Trading Symbol:
TSX: SVM
NYSE: SVM
VANCOUVER, Feb. 12, 2015 /PRNewswire/ - Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE:
SVM) reported its financial and operating results for the third
quarter ended December 31, 2014 ("Q3
Fiscal 2015").
The Company is pleased that management enhancements and
operational improvements enacted in fiscal 2014 continue to
favourably impact all aspects of operations, with improvements in
head grade and mining tonnage, resulting in improved cash flow and
profitability. Also, in this quarter, commercial production
continued to ramp up at the GC silver-lead-zinc project in the
Guangdong Province, which
contributed $7.9 million in metal
sales.
Compared to the same quarter last year, silver production
increased 89% to 1.672 million ounces, lead production increased
85% to 16.7 million pounds, and zinc production increased 318% to
7.0 million pounds. Cash mining cost increased 5% to $49.57 per tonne, while G & A costs decreased
by 15% to $5.4 million in Q3 Fiscal
2015. The Company ended the quarter with a cash and
short-term investments balance of $83.7
million.
THIRD QUARTER HIGHLIGHTS
- Record silver production of 1.672 million ounces, up 89% from
the prior year period;
- Lead production of 16.7 million pounds and zinc production of
7.0 million pounds, up 85% and 318%, respectively, compared to the
prior year period;
- Silver, lead and zinc head grades at the Ying Mining District
improved 25%, 24% and 43% compared to the prior year period;
- Sales of $40.2 million, up 68%
from the prior year period;
- Gross margin of 38% down from 44% in the prior year period,
impacted by a 17% decline in average selling price of Silver from
prior year period;
- Cash flow from operations of $15.4
million, or $0.09 per share,
compared to $9.9 million or
$0.06 per share in the prior year
period;
- Net income of $5.5 million, or
$0.03 per share, compared to net
income of $2.2 million, or
$0.01 per share in the prior year
period;
- Cash cost per ounce of silver, net of by-product credits, of
$0.53;
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $10.80;
- G&A costs decreased by 15% to $5.4
million in Q3 Fiscal 2015; and
- GC mine obtained its safety production permit and ramped up its
commercial production, producing 90,287 tonnes of ore with metal
sales of 251,000 ounces of silver, 2.5 million pounds of lead, and
4.45 million pounds of zinc compared to 151,000 ounces of silver
and 1.4 million pounds of lead and 3.25 million pounds of zinc in
the previous quarter.
FINANCIALS
In Q3 Fiscal 2015, net income attributable to equity holders of
the Company was $5.5 million, or
$0.03 per share compared to net
income of $2.2 million, or
$0.01 per share for the three months
ended December 31, 2013 ("Q3 Fiscal
2014"). For the nine months ended December 31, 2014, net income was $15.4 million, or $0.09 per share compared to net loss of
$36.5 million, or $0.21 per share in the same prior year
period.
In the current quarter, the Company's financial results were
mainly impacted by: (i) increased silver, lead, and zinc production
of 89%, 85%, and 318%, respectively, compared to the prior year
quarter, (ii) increased metal sales of $16.3
million or 68% compared to prior year quarter, of which
$7.9 million was added from the
commercial production at the GC mine, (iii) a 15% decrease in
general and administrative spending compared to prior year quarter,
(iv) lower metal prices, as the realized selling price for silver
dropped by 17%, (v) higher per tonne production costs, and (vi)
lower gold production and sales, as the BYP mine remained on care
and maintenance in this quarter.
In Q3 Fiscal 2015, the Company realized sales of $40.2 million compared to $24.0 million in Q3 Fiscal 2014. Metal
sales in the quarter were mainly impacted by increased production
at the Ying Mining District and contributions from recently
commenced commercial production at the GC mine. For the nine
months ended December 31, 2014, sales
were $108.2 million compared to
$92.3 million in the same prior year
period.
Cost of sales in Q3 Fiscal 2015 was $24.8
million compared to $13.5
million in Q3 Fiscal 2014. The increase in cost of
sales is mainly due to a 61% increase in ore production in the
quarter along with a 7.6% increase in per tonne production
cost.
The gross profit margin in Q3 Fiscal 2015 was 38% compared to
44% in Q3 Fiscal 2014. The inclusion of the 9% gross profit
margin from the GC mine reduced the average gross profit
margin. Ying Mining District's gross profit margin remained
comparable at 45% in the current quarter. The decrease in
overall gross profit margin was also due to lower realized metal
prices for silver and lead and increased per tonne production
costs. For the nine months ended December 31, 2014, gross profit margin was 46%
compared to 45% in the same prior year period.
Cash flows from operations in Q3 Fiscal 2015 were $15.4 million, or $0.09 per share, compared to $9.7 million, or $0.06 per share, in Q3 Fiscal 2014. For the
nine months ended December 31, 2014,
cash flows from operations were $49.3
million or $0.29 per share,
compared to $33 million, or
$0.19 per share, in the same prior
year period.
OPERATIONS AND DEVELOPMENT
In Q3 Fiscal 2015, the Company produced a record 1.672 million
ounces of silver, 936 ounces of gold, 16.7 million pounds of lead,
and 7.0 million pounds of zinc, compared to 0.9 million ounces of
silver, 1,985 ounces of gold, 9.0 million pounds of lead, and 1.7
million pounds of zinc, respectively, in Q3 Fiscal 2014.
Metal production in this quarter continues to be positively
impacted by improved dilution control, mine planning and mining
contractor management, which resulted in a 25%, 24% and 43%
increase in silver, lead and zinc head grades, respectively, along
with a 18% increase in ore production at the Ying Mining District.
In addition, the commencement of commercial production at the GC
mine contributed to higher metal production.
For the nine months ended December 31,
2014, the Company produced 4.2 million ounces of silver,
5,257 ounces of gold, 42.3 million pounds of lead, and 13.4 million
pounds of zinc, compared to 3.3 million ounces of silver, 8,774
ounces of gold, 32.0 million pounds of lead, and 7.6 million pounds
of zinc, respectively, in the same prior year period.
1. Ying Mining District, Henan Province, China
In Q3 Fiscal 2015, the total ore mined at the Ying Mining
District was 175,782 tonnes compared to total ore production of
148,850 tonnes in Q3 Fiscal 2014. In the prior year quarter,
ore production was reduced due to a miner shortage during the
transition to a new compensation method for miners. In the
current quarter, as a result of improved dilution control, silver,
lead and zinc head grades at the Ying Mining District improved 25%,
24% and 43%, respectively, to 253 g/t for silver, 3.6% for lead and
1.0% for zinc from 202 g/t for silver, 2.9% for lead and 0.7% for
zinc, respectively, in Q3 Fiscal 2014.
In Q3 Fiscal 2015, the Ying Mining District produced 1.42
million ounces of silver, 922 ounces of gold, 14.2 million pounds
of lead, and 2.5 million pounds of zinc, compared to 0.9 million
ounces of silver, 911 ounces of gold, 8.8 million pounds of lead,
and 1.6 million pounds of zinc in Q3 Fiscal 2014. The
increase in metals produced is mainly due to the higher ore output
and improved head grades experienced in the quarter.
In Q3 Fiscal 2015, the total and cash mining costs per tonne at
Ying Mining District were $73.28 and
$57.79, a 20% and 14% increase,
respectively, compared to $60.89 and
$50.59 in Q3 Fiscal 2014. The
increase in total mining costs were mainly due to (i) the increase
in the amount of underground definition drilling activities to
achieve better grade control, and less exploration drilling which
is capitalized; (ii) increased ground support activities to enhance
safety measures, (iii) increased raw material cost; and
(iv) increased amortization expense arising from the capitalization
of the mine right fee when renewing the SGX mining permit.
The gross profit margin in Q3 Fiscal 2015 was 45% compared to
46% in Q3 Fiscal 2014. The all-in sustaining cost per ounce
of silver, net of by-product credits, in this quarter, improved to
$8.64 compared to $12.95 in the prior year quarter as a result of
production cost efficiencies, lower overhead administrative costs,
and higher by-product sales.
In Q3 Fiscal 2015, total ore milled was 187,154 tonnes, an
increase of 25% compared to 149,755 tonnes in Q3 Fiscal 2014.
Per tonne cash milling costs were $13.63 compared to $16.00 in Q3 Fiscal 2014. The decrease in
per tonne cash milling costs is due to the higher tonnage processed
in this quarter.
For the nine months ended December 31,
2014, the total ore mined at the Ying Mining District was
546,402 tonnes compared to 535,210 tonnes in the same prior year
period. Correspondingly, total ore milled was 547,465 tonnes
compared to 543,221 tonnes. Head grades improved to 232 g/t
for silver and 3.3% for lead compared to 206 g/t for silver and
2.8% for lead, respectively.
During the same time periods, the Ying Mining District produced
3.8 million ounces of silver, 2,533 ounces of gold, 38.4 million
pounds of lead, and 5.7 million pounds of zinc, compared to 3.3
million ounces of silver, 3,066 ounces of gold, 31.4 million pounds
of lead, and 6.7 million pounds of zinc in the prior year.
For the nine months ended December 31,
2014, total and cash mining costs per tonne were
$62.10 and $49.24, an increase of 1% and decrease of 3%,
respectively, compared to $61.42 and
$51.02 in the same prior year
period. The overall decrease in cash mining costs per tonne
was mainly due to reductions in (i) mining preparation
expenditures; (ii) labour and material costs due to improved
dilution control; and (iii) mine administration costs. On a
per tonne basis, labour costs decreased 30.1%, mine administration
costs decreased 45.9% and mining preparation expenditures decreased
1.5%, offset by increases of 34.5% in raw materials cost, 5.6% in
utilities and 9.7% in mining contractor's cost, respectively, as
compared to the nine months ended December
31, 2013. During the same time periods, the all-in
sustaining cash cost per ounce of silver, net of by-product
credits, improved to $8.27 compared
to $12.14 in the prior year.
During the quarter, the Company completed development of
approximately 16,600 metres ("m") of horizontal tunnels, raises and
declines. Total capitalized exploration and development
expenditures for the Ying Mining District were $8.8 million compared to $8.5 million in Q3 Fiscal 2014. For the
nine months ended December 31, 2014,
capitalized exploration and development expenditures were
$25.9 million compared to
$26.7 million in the same prior year
period.
The consolidated operational results for the past five quarters
at the Ying Mining District are summarized in the table below:
Quarterly
operational results - Ying Mining District
|
|
Q3
2015
|
Q2 2015
|
Q1 2015
|
Q4 2014
|
Q3 2014
|
|
31-Dec-14
|
30-Sep-14
|
30-Jun-14
|
31-Mar-14
|
31-Dec-13
|
Ore Mined
(tonne)
|
175,782
|
197,135
|
173,485
|
90,057
|
148,850
|
Run of Mine Ore
(tonne)
|
187,154
|
190,831
|
169,480
|
91,272
|
149,755
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,421
|
1,251
|
1,126
|
582
|
883
|
|
Gold (in thousands
of ounces)
|
0.9
|
0.8
|
0.8
|
0.4
|
0.9
|
|
Lead (in thousands
of pounds)
|
14,168
|
12,665
|
11,529
|
5,165
|
8,814
|
|
Zinc (in thousands
of pounds)
|
2,531
|
1,944
|
1,211
|
883
|
1,572
|
Head Grade of Run of
Mine Ore
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
253
|
223
|
227
|
216
|
202
|
|
|
Lead
(%)
|
3.6
|
3.3
|
3.3
|
2.7
|
2.9
|
|
|
Zinc
(%)
|
1.0
|
0.7
|
0.7
|
0.6
|
0.7
|
Recovery Rate of Run
of Mine Ore
|
|
|
|
|
|
|
|
Silver
(%)
|
94.7
|
94.4
|
93.6
|
92.9
|
93.1
|
|
|
Lead
(%)
|
95.9
|
95.2
|
95.8
|
95.3
|
95.7
|
|
|
Zinc
(%)
|
66.8
|
56.7
|
56.8
|
62.4
|
64.2
|
Cash Mining Cost
($ per tonne)
|
57.79
|
43.62
|
46.96
|
49.04
|
50.59
|
Total Mining Costs
($ per tonne)
|
73.28
|
55.41
|
58.35
|
60.85
|
60.89
|
Cash Milling Cost
($ per tonne)
|
13.63
|
12.77
|
12.16
|
15.08
|
16.00
|
Total Milling Cost
($ per tonne)
|
15.77
|
14.85
|
14.48
|
19.93
|
18.60
|
Cash Cost per Ounce
of Silver ($)
|
0.83
|
(0.16)
|
0.46
|
2.82
|
2.00
|
Total Production Cost
per Ounce of Silver ($)
|
3.48
|
2.35
|
2.92
|
5.86
|
4.39
|
2. GC Mine, Guangdong
Province, China
During the quarter, the GC mine successfully obtained the Safety
Production Permit and continued to ramp up its commercial
production. In Q3 Fiscal 2015, the total ore mined at the GC mine
was 87,916 tonnes and total ore milled was 90,287 tonnes. The head
grades at GC mine were 104 g/t for silver, 1.3% for lead, and 2.6%
for zinc. In the quarter, the GC mine sold 251,000 ounces of
silver, 2.5 million pounds of lead, 4.45 million pounds of zinc,
and 10.1 million pounds of sulphur. For the nine months ended
December 31, 2014, the total ore
mined was 158,814 tonnes and total ore milled was 159,431
tonnes. Head grades were 105 g/t for silver, 1.3% for lead,
and 2.7% for zinc. Metal sales were 402,000 ounces of silver,
3.9 million pounds of lead, 7.7 million pounds of zinc, and 21.4
million pounds of sulphur.
In the quarter, total and cash mining cost per tonne were
$55.16 and $33.11 respectively, while total and cash milling
cost per tonne were $19.88 and
$15.82. The gross profit margin
at GC in Q3 Fiscal 2015 was 9%. There was no production in
the prior year period.
For the nine months ended December 31,
2014, total and cash mining cost per tonne were $53.62 and $31.39
respectively, while total and cash milling cost per tonne were
$21.15 and $16.59.
In Q3 Fiscal 2015, $0.9 million
(Q3 Fiscal 2014 - $4.6 million) of
exploration and development expenditures were incurred at the GC
mine. For the nine months ended December 31, 2014, $3.2
million (nine months ended December
31, 2013 - $13.9 million) of
exploration and development expenditures were incurred.
FISCAL 2016 Production and Cash Cost Guidance
|
|
Head
Grades
|
Mine
|
Ore
processed
(tonnes)
|
Silver
(g/t)
|
Lead
(%)
|
Zinc
(%)
|
Ying Mining
District
|
680,000
|
232.8
|
3.83
|
1.15
|
GC Mine
|
260,000
|
92.5
|
1.23
|
2.55
|
Mine
|
Silver
(Moz)
|
Lead
(Mpounds)
|
Zinc
(Mpounds)
|
Investment
(US$M)
|
Cash cost
(US$/t)
|
AISCC**
(US$/oz
Ag)
|
Ying Mining
District
|
4.7
|
53.5
|
10.3
|
35.2
|
83.28
|
7.46
|
GC Mine
|
0.5
|
6.0
|
11.6
|
7.5
|
45.40
|
9.75
|
Total
|
5.2
|
59.5
|
21.9
|
42.7
|
|
|
(**) All-in
sustaining cash cost per ounce of silver is net of credits from
gold, lead, and zinc, which are estimated based on the metal prices
and foreign exchange rates as at December 31, 2014.
|
In Fiscal 2016, the Company expect to produce approximately
940,000 tonnes of ore, yielding 5.2 million ounce of silver, 59.5
million pounds of lead, and 21.9 million pounds of zinc. The
consolidated all-in sustaining cash cost ("AISCC") is forecasted to
be $9.76 per ounce of silver after
credits from gold, lead, and zinc. (See AISCC breakdown tables
below for further details.)
1. Ying Mining District, Henan Province, China
In Fiscal 2016, Ying Mining District plans to mine and process
680,000 tonnes of ore averaging 232.8 g/t silver, 3.83% lead, and
1.15% zinc with expected metal production of 4.7 million ounces of
silver, 53.5 million pounds of lead and 10.3 million of zinc. The
cash production cost is expected to be $83.28 per tonne of ore. All-in sustaining cash
cost per ounce of silver is estimated to be $7.46 per ounce of silver, which includes
$13.6 million attributed to
sustaining capex, or of $2.91 per
ounce of silver.
Capital expenditures in Fiscal 2016 at the Ying Mining District
are budgeted at $35.2 million, which
includes sustaining capital expenditures of $13.6 million and other capital expenditures of
$21.6 million. Sustaining capex
includes $2.8 million for tunnel
development, $1.3 million of
equipment replacement and additions, and $9.5 million in exploration expenditures. Other
expected capital expenditures include mine development of shaft and
ramps of $1.4 million, road and
building construction of $7.2 million
and mining right fees of $13.0
million, consisting of the renewal of several mining
licences for $8.6 million and
$4.4 million for the second
instalment of the SGX mining permit renewed in 2014.
2. GC Mine, Guangdong
Province, China
In Fiscal 2016, GC Mine plans to mine and process 260,000 tonnes
of ore averaging 92.5g/t silver, 1.23% lead and 2.55% zinc with
expected metal production of 0.5 million ounces of silver, 6.0
million pounds of lead and 11.6 million pounds of zinc. The cash
production cost is expected to be $53.55 per tonne of ore. All in sustaining
cash cost at GC Mine is expected to be $9.75 per ounce of silver, which includes
$2.4 million in sustaining capex, or
$4.27 per ounce of silver.
Capital expenditures at GC Mine are budgeted at $7.5 million, which includes sustaining capital
expenditures of $2.4 million and
other capital expenditures of $5.1
million. Sustaining capex includes $0.8 million of tunnel development, $0.2 million of equipment replacement and
additions, and $1.4 million of
exploration expenditures. Other expected capital expenditures
include mine development of shaft of $0.3
million and payment of $4.8
million related to construction completed in the prior
years.
3. Consolidated AISCC
Consolidated all-in sustaining cash cost is estimated to be
$9.76 per ounce of silver and the
detailed breakdown is as follows:
AISCC at Ying Mining District
Item
|
Fiscal 2016
Guidance
(US$/oz
Ag)
|
Cash cost net of
by-product credits
|
2.32
|
|
Government fee and
various taxes, excluding VAT and income taxes
|
0.97
|
|
General and
administration (subsidiary)
|
1.26
|
Adjsuted operating
cash cost
|
4.55
|
|
Sustaining
capex
|
2.91
|
All-in sustaining
cash cost **
|
7.46
|
AISCC at GC Mine
Item
|
Fiscal 2016
Guidance
(US$/oz
Ag)
|
Cash cost net of
by-product credits
|
(1.65)
|
|
Government fee and
various taxes, excluding VAT and income taxes
|
1.49
|
|
General and
administration (subsidiary)
|
5.64
|
Adjsuted operating
cash cost
|
5.48
|
|
Sustaining
capex
|
4.27
|
All-in sustaining
cash cost **
|
9.75
|
Consolidated AISCC
Item
|
Fiscal 2016
Guidance
(US$/oz
Ag)
|
Cash cost net of
by-product credits
|
1.91
|
|
Government fee and
various taxes, excluding VAT and income taxes
|
1.02
|
|
General and
administration (subsidiary)
|
1.71
|
Adjsuted operating
cash cost
|
4.64
|
|
General and
administration (corporate)
|
2.07
|
|
Sustaining
capex
|
3.05
|
All-in sustaining
cash cost **
|
9.76
|
(**) All-in
sustaining cash cost per ounce of silver is net of credits from
gold, lead, and zinc, which are estimated based on the metal prices
and foreign exchange rates as at December 31, 2014.
|
At current gold prices, the BYP gold mine is on care and
maintenance. The Company will examine various operational and
strategic options for the project in Fiscal 2016.
Ruijing Jiang, P.Geo., Vice President, Exploration, is the
Qualified Person for Silvercorp under NI 43-101 and has reviewed
and given consent to the technical information contained in this
News Release.
This earnings release should be read in conjunction with the
Company's Management Discussion & Analysis, Financial
Statements and Notes to Financial Statements for the corresponding
period, which have been posted on SEDAR at
http://www.sedar.com and are also available on the
Company's website at www.silvercorp.ca. All figures are in
United States dollars unless
otherwise stated.
About Silvercorp
Silvercorp is a low-cost silver-producing Canadian mining
company with multiple mines in China. The Company's vision is
to deliver shareholder value by focusing on the acquisition of
under developed projects with resource potential and the ability to
grow organically. For more information, please visit our
website at www.silvercorp.ca.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain of the statements and information in this press release
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian provincial securities laws. Any statements or information
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects", "is expected", "anticipates",
"believes", "plans", "projects", "estimates", "assumes", "intends",
"strategies", "targets", "goals", "forecasts", "objectives",
"budgets", "schedules", "potential" or variations thereof or
stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward-looking statements
or information. Forward-looking statements or information
relate to, among other things: the price of silver and other
metals; the accuracy of mineral resource and mineral reserve
estimates at the Company's material properties; the sufficiency of
the Company's capital to finance the Company's operations;
estimates of the Company's revenues and capital expenditures;
estimated production from the Company's mines in the Ying Mining
District; timing of receipt of permits and regulatory approvals;
availability of funds from production to finance the Company's
operations; and access to and availability of funding for future
construction, use of proceeds from any financing and development of
the Company's properties.
Forward-looking statements or information are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
reflected in the forward-looking statements or information,
including, without limitation, risks relating to: fluctuating
commodity prices; calculation of resources, reserves and
mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral
reserve estimates; exploration and development programs;
feasibility and engineering reports; permits and licences; title to
properties; property interests; joint venture partners;
acquisition of commercially mineable mineral rights; financing;
recent market events and conditions; economic factors affecting the
Company; timing, estimated amount, capital and operating
expenditures and economic returns of future production; integration
of future acquisitions into the Company's existing
operations; competition; operations and political
conditions; regulatory environment in China and Canada; environmental risks;
foreign exchange rate fluctuations; insurance; risks and hazards of
mining operations; key personnel; conflicts of interest; dependence
on management; internal control over financial reporting as per the
requirements of the Sarbanes-Oxley Act; and bringing actions and
enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking statements or information.
Forward-looking statements or information are statements about the
future and are inherently uncertain, and actual achievements of the
Company or other future events or conditions may differ materially
from those reflected in the forward-looking statements or
information due to a variety of risks, uncertainties and other
factors, including, without limitation, those referred to in the
Company's Annual Information Form for the year ended March 31, 2014 under the heading "Risk
Factors". Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated, described or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements or information.
The Company's forward-looking statements and information are
based on the assumptions, beliefs, expectations and opinions of
management as of the date of this press release, and other than as
required by applicable securities laws, the Company does not assume
any obligation to update forward-looking statements and information
if circumstances or management's assumptions, beliefs, expectations
or opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements and information.
SILVERCORP METALS
INC.
Condensed Consolidated Interim Balance Sheets
|
|
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(Unaudited)
(Expressed in thousands of U.S. dollars)
|
|
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|
|
|
|
|
|
|
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As at December 31,
2014
|
|
As at March 31,
2014
|
ASSETS
|
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|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
78,752
|
|
$
|
60,614
|
|
Short-term
investments
|
|
4,940
|
|
12,864
|
|
Trade and other
receivables
|
|
1,159
|
|
4,004
|
|
Inventories
|
|
6,142
|
|
5,362
|
|
Due from related
parties
|
|
92
|
|
68
|
|
Prepaids and
deposits
|
|
5,532
|
|
6,165
|
|
|
96,617
|
|
89,077
|
|
|
|
|
|
Non-current
Assets
|
|
|
|
|
|
Long-term prepaids
and deposits
|
|
4,076
|
|
4,000
|
|
Investment in an
associate
|
|
3,550
|
|
3,715
|
|
Other
investments
|
|
1,193
|
|
2,393
|
|
Plant and
equipment
|
|
100,654
|
|
101,876
|
|
Mineral rights and
properties
|
|
301,250
|
|
266,258
|
TOTAL
ASSETS
|
|
$
|
507,340
|
|
$
|
467,319
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
33,150
|
|
$
|
23,802
|
|
Mine right fee
payable
|
|
4,224
|
|
-
|
|
Deposits
received
|
|
5,836
|
|
7,031
|
|
Dividends
payable
|
|
736
|
|
773
|
|
Income tax
payable
|
|
1,628
|
|
515
|
|
Due to related
parties
|
|
-
|
|
281
|
|
|
45,574
|
|
32,402
|
|
|
|
|
|
Non-current
Liabilities
|
|
|
|
|
|
Mine right fee
payable
|
|
9,590
|
|
-
|
|
Deferred income tax
liabilities
|
|
19,204
|
|
16,536
|
|
Environmental
rehabilitation
|
|
5,942
|
|
5,819
|
Total
Liabilities
|
|
80,310
|
|
54,757
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share
capital
|
|
233,513
|
|
233,513
|
|
Share option
reserve
|
|
11,628
|
|
10,492
|
|
Reserves
|
|
25,409
|
|
25,409
|
|
Accumulated other
comprehensive loss
|
|
(22,712)
|
|
(20,141)
|
|
Retained
earnings
|
|
114,134
|
|
100,993
|
Total equity
attributable to the equity holders of the Company
|
361,972
|
|
350,266
|
|
|
|
|
|
Non-controlling
interests
|
|
65,058
|
|
62,296
|
Total
Equity
|
|
427,030
|
|
412,562
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
|
507,340
|
|
$
|
467,319
|
SILVERCORP METALS
INC.
Condensed Consolidated Interim Statements of Income
|
|
|
|
|
(Unaudited)
(Expressed in thousands of U.S. dollars, except for per share
figures
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
2014
|
2013
|
|
2014
|
2013
|
|
|
|
|
|
|
|
Sales
|
|
$
|
40,247
|
$
|
23,970
|
|
$
|
108,196
|
$
|
92,265
|
Cost of
sales
|
|
24,844
|
13,501
|
|
58,701
|
50,806
|
Gross
profit
|
|
15,403
|
10,469
|
|
49,495
|
41,459
|
|
|
|
|
|
|
|
General and
administrative
|
|
5,366
|
6,338
|
|
16,233
|
20,893
|
General exploration
and property investigation
|
|
861
|
654
|
|
2,510
|
2,466
|
Other
taxes
|
|
960
|
408
|
|
2,288
|
1,575
|
Foreign exchange
gain
|
|
(958)
|
(1,667)
|
|
(1,427)
|
(2,750)
|
(Gain) loss on
disposal of plant and equipment
|
|
(132)
|
21
|
|
(118)
|
144
|
Loss on disposal of
mineral rights and properties
|
|
-
|
181
|
|
-
|
181
|
Share of (gain) loss
in associate
|
|
(52)
|
-
|
|
(10)
|
153
|
Impairment of mineral
rights and properties
|
|
-
|
-
|
|
-
|
66,573
|
Loss on
investments
|
|
-
|
65
|
|
15
|
608
|
Other (income)
expense
|
|
67
|
39
|
|
(980)
|
(117)
|
Income (loss) from
operations
|
|
9,291
|
4,430
|
|
30,984
|
(48,267)
|
|
|
|
|
|
|
|
Finance
income
|
|
292
|
1,047
|
|
724
|
2,953
|
Finance
costs
|
|
(153)
|
(33)
|
|
(224)
|
(99)
|
Income (loss)
before income taxes
|
|
9,430
|
5,444
|
|
31,484
|
(45,413)
|
|
|
|
|
|
|
|
Income tax expense
(recovery)
|
|
2,350
|
2,300
|
|
10,155
|
(1,734)
|
Net income
(loss)
|
|
$
|
7,080
|
$
|
3,144
|
|
$
|
21,329
|
$
|
(43,679)
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
$
|
5,468
|
$
|
2,163
|
|
$
|
15,440
|
$
|
(36,476)
|
|
Non-controlling
interests
|
|
1,612
|
981
|
|
5,889
|
(7,203)
|
|
|
$
|
7,080
|
$
|
3,144
|
|
$
|
21,329
|
$
|
(43,679)
|
|
|
|
|
|
|
|
Earnings (loss)
per share attributable to the equity holders of the
Company
|
|
|
|
|
|
|
Basic earnings
(loss) per share
|
|
$
|
0.03
|
$
|
0.01
|
|
$
|
0.09
|
$
|
(0.21)
|
Diluted earnings
(loss) per share
|
|
$
|
0.03
|
$
|
0.01
|
|
$
|
0.09
|
$
|
(0.21)
|
Weighted Average
Number of Shares Outstanding - Basic
|
|
170,883,808
|
170,878,775
|
|
170,883,808
|
170,813,858
|
Weighted Average
Number of Shares Outstanding - Diluted
|
|
170,883,808
|
170,925,150
|
|
170,883,808
|
170,813,858
|
SILVERCORP METALS
INC.
Condensed Consolidated Interim Statements of Cash
Flow
|
|
|
|
(Unaudited)
(Expressed in thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
2014
|
2013
|
|
2014
|
2013
|
Cash provided
by
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
7,080
|
$
|
3,144
|
|
$
|
21,329
|
$
|
(43,679)
|
|
Add (deduct) items
not affecting cash:
|
|
|
|
|
|
|
|
Unwinding of discount
of environmental rehabilitation
|
38
|
33
|
|
109
|
99
|
|
|
Depreciation,
amortization and depletion
|
6,775
|
2,936
|
|
15,467
|
11,418
|
|
|
Share of (gain) loss
in associate
|
(52)
|
-
|
|
(10)
|
153
|
|
|
Impairment of mineral
rights and properties
|
-
|
-
|
|
-
|
66,573
|
|
|
Income tax expense
(recovery)
|
2,350
|
2,300
|
|
10,155
|
(1,734)
|
|
|
Loss on
investments
|
-
|
65
|
|
15
|
608
|
|
|
(Gain) loss on
disposal of plant and equipment
|
(132)
|
21
|
|
(118)
|
144
|
|
|
Loss (gain) on
disposal of mineral rights and properties
|
-
|
181
|
|
-
|
181
|
|
|
Share-based
compensation
|
340
|
561
|
|
1,136
|
1,878
|
|
Income taxes
paid
|
(3,209)
|
(2,111)
|
|
(6,656)
|
(5,461)
|
|
Changes in non-cash
operating working capital
|
2,197
|
2,525
|
|
7,891
|
2,830
|
Net cash provided
by operating activities
|
15,387
|
9,655
|
|
49,318
|
33,010
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
Mineral rights and
properties
|
|
|
|
|
|
|
|
Capital
expenditures
|
(12,241)
|
(15,922)
|
|
(25,976)
|
(42,527)
|
|
|
Proceeds on
disposals
|
-
|
13,349
|
|
-
|
13,349
|
|
Plant and
equipment
|
|
|
|
|
|
|
|
Additions
|
(1,858)
|
(1,604)
|
|
(5,985)
|
(13,031)
|
|
|
Proceeds on
disposals
|
-
|
1,418
|
|
-
|
1,418
|
|
Net redemptions of
short-term investments
|
7,787
|
4,257
|
|
7,668
|
26,894
|
|
Deposit received for
sale of subsidiaries
|
-
|
3,274
|
|
-
|
8,160
|
Net cash (used in)
provided by investing activities
|
(6,312)
|
4,772
|
|
(24,293)
|
(5,737)
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
Related
parties
|
|
|
|
|
|
|
|
Payments
made
|
-
|
-
|
|
-
|
(1,207)
|
|
Non-controlling
interests
|
|
|
|
|
|
|
|
Distribution
|
(651)
|
(5,168)
|
|
(3,214)
|
(5,168)
|
|
Cash dividends
distributed
|
(760)
|
(4,148)
|
|
(2,331)
|
(12,438)
|
|
Proceeds from
issuance of common shares
|
-
|
192
|
|
-
|
280
|
Net cash used in
financing activities
|
(1,411)
|
(9,124)
|
|
(5,545)
|
(18,533)
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(1,586)
|
(1,821)
|
|
(1,342)
|
(1,462)
|
|
|
|
|
|
|
Increase in cash
and cash equivalents
|
6,078
|
3,482
|
|
18,138
|
7,278
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of the period
|
72,674
|
76,079
|
|
60,614
|
72,283
|
|
|
|
|
|
|
Cash and cash
equivalents, end of the period
|
$
|
78,752
|
$
|
79,561
|
|
$
|
78,752
|
$
|
79,561
|
SILVERCORP METALS
INC.
Mining Data
|
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
|
|
Three months ended
December 31, 2014
|
|
|
|
Ying
Mining
District1
|
BYP
|
GC
|
Total
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
175,782
|
-
|
87,916
|
263,698
|
|
|
Run of Mine Ore
(tonne)
|
187,154
|
-
|
90,287
|
277,441
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
73.28
|
-
|
55.16
|
67.25
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
57.79
|
-
|
33.11
|
49.57
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
15.49
|
-
|
22.05
|
17.68
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs ($)
|
5.41
|
-
|
-
|
3.60
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
15.77
|
-
|
19.88
|
17.11
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
13.63
|
-
|
15.82
|
14.35
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
2.14
|
-
|
4.06
|
2.76
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
Silver ($ per
ounce)
|
7.63
|
-
|
10.03
|
8.28
|
|
|
|
Gold ($ per
ounce)
|
433
|
-
|
750
|
504
|
|
|
|
Lead ($ per
pound)
|
0.40
|
-
|
0.66
|
0.44
|
|
|
|
Zinc ($ per
pound)
|
0.39
|
-
|
0.65
|
0.44
|
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
0.01
|
0.01
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
3.48
|
-
|
8.26
|
4.20
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
0.83
|
-
|
(1.18)
|
0.53
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)2
|
8.64
|
-
|
15.76
|
10.80
|
|
+
|
All-in cost per
ounce of Silver ($)2
|
10.04
|
-
|
15.79
|
11.79
|
|
|
|
|
|
|
|
|
|
Total Recovery of
the Run of Mine Ore
|
|
|
|
|
|
|
|
Silver (%)
3
|
94.7
|
|
75.9
|
88.6
|
|
|
|
Gold
(%)
|
|
|
|
89.5
|
|
|
|
Lead
(%)
|
95.9
|
|
85.9
|
92.7
|
|
|
|
Zinc
(%)
|
66.8
|
|
80.6
|
71.3
|
|
|
|
Sulphur
(%)
|
|
|
9.6
|
9.6
|
|
|
|
|
|
|
|
|
|
Head Grades of Run
of Mine Ore
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
253
|
|
104
|
205
|
|
|
|
Gold
(gram/tonne)
|
|
|
|
|
|
|
|
Lead
(%)
|
3.6
|
|
1.3
|
2.9
|
|
|
|
Zinc
(%)
|
1.0
|
|
2.6
|
1.5
|
|
|
|
Sulphur
(%)
|
|
|
9.6
|
9.6
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of ounce)
|
1,421
|
-
|
251
|
1,672
|
|
|
Gold (in
thousands of ounce)
|
0.9
|
-
|
-
|
0.9
|
|
|
Lead (in
thousands of pound)
|
14,168
|
-
|
2,500
|
16,668
|
|
|
Zinc (in
thousands of pound)
|
2,531
|
-
|
4,452
|
6,983
|
|
|
Sulphur (in
thousands of pound)
|
-
|
-
|
10,070
|
10,070
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
19,671
|
-
|
2,754
|
22,425
|
|
|
Gold (in
thousands of $)
|
725
|
-
|
11
|
736
|
|
|
Lead (in
thousands of $)
|
10,217
|
-
|
1,805
|
12,022
|
|
|
Zinc (in
thousands of $)
|
1,780
|
-
|
3,146
|
4,926
|
|
|
Sulphur (in
thousands of $)
|
-
|
-
|
138
|
138
|
|
|
|
32,393
|
-
|
7,854
|
40,247
|
|
Average Selling
Price,Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
|
Silver ($ per
ounce)4
|
13.84
|
-
|
10.98
|
13.41
|
|
|
Gold ($ per
ounce)
|
786
|
-
|
821
|
787
|
|
|
Lead ($ per
pound)
|
0.72
|
-
|
0.72
|
0.72
|
|
|
Zinc ($ per
pound)
|
0.70
|
-
|
0.71
|
0.71
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
0.01
|
0.01
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG&LM.
|
|
|
|
|
2 BYP gold
ounces converted to silver equivalent using a ratio of
50:1.
|
|
|
|
|
3 GC
silver recovery rate consist of 53.2% from lead concentrate and
22.7% from zinc concentrate.
|
|
|
4 GC's
silver sold in zinc concentrate is subjected to higher smelter and
refining charges, resulted in lower silver selling
price.
|
|
+Non-IFRS measures,
see section 9 for reconciliation.
|
|
|
|
|
SILVERCORP METALS
INC.
Mining Data
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
|
Ying
Mining
District1
|
X
Mines2
|
BYP
|
Total
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
148,850
|
-
|
|
20,690
|
169,540
|
|
|
Run of Mine Ore
(tonne)
|
149,755
|
3,496
|
*
|
19,574
|
172,825
|
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
60.89
|
-
|
|
53.22
|
59.95
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
50.59
|
-
|
|
22.81
|
47.20
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
10.30
|
-
|
|
30.41
|
12.75
|
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs($)
|
4.06
|
-
|
|
-
|
3.57
|
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
18.60
|
-
|
|
15.31
|
18.22
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
16.00
|
-
|
|
13.76
|
15.74
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
2.60
|
-
|
|
1.55
|
2.48
|
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
|
Silver ($ per
ounce)
|
8.83
|
-
|
|
-
|
9.12
|
|
|
|
Gold ($ per
ounce)
|
483
|
-
|
|
959
|
532
|
|
|
|
Lead ($ per
pound)
|
0.42
|
-
|
|
-
|
0.44
|
|
|
|
Zinc ($ per
pound)
|
0.34
|
-
|
|
-
|
0.35
|
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
4.39
|
-
|
|
|
4.39
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
2.00
|
-
|
|
|
2.00
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Gold ($)
|
|
|
|
959
|
959
|
|
+
|
Total cash cost
per ounce of Gold ($)
|
|
|
|
502
|
502
|
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)3
|
12.95
|
-
|
|
29.83
|
17.00
|
|
+
|
All-in cost per
ounce of Silver ($)3
|
16.87
|
-
|
|
32.70
|
22.50
|
|
|
|
|
|
|
|
|
|
|
Total Recovery of
the Run of Mine Ore
|
|
|
|
|
|
|
|
|
Silver
(%)
|
93.1
|
-
|
|
|
93.1
|
|
|
|
Gold
(%)
|
|
|
|
92.7
|
92.7
|
|
|
|
Lead
(%)
|
95.7
|
-
|
|
|
95.7
|
|
|
|
Zinc
(%)
|
64.2
|
-
|
|
|
64.2
|
|
|
|
Sulphur
(%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Head Grades of Run
of Mine Ore
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
202
|
-
|
|
|
202
|
|
|
|
Gold
(gram/tonne)
|
|
|
|
2.7
|
2.7
|
|
|
|
Lead
(%)
|
2.9
|
-
|
|
|
2.9
|
|
|
|
Zinc
(%)
|
0.7
|
-
|
|
|
0.7
|
|
|
|
Sulphur
(%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
883
|
2
|
*
|
-
|
885
|
|
|
Gold (in
thousands of ounces)
|
0.9
|
-
|
*
|
1.1
|
2.0
|
|
|
Lead (in
thousands of pounds)
|
8,814
|
186
|
*
|
-
|
9,000
|
|
|
Zinc (in
thousands of pounds)
|
1,572
|
100
|
*
|
-
|
1,672
|
|
|
Sulphur (in
thousands of pound)
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
14,304
|
-
|
|
-
|
14,304
|
|
|
Gold (in
thousands of $)
|
808
|
-
|
|
1,045
|
1,853
|
|
|
Lead (in
thousands of $)
|
6,824
|
-
|
|
-
|
6,824
|
|
|
Zinc (in
thousands of $)
|
989
|
-
|
|
-
|
989
|
|
|
Sulphur (in
thousands of $)
|
-
|
-
|
|
-
|
-
|
|
|
|
22,925
|
-
|
|
1,045
|
23,970
|
|
Average Selling
Price,Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
|
|
Silver ($ per
ounce)
|
16.20
|
-
|
|
-
|
16.20
|
|
|
Gold ($ per
ounce)
|
887
|
-
|
|
995
|
945
|
|
|
Lead ($ per
pound)
|
0.77
|
-
|
|
-
|
0.77
|
|
|
Zinc ($ per
pound)
|
0.63
|
-
|
|
-
|
0.63
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG&LM.
|
|
|
|
|
|
2 X Mines
includes the XBG project and XHP project.
|
|
|
|
|
|
3 BYP gold
ounces converted to silver equivalent using a ratio of
50:1.
|
|
|
|
|
|
* Represents
development tunnelling ore at the X mines.
|
|
|
|
|
|
+Non-IFRS measures,
see section 9 for reconciliation.
|
|
|
|
|
|
SILVERCORP METALS
INC.
Mining Data
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
|
|
|
Nine months ended
December 31, 2014
|
|
|
|
Ying
Mining
District1
|
BYP
|
GC
|
Total
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
546,402
|
46,547
|
158,814
|
751,763
|
|
|
Run of Mine Ore
(tonne)
|
547,465
|
48,844
|
159,431
|
755,740
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
62.10
|
30.55
|
53.62
|
58.35
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
49.24
|
22.92
|
31.39
|
43.84
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
12.86
|
7.63
|
22.23
|
14.51
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs($)
|
4.83
|
-
|
-
|
3.51
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
15.06
|
13.40
|
21.15
|
16.23
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
12.88
|
12.31
|
16.59
|
13.62
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
2.18
|
1.09
|
4.56
|
2.61
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
Silver ($ per
ounce)
|
7.57
|
-
|
9.79
|
8.03
|
|
|
|
Gold ($ per
ounce)
|
418
|
565
|
706
|
510
|
|
|
|
Lead ($ per
pound)
|
0.37
|
-
|
0.63
|
0.40
|
|
|
|
Zinc ($ per
pound)
|
0.34
|
-
|
0.61
|
0.38
|
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
0.01
|
0.01
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
2.95
|
|
6.79
|
3.31
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
0.40
|
|
(2.96)
|
0.07
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Gold ($)
|
|
565
|
|
566
|
|
+
|
Total cash cost
per ounce of Gold ($)
|
|
454
|
|
455
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)2
|
8.27
|
23.32
|
9.82
|
10.59
|
|
+
|
All-in cost per
ounce of Silver ($)2
|
14.65
|
25.15
|
13.58
|
16.63
|
|
|
|
|
|
|
|
|
|
Total Recovery of
the Run of Mine Ore
|
|
|
|
|
|
|
|
Silver (%)
3
|
94.1
|
|
77.2
|
90.3
|
|
|
|
Gold
(%)
|
|
89.1
|
|
89.1
|
|
|
|
Lead
(%)
|
95.6
|
|
86.8
|
93.6
|
|
|
|
Zinc
(%)
|
61.2
|
|
80.9
|
65.7
|
|
|
|
Sulphur
(%)
|
|
|
17.8
|
17.8
|
|
|
|
|
|
|
|
|
|
Head Grades of Run
of Mine Ore
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
232
|
|
105
|
203
|
|
|
|
Gold
(gram/tonne)
|
|
2.7
|
|
2.7
|
|
|
|
Lead
(%)
|
3.3
|
|
1.3
|
2.9
|
|
|
|
Zinc
(%)
|
0.8
|
|
2.7
|
1.2
|
|
|
|
Sulphur
(%)
|
|
|
9.5
|
9.5
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of ounce)
|
3,798
|
-
|
402
|
4,200
|
|
|
Gold (in
thousands of ounce)
|
2.5
|
2.7
|
-
|
5.2
|
|
|
Lead (in
thousands of pound)
|
38,362
|
-
|
3,928
|
42,290
|
|
|
Zinc (in
thousands of pound)
|
5,686
|
-
|
7,711
|
13,397
|
|
|
Sulphur (in
thousands of pound)
|
-
|
-
|
21,412
|
21,412
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
57,598
|
-
|
4,569
|
62,167
|
|
|
Gold (in
thousands of $)
|
2,121
|
2,775
|
11
|
4,907
|
|
|
Lead (in
thousands of $)
|
28,629
|
-
|
2,866
|
31,495
|
|
|
Zinc (in
thousands of $)
|
3,906
|
-
|
5,453
|
9,359
|
|
|
Sulphur (in
thousands of $)
|
-
|
-
|
268
|
268
|
|
|
|
92,254
|
2,775
|
13,167
|
108,196
|
|
Average Selling
Price,Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
|
Silver ($ per
ounce)4
|
15.17
|
-
|
11.38
|
14.80
|
|
|
Gold ($ per
ounce)
|
837
|
1,024
|
821
|
933
|
|
|
Lead ($ per
pound)
|
0.75
|
-
|
0.73
|
0.74
|
|
|
Zinc ($ per
pound)
|
0.69
|
-
|
0.71
|
0.70
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
0.01
|
0.01
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG&LM.
|
|
|
|
|
2 BYP gold
ounces converted to silver equivalent using a ratio of
50:1.
|
|
|
|
|
3 GC
silver recovery rate consist of 54.0% from lead concentrate and
23.2% from zinc concentrate.
|
|
|
4 GC's
silver sold in zinc concentrate is subjected to higher smelter and
refining charges, resulted in lower silver selling
price.
|
|
+Non-IFRS measures,
see section 9 for reconciliation.
|
|
|
|
|
SILVERCORP METALS
INC.
Mining Data
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
|
|
|
Nine months ended
December 31, 2013
|
|
|
|
Ying
Mining
District1
|
X
Mines2
|
BYP
|
Total
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
535,210
|
-
|
|
67,418
|
602,628
|
|
|
Run of Mine Ore
(tonne)
|
543,221
|
10,425
|
*
|
69,621
|
623,267
|
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
61.42
|
-
|
|
54.35
|
60.63
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
51.02
|
-
|
|
23.48
|
47.94
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
10.40
|
-
|
|
30.87
|
12.69
|
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs($)
|
4.33
|
-
|
|
-
|
3.85
|
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
16.07
|
-
|
|
15.35
|
15.99
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
13.98
|
-
|
|
14.05
|
13.99
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
2.09
|
-
|
|
1.30
|
2.00
|
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
|
Silver ($ per
ounce)
|
8.94
|
-
|
|
-
|
9.28
|
|
|
|
Gold ($ per
ounce)
|
503
|
-
|
|
903
|
570
|
|
|
|
Lead ($ per
pound)
|
0.41
|
-
|
|
-
|
0.42
|
|
|
|
Zinc ($ per
pound)
|
0.33
|
-
|
|
0.45
|
0.34
|
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
4.47
|
-
|
|
|
4.47
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
2.04
|
-
|
|
|
2.04
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Gold ($)
|
|
|
|
899
|
884
|
|
+
|
Total cash cost
per ounce of Gold ($)
|
|
|
|
473
|
466
|
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)3
|
12.14
|
-
|
|
23.72
|
16.22
|
|
+
|
All-in cost per
ounce of Silver ($)3
|
15.59
|
-
|
|
25.51
|
24.65
|
|
|
|
|
|
|
|
|
|
|
Total Recovery of
the Run of Mine Ore
|
|
|
|
|
|
|
|
|
Silver
(%)
|
92.6
|
-
|
|
|
92.6
|
|
|
|
Gold
(%)
|
|
|
|
92.6
|
92.6
|
|
|
|
Lead
(%)
|
95.0
|
-
|
|
|
95.0
|
|
|
|
Zinc
(%)
|
67.4
|
-
|
|
|
67.4
|
|
|
|
Sulphur
(%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Head Grades of Run
of Mine Ore
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
206
|
-
|
|
|
206
|
|
|
|
Gold
(gram/tonne)
|
|
|
|
2.9
|
2.9
|
|
|
|
Lead
(%)
|
2.8
|
-
|
|
|
2.8
|
|
|
|
Zinc
(%)
|
0.9
|
-
|
|
|
0.9
|
|
|
|
Sulphur
(%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
3,269
|
12
|
*
|
-
|
3,281
|
|
|
Gold (in
thousands of ounces)
|
3.1
|
0.2
|
*
|
5.5
|
8.8
|
|
|
Lead (in
thousands of pounds)
|
31,397
|
590
|
*
|
-
|
31,987
|
|
|
Zinc (in
thousands of pounds)
|
6,697
|
584
|
*
|
282
|
7,563
|
|
|
Sulphur (in
thousands of pound)
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
55,064
|
-
|
|
-
|
55,064
|
|
|
Gold (in
thousands of $)
|
2,909
|
-
|
|
5,991
|
8,900
|
|
|
Lead (in
thousands of $)
|
24,006
|
-
|
|
-
|
24,006
|
|
|
Zinc (in
thousands of $)
|
4,141
|
-
|
|
154
|
4,295
|
|
|
Sulphur (in
thousands of $)
|
-
|
-
|
|
-
|
-
|
|
|
|
86,120
|
-
|
|
6,145
|
92,265
|
|
Average Selling
Price,Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
|
Silver ($ per
ounce)
|
16.85
|
-
|
|
-
|
16.85
|
|
|
Gold ($ per
ounce)
|
949
|
-
|
|
1,084
|
1,036
|
|
|
Lead ($ per
pound)
|
0.76
|
-
|
|
-
|
0.76
|
|
|
Zinc ($ per
pound)
|
0.62
|
-
|
|
0.55
|
0.62
|
|
|
Sulphur ($ per
pound)
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG&LM.
|
|
|
|
|
|
2 X Mines
includes the XBG project and XHP project.
|
|
|
|
|
|
3 BYP gold
ounces converted to silver equivalent using a ratio of
50:1.
|
|
|
|
|
* Represents
development tunnelling ore at the X mines.
|
|
|
|
|
|
+Non-IFRS measures,
see section 9 for reconciliation.
|
|
|
|
|
|
SOURCE Silvercorp Metals Inc