2023-08-01 15:57:36 ET
SilverCrest Metals ( NYSE: SILV ) -22% in Tuesday's trading to its lowest in more than three years after it was hit with declining metals prices and an analyst downgrade.
U.S. front-month gold futures dropped 1.5% and Comex silver slumped 2.6% on Tuesday as the dollar and U.S. Treasury yields ticked higher.
Meanwhile, Stifel analyst Stephen Soock downgraded the stock to Hold from Buy cut his price target to C$8.25 from C$13, after the miner's updated technical report missed its estimates across the board largely due to a lower reserve grade and substantially higher unit costs.
Soock said additional ground support and required development pushed operating unit costs 25% above expectations and drove sustaining capex per silver equivalent oz 90% above what he had modeled.
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SilverCrest Metals routed on sharply lower metals prices, Stifel downgrade Source: SeekingAlpha (August 1, 2023 - 3:57 PM EDT)
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