This story begins in 2015, when First Majestic Silver bought SilverCrest Mines and folded most of the latter’s projects into the former. But SilverCrest’s management kept their favorite early-stage Mexican properties (mainly the Las Chispas mine in Sonora) and formed SilverCrest Metals (SILV) to explore and develop them.
Over the next seven years, the new company explored its land, found lots of silver, built a mill, and in 2022 started mining. Silver grades were projected to be rich, costs low, and cash flow copious. Long-time investors were, as a result, anticipating an imminent reward for their patience.