names aren't detailed in the immediate post-acquisition filings, Coeur Mining, Inc. manages the sales for its five North American operations. The 2024 operational results, which inform 2025 planning, showed realized prices of $1,945/oz Au and $23.48/oz Ag for the full year 2024.

Equipment and Consumables Supply Chain

The 1,250 tpd processing plant relies on a stable supply chain for key equipment maintenance parts and daily consumables. The operational guidance for 2025 is built upon the assumption of reliable vendor support for the integrated facilities. The acquisition aimed to leverage Coeur's existing operational experience across its portfolio, which includes the Palmarejo complex, suggesting established vendor relationships were carried over or integrated.

The nature of these partnerships can be summarized by the scale of the operation they support:

Finance: draft 13-week cash view by Friday.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Key Activities

You're looking at the core things SilverCrest Metals Inc. (SILV) did to generate value, which, as of late 2025, are now integrated into Coeur Mining, Inc.'s operations following the February 14, 2025, acquisition.

High-grade underground silver and gold mining at Las Chispas

The primary activity centers on extracting high-grade material from the Las Chispas underground mine in Sonora, Mexico. This operation is characterized by its high-grade nature and low-cost profile.

For the full year 2024, SilverCrest Metals Inc. reported the following operational results from Las Chispas before the transaction closed:

Following the acquisition, the Las Chispas operation is projected to contribute significantly to the combined company's 2025 output. The expected prorated production for Las Chispas in 2025 (reflecting 10.5 months of the year) is:

• Gold: 42,500 - 52,500 ounces
• Silver: 4.25 - 5.25 million ounces

Processing ore through the 1,250 tonnes per day (tpd) plant

The ore mined is processed through the dedicated, nameplate capacity plant at the Las Chispas site. The plant was designed for a nominal throughput of 1,250 tpd. The key activity here is maintaining high availability and achieving strong metallurgical recoveries.

Actual performance metrics show the plant's capability:

• Design Throughput: 1,250 tpd.
• Q4 2022 Throughput Achieved: 1,318 tpd at 95.5% availability.
• FY 2024 Performance: Achieved targeted plant throughput and availability, exceeding budgeted silver equivalent processed grades by approximately 7%.
• FY 2024 Plant Operation: Operated at an average of 1,200 tpd, with a planned maintenance downtime in Q1 2024 reducing availability to approximately 85% for that quarter.

Metallurgical recoveries have been strong, with the updated Life of Mine (LOM) estimate showing 98.0% Au and 97.0% Ag. That's a solid recovery rate, defintely.

Exploration drilling to convert inferred resources and extend mine life

A crucial ongoing activity is exploration drilling, focused on converting resources into reserves and defining new mineralization to extend the mine life beyond initial estimates. This activity was heavily funded in 2024 and continues under Coeur Mining's ownership in 2025.

The planned exploration investment for the combined company in 2025, which includes work at Las Chispas, is substantial:

The 2024 focus included returning exploration to discovering, defining, and advancing Las Chispas and regional targets to extend mine life. The goal in 2024 was converting inferred resources to indicated for reserve consideration near existing infrastructure.

Metal sales and logistics for silver-gold doré bars

The final key activity involves selling the produced silver and gold, typically in the form of doré bars, and managing the associated logistics. The company aims to maximize realized prices and maintain a strong treasury position.

Here are the full-year 2024 sales and realized price data:

The company's treasury assets increased by $88.3 million during 2024, ending the year at $193.4 million. For 2025, the combined entity, including Las Chispas' contribution, is projected to generate approximately $350 million in free cash flow. The combined company expects 2025 silver production of approximately 21 million ounces and gold production of approximately 432,000 ounces.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Key Resources

The Key Resources for SilverCrest Metals Inc. center entirely around the ownership and operation of the Las Chispas Operation in Sonora, Mexico, supported by a robust financial position as of the end of 2024.

Las Chispas Operation Assets

• Las Chispas Operation is recognized as one of the world's highest-grade silver deposits, with an estimated grade of approximately 1,100 g/t AgEq.
• The operation is underpinned by proven and probable mineral reserves totaling 94.7 million silver-equivalent ounces (AgEq).
• The fully operational processing plant in Sonora, Mexico, has a nameplate capacity of 1,250 tonnes per day (tpd).

Here's a quick look at the operational scale based on recent performance data:

The company's financial footing provided significant operational flexibility.

Financial Strength

SilverCrest Metals Inc. ended the 2024 fiscal year with a strong treasury position, which is a critical resource for funding ongoing development and exploration activities.

• Total treasury assets ended 2024 at $193.4 million.
• This total included $153.4 million in cash.
• Bullion holdings accounted for $40.0 million of the treasury assets at year-end 2024.

The treasury assets increased by $88.3 million during the 2024 calendar year. This financial position supported the continued ramp-up of the underground mine, which was targeting an exit rate above 1,050 tonnes per day by the end of 2024. The company also had an undrawn revolving facility of $70.0 million available as of June 30, 2024. Finance: draft 13-week cash view by Friday.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Value Propositions

You're looking at the value proposition of the assets formerly held by SilverCrest Metals Inc., now integrated into Coeur Mining, Inc. following the acquisition closing on February 14, 2025. The core value centers on the high-quality Las Chispas operation.

High-margin precious metals production with exceptional grades

• Las Chispas is characterized as one of the world's highest-grade, lowest cost silver and gold operations.
• The asset contributes to the combined entity's expected 2025 silver production of approximately 21 million ounces from five North American operations.

Low-cost operations, with 2024 All-in Sustaining Costs (AISC) below $15.00/oz AgEq

While the specific 2024 AISC figure below $15.00/oz AgEq isn't confirmed in the latest data, the low-cost nature is evidenced by prior performance and current metrics. In 2023, the Las Chispas mine sold material at average cash costs of $7.73 per ounce. For the second quarter of 2025, the combined company reported adjusted costs applicable to sales for silver at $8.94 per ounce.

The value proposition is quantified by the operational efficiency of the acquired asset:

Direct exposure to silver and gold price movements for the parent company

The integration immediately shifts the revenue mix for the parent company, Coeur Mining, Inc. Silver production from the combined portfolio is expected to account for approximately 40% of pro forma Coeur's total 2025 revenue.

The revenue split for Q2 2025 showed:

• Gold sales: 67% of quarterly revenue.
• Silver sales: 33% of quarterly revenue.

Significant free cash flow generation, projected to contribute $180-200 million in annual EBITDA to Coeur

The acquisition is projected to significantly enhance the combined entity's financial strength. The combined company is expected to generate approximately $700 million of adjusted EBITDA and $350 million of free cash flow in 2025. The Las Chispas asset is specifically noted to 'materially increase its annual free cash flow'.

Here's the quick math on the combined 2025 financial expectations:

The parent company reported record quarterly adjusted EBITDA of $244 million in the second quarter of 2025.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for SilverCrest Metals Inc. (SILV) as of late 2025. Honestly, the relationship structure fundamentally changed on February 14, 2025, when Coeur Mining, Inc. completed its acquisition of SilverCrest Metals Inc. The former standalone entity is now integrated, meaning the transactional and investor relationships are managed under the Coeur umbrella.

Transactional relationship with metal buyers (refiners/bullion banks)

The transactional relationship with metal buyers, which would be refiners or bullion banks, is now part of Coeur Mining, Inc.'s sales function. The last reported standalone sales data for SilverCrest Metals Inc. from the Las Chispas Operation for the fourth quarter of 2024 showed sales of 15,100 ounces of gold and 1.45 million ounces of silver, totaling 2.65 million AgEq ounces. This generated revenue of $85.2 million for that quarter, based on realized prices of $2,647/oz gold and $31.26/oz silver.

For the full year 2024, SilverCrest Metals Inc. reported total sales of 59,804 ounces of gold and 5.75 million ounces of silver, or 10.50 million AgEq ounces, resulting in record annual revenue of $301.9 million.

Here's a look at the final reported operational sales metrics before the acquisition:

High-touch investor relations, now managed through Coeur Mining, Inc.

The direct investor relationship management for SilverCrest Metals Inc. ceased upon its delisting from the Toronto Stock Exchange (TSX: SIL) and NYSE American (NYSE American: SILV) around February 18, 2025. The relationship is now subsumed into Coeur Mining, Inc. (NYSE: CDE). At the time the definitive agreement was announced, the total equity value for SilverCrest Metals Inc. was approximately US$1.7 billion, with SilverCrest shareholders receiving 1.6022 shares of Coeur common stock for each SilverCrest share held.

The ownership structure post-transaction shows that former SilverCrest shareholders now own 37% of the combined company. Coeur projected that the combined entity would generate approximately US$700 million in EBITDA and US$350 million in free cash flow in 2025.

The key relationship shift points are:

• Exchange Ratio: 1.6022 Coeur shares per SilverCrest share.
• Implied Premium to Shareholders: 18% based on October 3, 2024, 20-day VWAP.
• Post-Transaction Ownership: SilverCrest shareholders hold 37% stake.
• Combined 2025 Guidance (Pro Forma): Expected silver production of approximately 21 million ounces.

Community engagement and social license maintenance in Sonora, Mexico

The primary asset driving this relationship is the Las Chispas Operation, located in Sonora, Mexico. This property consists of 28 concessions totaling approximately 1,401 hectares. Community engagement is critical for maintaining the social license to operate this asset, which is now Coeur's Las Chispas silver-gold mine.

While specific, up-to-the-minute 2025 community investment figures for the former SilverCrest operations are now reported within Coeur's broader ESG disclosures, the operational continuity requires sustained local support. The management team that delivered the 2024 operational results, which included exceeding sales guidance, remains a key interface with the local community and government stakeholders in Sonora.

The operational footprint involves:

• Principal Asset: Las Chispas Mine in Sonora, Mexico.
• Concessions: 28 concessions held.
• Land Area: Approximately 1,401 hectares for the principal property.
• Operational Flexibility: The company maintained a sizable surface stockpile in late 2024 to allow for continued flexibility at the operation.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Channels

You're looking at the distribution and delivery mechanisms for the output of the Las Chispas Operation, which, as of late 2025, is fully integrated into Coeur Mining, Inc. following the arrangement completion on February 14, 2025. The channels for SilverCrest Metals Inc.'s production primarily involved direct sales of its output.

Direct sales contracts for silver-gold doré bars to international refiners

The physical product, silver-gold doré, was channeled directly to refiners based on realized sales from the Las Chispas Operation. The scale of this channel is best illustrated by the final full-year results reported by SilverCrest Metals Inc. for fiscal year 2024, prior to the transaction closing.

The realized prices for the metals sold through these channels fluctuated, with Q4 2024 seeing a significant jump in the realized gold price compared to the full-year average. The projected combined 2025 silver production for the entity including Las Chispas was approximately 21 million ounces annually.

Investor communication via Coeur Mining's public filings and press releases

For the investment community, the primary channel for information shifted following the acquisition announcement in October 2024. Post-closing in February 2025, SilverCrest Metals Inc. shareholders became Coeur Mining, Inc. stockholders, owning approximately 37% of the combined company. Communication now flows through Coeur Mining's established disclosure channels.

• SilverCrest Metals Inc. reported its FY 2024 results on January 15, 2025.
• The acquisition implied a total equity value for SilverCrest of approximately $1.7 billion based on shares outstanding at the time of the October 2024 agreement.
• The transaction exchange ratio was 1.6022 Coeur common shares for each SilverCrest common share.
• The company's treasury assets stood at $193.4 million at the end of 2024.

Physical transport of doré product from the Las Chispas mine site

The physical logistics channel originates at the Las Chispas Operation in Sonora, Mexico. This mine site is characterized by its high-grade nature, which directly impacts the value density of the material being transported through this channel. The operation was designed for a nameplate capacity of 1,250 tonnes per day (tpd). The feed for processing in 2024 included material from both underground mining and sizable surface stockpiles, with the mine planned to be fully ramped up by the end of 2025.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Customer Segments

You're looking at the customer base for SilverCrest Metals Inc. as of late 2025. Honestly, the biggest shift is that SilverCrest is no longer an independent entity; it was acquired by Coeur Mining, Inc., completing the transaction in February 2025. This means the direct customer segments for the physical metal output are now integrated into Coeur's sales channels, while the shareholder base transitioned to Coeur investors.

The primary customer for the physical product-the refined silver and gold derived from the Las Chispas Operation-remains the established downstream market.

The first segment, the direct buyers of the company's output, are the entities that take the final doré bars or refined metal for processing or trade.

• Precious metal refiners who process the doré bars into marketable commodities.
• Bullion banks that handle the physical trading and storage of silver and gold.

The second segment is now defined by the terms of the acquisition, meaning SilverCrest's former shareholders are now investors in Coeur Mining, Inc. This is a crucial distinction for understanding the capital base.

• Institutional and retail investors of Coeur Mining, Inc.
• Former SilverCrest shareholders now hold approximately 37% of the combined entity.
• Coeur issued 239,331,799 shares to acquire SilverCrest.
• The acquisition exchange ratio was 1.6022 Coeur common shares per SilverCrest common share.

The third segment relates to the broader market forces that determine the value of the metal SilverCrest extracts. The demand drivers for silver are particularly strong right now, which underpins the value of the asset base.

• Global industrial users, especially in solar energy, electronics, and electric vehicles.
• Investment markets seeking safe-haven assets amid global financial uncertainty.
• The gold market, which saw peaks approaching $4,400 per ounce in 2025.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving the cost side of SilverCrest Metals Inc.'s Las Chispas operation as it integrates into Coeur Mining in late 2025. Here's the quick math on what it costs to run the mine.

Mining and processing operating costs for the 1,250 tpd facility are benchmarked against recent performance. For the 2024 fiscal year, the processing plant operated at an average rate of 1,200 tpd, with a planned maintenance downtime in Q1 2024 reducing plant availability to approximately 85%.

The expected 2024 Cash Costs were guided to be between \$9.50 to \$10.00/oz AgEq sold. To give you a longer-term view, the 2021 feasibility study estimated Life of Mine (LOM) operating costs at \$118.49 per tonne milled.

The All-in Sustaining Costs (AISC) expected to be below \$15.00/oz AgEq target is reflected in the 2024 guidance range starting at \$15.00/oz AgEq sold. This 2024 figure was higher than the 2023 guidance range of \$12.75 to \$13.75/oz AgEq, primarily due to the inclusion of mobilization and demobilization costs for the new underground contractor.

You need to factor in significant capital expenditures for underground mine development and exploration. For the 2024 fiscal year, SilverCrest approved an exploration budget in the range of \$12.0 to \$14.0 million. Looking at the capital structure from the 2021 feasibility study, initial capital costs were estimated at \$137.7 million, with sustaining capital budgeted over the mine life at \$123.9 million. For context on the combined entity's spending, Coeur Mining's total capital investment for the full year 2024 reached \$183 million.

Regarding Mexican taxes, duties, and royalties, the cash impact in 2024 was substantial:

• Estimated 2024 tax payments were within a range of \$28.0 to \$33.0 million.
• In Q1 2024, SilverCrest made a payment of approximately \$28.0 to \$30.0 million for 2023 taxes and duties.
• The 2021 Mineral Reserve estimate included a government gold royalty of 0.5%.

The company finished 2024 with treasury assets of \$193.4 million, including \$153.4 million in cash and \$40.0 million in bullion, following a year where revenue hit \$301.9 million.

Finance: draft 13-week cash view by Friday.

SilverCrest Metals Inc. (SILV) - Canvas Business Model: Revenue Streams

The revenue streams for SilverCrest Metals Inc., prior to its acquisition closing in Q1 2025, were entirely derived from the sale of precious metals produced at the Las Chispas Operation in Sonora, Mexico. You're looking at the final, record-setting performance of the standalone entity.

Historically, the revenue mix has been anchored by two primary sources, which you should map out for your analysis:

• Sale of silver doré bars, historically representing approximately 60% of revenue.
• Sale of gold doré bars, historically representing approximately 40% of revenue.

The operational success in 2024 translated directly into the company's strongest financial showing before the transaction with Coeur Mining, Inc. closed in February 2025. This is the last full-year data set for SilverCrest Metals Inc. as an independent operator.

SilverCrest Metals Inc. generated record annual revenue of $301.9 million in 2024. This represented a significant 23% increase from the revenue reported in 2023. The total sales volume for the year was 10.50 million silver equivalent ounces, which actually exceeded the company's final sales guidance of 10.0 to 10.3 million AgEq ounces.

Here's a quick look at the 2024 sales performance, applying the historical revenue percentages to the total 2024 revenue for a directional view of the stream composition, since the exact breakdown by dollar value isn't explicitly published alongside the ounces sold:

The actual physical sales volumes that drove this record revenue in 2024 were:

• Gold sold: 59,804 ounces.
• Silver sold: 5.75 million ounces.

The realized prices you should note for that period, which heavily influenced the final revenue figure, were:

The average realized price for gold in 2024 was $2,356 per ounce, and for silver, it was $28.03 per ounce. To be fair, the Q4 2024 realized prices were higher at $2,647/oz gold and $31.26/oz silver, which helped push the annual total over the line.

The operational success also resulted in a substantial strengthening of the balance sheet, which is a direct outcome of these revenue streams. Treasury assets increased by $88.3 million during 2024, ending the year at $193.4 million. This growth in cash and bullion reserves is a key secondary benefit of strong metal sales.

Finance: draft 13-week cash view by Friday.