Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM)
(NYSE American: SVM) reported its financial and operating results
for the third quarter ended December 31, 2018 (“Q3 Fiscal
2019”). All amounts are expressed in US Dollars.
Q3 FISCAL YEAR 2019
HIGHLIGHTS
- Ore mined up 3% to 260,278 tonnes compared to the prior year
quarter;
- Sold approximately 1.7 million ounces of silver, 1,100 ounces
of gold, and 17.8 million pounds of lead, up 13%, 57%, and 13%,
respectively, compared to the prior year quarter while zinc sold
was 4.1 million pounds, down 36% compared to the prior year
quarter.
- Ended the quarter with inventories of 4,211 tonnes of
silver-lead concentrate (containing approximately 0.4 million
ounces of silver and 4.4 million pounds of lead) and 3,079 tonnes
of zinc concentrate (containing approximately 3.1 million pounds of
zinc), up 13% and 415%, respectively, compared to September 30,
2018;
- Sales of $42.4 million, down 5% compared to $44.4 million in
the prior year quarter;
- Paid $1.7 million withholding tax at a rate of 10% for
dividends distributed out of China to the Company, compared to $nil
in the prior year quarter;
- Gross profit margin of 46% compared to 52% in the prior year
quarter, with the decrease mainly due to lower metal prices;
- Net income attributable to equity shareholders of $8.7 million,
or $0.05 per share, compared to $12.7 million, or $0.08 per share,
in the prior year quarter;
- Cash flow from operations of $19.5 million, compared to $27.5
million in the prior year quarter;
- Cash cost per ounce of silver1, net of by-product credits, of
negative $2.77, compared to negative $5.92 in the prior year
quarter;
- All-in sustaining cost per ounce of silver1, net of by-product
credits, of $6.53, compared to $3.16 in the prior year
quarter;
- Paid $2.1 million dividends to the Company’s shareholders;
and,
- Ended the quarter with $125.2 million in cash and cash
equivalents and short-term investments, an increase of $1.3 million
or 1% compared to September 30, 2018.
1 Non IFRS measure. Please refer to section 11 of the
corresponding MD&A for reconciliation
FINANCIALS
Net income attributable to equity
shareholders of the Company in Q3 Fiscal 2019 was $8.7
million, or $0.05 per share, compared to $12.7 million, or $0.07
per share in the three months ended December 31, 2017 (“Q3 Fiscal
2018”).
Sales in Q3 Fiscal 2019 were
$42.4 million, down 5% compared to $44.4 million in Q3 Fiscal 2018.
Silver and gold sales represented $20.7 million and $1.2 million,
respectively, while base metals represented $20.5 million of the
total sales, compared to silver, gold and base metals sales of
$19.8 million, $0.6 million, and $23.9 million, respectively, in Q3
Fiscal 2018.
Compared to the same prior year quarter, the
Company’s financial results in Q3 Fiscal 2019 were mainly impacted
by i) a decrease of 8%, 9% and 29% in the realized selling prices
for silver, lead and zinc, respectively, ii) a 36% decrease in zinc
sold, iii) an increase of 13% each of silver and lead sold, and iv)
a 3% decrease in total production costs.
Cost of sales in Q3 Fiscal 2019
was $23.0 million compared to $21.2 million in Q3 Fiscal
2018. The cost of sales included $16.9 million cash
production costs (Q3 Fiscal 2018 - $15.6 million), $1.2 million
mineral resources tax (Q3 Fiscal 2018 - $1.3 million), and $4.9
million depreciation and amortization charges (Q3 Fiscal 2018 -
$4.4 million). The increase in cash production costs and
depreciation and amortization charges was mainly due to more silver
and lead sold while the decrease in mineral resources tax was due
to lower revenue achieved in the current quarter. The cash
production costs expensed in cost of sales represents approximately
254,000 tonnes of ore processed and expensed at costs of $66.62 per
tonne (Q3 Fiscal 2018 – approximately 222,000 tonnes at $70.11 per
tonne).
Gross profit
margin in Q3 Fiscal 2019 was 46%, compared to 52%
in Q3 Fiscal 2018, with the decrease mainly due to the decrease in
the realized metal selling prices. Ying Mining District’s gross
profit margin was 47% compared to 55% in Q3 Fiscal 2018. GC Mine’s
gross profit margin was 38% compared to 41% in Q3 Fiscal 2018.
General and
administrative expenses in Q3 Fiscal 2019 were
$5.3 million, an increase of $0.4 million compared to $4.9 million
in Q3 Fiscal 2018. The increase was mainly due to a $0.5 million
increase in labour costs offset by a decrease of $0.3 million in
discretionary office and administrative expenses.
Income tax expenses in Q3
Fiscal 2019 were $5.1 million compared to $4.3 million in Q3 Fiscal
2018. The income tax expense recorded in Q3 Fiscal 2019
included current income tax expense of $4.4 million (Q3 Fiscal 2018
– $3.7 million) and deferred income tax expense of $0.7 million (Q3
Fiscal 2018 – $0.6 million). The current income tax expenses
include $1.7 million withholding tax (Q3 Fiscal 2018 - $nil), being
10% of the dividends distributed out of China to the Company by the
Company’s Chinese subsidiaries.
Cash flows provided by operating
activities in Q3 Fiscal 2019 were $19.5 million, a
decrease of $8.0 million compared to $27.5 million in Q3 Fiscal
2018. The decrease was mainly due to less operating income
arising from lower metal prices and the increase of withholding tax
paid.
For the nine months ended December 31,
2018
Net income attributable to equity shareholders
of the Company was $27.6 million or $0.16 per share, a decrease of
$7.2 million, compared to $34.8 million or $0.20 per share in the
same prior year period; sales were $135.6 million, up 3% from
$131.6 million in the same prior year period; and cash flows from
operating activities were $61.7 million, compared to $65.0 million
in the same prior year period.
The Company ended the period with $125.2 million
in cash and short-term investments, an increase of $1.3 million or
1% compared to $123.9 million as at September 30, 2018.
Working capital as at December 31, 2018 was
$99.0 million, an increase of $0.3 million compared to $98.7
million working capital as at September 30, 2018.
OPERATIONS AND DEVELOPMENT
(i) Q3 Fiscal 2019 vs. Q3 Fiscal 2018
In Q3 Fiscal 2019, on a consolidated basis, the
Company mined 260,278 tonnes of ore, an increase of 3% or 7,994
tonnes, compared to 252,284 tonnes in Q3 Fiscal 2018. Ore
mined at the Ying Mining District increased by 5% or 7,533 tonnes,
and ore mined at the GC Mine increased by 1% or 461 tonnes.
Ore milled was 271,476 tonnes, up 6% compared to 256,037 tonnes of
ore milled in Q3 Fiscal 2018.
In Q3 Fiscal 2019, the Company sold
approximately 1.7 million ounces of silver, 1,100 ounces of gold,
and 17.8 million pounds of lead, up 13%, 57%, and 13%,
respectively, compared to 1.5 million ounces of silver, 700 ounces
of gold, and 15.8 million pounds of lead in Q3 Fiscal 2018 while
zinc sold was 4.1 million pounds, down 36% compared to 6.4 million
pounds in Q3 Fiscal 2018. As at December 31, 2018, the Company had
inventories of 4,211 tonnes of silver-lead concentrate and 3,079
tonnes zinc concentrate, up 13% and 415%, respectively, compared to
3,732 tonnes of silver-lead concentrate and 598 tonnes of zinc
concentrate as at September 30, 2018.
In Q3 Fiscal 2019, the consolidated total mining
costs and cash mining costs were $71.76 and $53.49 per tonne, down
3% and 5%, respectively, compared to $74.16 and $56.11 per tonne in
Q3 Fiscal 2018. The decrease was mainly due to higher
production output resulting in lower per tonne fixed costs
allocation. The consolidated total milling costs and cash
milling costs in Q3 Fiscal 2019 were $13.44 and $11.64 per tonne,
compared to $13.45 and $11.31 per tonne in Q3 Fiscal 2018.
Correspondingly, the consolidated total
production costs and cash production costs per tonne of ore
processed in Q3 Fiscal 2019 decreased by 3% to $88.02 and $67.95,
respectively, from $90.30 and $70.11 in Q3 Fiscal 2018.
In Q3 Fiscal 2019, the consolidated total
production costs and cash costs per ounce of silver, net of
by-product credits, were $0.08 and negative $2.77, compared to
negative $3.04 and negative $5.92, respectively, in the prior year
quarter. The increase in cash cost per ounce of silver, net
of by-product credits, was mainly due to a 22% decrease in
by-product credits per ounce of silver, mainly arising from 9% and
29% decreases in the realized lead and zinc selling prices and a
36% decrease in zinc sold. Sales from lead and zinc accounted
for 48% of the total sales and amounted to $20.2 million, a
decrease of $3.6 million, compared to $23.8 million in Q3 Fiscal
2018.
The consolidated all-in sustaining cost per
ounce of silver, net of by-product credits is $6.53 compared to
$3.16 in Q3 Fiscal 2018. The increase was mainly due to an
increase of $2.0 million in sustaining capital and the increase in
cash costs per ounce of silver, net of by-product credits as
discussed above.
(ii) Nine months ended December 31, 2018 vs.
Nine months ended December 31, 2017
For the nine months ended December 31, 2018, on
a consolidated basis, the Company mined 745,395 tonnes of ore, an
increase of 4% or 28,733 tonnes, compared to 716,662 tonnes mined
in the same prior year period. Ore mined at the Ying Mining
District increased by 2% or 11,224 tonnes to 511,545 tonnes from
500,321 tonnes, and ore mined at the GC Mine increased by 8% or
17,509 tonnes to 233,850 tonnes from 216,341 tonnes in the same
prior year period. In the same comparative period, ore milled
increased by 3% to 748,944 tonnes compared to 724,534 tonnes.
The Company sold approximately 5.1 million
ounces of silver, 2,800 ounces of gold, 52.1 million pounds of
lead, and 15.4 million pounds of zinc, compared to 4.7 million
ounces of silver, 2,400 ounces of gold, 48.6 million of lead, and
17.0 million pounds of zinc sold in the same prior year period.
The consolidated total mining costs and cash
mining costs were $73.85 and $54.88 per tonne, an increase of 4%
and 3%, respectively, compared to $71.07 and $53.17 per tonne in
the same prior year period. The consolidated total milling costs
and cash milling costs were $13.22 and $11.08, an increase of 3%
and 5%, respectively, compared to $12.81 and $10.55 per tonne in
the same prior year period.
Correspondingly, the consolidated total
production costs and cash production costs per tonne of ore
processed for the nine months ended December 31, 2018 were $89.98
and $68.87, an increase of 4% and 4%, respectively, compared to
$86.63 and $66.47 in the same prior year period, but the
consolidated cash production costs was 2% lower than the annual
guidance of $70.20.
The consolidated cash production costs and
all-in sustaining costs per ounce of silver, net of by-product
credits, were negative $4.37 and $3.27 compared to negative $4.97
and $3.35, respectively, in the same prior year period.
- Ying Mining District, Henan Province,
China
Operational
results - Ying Mining District |
|
|
|
|
|
|
|
|
|
Q3 2019 |
Q2 2019 |
Q1
2019 |
Q4
2018 |
Q3
2018 |
|
Nine Months ended December 31, |
|
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
|
2018 |
2017 |
Ore Mined (tonne) |
174,152 |
180,662 |
156,730 |
113,820 |
166,619 |
|
511,545 |
500,321 |
Ore Milled (tonne) |
184,684 |
172,200 |
155,929 |
112,285 |
167,543 |
|
512,813 |
506,448 |
Head Grades |
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
296 |
308 |
323 |
309 |
315 |
|
308 |
304 |
Lead (%) |
4.1 |
4.6 |
4.5 |
4.3 |
4.5 |
|
4.4 |
4.5 |
Zinc (%) |
0.8 |
0.9 |
1.1 |
1.0 |
1.0 |
|
0.9 |
0.9 |
Recoveries |
|
|
|
|
|
|
|
|
Silver (%) |
95.6 |
96.1 |
96.0 |
95.9 |
95.8 |
|
95.9 |
95.7 |
Lead (%) |
95.2 |
95.6 |
96.3 |
96.5 |
96.4 |
|
95.6 |
96.3 |
Zinc (%) |
50.2 |
51.2 |
54.5 |
54.5 |
57.3 |
|
52.1 |
51.7 |
Metal Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
1,545 |
1,765 |
1,313 |
1,319 |
1,322 |
|
4,623 |
4,118 |
Gold (in thousands of ounce) |
1.1 |
1.0 |
0.7 |
0.7 |
0.7 |
|
2.8 |
2.4 |
Lead (in thousands of pound) |
15,156 |
17,359 |
13,313 |
12,649 |
13,487 |
|
45,828 |
42,531 |
Zinc (in thousands of pound) |
381 |
1,648 |
2,133 |
1,106 |
2,006 |
|
4,162 |
5,030 |
Cash mining costs ($ per tonne) |
63.04 |
58.65 |
63.49 |
65.88 |
66.71 |
|
63.00 |
60.45 |
Total mining costs ($ per tonne) |
86.27 |
81.50 |
89.57 |
92.81 |
90.12 |
|
86.97 |
82.72 |
Cash milling costs ($ per tonne) |
10.49 |
8.54 |
10.30 |
12.59 |
9.84 |
|
9.98 |
8.80 |
Total milling costs ($ per tonne) |
12.24 |
10.47 |
12.60 |
15.80 |
11.87 |
|
11.96 |
10.80 |
Cash production costs ($ per tonne) |
77.80 |
71.45 |
78.10 |
82.84 |
80.60 |
|
77.26 |
73.18 |
|
|
|
|
|
|
|
|
|
Cash costs per ounce of silver ($) |
(1.74) |
(2.80) |
(6.25) |
(3.41) |
(4.53) |
|
(3.43) |
(4.03) |
All-in sustaining costs per ounce of silver
($) |
5.80 |
1.52 |
(0.28) |
1.39 |
2.13 |
|
2.44 |
2.25 |
|
|
|
|
|
|
|
|
|
- Q3 Fiscal 2019 vs. Q3 Fiscal 2018
In Q3 Fiscal 2019, the total ore mined at the
Ying Mining District was 174,152 tonnes, an increase of 5% or 7,533
tonnes, compared to 166,619 tonnes mined in Q3 Fiscal 2018.
Ore milled was 184,684 tonnes, an increase of 10% or 17,141 tonnes
compared to 167,543 tonnes in Q3 Fiscal 2018.
Head grades of ore milled at the Ying Mining
District in Q3 Fiscal 2019 were 296 grams per tonne (“g/t”) for
silver, 4.1% for lead, and 0.8% for zinc, compared to 315 g/t for
silver, 4.5% for lead and 1.0% for zinc in Q3 Fiscal 2018. The
Company continues to achieve positive dilution control using its
“Enterprise Blog” to assist and manage daily operations.
In Q3 Fiscal 2019, the Ying Mining District sold
approximately 1.5 million ounces silver, 15.2 million pounds lead,
and 0.4 million pounds zinc, compared to 1.3 million ounces silver,
13.5 million pounds lead, and 2.0 million pounds of zinc in Q3
Fiscal 2018. As at December 31, 2018, the Ying Mining District had
inventories of 3,750 tonnes of silver-lead concentrate and 1,350
tonnes of zinc concentrate , an increase of 9% and 486%,
respectively, compared to 3,452 tonnes of silver-lead concentrate
and 230 tonnes of zinc concentrate as at September 30, 2018.
Total and cash mining costs per tonne at the
Ying Mining District in Q3 Fiscal 2019 were $86.27 and $63.04 per
tonne, respectively, compared to $90.12 and $66.71 per tonne in Q3
Fiscal 2018, and the improvement was mainly due to lower per tonne
fixed costs allocation resulting from higher production
output. Total and cash milling costs per tonne at the Ying
Mining District in Q3 Fiscal 2019 were $12.24 and $10.49,
respectively, compared to $11.87 and $9.84 in Q3 Fiscal 2018, and
the increase was mainly due to an increase of $0.1 million in
utility costs.
Correspondingly, the total production costs and
cash production costs per tonne of ore processed at the Ying Mining
District in Q3 Fiscal 2019 were $102.78 and $77.80, respectively,
compared to $106.04 and $80.60 in Q3 Fiscal 2018.
Cash costs per ounce of silver, net of
by-product credits at the Ying Mining District in Q3 Fiscal 2019,
was negative $1.74 compared to negative $4.53 in the prior year
quarter. The increase in the cash costs per ounce of silver, net of
by-product credits, was mainly due to a 19% decrease in by-product
credits per ounce of silver, mainly arising from 9% and 33%
decreases in lead and zinc realized selling price and an 81%
decrease in zinc sold.
All in sustaining costs per ounce of silver, net
of by-product credits, at the Ying Mining District in Q3 Fiscal
2019 was $5.80 compared to $2.13 in the prior year quarter. The
increase was mainly due to an increase of $3.0 million in
sustaining capital and the increase in cash cost per ounce of
silver, net of by-product credits as discussed above.
In Q3 Fiscal 2019, approximately 20,351 metres
or $0.4 million worth of underground diamond drilling (Q3 Fiscal
2018 – 25,109 metres or $0.4 million) and 4,678 metres or $1.4
million worth of preparation tunnelling (Q3 Fiscal 2018 – 5,187
metres or $1.6 million) were completed and expensed as mining
preparation costs at the Ying Mining District. In addition,
approximately 19,361 metres or $6.7 million worth of horizontal
tunnels, raises, ramps and declines (Q3 Fiscal 2018 – 16,326 metres
or $6.0 million) were completed and capitalized.
i) Nine months ended December 31,
2018 vs. Nine months ended December 31, 2017
For the nine months ended December 31, 2018, a
total of 511,545 tonnes of ore were mined at the Ying Mining
District, an increase of 2% or 11,224 tonnes compared to 500,321
tonnes mined in the same prior year period. Ore milled was 512,813
tonnes, up 1% or 6,365 tonnes compared to 506,448 tonnes in the
same prior year period. Average head grades of ore processed were
308 g/t for silver, 4.4% for lead, and 0.9% for zinc compared to
304 g/t for silver, 4.5% for lead, and 0.9% for zinc in the same
prior year period.
During the same time periods, the Ying Mining
District sold approximately 4.6 million ounces of silver, 2,800
ounces of gold, 45.8 million pounds of lead, and 4.2 million pounds
of zinc, compared to 4.1 million ounces of silver, 2,400 ounces of
gold, 42.5 million pounds of lead, and 5.0 million pounds of zinc
in the same prior year period.
For the nine months ended December 31, 2018, the
cash mining costs and cash milling costs at the Ying Mining
District were $63.00 per tonne and $9.98 per tonne, an increase of
4% and 13%, respectively, compared to $60.45 and $8.80 in the same
prior year period. The cash production cost was $77.26 per tonne,
an increase of 6% compared to $73.18 in the same prior year
period.
Cash costs per ounce of silver and all in
sustaining costs per ounce of silver, net of by-product credits, at
the Ying Mining District, for the nine months ended December 31,
2018, were negative $3.43 and $2.44 respectively, compared to
negative $4.03 and $2.25 in the same prior year period.
For the nine months ended December 31, 2018,
approximately 69,872 metres or $1.5 million worth of underground
diamond drilling (same prior year period – 86,007 metres or $1.7
million) and 15,595 metres or $4.4 million worth of preparation
tunnelling (same prior year period – 16,914 metres or $4.9 million)
were completed and expensed as mining preparation costs at the Ying
Mining District. In addition, approximately 54,923 metres or $19.2
million worth of horizontal tunnels, raises, and declines (same
prior year period – 52,174 metres or $16.2 million) were completed
and capitalized.
2. GC Mine, Guangdong Province,
China
Operational
results - GC Mine |
Q3
2019 |
Q2
2019 |
Q1
2019 |
Q4
2018 |
Q3
2018 |
|
Nine Months Ended December 31, |
|
December 31,
2018 |
September 30,
2018 |
June 30, 2018 |
March 31, 2018 |
December 31,
2017 |
|
2018 |
2017 |
Ore Mined (tonne) |
86,126 |
67,757 |
79,967 |
29,442 |
85,665 |
|
233,850 |
216,341 |
Ore Milled (tonne) |
86,792 |
67,528 |
81,811 |
26,252 |
88,494 |
|
236,131 |
218,086 |
Head Grades |
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
84 |
78 |
87 |
96 |
97 |
|
83 |
99 |
Lead (%) |
1.6 |
1.4 |
1.3 |
1.3 |
1.4 |
|
1.4 |
1.5 |
Zinc (%) |
3.1 |
2.8 |
2.9 |
2.9 |
2.8 |
|
2.9 |
2.8 |
Recovery Rates |
|
|
|
|
|
|
|
|
Silver (%) |
80.5 |
76.7 |
75.3 |
76.3 |
73.6 |
|
77.6 |
76.1 |
Lead (%) |
91.6 |
91.2 |
87.1 |
87.5 |
83.9 |
|
90.1 |
85.2 |
Zinc (%) |
85.5 |
83.3 |
84.8 |
85.7 |
81.3 |
|
84.7 |
81.2 |
Metal Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
167 |
136 |
150 |
63 |
196 |
|
453 |
540 |
Lead (in thousands of pound) |
2,644 |
2,063 |
1,583 |
688 |
2,263 |
|
6,290 |
6,066 |
Zinc (in thousands of pound) |
3,730 |
3,240 |
4,244 |
1,479 |
4,399 |
|
11,214 |
11,954 |
Cash
mining cost ($ per tonne) |
34.17 |
41.25 |
36.78 |
45.92 |
35.48 |
|
37.12 |
36.33 |
Total mining cost ($ per tonne) |
42.40 |
49.29 |
44.62 |
57.47 |
43.10 |
|
45.16 |
44.12 |
Cash
milling cost ($ per tonne) |
14.08 |
11.45 |
14.46 |
25.07 |
14.09 |
|
13.46 |
14.60 |
Total milling cost ($ per tonne) |
15.98 |
14.47 |
17.14 |
33.41 |
16.45 |
|
15.95 |
17.46 |
Cash
production cost ($ per tonne) |
48.25 |
52.70 |
51.24 |
70.99 |
49.57 |
|
50.58 |
50.93 |
|
|
|
|
|
|
|
|
|
Cash cost
per ounce of silver ($) |
(12.32) |
(10.81) |
(18.81) |
(13.95) |
(15.34) |
|
(14.02) |
(12.19) |
All-in sustaining cost per ounce of silver
($) |
(6.54) |
(2.03) |
(11.36) |
(4.57) |
(4.52) |
|
(6.78) |
(3.59) |
|
|
|
|
|
|
|
|
|
i) Q3 Fiscal 2019 vs. Q3 Fiscal
2018
In Q3 Fiscal 2019, the total ore mined at the GC
Mine was 86,126 tonnes, an increase of 1% or 461 tonnes, compared
to 85,665 tonnes mined in Q3 Fiscal 2018, while ore milled was
86,792 tonnes, a decrease of 2% or 1,720 tonnes compared to 88,494
tonnes in Q3 Fiscal 2018. Average head grades of ore
processed at the GC Mine were 84 g/t for silver, 1.6% for lead, and
3.1% for zinc compared to 97 g/t for silver, 1.4% for lead, and
2.8% for zinc in the prior year quarter. Recovery rates of
ore processed at the GC Mine were 80.5% for silver, 91.6% for lead,
and 85.5% for zinc, significantly improved from 73.6% for silver,
83.9% for lead, and 81.3% for zinc in the prior year quarter.
In Q3 Fiscal 2019, the GC Mine sold 167,000
ounces of silver, 2.6 million pounds of lead, and 3.7 million
pounds of zinc, compared to 196,000 ounces of silver, 2.3 million
pounds of lead, and 4.4 million pounds of zinc sold in the prior
year quarter. Less zinc sold was mainly due to the
built up of zinc concentrate inventory. As at December 31,
2018, GC Mine had inventories of 461 tonnes of silver-lead zinc
concentrate and 1,729 tonnes of zinc concentrate, compared to 280
tonnes of silver-lead concentrate and 368 tonnes of zinc
concentrate as at September 30, 2018.
Total and cash mining costs per tonne at the GC
Mine in Q3 Fiscal 2019 were $42.40 and $34.17 per tonne, compared
to $43.10 and $35.48 per tonne in Q3 Fiscal 2018. The decrease in
cash mining costs was mainly due to a $0.3 million decrease in
utility costs in the current quarter. Total and cash milling costs
per tonne at the GC Mine in Q3 Fiscal 2019 were $15.98 and $14.08,
compared to $16.45 and $14.09 in Q3 Fiscal 2018.
Correspondingly, the total production costs and
cash production costs per tonne of ore processed in Q3 Fiscal 2019
at the GC Mine were $58.38 and $48.25, a decrease of 2% and 3%,
respectively, compared to $59.55 and $49.57 in the prior year
quarter.
Cash costs per ounce of silver, net of
by-product credits, at the GC Mine, was negative $12.32 compared to
negative $15.34 in the prior year quarter. The increase was mainly
due to a $1.8 million or 25% decrease in by-product credits mainly
resulting from a decrease of 9% and 29% in net realized lead and
zinc selling prices and a 15% decrease in zinc sold at the GC
Mine.
All in sustaining costs per ounce of silver, net
of by-product credits, in Q3 Fiscal 2019 at the GC Mine was
negative $6.54 compared to negative $4.52 in the prior year
quarter, and the decrease was mainly due to a decrease of $0.7
million in sustaining capital expenditures.
In Q3 Fiscal 2019, approximately 7,089 metres or
$0.3 million worth of underground diamond drilling (Q3 Fiscal 2018
– 7,770 metres or $0.4 million) and 5,994 metres or $1.3 million
worth of tunnelling (Q3 Fiscal 2018 – 5,053 metres or $1.2 million)
were completed and expensed as mining preparation costs at the GC
Mine. In addition, approximately 333 metres or $0.1 million of
horizontal tunnels, raises and declines (Q3 Fiscal 2018 – 17 metres
or $0.1 million) were completed and capitalized.
ii) Nine months ended December 31,
2018 vs. Nine months ended December 31, 2017
For the nine months ended December 31, 2018, a
total of 233,850 tonnes of ore were mined and 236,131 tonnes were
milled at the GC Mine compared to 216,341 tonnes mined and 218,086
tonnes milled in the same prior year period. Average head grades of
ore milled were 83 g/t for silver, 1.4% for lead, and 2.9% for zinc
compared to 99 g/t for silver, 1.5% for lead, and 2.8% for zinc,
respectively, in the same prior year period.
During the same time periods, the GC Mine sold
approximately 453,000 ounces of silver, 6.3 million pounds of lead,
and 11.2 million pounds of zinc, compared to 540,000 ounces of
silver, 6.1 million pounds of lead, and 12.0 million pounds of zinc
in the same prior year period.
For the nine months ended December 31, 2018, the
cash mining costs at the GC Mine was $37.12 per tonne, an increase
of 2% compared to $36.33 per tonne in the same prior year period.
The increase in the cash mining costs was mainly due to a $0.6
million increase in mining preparation costs as more underground
drilling and tunnelling were expensed in the current period. The
cash milling costs was $13.46 per tonne, a decrease of 8% compared
to $14.60 in the same prior year period.
Correspondingly, the total production costs and cash production
costs per tonne at the GC Mine were $61.11 and $50.58,
respectively, compared to $61.58 and $50.93 in the prior year
period.
Cash costs per ounce of silver and all-in
sustaining costs per ounce of silver, net of by‐product credits, at
the GC Mine, for the nine months ended December 31, 2018, were
negative $14.02 and negative $6.78 respectively, compared to
negative $12.19 and negative $3.59 in the same prior year
period.
For the nine months ended December 31, 2018,
approximately 21,863 metres or $1.0 million worth of underground
diamond drilling (same prior year period – 18,253 metres or $0.9
million) and 16,478 metres or $4.3 million of tunnelling (same
prior year period – 14,285 metres or $3.8 million) were completed
and expensed as mining preparation costs at the GC Mine. In
addition, approximately 1,112 metres or $0.8 million of horizontal
tunnels, raise, and declines (same prior year period – 280 metres
or $0.2 million) were completed and capitalized.
FISCAL 2020 PRODUCTION AND CASH COSTS
GUIDANCE
In Fiscal 2020, the Company expects to process
approximately 900,000 tonnes of ore, yielding 6.1 million ounces of
silver, 65.1 million pounds of lead, and 21.8 million pounds of
zinc. Fiscal 2020 production guidance represents an increase of
approximately 2% in silver production, 2% in lead production, and
10% in zinc production compared to the prior year’s guidance.
|
Ore
processed |
Silver |
Lead |
Zinc |
|
|
(tonnes) |
(g/t) |
(%) |
(%) |
|
Ying
Mining District |
630,000 |
290 |
4.3 |
0.9 |
|
GC Mine |
270,000 |
96 |
1.7 |
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver |
Lead |
Zinc |
Cash cost* |
AISC* |
|
(Moz) |
(Mlbs) |
(Mlbs) |
($/t) |
($/t) |
Ying
Mining District |
5.5 |
56.2 |
6.3 |
78.2 |
130.2 |
GC
Mine |
0.6 |
8.9 |
15.5 |
56.7 |
77.4 |
Consolidated |
6.1 |
65.1 |
21.8 |
71.8 |
125.5 |
*Both AISC and cash costs are non-IFRS
measures. AISC refers to all-in sustaining costs per tonne of
ore processed. Cash costs refer to cash production costs per tonne
of ore processed. Foreign exchange rates assumptions used are: US$1
= CAD$1.30, US$1 = RMB¥6.50.
(a) Ying Mining District, Henan Province,
China
In Fiscal 2020, Ying Mining District plans to
mine and process 630,000 tonnes of ore averaging 290 g/t silver,
4.3% lead, and 0.9% zinc with expected metal production of 5.5
million ounces of silver, 56.2 million pounds of lead and 6.3
million pounds of zinc. Fiscal 2020 production guidance at the Ying
Mining District represents an increase of approximately 2% in
silver head grade, 2% in silver and zinc metal production. Lead
head grade and metal production are comparable to prior year’s
guidance.
The cash production costs is expected to be
$78.20 per tonne of ore, and the all-in sustaining costs is
estimated at $130.20 per tonne of ore processed.
Capital expenditures at the Ying Mining District
in Fiscal 2020 are budgeted at $31.7 million, including $24.4
million for mine tunnelling and ramp development and $7.3 million
for equipment and infrastructure.
(b) GC Mine, Guangdong Province, China
In Fiscal 2020, GC Mine plans to mine and
process 270,000 tonnes of ore averaging 96 g/t silver, 1.7% lead,
and 3.1% zinc with expected metal production of 0.6 million ounces
of silver, 8.9 million pounds of lead and 15.5 million pounds of
zinc. Fiscal 2020 production guidance at the GC Mine represents an
increase of approximately 8% in ore production, 19% in lead
production, and 14% in zinc production compared to the prior year’s
guidance.
The cash production costs is expected to be
$56.70 per tonne of ore, and the all-in sustaining costs is
estimated at $77.40 per tonne of ore processed.
Capital expenditures at the GC Mine in Fiscal
2020 are budgeted at $5.2 million, including $2.5 million for mine
tunneling and ramp development, $1.4 million for a paste backfill
plant, and $1.3 million for other equipment and infrastructure.
Mr. Guoliang Ma, P.Geo., Manager of Exploration
and Resources of the Company, is the Qualified Person under the
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“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 under
the Company’s profile at 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 underdeveloped projects with resource potential and
the ability to grow organically. For more information, please visit
our website at www.silvercorp.ca.
For further information
Silvercorp Metals Inc.Lon Shaver Vice
PresidentPhone: (604) 669-9397Toll Free 1(888) 224-1881Email:
investor@silvercorp.ca Website: www.silvercorp.ca
CAUTIONARY DISCLAIMER - FORWARD-LOOKING
STATEMENTS
Certain of the statements and information in
this news 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
(collectively, “forward-looking statements”). 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. Forward-looking statements 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 and the GC
Mine; 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 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, 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; 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.
Forward-looking statements 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 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, 2018 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.
The Company’s forward-looking statements are
based on the assumptions, beliefs, expectations and opinions of
management as of the date of this news release, and other than as
required by applicable securities laws, the Company does not assume
any obligation to update forward-looking statements if
circumstances or management’s assumptions, beliefs, expectations or
opinions should change, or changes in any other events affecting
such statements. For the reasons set forth above, investors should
not place undue reliance on forward-looking statements.
|
SILVERCORP METALS INC. |
Consolidated Statements of Financial
Position |
(Unaudited - Expressed in thousands of U.S. dollars) |
|
|
|
|
|
As at December 31, |
|
As at March 31, |
|
|
2018 |
|
|
2018 |
ASSETS |
|
|
|
Current
Assets |
|
|
|
Cash and
cash equivalents |
$ |
68,138 |
|
|
$ |
49,199 |
|
Short-term investments |
|
57,069 |
|
|
|
56,910 |
|
Trade and
other receivables |
|
828 |
|
|
|
676 |
|
Inventories |
|
12,430 |
|
|
|
11,018 |
|
Due from
a related party |
|
38 |
|
|
|
11 |
|
Income
tax receivable |
|
- |
|
|
|
534 |
|
Prepaids and deposits |
|
4,081 |
|
|
|
4,456 |
|
|
|
142,584 |
|
|
|
122,804 |
|
Non-current
Assets |
|
|
|
Long-term
prepaids and deposits |
|
781 |
|
|
|
954 |
|
Reclamation deposits |
|
5,429 |
|
|
|
5,712 |
|
Investment in an associate |
|
36,821 |
|
|
|
38,001 |
|
Other
investments |
|
7,751 |
|
|
|
6,132 |
|
Plant and
equipment |
|
68,027 |
|
|
|
71,211 |
|
Mineral
rights and properties |
|
219,843 |
|
|
|
232,080 |
|
TOTAL ASSETS |
$ |
481,236 |
|
|
$ |
476,894 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Current
Liabilities |
|
|
|
Accounts
payable and accrued liabilities |
$ |
33,117 |
|
|
$ |
25,198 |
|
Bank
Loan |
|
4,366 |
|
|
|
- |
|
Deposits
received |
|
3,609 |
|
|
|
6,806 |
|
Income tax payable |
|
2,498 |
|
|
|
303 |
|
|
|
43,590 |
|
|
|
32,307 |
|
Non-current
Liabilities |
|
|
|
Deferred
income tax liabilities |
|
32,419 |
|
|
|
33,310 |
|
Environmental rehabilitation |
|
12,205 |
|
|
|
13,098 |
|
Total Liabilities |
|
88,214 |
|
|
|
78,715 |
|
|
|
|
|
Equity |
|
|
|
Share
capital |
|
230,987 |
|
|
|
228,729 |
|
Share
option reserve |
|
15,492 |
|
|
|
14,690 |
|
Reserves |
|
25,409 |
|
|
|
25,409 |
|
Accumulated other comprehensive loss |
|
(50,150 |
) |
|
|
(25,875 |
) |
Retained earnings |
|
109,693 |
|
|
|
86,283 |
|
Total equity
attributable to the equity holders of the Company |
|
331,431 |
|
|
|
329,236 |
|
|
|
|
|
Non-controlling
interests |
|
61,591 |
|
|
|
68,943 |
|
Total Equity |
|
393,022 |
|
|
|
398,179 |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
481,236 |
|
|
$ |
476,894 |
|
|
|
|
|
|
SILVERCORP METALS INC. |
Consolidated 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, |
|
|
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
Sales |
|
$ |
42,351 |
|
$ |
44,352 |
|
|
$ |
135,567 |
|
$ |
131,590 |
|
Cost of sales |
|
|
|
|
|
|
Production costs |
|
|
16,941 |
|
|
15,553 |
|
|
|
49,456 |
|
|
45,839 |
|
Mineral
resource taxes |
|
|
1,220 |
|
|
1,255 |
|
|
|
3,861 |
|
|
3,683 |
|
Depreciation and amortization |
|
|
4,887 |
|
|
4,378 |
|
|
|
15,396 |
|
|
13,291 |
|
|
|
|
23,048 |
|
|
21,186 |
|
|
|
68,713 |
|
|
62,813 |
|
Gross profit |
|
|
19,303 |
|
|
23,166 |
|
|
|
66,854 |
|
|
68,777 |
|
|
|
|
|
|
|
|
General
and administrative |
|
|
5,339 |
|
|
4,915 |
|
|
|
14,416 |
|
|
13,958 |
|
Government fees and other taxes |
|
|
625 |
|
|
902 |
|
|
|
2,194 |
|
|
2,433 |
|
Foreign
exchange loss (gain) |
|
|
(2,315 |
) |
|
(236 |
) |
|
|
(2,395 |
) |
|
2,490 |
|
Loss on
disposal of plant and equipment |
|
|
254 |
|
|
148 |
|
|
|
388 |
|
|
324 |
|
Gain on
disposal of NSR |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(4,320 |
) |
Share of
(income) loss in associate |
|
|
(172 |
) |
|
142 |
|
|
|
212 |
|
|
511 |
|
Dilution
gain on investment in associate |
|
|
- |
|
|
(822 |
) |
|
|
- |
|
|
(822 |
) |
Reclassification of other comprehensive loss upon |
|
|
|
|
|
|
ownership dilution of investment in associate |
|
|
- |
|
|
18 |
|
|
|
- |
|
|
18 |
|
Other expense (income) |
|
|
400 |
|
|
(1,560 |
) |
|
|
676 |
|
|
(1,867 |
) |
Income from operations |
|
|
15,172 |
|
|
19,659 |
|
|
|
51,363 |
|
|
56,052 |
|
|
|
|
|
|
|
|
Finance
income |
|
|
981 |
|
|
822 |
|
|
|
2,602 |
|
|
2,046 |
|
Finance costs |
|
|
(166 |
) |
|
(112 |
) |
|
|
(463 |
) |
|
(329 |
) |
Income before income taxes |
|
|
15,987 |
|
|
20,369 |
|
|
|
53,502 |
|
|
57,769 |
|
|
|
|
|
|
|
|
Income tax expense |
|
|
5,134 |
|
|
4,302 |
|
|
|
17,395 |
|
|
13,586 |
|
Net income |
|
$ |
10,853 |
|
$ |
16,067 |
|
|
$ |
36,107 |
|
$ |
44,183 |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Equity
holders of the Company |
|
$ |
8,660 |
|
$ |
12,718 |
|
|
$ |
27,618 |
|
$ |
34,800 |
|
Non-controlling interests |
|
|
2,193 |
|
|
3,349 |
|
|
|
8,489 |
|
|
9,383 |
|
|
|
$ |
10,853 |
|
$ |
16,067 |
|
|
$ |
36,107 |
|
$ |
44,183 |
|
|
|
|
|
|
|
|
Earnings per share attributable to the equity holders of
the Company |
|
|
|
|
Basic earnings per share |
|
$ |
0.05 |
|
$ |
0.08 |
|
|
$ |
0.16 |
|
$ |
0.21 |
|
Diluted earnings per share |
|
$ |
0.05 |
|
$ |
0.07 |
|
|
$ |
0.16 |
|
$ |
0.20 |
|
Weighted Average Number of Shares Outstanding -
Basic |
|
|
168,871,756 |
|
|
168,077,624 |
|
|
|
168,083,532 |
|
|
168,003,035 |
|
Weighted Average Number of Shares Outstanding -
Diluted |
|
170,314,907 |
|
|
169,782,024 |
|
|
|
170,306,321 |
|
|
169,992,421 |
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC. |
Consolidated Statements of Cash Flow |
(Unaudited
- Expressed in thousands of U.S. dollars) |
|
|
|
|
|
Three Months Ended December 31 |
|
|
Nine Months Ended December 31 |
|
|
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
Cash provided
by |
|
|
|
|
|
Operating
activities |
|
|
|
|
|
Net
income |
$ |
10,853 |
|
$ |
16,067 |
|
|
$ |
36,107 |
|
$ |
44,183 |
|
Add
(deduct) items not affecting cash: |
|
|
|
|
|
Finance
costs |
|
166 |
|
|
112 |
|
|
|
463 |
|
|
329 |
|
Depreciation, amortization and depletion |
|
5,207 |
|
|
4,683 |
|
|
|
16,308 |
|
|
14,176 |
|
Share of
(income) loss in associate |
|
(172 |
) |
|
142 |
|
|
|
212 |
|
|
511 |
|
Dilution
gain on investment in associate |
|
- |
|
|
(822 |
) |
|
|
- |
|
|
(822 |
) |
Reclassification of other comprehensive loss upon
ownership |
|
|
|
|
dilution
of investment in associate |
|
- |
|
|
18 |
|
|
|
- |
|
|
18 |
|
Gain on
disposal of NSR |
|
- |
|
|
- |
|
|
|
- |
|
|
(4,320 |
) |
Income
tax expense |
|
5,134 |
|
|
4,302 |
|
|
|
17,395 |
|
|
13,586 |
|
Finance
income |
|
(981 |
) |
|
(822 |
) |
|
|
(2,602 |
) |
|
(2,046 |
) |
Loss on
disposal of plant and equipment |
|
254 |
|
|
148 |
|
|
|
388 |
|
|
324 |
|
Share-based compensation |
|
506 |
|
|
458 |
|
|
|
1,418 |
|
|
1,144 |
|
Reclamation |
|
(268 |
) |
|
(17 |
) |
|
|
(334 |
) |
|
(36 |
) |
Income
taxes paid |
|
(4,004 |
) |
|
(2,065 |
) |
|
|
(12,480 |
) |
|
(9,647 |
) |
Interest
received |
|
981 |
|
|
822 |
|
|
|
2,602 |
|
|
2,046 |
|
Interest
paid |
|
(48 |
) |
|
- |
|
|
|
(96 |
) |
|
- |
|
Changes
in non-cash operating working capital |
|
1,917 |
|
|
4,431 |
|
|
|
2,358 |
|
|
5,598 |
|
Net cash provided by operating activities |
|
19,545 |
|
|
27,457 |
|
|
|
61,739 |
|
|
65,044 |
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
Mineral
rights and properties |
|
|
|
|
|
Capital
expenditures |
|
(7,617 |
) |
|
(5,705 |
) |
|
|
(19,410 |
) |
|
(16,638 |
) |
Plant and
equipment |
|
|
|
|
|
Additions |
|
(2,682 |
) |
|
(1,724 |
) |
|
|
(4,325 |
) |
|
(4,455 |
) |
Proceeds
on disposals |
|
- |
|
|
- |
|
|
|
29 |
|
|
19 |
|
Investment in associate |
|
- |
|
|
(3,836 |
) |
|
|
- |
|
|
(23,861 |
) |
Net
redemption (purchases) of short-term investments |
|
12,613 |
|
|
10,422 |
|
|
|
(4,606 |
) |
|
(21,345 |
) |
Net cash provided by
(used in) investing activities |
|
2,314 |
|
|
(843 |
) |
|
|
(28,312 |
) |
|
(66,280 |
) |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
Bank
loan |
|
|
|
|
|
Proceeds |
|
- |
|
|
- |
|
|
|
4,527 |
|
|
- |
|
Non-controlling interests |
|
|
|
|
|
Distribution |
|
(3,292 |
) |
|
- |
|
|
|
(9,926 |
) |
|
(4,891 |
) |
Acquisition |
|
(1,121 |
) |
|
- |
|
|
|
(1,121 |
) |
|
- |
|
Cash
dividends distributed |
|
(2,113 |
) |
|
(1,683 |
) |
|
|
(4,208 |
) |
|
(3,362 |
) |
Proceeds
from issuance of common shares |
|
623 |
|
|
174 |
|
|
|
1,643 |
|
|
342 |
|
Common
shares repurchased as part of normal course issuer bid |
|
- |
|
|
(1,779 |
) |
|
|
- |
|
|
(1,779 |
) |
Net cash used in financing activities |
|
(5,903 |
) |
|
(3,288 |
) |
|
|
(9,085 |
) |
|
(9,690 |
) |
Effect of exchange rate changes on cash and cash
equivalents |
|
(1,340 |
) |
|
1,579 |
|
|
|
(5,403 |
) |
|
4,197 |
|
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
14,616 |
|
|
24,905 |
|
|
|
18,939 |
|
|
(6,729 |
) |
Cash and cash equivalents, beginning of the
period |
|
53,522 |
|
|
41,369 |
|
|
|
49,199 |
|
|
73,003 |
|
Cash and cash equivalents, end of the period |
$ |
68,138 |
|
$ |
66,274 |
|
|
$ |
68,138 |
|
$ |
66,274 |
|
|
|
|
|
|
|
|
SILVERCORP METALS INC. |
Mining Data |
(Expressed
in thousands of U.S. dollars, except for mining data figures) |
|
|
|
|
Three
months ended December 31,
2018 |
|
|
|
Ying Mining
District1 |
GC2 |
Total |
|
|
|
|
|
|
Production Data |
|
|
|
|
Mine
Data |
|
|
|
|
|
Ore Mined
(tonne) |
174,152 |
|
86,126 |
|
260,278 |
|
|
|
Ore Milled (tonne) |
184,684 |
|
86,792 |
|
271,476 |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined
($) |
86.27 |
|
42.40 |
|
71.76 |
|
|
|
Cash mining cost per tonne of ore
mined ($) |
63.04 |
|
34.17 |
|
53.49 |
|
|
|
Non cash mining cost per tonne of
ore mined ($) |
23.23 |
|
8.23 |
|
18.27 |
|
|
|
|
|
|
|
|
+ |
Unit shipping costs($) |
4.27 |
|
- |
|
2.82 |
|
|
|
|
|
|
|
|
+ |
Milling cost per tonne of ore milled
($) |
12.24 |
|
15.98 |
|
13.44 |
|
|
|
Cash milling cost per tonne of ore
milled ($) |
10.49 |
|
14.08 |
|
11.64 |
|
|
|
Non cash milling cost per tonne of
ore milled ($) |
1.75 |
|
1.90 |
|
1.80 |
|
|
|
|
|
|
|
|
+ |
Average Production
Cost |
|
|
|
|
|
Silver ($ per
ounce) |
6.17 |
|
5.61 |
|
6.22 |
|
|
|
Gold ($ per
ounce) |
530 |
|
- |
|
547 |
|
|
|
Lead ($ per
pound) |
0.47 |
|
0.56 |
|
0.49 |
|
|
|
Zinc ($ per
pound) |
0.39 |
|
0.48 |
|
0.42 |
|
|
|
Other ($ per
pound) |
0.48 |
|
- |
|
0.49 |
|
|
|
|
|
|
|
|
+ |
Total production cost per ounce of Silver, net of
by-product credits ($) |
0.96 |
|
(8.07 |
) |
0.08 |
|
|
+ |
Total cash cost per ounce of Silver, net of by-product
credits ($) |
(1.74 |
) |
(12.32 |
) |
(2.77 |
) |
|
|
|
|
|
|
|
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
5.80 |
|
(6.54 |
) |
6.53 |
|
|
+ |
All-in cost per ounce of Silver, net of by-product credits
($) |
6.51 |
|
(6.18 |
) |
7.30 |
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
Silver
(%) |
95.6 |
|
80.5 |
|
93.8 |
|
|
|
Lead
(%) |
95.2 |
|
91.6 |
|
94.6 |
|
|
|
Zinc
(%) |
50.2 |
|
85.5 |
|
73.3 |
|
|
|
|
|
|
|
|
|
Head Grades |
|
|
|
|
|
Silver
(gram/tonne) |
296 |
|
84 |
|
228 |
|
|
|
Lead
(%) |
4.1 |
|
1.6 |
|
3.3 |
|
|
|
Zinc
(%) |
0.8 |
|
3.1 |
|
1.5 |
|
|
|
|
|
|
|
|
Concentrate in
stock |
|
|
|
|
|
Lead concentrate
(tonne) |
3,750 |
|
461 |
|
4,211 |
|
|
|
Zinc concentrate
(tonne) |
1,350 |
|
1,729 |
|
3,079 |
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
Metal
Sales |
|
|
|
|
|
Silver (in thousands of
ounces) |
1,545 |
|
167 |
|
1,712 |
|
|
|
Gold (in thousands of
ounces) |
1.1 |
|
- |
|
1.1 |
|
|
|
Lead (in thousands of
pounds) |
15,156 |
|
2,644 |
|
17,800 |
|
|
|
Zinc (in thousands of
pounds) |
381 |
|
3,730 |
|
4,111 |
|
|
|
|
|
|
|
|
Metal
Sales |
|
|
|
|
|
Silver (in thousands of
$) |
19,075 |
|
1,585 |
|
20,660 |
|
|
|
Gold (in thousands of
$) |
1,167 |
|
- |
|
1,167 |
|
|
|
Lead (in thousands of
$) |
14,324 |
|
2,527 |
|
16,851 |
|
|
|
Zinc (in thousands of
$) |
297 |
|
3,055 |
|
3,352 |
|
|
|
Other (in thousands of
$) |
321 |
|
- |
|
321 |
|
|
|
|
35,184 |
|
7,167 |
|
42,351 |
|
|
Average Selling Price, Net of Value Added Tax and
Smelter Charges |
|
|
|
|
|
Silver ($ per
ounce) |
12.35 |
|
9.49 |
|
12.07 |
|
|
|
Gold ($ per
ounce) |
1,061 |
|
- |
|
1,061 |
|
|
|
Lead ($ per
pound) |
0.95 |
|
0.96 |
|
0.95 |
|
|
|
Zinc ($ per
pound) |
0.78 |
|
0.82 |
|
0.82 |
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. |
|
|
|
|
2 GC Silver
recovery rate consists of 54.97% from lead concentrates and 25.53%
from zinc concentrates. |
|
|
|
2 GC Silver
sold in zinc concentrates is subjected to higher smelter and
refining charges which lowers the net silver selling
price. |
|
|
|
|
|
|
|
SILVERCORP METALS INC. |
Mining Data |
(Expressed
in thousands of U.S. dollars, except for mining data figures) |
|
|
|
|
|
|
|
Three
months ended December 31,
2017 |
|
|
|
Ying Mining
District1 |
GC2 |
Total |
|
|
|
|
|
|
Production
Data |
|
|
|
|
Mine Data |
|
|
|
|
|
Ore Mined
(tonne) |
166,619 |
|
85,665 |
|
252,284 |
|
|
|
Ore
Milled (tonne) |
167,543 |
|
88,494 |
|
256,037 |
|
|
|
|
|
|
|
|
+ |
Mining
cost per tonne of ore mined ($) |
90.12 |
|
43.10 |
|
74.16 |
|
|
|
Cash mining cost per tonne of ore mined ($) |
66.71 |
|
35.48 |
|
56.11 |
|
|
|
Non
cash mining cost per tonne of ore mined ($) |
23.41 |
|
7.62 |
|
18.05 |
|
|
|
|
|
|
|
|
+ |
Unit
shipping costs($) |
4.05 |
|
- |
|
2.69 |
|
|
|
|
|
|
|
|
+ |
Milling
cost per tonne of ore milled ($) |
11.87 |
|
16.45 |
|
13.45 |
|
|
|
Cash milling cost per tonne of ore milled ($) |
9.84 |
|
14.09 |
|
11.31 |
|
|
|
Non
cash milling cost per tonne of ore milled ($) |
2.03 |
|
2.36 |
|
2.14 |
|
|
|
|
|
|
|
|
+ |
Average
Production Cost |
|
|
|
|
|
Silver ($ per ounce) |
5.64 |
|
5.91 |
|
5.86 |
|
|
|
Gold ($ per ounce) |
380 |
|
- |
|
406 |
|
|
|
Lead ($ per pound) |
0.44 |
|
0.58 |
|
0.47 |
|
|
|
Zinc ($ per pound) |
0.49 |
|
0.64 |
|
0.52 |
|
|
|
Other ($ per pound) |
0.45 |
|
- |
|
0.01 |
|
|
|
|
|
|
|
|
+ |
Total
production cost per ounce of Silver, net of by-product credits
($) |
(1.87 |
) |
(10.95 |
) |
(3.04 |
) |
|
+ |
Total
cash cost per ounce of Silver, net of by-product credits
($) |
(4.53 |
) |
(15.34 |
) |
(5.92 |
) |
|
|
|
|
|
|
|
+ |
All-in
sustaining cost per ounce of Silver, net of by-product credits
($) |
2.13 |
|
(4.52 |
) |
3.16 |
|
|
+ |
All-in
cost per ounce of Silver, net of by-product credits ($) |
2.97 |
|
(7.23 |
) |
3.50 |
|
|
|
|
|
|
|
|
|
Recovery
Rates |
|
|
|
|
|
Silver (%) |
95.8 |
|
73.6 |
|
92.7 |
|
|
|
Lead (%) |
96.4 |
|
83.9 |
|
94.6 |
|
|
|
Zinc (%) |
57.3 |
|
81.3 |
|
71.7 |
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
Silver (gram/tonne) |
315 |
|
97 |
|
240 |
|
|
|
Lead (%) |
4.5 |
|
1.4 |
|
3.4 |
|
|
|
Zinc (%) |
1.0 |
|
2.8 |
|
1.6 |
|
|
|
|
|
|
|
|
Concentrate in stock |
|
|
|
|
|
Lead concentrate (tonne) |
6,200 |
|
34 |
|
6,234 |
|
|
|
Zinc concentrate (tonne) |
230 |
|
60 |
|
290 |
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
Metal Sales |
|
|
|
|
|
Silver (in thousands of ounces) |
1,322 |
|
196 |
|
1,518 |
|
|
|
Gold (in thousands of ounces) |
0.7 |
|
- |
|
0.7 |
|
|
|
Lead (in thousands of pounds) |
13,487 |
|
2,263 |
|
15,750 |
|
|
|
Zinc (in thousands of pounds) |
2,006 |
|
4,399 |
|
6,405 |
|
|
|
|
|
|
|
|
Metal Sales |
|
|
|
|
|
Silver (in thousands of $) |
17,718 |
|
2,088 |
|
19,806 |
|
|
|
Gold (in thousands of $) |
632 |
|
- |
|
632 |
|
|
|
Lead (in thousands of $) |
14,045 |
|
2,378 |
|
16,423 |
|
|
|
Zinc (in thousands of $) |
2,337 |
|
5,048 |
|
7,385 |
|
|
|
Other (in thousands of $) |
100 |
|
6 |
|
106 |
|
|
|
|
34,832 |
|
9,520 |
|
44,352 |
|
|
Average Selling Price, Net of Value Added Tax and Smelter
Charges |
|
|
|
|
|
Silver ($ per ounce) |
13.40 |
|
10.65 |
|
13.05 |
|
|
|
Gold ($ per ounce) |
903 |
|
- |
|
903 |
|
|
|
Lead ($ per pound) |
1.04 |
|
1.05 |
|
1.04 |
|
|
|
Zinc ($ per pound) |
1.17 |
|
1.15 |
|
1.15 |
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. |
|
|
|
|
2 GC Silver
recovery rate consists of 52.5% from lead concentrates and 21.1%
from zinc concentrates. |
|
|
|
2 GC Silver
sold in zinc concentrates is subjected to higher smelter and
refining charges which lowers the net silver selling
price. |
|
|
|
|
|
|
|
SILVERCORP METALS INC. |
Mining Data |
(Expressed
in thousands of U.S. dollars, except for mining data figures) |
|
|
|
|
|
|
|
Nine
months ended December 31,
2018 |
|
|
|
Ying Mining
District1 |
GC2 |
Total |
|
|
|
|
|
|
Production Data |
|
|
|
|
Mine
Data |
|
|
|
|
|
Ore Mined
(tonne) |
511,545 |
|
233,850 |
|
745,395 |
|
|
|
Ore Milled
(tonne) |
512,813 |
|
236,131 |
|
748,944 |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined
($) |
86.97 |
|
45.16 |
|
73.85 |
|
|
|
Cash mining cost per tonne of ore
mined ($) |
63.00 |
|
37.12 |
|
54.88 |
|
|
|
Non cash mining cost per tonne of
ore mined ($) |
23.97 |
|
8.04 |
|
18.97 |
|
|
|
|
|
|
|
|
+ |
Unit shipping
costs($) |
4.28 |
|
- |
|
2.91 |
|
|
|
|
|
|
|
|
+ |
Milling cost per tonne of ore milled
($) |
11.96 |
|
15.95 |
|
13.22 |
|
|
|
Cash milling cost per tonne of ore
milled ($) |
9.98 |
|
13.46 |
|
11.08 |
|
|
|
Non cash milling cost per tonne of
ore milled ($) |
1.98 |
|
2.49 |
|
2.14 |
|
|
|
|
|
|
|
|
+ |
Average Production
Cost |
|
|
|
|
|
Silver ($ per
ounce) |
5.84 |
|
5.88 |
|
6.02 |
|
|
|
Gold ($ per
ounce) |
466 |
|
- |
|
493 |
|
|
|
Lead ($ per
pound) |
0.46 |
|
0.61 |
|
0.48 |
|
|
|
Zinc ($ per
pound) |
0.47 |
|
0.59 |
|
0.47 |
|
|
|
Other ($ per
pound) |
0.46 |
|
0.02 |
|
0.07 |
|
|
|
|
|
|
|
|
+ |
Total production cost per ounce of
Silver, net of by-product credits
($) |
(0.59 |
) |
(8.97 |
) |
(1.34 |
) |
|
+ |
Total cash cost per ounce of Silver,
net of by-product credits ($) |
(3.43 |
) |
(14.02 |
) |
(4.37 |
) |
|
|
|
|
|
|
|
+ |
All-in sustaining cost per ounce of
Silver, net of by-product credits
($) |
2.44 |
|
(6.78 |
) |
3.27 |
|
|
+ |
All-in cost per ounce of Silver, net
of by-product credits ($) |
3.29 |
|
(5.89 |
) |
4.22 |
|
|
|
|
|
|
|
|
|
Recovery
Rates |
|
|
|
|
|
Silver
(%) |
95.9 |
|
77.6 |
|
93.9 |
|
|
|
Lead
(%) |
95.6 |
|
90.1 |
|
94.9 |
|
|
|
Zinc
(%) |
52.1 |
|
84.7 |
|
71.7 |
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
Silver
(gram/tonne) |
308 |
|
83 |
|
237 |
|
|
|
Lead
(%) |
4.4 |
|
1.4 |
|
3.5 |
|
|
|
Zinc
(%) |
0.9 |
|
2.9 |
|
1.5 |
|
|
|
|
|
|
|
|
Concentrate in
stock |
|
|
|
|
|
Lead concentrate
(tonne) |
3,750 |
|
461 |
|
4,211 |
|
|
|
Zinc concentrate
(tonne) |
1,350 |
|
1,729 |
|
3,079 |
|
|
|
|
|
|
|
|
Sales
Data |
|
|
|
|
Metal
Sales |
|
|
|
|
|
Silver (in thousands of
ounces) |
4,623 |
|
453 |
|
5,076 |
|
|
|
Gold (in thousands of
ounces) |
2.8 |
|
- |
|
2.8 |
|
|
|
Lead (in thousands of
pounds) |
45,828 |
|
6,290 |
|
52,118 |
|
|
|
Zinc (in thousands of
pounds) |
4,162 |
|
11,214 |
|
15,376 |
|
|
|
|
|
|
|
|
Metal
Sales |
|
|
|
|
|
Silver (in thousands of
$) |
59,565 |
|
4,357 |
|
63,922 |
|
|
|
Gold (in thousands of
$) |
2,883 |
|
- |
|
2,883 |
|
|
|
Lead (in thousands of
$) |
46,421 |
|
6,270 |
|
52,691 |
|
|
|
Zinc (in thousands of
$) |
4,277 |
|
10,848 |
|
15,125 |
|
|
|
Other (in thousands of
$) |
751 |
|
195 |
|
946 |
|
|
|
|
113,897 |
|
21,670 |
|
135,567 |
|
|
Average Selling Price, Net of
Value Added Tax and Smelter
Charges |
|
|
|
|
|
Silver ($ per
ounce) |
12.88 |
|
9.62 |
|
12.59 |
|
|
|
Gold ($ per
ounce) |
1,030 |
|
- |
|
1,030 |
|
|
|
Lead ($ per
pound) |
1.01 |
|
1.00 |
|
1.01 |
|
|
|
Zinc ($ per
pound) |
1.03 |
|
0.97 |
|
0.98 |
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. |
|
|
|
|
2 GC Silver
recovery rate consists of 52.33% from lead concentrates and 25.25%
from zinc concentrates. |
|
|
|
2 GC Silver
sold in zinc concentrates is subjected to higher smelter and
refining charges which lowers the net silver selling
price. |
|
|
|
|
|
|
|
SILVERCORP METALS INC. |
Mining Data |
(Expressed
in thousands of U.S. dollars, except for mining data figures) |
|
|
|
|
|
|
|
Nine months ended December 31,
2017 |
|
|
|
Ying Mining
District1 |
GC2 |
Total |
|
|
|
|
|
|
Production Data |
|
|
|
|
Mine Data |
|
|
|
|
|
Ore
Mined (tonne) |
500,321 |
|
216,341 |
|
716,662 |
|
|
|
Ore Milled (tonne) |
506,448 |
|
218,086 |
|
724,534 |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined ($) |
82.72 |
|
44.12 |
|
71.07 |
|
|
|
Cash mining cost per tonne of ore mined
($) |
60.45 |
|
36.33 |
|
53.17 |
|
|
|
Non cash mining cost per tonne of ore mined
($) |
22.27 |
|
7.79 |
|
17.90 |
|
|
|
|
|
|
|
|
+ |
Unit shipping costs($) |
3.93 |
|
- |
|
2.75 |
|
|
|
|
|
|
|
|
+ |
Milling cost per tonne of ore milled
($) |
10.80 |
|
17.46 |
|
12.81 |
|
|
|
Cash milling cost per tonne of ore milled
($) |
8.80 |
|
14.60 |
|
10.55 |
|
|
|
Non cash milling cost per tonne of ore milled
($) |
2.00 |
|
2.86 |
|
2.26 |
|
|
|
|
|
|
|
|
+ |
Average Production Cost |
|
|
|
|
|
Silver ($ per
ounce) |
5.74 |
|
6.35 |
|
6.04 |
|
|
|
Gold ($ per ounce) |
424 |
|
- |
|
458 |
|
|
|
Lead ($ per pound) |
0.41 |
|
0.59 |
|
0.44 |
|
|
|
Zinc ($ per pound) |
0.46 |
|
0.63 |
|
0.48 |
|
|
|
Other ($ per pound) |
0.39 |
|
0.01 |
|
0.02 |
|
|
|
|
|
|
|
|
+ |
Total production cost per ounce of Silver, net of
by-product credits ($) |
(1.40 |
) |
(7.60 |
) |
(2.12 |
) |
|
+ |
Total cash cost per ounce of Silver, net of by-product
credits ($) |
4.03 |
|
(12.19 |
) |
(4.97 |
) |
|
|
|
|
|
|
|
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
2.25 |
|
(3.59 |
) |
3.35 |
|
|
+ |
All-in cost per ounce of Silver, net of by-product credits
($) |
2.69 |
|
(3.53 |
) |
3.75 |
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
Silver
(%) |
95.7 |
|
76.1 |
|
93.3 |
|
|
|
Lead (%) |
96.3 |
|
85.2 |
|
94.9 |
|
|
|
Zinc (%) |
51.7 |
|
81.2 |
|
68.9 |
|
|
|
|
|
|
|
|
|
Head Grades |
|
|
|
|
|
Silver (gram/tonne) |
304 |
|
99 |
|
242 |
|
|
|
Lead (%) |
4.5 |
|
1.5 |
|
3.6 |
|
|
|
Zinc (%) |
0.9 |
|
2.8 |
|
1.4 |
|
|
|
|
|
|
|
|
Concentrate in stock |
|
|
|
|
|
Lead concentrate (tonne) |
6,200 |
|
34 |
|
6,234 |
|
|
|
Zinc concentrate (tonne) |
230 |
|
60 |
|
290 |
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
Metal Sales |
|
|
|
|
|
Silver (in thousands of ounces) |
4,118 |
|
540 |
|
4,658 |
|
|
|
Gold (in thousands of ounces) |
2.4 |
|
- |
|
2.4 |
|
|
|
Lead (in thousands of pounds) |
42,531 |
|
6,066 |
|
48,597 |
|
|
|
Zinc (in thousands of pounds) |
5,030 |
|
11,954 |
|
16,984 |
|
|
|
Other (in thousands of pound) |
524 |
|
16,190 |
|
16,714 |
|
|
|
|
|
|
|
|
Metal
Sales |
|
|
|
|
|
Silver (in thousands of $) |
56,850 |
|
5,735 |
|
62,585 |
|
|
|
Gold (in thousands of $) |
2,448 |
|
- |
|
2,448 |
|
|
|
Lead (in thousands of $) |
41,728 |
|
5,948 |
|
47,676 |
|
|
|
Zinc (in thousands of $) |
5,604 |
|
12,548 |
|
18,152 |
|
|
|
Other (in thousands of $) |
495 |
|
234 |
|
729 |
|
|
|
|
107,125 |
|
24,465 |
|
131,590 |
|
|
Average Selling Price, Net of Value
Added Tax and Smelter Charges |
|
|
|
|
|
Silver ($ per ounce) |
13.81 |
|
10.62 |
|
13.44 |
|
|
|
Gold ($ per ounce) |
1,020 |
|
- |
|
1,020 |
|
|
|
Lead ($ per pound) |
0.98 |
|
0.98 |
|
0.98 |
|
|
|
Zinc ($ per pound) |
1.11 |
|
1.05 |
|
1.07 |
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. |
|
|
|
|
2 GC Silver
recovery rate consists of 55.4% from lead concentrates and 20.7%
from zinc concentrates. |
|
|
2 GC Silver
sold in zinc concentrates is subjected to higher smelter and
refining charges which lower the net silver selling
price. |
|
+ Mineral
resources tax was excluded from production costs, but presented as
a separate line item on consolidated statements of income |
|
|
Silvercorp Metals (AMEX:SVM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Silvercorp Metals (AMEX:SVM)
Historical Stock Chart
From Apr 2023 to Apr 2024