Discovery Silver releases 2024 annuals ahead of today's vote to purchase Newmont Porcupine Division
Discovery Silver Corp. today announced financial results for the three months (“Q4 2024”) and full-year (“FY 2024”) ended December 31, 2024.
“2024 was a transformational year for Discovery as we work towards becoming a highly profitable North American precious metals producer," said Tony Makuch, Discovery’s CEO.
"Through the efforts of our team, today we stand poised to become a diversified gold and silver company, with a portfolio that combines growing gold production in the Timmins Camp, with tremendous upside, with our Cordero project (“Cordero”) in Mexico, one of the industry’s leading silver development projects.
“In February 2024, we issued the Cordero feasibility study (the “Feasibility Study” or “Study”) results, which clearly established Cordero as a future industry leader. The project has a reserve of 302 million ounces of silver, will average 37 Moz of silver equivalent production in the first 12 years and will generate attractive economic returns. Very importantly, Cordero will provide substantial socio-economic benefits to Mexico, including creating thousands of high-quality jobs and providing billions of dollars in investment, local purchasing and tax revenue.
“Since releasing the Study, we have continued to de-risk the project. On that front, a significant milestone was achieved earlier this month, with the acquisition of the final parcel of land required for the development of the mine. The next key achievement for Cordero will be receiving approval of our environmental impact assessment (Manifesto de Impacto Ambiental in Spanish or “MIA”). Given an improved political environment in Mexico, we are increasingly optimistic that Cordero will complete the permitting phase and be advancing towards construction by the end the year.
Discovery shareholders are expected to approve the Newmont Porcupine takeover at a special meeting that begins at 11am today.
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