{"id":23262,"date":"2021-08-11T10:03:39","date_gmt":"2021-08-11T14:03:39","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=23262"},"modified":"2021-08-11T14:44:23","modified_gmt":"2021-08-11T18:44:23","slug":"sierra-metals-smts-q2-2021","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/sierra-metals-smts-q2-2021\/","title":{"rendered":"Sierra Metals Q2 2021: Solid Production &#038; EBITDA Growth, Guidance Revised Due to COVID-19"},"content":{"rendered":"<p>Sierra Metals (NYSE:SMTS, TSX:SMT) released Q2 2021 results; solid production and EBITDA growth year-over-year in the face of COVID-19 headwinds.<\/p>\n<p><iframe loading=\"lazy\" title=\"Sierra Metals Q2 2021: Solid Production &amp; EBITDA Growth, Guidance Revised Due to COVID-19\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/l9862BRPugU?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<h2>Sierra Metals: Attractive Commodity Exposure and Best-in-Class Costs<\/h2>\n<p>Sierra\u2019s operations consist of 3 mines in 2 geologically prospective mining jurisdictions:<\/p>\n<ul>\n<li>Mexico: Bolivar Mine (copper) and Cusi Mine (silver)<\/li>\n<li>Peru: Yauricocha Mine (copper\/zinc)<\/li>\n<\/ul>\n<p>Metals that provide inflation protection versus inflation made up 67% of total revenue for the quarter: copper (37%), silver (25%) and gold (5%).<\/p>\n<p>The company\u2019s flagship mines, Yauricocha and Bolivar, have best-in-class production costs versus global copper mining peers. Both mines sit at the 31st percentile of the global copper industry cash cost curve.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23274\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/inflation-protection-revenue-mix-Q2.jpg\" alt=\"\" width=\"800\" height=\"450\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/inflation-protection-revenue-mix-Q2.jpg 800w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/inflation-protection-revenue-mix-Q2-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/inflation-protection-revenue-mix-Q2-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/inflation-protection-revenue-mix-Q2-696x392.jpg 696w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h2>Q2 2021 Operational Results<\/h2>\n<p>Sierra Metals delivered solid production and profitability results in Q2 in the face of COVID-19 headwinds.<\/p>\n<ul>\n<li>Revenue for the quarter came in at $79.4 million, an increase of 90% from the previous year and 14% from Q1 2021.<\/li>\n<li>EBITDA rose 173% from the previous year to $37.7 million, and increased 47% from Q1 2021.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23277\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-revenue-ebitda.jpg\" alt=\"\" width=\"900\" height=\"426\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-revenue-ebitda.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-revenue-ebitda-300x142.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-revenue-ebitda-768x364.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-revenue-ebitda-696x329.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>On a copper equivalent basis Sierra Metals produced 24.8 million pounds, delivering +9% year-over-year growth for the quarter despite the headwinds of COVID-19.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23272\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/strong-production-results.jpg\" alt=\"\" width=\"900\" height=\"531\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/strong-production-results.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/strong-production-results-300x177.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/strong-production-results-768x453.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/strong-production-results-696x411.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<ul>\n<li>Copper production decreased by 2% from 9.7 million pounds to 9.5 million pounds.<\/li>\n<li>Silver production increased by 67% from 572 thousand ounces to 954 thousand ounces.<\/li>\n<li>Zinc production increased by 54% from 13.7 million pounds to 21.1 million pounds.<\/li>\n<li>Gold production increased by 2% from 2.76 thousand ounces to 2.81 thousand ounces.<\/li>\n<li>Lead production increased by 24% from 6.4 million pounds to 8.0 million pounds.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23271\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/production-growth-by-metal.jpg\" alt=\"\" width=\"900\" height=\"573\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/production-growth-by-metal.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/production-growth-by-metal-300x191.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/production-growth-by-metal-768x489.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/production-growth-by-metal-696x443.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>Processing throughput continues to ramp up at all mines, the company recorded record throughput at its Yauricocha Mine in Peru.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23270\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/processing-throughput.jpg\" alt=\"\" width=\"900\" height=\"402\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/processing-throughput.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/processing-throughput-300x134.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/processing-throughput-768x343.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/processing-throughput-696x311.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2>Outlook<\/h2>\n<p>Looking ahead to the remainder of 2021 the company has provided investors the following outlook:<\/p>\n<ul>\n<li>Yauricocha Mine: Received the final permit required for the construction and operation of the expansion of throughput to 3,600 tonnes per day.<\/li>\n<li>Bolivar Mine:\u00a0Implementation on a 500,000 tonne per year magentite concentrate plant which will be operational next year.<\/li>\n<li>The Strategic review process is still ongoing; the company expects to be able to provide a more detailed report on the process in the coming weeks.<\/li>\n<li>Completion of Preliminary Feasibility Studies for all three mines to support planned expansions at all mines starting in 2024:\n<ul>\n<li>Yauricocha: +53% throughput expansion<\/li>\n<li>Bolivar: Doubling of production<\/li>\n<li>Cusi: Doubling of production<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23279\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-completion-feasibility-study.jpg\" alt=\"\" width=\"900\" height=\"317\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-completion-feasibility-study.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-completion-feasibility-study-300x106.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-completion-feasibility-study-768x271.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-q2-2021-completion-feasibility-study-696x245.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2>Revised 2021 Guidance<\/h2>\n<p>In the first half of 2021 Sierra Metals was impacted by operational challenges in relation to\u00a0 COVID-19, which resulted in lower workforce availability and additional costs.\u00a0 Management believes these issues are transitory and will not impact the company&#8217;s results in the medium and longer term.<\/p>\n<p>The company has accordingly lowered its 2021 guidance to account for these near term headwinds. Copper equivalent production is now expected in the range of 110 to 115 million pounds for the full year.<\/p>\n<p>2021 EBITDA guidance was lowered to $130 &#8211; $140 million from the previous guidance of $155 &#8211; $170 million. The mid-point of the new range represents a 2021 EBITDA increase of +39% from 2020.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23287\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-2021-guidance-V02.jpg\" alt=\"\" width=\"900\" height=\"486\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-2021-guidance-V02.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-2021-guidance-V02-300x162.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-2021-guidance-V02-768x415.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/sierra-2021-guidance-V02-696x376.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2>Sierra Versus Copper Peers<\/h2>\n<p>Looking at updated valuation metrics (Bloomberg consensus, August 11th, 2021), Sierra Metals trades at a deeply discounted valuation multiple relative to its copper peers across all metrics.<\/p>\n<ul>\n<li>75% discount on forward price-to-cashflow<\/li>\n<li>72% discount on forward EV-to-EBITDA<\/li>\n<li>65% discount on forward price-to-sales<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23273\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/deep-discount-vs-peers-Q2.jpg\" alt=\"\" width=\"900\" height=\"380\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/deep-discount-vs-peers-Q2.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/deep-discount-vs-peers-Q2-300x127.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/deep-discount-vs-peers-Q2-768x324.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2021\/08\/deep-discount-vs-peers-Q2-696x294.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sierra Metals (NYSE:SMTS, TSX:SMT) released solid Q2-2021 results despite COVID-19 headwinds, delivering strong double digit revenue and EBITDA growth year-over-year.<\/p>\n","protected":false},"author":7,"featured_media":23276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[76,104,1632,1818,846,848,847,1267,1747,860],"class_list":{"0":"post-23262","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-metals","8":"tag-copper","9":"tag-gold","10":"tag-lead","11":"tag-lee-cooperman","12":"tag-sierra-metals","13":"tag-silver","14":"tag-smt","15":"tag-smts","16":"tag-tsxsmt","17":"tag-zinc"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sierra Metals Q2 2021: Solid Production &amp; 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