Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM)
(NYSE American: SVM) reported its financial and operating results
for the fourth quarter and twelve months ended March 31, 2020
(“Fiscal 2020”). All amounts are expressed in US Dollars.
Despite the extended shut-down during the three
months ended March 31, 2020 (“Q4 Fiscal 2020”) due to COVID-19, the
Company was able to achieve full year production target, surpassing
its Fiscal 2020 guidance. As reported in the Company’s news release
dated May 7, 2020, the Company’s operations were ramped up to full
capacity in March 2020 with no employee infection and the Company
is in full compliance with government measures to prevent spread of
COVID-19.
FISCAL YEAR 2020
HIGHLIGHTS
- Silver, lead and zinc production
surpassed annual guidance by 3%, 3% and 17% respectively;
- Ore mined down 2% to 885,830 tonnes
compared to the prior year;
- Sold approximately 6.3 million
ounces of silver, 3,300 ounces of gold, 65.3 million pounds of
lead, and 25.4 million pounds of zinc, representing a decrease of
2% and 6% in silver and gold sold and an increase of 1% and 12% in
lead and zinc sold compared to the prior year;
- Revenue of $158.8 million, down 7%,
compared to $170.5 million in the prior year;
- Net income attributable to equity
shareholders of $34.3 million or $0.20 per share compared to $39.7
million or $0.23 per share in the prior year. Excluding the
impairment reversal of $9.2 million recorded in Fiscal 2019, the
net income to equity shareholders in Fiscal 2020 was up 6% compared
to the adjusted net income attributable to equity shareholders1 of
$32.2 million, or $0.19 per share, in the prior year. In Fiscal
2020, the Company’s consolidated financial results were impacted
mainly by operations in China being suspended for an extra month in
Q4 Fiscal 2020 due to COVID-19;
- Cash cost per ounce of silver1, net
of by-product credits, of negative $1.91 compared to negative $4.29
in the prior year;
- All-in sustaining cost per ounce of
silver1, net of by-product credits, of $6.86, compared to $3.52 in
the prior year;
- Cash flow from operations of $77.2
million, up 10% compared to $70.4 million in the prior year;
- Paid $4.3 million of dividends to
the Company’s shareholders, compared to $4.2 million in the prior
year;
- Invested $7.0 million in New
Pacific Metals Corp. (“NUAG”) to maintain the Company’s ownership
interest at 28.8%; and
- Strong balance sheet with $142.5
million in cash and cash equivalents and short-term investments, an
increase of $27.2 million or 24% compared to $115.3 million as at
March 31, 2019.
1 Alternative performance (Non-IFRS) measure. Please refer
to section 13 of the corresponding MD&A for reconciliation.
HIGHLIGHTS FOR Q4 FISCAL
2020
- Ore mined down 34% to 106,595
tonnes compared to the prior year quarter;
- Sold approximately 0.8 million
ounces of silver, 500 ounces of gold, 9.7 million pounds of lead,
and 3.1 million pounds of zinc, down 39%, 29%, 24%, and 58%
respectively, compared to approximately 1.3 million ounces of
silver, 700 ounces of gold, 12.7 million pounds of lead, and 7.3
million pounds of zinc in the prior year quarter.
- Revenue of $18.9 million, down 46%
compared to $35.0 million in the prior year quarter;
- Net income attributable to equity
shareholders of $3.2 million, or $0.02 per share, compared to the
adjusted net income attributable to equity shareholders of $4.6
million or $0.03 per share, in the prior year quarter. In Q4 Fiscal
2020, the Company’s consolidated financial results were impacted
mainly by the decrease in metal prices and operations in China
being suspended for an extra month due to COVID-19;
- Cash cost per ounce of silver, net
of by-product credits, of negative $0.85 compared to negative $3.97
in the prior year quarter;
- All-in sustaining cost per ounce of
silver, net of by-product credits, of $15.17, compared to $4.49 in
the prior year quarter; and
- Cash flow from operations of $6.3
million, compared to $8.3 million in the prior year quarter.
FINANCIALS
1. Fiscal
2020 vs. Fiscal 2019
Net income attributable to equity
shareholders of the Company in Fiscal 2020 was $34.3
million or $0.20 per share, compared to $39.7 million or $0.23 per
share in Fiscal 2019. Excluding the impairment reversal of $9.2
million recorded in Fiscal 2019, the net income attributable to
equity shareholders in Fiscal 2020 was up 6% compared to the
adjusted net income attributable to equity shareholders of $32.2
million, or $0.19 per share in Fiscal 2019.
In Fiscal 2020, the Company’s consolidated
financial results were mainly impacted by i) operations in China
being suspended for an extra month in Q4 Fiscal 2020 due to
COVID-19; ii) an increase of 1% and 12% in lead and zinc sold,
offset by a 2% decrease in silver sold, respectively; iii) an
increase of 7%, in the realized selling price for silver, offset by
decreases of 19% and 32% in the realized selling prices for lead
and zinc, respectively; and iv) an increase of $2.7 million in
foreign exchange gain arising from the appreciation of the US
dollar against the Canadian dollar.
Revenue in Fiscal 2020 was
$158.8 million, down $11.7 million compared to $170.5 million in
Fiscal 2019. The decrease was mainly due to the decrease in the
realized selling prices for lead and zinc. Revenue from silver and
gold was $84.9 million and $3.9 million, up 5% and 7%,
respectively, compared to $80.7 million and $3.6 million in Fiscal
2019, while revenue from lead and zinc was $52.0 million and $15.8
million, down 19% and 24%, compared to $64.1 and 20.7 million in
Fiscal 2019.
Production costs expensed in
Fiscal 2020 were $62.0 million, a slight decrease compared to $62.5
million in Fiscal 2019. The production costs expensed represent
approximately 900,000 tonnes of ore processed and expensed at a
cost of $68.91 per tonne, compared to approximately 893,000 tonnes
at $69.92 per tonne in Fiscal 2019.
Mineral resource taxes in
Fiscal 2020 were $4.5 million, compared to $4.9 million in Fiscal
2019, and the decrease was mainly due to lower
revenue.
Government fees and other taxes
in Fiscal 2020 were $2.1 million compared to $2.7 million in Fiscal
2019. Government fees and other taxes are comprised of
environmental protection fees, surtaxes on value-added tax, land
usage levies, stamp duties and other miscellaneous levies, duties
and taxes imposed by the state and local Chinese
governments.
Income from mine operations in
Fiscal 2020 was $59.4 million, or 37% of revenue, compared to $70.9
million or 42% of revenue in Fiscal 2019. The decrease was mainly
due to the decrease in the realized selling prices for lead and
zinc. Income from mine operations at the Ying Mining District
was $54.1 million or 41% of revenue, compared to $65.2 million or
46% of revenue in Fiscal 2019. Income from mine operations at the
GC Mine was $5.7 million or 21% of revenue, compared to $7.5
million or 26% of revenue in Fiscal 2019.
General and
administrative expenses in Fiscal 2020 were $20.2
million, an increase of $1.1 million or 6%, compared to $19.0
million in Fiscal 2019. The increase was mainly due to an increase
of $0.7 million in share-based compensation expenses and an
increase of $0.7 million in amortization and depreciation
expenses. General and administrative expenses include
corporate administrative expenses of $10.1 million (Fiscal 2019 -
$9.5 million) and mine administrative expenses of $10.1 million
(Fiscal 2019 - $9.6 million).
Income tax expenses in Fiscal
2020 were $8.9 million, compared to $20.9 million in Fiscal
2019. The income tax expense recorded in Fiscal 2020 included
a current income tax expense of $5.6 million (Fiscal 2019 - $17.8
million) and a deferred income tax expense of $3.3 million (Fiscal
2019 - $3.1 million). The current income tax included $2.8 million
of withholding tax (Fiscal 2019 - $5.2 million), which was paid at
a rate of 10% on dividends and interest distributed out of China.
The decrease in income tax expenses was mainly due to the tax
benefit realized arising from the disposal of the XHP project and
less income from mine operations.
Cash flow provided by operating
activities in Fiscal 2020 was $77.2 million, up $6.9
million or 10% compared to $70.4 million in Fiscal 2019.
The Company ended the fiscal year with $142.5
million in cash, cash equivalents and short-term investments, an
increase of $27.2 million or 24%, compared to $115.3 million as at
March 31, 2019.
Working capital as at March 31, 2020 was $130.4
million, an increase of $33.4 million or 34%, compared to $97.0
million as at March 31, 2019.
2. Q4 Fiscal
2020 vs. Q4 Fiscal 2019
Net income attributable to equity
shareholders of the Company in Q4 Fiscal 2020 was $3.2
million or $0.02 per share, compared to $12.1 million or $0.07 per
share in Q4 Fiscal 2019. Excluding the impairment reversal of $9.2
million recorded in Q4 Fiscal 2019, the adjusted net income
attributable to equity shareholders was $4.6 million or $0.03 per
share in Q4 Fiscal 2019.
Compared to the prior year quarter, the
Company’s consolidated financial results in Q4 Fiscal 2020 were
mainly impacted by the following: i) operations in China being
suspended for an extra month due to COVID-19; ii) a decrease of 3%,
26%, and 32% in the net realized selling price of silver, lead and
zinc; and iii) a foreign exchange gain of $5.4 million recorded
arising from the appreciation of the US dollar against the Canadian
dollar.
Revenue in Q4 Fiscal 2020 was
$18.9 million, down 46%, compared to $35.0 million in Q4 Fiscal
2019. The decrease was mainly due to lower production and the
decrease in net realized selling prices. Revenue from silver
and gold was $9.8 million and $0.6 million, respectively, compared
to $16.7 million and $0.8 million in Q4 Fiscal 2019, while revenue
from base metals was $8.4 million, compared to $17.5 million in Q4
Fiscal 2019.
Production costs expensed in Q4
Fiscal 2020 were $8.3 million, compared to $13.0 million in Q4
Fiscal 2019. The decrease was mainly due to less metal sold
in the current quarter. The production costs expensed in Q4 Fiscal
2019 represent approximately 121,000 tonnes of ore processed and
expensed at a cost of $68.93 per tonne, compared to 174,000 tonnes
at a cost of $74.80 per tonne in Q4 Fiscal 2019.
Income from mine operations in
Q4 Fiscal 2020 was $3.2 million or 17% of revenue, compared to
$13.6 million or 39% of revenue in Q4 Fiscal 2019. The decrease was
mainly due to the decrease in metal sold and realized selling
prices. Income from mine operations at the Ying Mining District was
$3.1 million or 20% of revenue, compared to $12.2 million or 44% of
revenue in Q4 Fiscal 2019. Income from mine operations at the GC
Mine was $0.2 million or 7% of revenue, compared to $1.7 million or
24% of revenue in Q4 Fiscal 2019.
Cash flows provided by operating
activities in Q4 Fiscal 2020 were $6.3 million, a decrease
of $2.0 million, compared to $8.3 million in Q4 Fiscal 2019.
OPERATIONS AND DEVELOPMENT
1. Fiscal
2020 vs. Fiscal 2019
In Fiscal 2020, on a consolidated basis, the
Company mined 885,830 tonnes of ore, a decrease of 2% or 20,964
tonnes, compared to 906,794 tonnes in Fiscal 2019. Ore milled in
Fiscal 2020 was 892,215 tonnes, a decrease of 2% or 16,631 tonnes
compared to 908,846 tonnes in Fiscal 2019.
The Company sold approximately 6.3 million
ounces of silver, 3,300 ounces of gold, 65.3 million pounds of
lead, and 25.4 million pounds of zinc, representing a decrease of
2% and 6% in silver and gold sold and an increase of 1% and 12% in
lead and zinc sold, respectively, compared to 6.4 million ounces of
silver, 3,500 ounces of gold, 64.8 million pounds of lead, and 22.7
million pounds of zinc in Fiscal 2019.
In Fiscal 2020, the consolidated total mining
cost and cash mining cost were $76.25 and $54.90 per tonne, up 2%
and down 1%, respectively, compared to $74.98 and $55.35 per tonne,
respectively, in Fiscal 2019. The decrease in the cash mining
cost was mainly due to a decrease of 5% in mining preparation
costs, offset by an increase of 3% in direct mining contractors’
cost.
The consolidated total milling cost and cash
milling cost were $13.17 and $11.36 per tonne, down 6% and 3%,
respectively, compared to $13.99 and $11.69 per tonne,
respectively, in Fiscal 2019. The improvement in the cash
milling cost was mainly due to decreases of 4% in utility costs and
6% in raw material costs.
The consolidated cash production cost per tonne
of ore processed in Fiscal 2020 was $68.91, a decrease of 1%
compared to $69.92 in Fiscal 2019 and 4% below the Company’s annual
guidance. The consolidated all-in sustaining production cost per
tonne of ore processed was $125.29, an increase of 5% compared to
$119.48 in Fiscal 2019, but in line with the Company’s annual
guidance.
In Fiscal 2020, the consolidated cash cost per
ounce of silver, net of by-product credits, was negative $1.91,
compared to negative $4.29 in the prior year. The increase was
mainly due to a decrease of $15.9 million in by-product credits.
The decrease in by-product credits was mainly due to a decrease of
19% and 32%, respectively, in net realized selling prices for lead
and zinc, partially offset by an increase of 1% and 12% in lead and
zinc sold. Sales from lead and zinc in Fiscal 2020 amounted to
$67.7 million, a decrease of $17.1 million, compared to $84.8
million in Fiscal 2019.
The consolidated all-in sustaining cost per
ounce of silver, net of by-product credits, was $6.86, compared to
$3.52 in Fiscal 2019. The increase was mainly due to the
increase in the cash cost per ounce of silver as discussed above
and an increase of $4.7 million in sustaining capital
expenditures.
2. Q4 Fiscal
2020 vs. Q4 Fiscal 2019
In Q4 Fiscal 2020, the Company mined 106,595
tonnes of ore, a decrease of 34%, compared to 161,400 tonnes in Q4
Fiscal 2019. Ore milled in Q4 Fiscal 2020 was 102,431 tonnes, a
decrease of 36% compared to 159,904 tonnes in Q4 Fiscal 2019.
In Q4 Fiscal 2020, the Company sold
approximately 0.8 million ounces of silver, 500 ounces of gold, 9.7
million pounds of lead, and 3.1 million pounds of zinc, down 39%,
29%, 24%, and 58%, respectively, compared to approximately 1.3
million ounces of silver, 700 ounces of gold, 12.7 million pounds
of lead, and 7.3 million pounds of zinc in Q4 Fiscal 2019.
In Q4 Fiscal 2020, the consolidated total mining
cost and cash mining cost were $75.91 and $53.26 per tonne, down 5%
and 7%, respectively, compared to $80.22 and $57.55 per tonne in Q4
Fiscal 2019. The consolidated total milling cost and cash milling
cost in Q4 Fiscal 2020 were $15.67 and $13.10 per tonne, down 11%
and 10%, respectively, compared to $17.58 and $14.53 per tonne in
Q4 Fiscal 2019. The consolidated all-in sustaining production cost
per tonne was $188.57, up 37%, compared to $138.01 in Q4 Fiscal
2019. The increase was mainly due to lower production resulting in
higher per tonne fixed cost allocation. The all-in sustaining
production cost in Q4 Fiscal 2020 was $19.6 million, a decrease of
$2.6 million, compared to $22.2 million in Q4 Fiscal 2019.
In Q4 Fiscal 2020, the consolidated cash cost
per ounce of silver, net of by-product credits, was negative $0.85,
compared to negative $3.97 in Q4 Fiscal 2019. The increase was
mainly due to a decrease of $9.2 million in by-product credits.
In Q4 Fiscal 2020, the consolidated all-in
sustaining cost per ounce of silver, net of by-product credits, was
$15.17, compared to $4.49 in Q4 Fiscal 2019. The increase was
mainly due to i) a decrease of $9.2 million in by-product credits;
ii) less silver sold resulting in a higher per ounce cost, and
partially offset by iii) a decrease of $2.2 million in all-in
sustaining production cost.
3. Ying
Mining District, Henan Province, China
Ying
Mining District |
Q4
2020 |
Q3
2020 |
Q2
2020 |
Q1
2020 |
Q4
2019 |
|
Year ended March 31, |
|
March 31, 2020 |
December 31, 2019 |
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
|
2020 |
|
2019 |
|
Ore Mined (tonne) |
69,379 |
176,149 |
|
176,085 |
|
176,584 |
|
111,032 |
|
|
598,197 |
|
622,576 |
|
Ore Milled (tonne) |
69,188 |
175,488 |
|
179,248 |
|
177,681 |
|
107,039 |
|
|
601,605 |
|
619,851 |
|
Head
Grades |
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
297 |
296 |
|
306 |
|
330 |
|
324 |
|
|
309 |
|
311 |
|
Lead (%) |
4.6 |
4.6 |
|
4.5 |
|
4.6 |
|
4.5 |
|
|
4.6 |
|
4.4 |
|
Zinc (%) |
1.0 |
0.9 |
|
0.8 |
|
0.9 |
|
0.9 |
|
|
0.9 |
|
0.9 |
|
Recoveries |
|
|
|
|
|
|
|
|
Silver (%) |
95.3 |
96.1 |
|
96.2 |
|
95.8 |
|
95.5 |
|
|
96.0 |
|
95.8 |
|
Lead (%) |
95.7 |
96.3 |
|
95.7 |
|
95.9 |
|
96.1 |
|
|
95.9 |
|
95.7 |
|
Zinc (%) |
67.7 |
70.3 |
|
58.6 |
|
58.3 |
|
63.7 |
|
|
63.2 |
|
54.1 |
|
Metal Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of
ounce) |
711 |
1,475 |
|
1,711 |
|
1,662 |
|
1,141 |
|
|
5,558 |
|
5,764 |
|
Gold (in thousands of ounce) |
0.5 |
0.7 |
|
1.1 |
|
1.0 |
|
0.7 |
|
|
3.3 |
|
3.5 |
|
Lead (in thousands of pound) |
8,322 |
14,912 |
|
16,389 |
|
14,835 |
|
10,310 |
|
|
54,459 |
|
56,138 |
|
Zinc (in thousands of pound) |
865 |
2,882 |
|
1,428 |
|
2,090 |
|
2,464 |
|
|
7,264 |
|
6,626 |
|
Cash mining costs
($/tonne) |
68.10 |
64.69 |
|
59.26 |
|
63.05 |
|
65.24 |
|
|
63.00 |
|
63.39 |
|
Shipping costs
($/tonne) |
3.96 |
3.89 |
|
3.82 |
|
4.04 |
|
3.97 |
|
|
3.92 |
|
4.22 |
|
Cash milling costs
($/tonne) |
11.53 |
10.99 |
|
9.81 |
|
9.15 |
|
12.57 |
|
|
10.16 |
|
10.43 |
|
Cash
production costs ($/tonne) |
83.59 |
79.57 |
|
72.89 |
|
76.24 |
|
81.78 |
|
|
77.08 |
|
78.04 |
|
All-in sustaining production costs ($/tonne) |
195.78 |
126.43 |
|
117.37 |
|
129.14 |
|
141.63 |
|
|
132.52 |
|
126.93 |
|
|
|
|
|
|
|
|
|
|
Cash
costs per ounce of silver
($) |
0.30 |
(0.72 |
) |
(1.95 |
) |
(1.44 |
) |
(3.02 |
) |
|
(1.18 |
) |
(3.35 |
) |
All-in sustaining costs per ounce of silver
($) |
11.86 |
5.57 |
|
3.40 |
|
4.82 |
|
3.28 |
|
|
5.49 |
|
2.60 |
|
|
|
|
|
|
|
|
|
|
Fiscal 2020 vs. Fiscal 2019
In Fiscal 2020, the total ore mined at the Ying
Mining District was 598,197 tonnes, a decrease of 4% or 24,379
tonnes, compared to 622,576 tonnes mined in Fiscal 2019. Ore
milled was 601,605 tonnes, a decrease of 3% or 18,246 tonnes,
compared to 619,851 tonnes in Fiscal 2019.
Head grades of ore milled at the Ying Mining
District in Fiscal 2020 were 309 grams per tonne (“g/t”) for
silver, 4.6% for lead, and 0.9% for zinc, compared to 311 g/t for
silver, 4.4% for lead, and 0.9% for zinc in Fiscal 2019.
In Fiscal 2020, the Ying Mining District sold
approximately 5.6 million ounces of silver, 3,300 ounces of gold,
and 54.5 million pounds of lead, down 4%, 6%, and 3%, respectively,
compared to 5.8 million ounces of silver, 3,500 ounces of gold, and
56.1 million pounds of lead in Fiscal 2019 while zinc sold was 7.3
million pounds in Fiscal 2020, up 10% compared to 6.6 million
pounds in Fiscal 2019.
Total mining cost and cash mining cost per tonne
at the Ying Mining District in Fiscal 2020 were $90.61 and $63.00
per tonne, respectively, compared to $88.19 and $63.39 per tonne,
respectively, in Fiscal 2019. Total milling cost and cash milling
cost per tonne at the Ying Mining District in Fiscal 2020 were
$12.03 and $10.16, down by 4% and 3%, respectively, compared to
$12.58 and $10.43, respectively, in Fiscal 2019.
Correspondingly, the cash production cost per
tonne of ore processed at the Ying Mining District in Fiscal 2020
was $77.08, down 1% compared to $78.04 in Fiscal 2019. The all-in
sustaining cost per tonne of ore processed was $132.52, up 4%,
compared to $126.93 in Fiscal 2019. The increase was mainly due to
an increase of $2.9 million in sustaining capital expenditures.
Cash cost per ounce of silver, net of by-product
credits, at the Ying Mining District in Fiscal 2020, was negative
$1.18 compared to negative $3.35 in Fiscal 2019. The increase
was mainly due to a decrease of $13.0 million in by-product
credits.
All-in sustaining cost per ounce of silver, net
of by-product credits, at the Ying Mining District in Fiscal 2020
was $5.49 compared to $2.60 in the prior year. The increase
was mainly due to the increase in cash cost per ounce of silver as
discussed above and an increase of $2.9 million in sustaining
capital expenditures.
In Fiscal 2020, approximately 85,643 metres or
$2.5 million worth of underground diamond drilling (Fiscal 2019 –
75,955 metres or $1.8 million) and 19,088 metres or $5.7 million
worth of preparation tunnelling (Fiscal 2019 – 18,656 metres or
$5.4 million) were completed and expensed as mining preparation
costs at the Ying Mining District. In addition, approximately
70,240 metres or $23.9 million worth of horizontal tunnels, raises,
ramps and declines (Fiscal 2019 – 65,653 metres or $23.2 million)
were completed and capitalized.
Q4 Fiscal 2020 vs. Q4 Fiscal
2019
In Q4 Fiscal 2020, a total of 69,379 tonnes of
ore were mined at the Ying Mining District, a decrease of 38% or
41,653 tonnes, compared to 111,032 tonnes in Q4 Fiscal 2019.
Ore milled was 69,188 tonnes, a decrease of 35% or 37,851 tonnes,
compared to 107,039 tonnes in Q4 Fiscal 2019.
Average head grades of ore processed were 297
g/t for silver, 4.6% for lead, and 1.0% for zinc compared to 324
g/t for silver, 4.5% for lead, and 0.9% for zinc in Q4 Fiscal
2019.
Metals sold were approximately 0.7 million
ounces of silver, 500 ounces of gold, 8.3 million pounds of lead,
and 0.9 million pounds of zinc, compared to 1.1 million ounces of
silver, 700 ounces of gold, 10.3 million pounds of lead, and 2.5
million pounds of zinc in Q4 Fiscal 2019.
In Q4 Fiscal 2020, the cash mining cost at the
Ying Mining District was $68.1 per tonne, up 4% compared to $65.24
in Q4 Fiscal 2019. The cash milling cost was $11.53 per tonne, down
8% compared to $12.57 in Q4 Fiscal 2019.
Correspondingly, the cash production cost per
tonne of ore processed at the Ying Mining District in Q4 Fiscal
2020 was $83.59, up 2% compared to $81.78 in Q4 Fiscal 2019. The
all-in sustaining cost per tonne of ore processed was $195.78, up
38%, compared to $141.63 in Q4 Fiscal 2019. The increase was mainly
due to lower production output resulting in a higher per tonne
fixed cost allocation. The all-in sustaining production cost at the
Ying Mining District was $13.6 million, a decrease of $1.9 million,
compared to $15.4 million in Q4 Fiscal 2019.
In Q4 Fiscal 2020, the cash cost per ounce of
silver and all in sustaining cost per ounce of silver, net of
by-product credits, at the Ying Mining District were $0.30 and
$11.86, respectively, compared to negative $3.02 and $3.28 in Q4
Fiscal 2019.
In Q4 Fiscal 2020, approximately 12,412 metres
or $0.4 million worth of underground diamond drilling (Q4 Fiscal
2019 – 6,083 metres or $0.3 million) and 1,810 metres or $0.6
million worth of preparation tunnelling (Q4 Fiscal 2019 – 3,061
metres or $1.0 million) were completed and expensed as mining
preparation costs at the Ying Mining District. In addition,
approximately 7,979 metres or $2.9 million worth of horizontal
tunnels, raises, ramps, and declines (Q4 Fiscal 2019 – 10,730
metres or $4.0 million) were completed and capitalized.
4. GC Mine, Guangdong Province, China
GC
Mine |
Q4
2020 |
Q3
2020 |
Q2
2020 |
Q1
2020 |
Q4
2019 |
|
Year ended March 31, |
|
March 31, 2020 |
December 31, 2019 |
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
|
2020 |
|
2019 |
|
Ore Mined (tonne) |
37,216 |
|
86,437 |
|
83,172 |
|
80,808 |
|
50,368 |
|
|
287,633 |
|
284,218 |
|
Ore Milled (tonne) |
33,243 |
|
89,372 |
|
86,134 |
|
81,861 |
|
52,865 |
|
|
290,610 |
|
288,995 |
|
Head
Grades |
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
94 |
|
96 |
|
100 |
|
95 |
|
101 |
|
|
97 |
|
86 |
|
Lead (%) |
1.8 |
|
2.0 |
|
2.0 |
|
1.9 |
|
1.8 |
|
|
1.9 |
|
1.5 |
|
Zinc (%) |
3.5 |
|
3.3 |
|
3.2 |
|
3.4 |
|
3.3 |
|
|
3.3 |
|
3.0 |
|
Recovery Rates |
|
|
|
|
|
|
|
|
Silver (%) |
80.7 |
|
78.0 |
|
75.9 |
|
76.8 |
|
81.3 |
|
|
77.4 |
|
78.4 |
|
Lead (%) |
90.4 |
|
90.4 |
|
88.3 |
|
88.7 |
|
91.5 |
|
|
89.3 |
|
90.4 |
|
Zinc (%) |
87.7 |
|
85.5 |
|
86.1 |
|
85.7 |
|
85.7 |
|
|
86.0 |
|
84.9 |
|
Metal Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of
ounce) |
89 |
|
234 |
|
183 |
|
193 |
|
173 |
|
|
699 |
|
626 |
|
Lead (in thousands of pound) |
1,332 |
|
3,867 |
|
2,680 |
|
3,007 |
|
2,360 |
|
|
10,885 |
|
8,650 |
|
Zinc (in thousands of pound) |
2,194 |
|
5,471 |
|
5,227 |
|
5,244 |
|
4,874 |
|
|
18,137 |
|
16,090 |
|
Cash mining cost ($/tonne) |
25.58 |
|
42.96 |
|
37.80 |
|
38.83 |
|
40.58 |
|
|
38.06 |
|
37.73 |
|
Cash milling cost ($/tonne) |
16.36 |
|
14.01 |
|
12.72 |
|
13.85 |
|
18.52 |
|
|
13.85 |
|
14.39 |
|
Cash
production cost ($/tonne) |
41.94 |
|
56.97 |
|
50.52 |
|
52.68 |
|
59.10 |
|
|
51.91 |
|
52.12 |
|
All-in sustaining production costs ($/tonne) |
88.18 |
|
71.03 |
|
62.94 |
|
67.33 |
|
72.11 |
|
|
69.33 |
|
63.59 |
|
|
|
|
|
|
|
|
|
|
Cash
cost per ounce of silver
($) |
(10.03 |
) |
(4.33 |
) |
(9.98 |
) |
(8.38 |
) |
(10.23 |
) |
|
(7.65 |
) |
(12.97 |
) |
All-in sustaining cost per ounce of silver
($) |
8.31 |
|
2.18 |
|
(2.89 |
) |
(0.96 |
) |
(4.97 |
) |
|
0.77 |
|
(6.28 |
) |
|
|
|
|
|
|
|
|
|
Fiscal 2020 vs. Fiscal 2019
In Fiscal 2020, the total ore mined at the GC
Mine was 287,633 tonnes, an increase of 1% or 3,415 tonnes,
compared to 284,218 tonnes in Fiscal 2019, while ore milled was
290,610 tonnes, an increase of 1% or 1,615 tonnes, compared to
288,995 tonnes in Fiscal 2019.
Average head grades of ore processed at the GC
Mine were 97 g/t for silver, 1.9% for lead, and 3.3% for zinc,
compared to 86 g/t for silver, 1.5% for lead, and 3.0% for zinc in
the prior year. Recovery rates for ore processed at the GC
Mine were 77.4% for silver, 89.3% for lead, and 86.0% for zinc,
compared to 78.4% for silver, 90.4% for lead, and 84.9% for zinc in
Fiscal 2019.
In Fiscal 2020, the GC Mine sold 699,000 ounces
of silver, 10.9 million pounds of lead, and 18.1 million pounds of
zinc, up 12%, 26%, and 13%, respectively, compared to 626,000
ounces of silver, 8.7 million pounds of lead, and 16.1 million
pounds of zinc in Fiscal 2019.
Total mining cost and cash mining cost at the GC
Mine in Fiscal 2020 were $46.40 and $38.06 per tonne, respectively,
a slight increase of 1% compared to $46.04 and $37.73 per tonne,
respectively, in Fiscal 2019. Total milling cost and cash
milling cost per tonne at the GC Mine were $15.52 and $13.85,
respectively, down 9% and 4%, compared to $17.01 and $14.39,
respectively, in Fiscal 2019.
Correspondingly, the cash production cost per
tonne of ore processed at the GC Mine in Fiscal 2020 was $51.91, a
slight decrease compared to $52.12 in Fiscal 2019. All-in
sustaining production cost per tonne of ore processed was $69.57,
up 9%, compared to $63.59 in Fiscal 2019. The increase was mainly
due to an increase of $1.3 million in sustaining capital
expenditures.
Cash cost per ounce of silver, net of by-product
credits, at the GC Mine, was negative $7.65 compared to negative
$12.97 in the prior year. The increase was mainly due to a
decrease of $2.9 million in by-product credits resulting from a
decrease of 18% and 33%, respectively, in the net realized selling
prices for lead and zinc, offset by an increase of 26% and 13%,
respectively, in lead and zinc sold.
All-in sustaining cost per ounce of silver, net
of by-product credits, at the GC Mine in Fiscal 2020 was $0.77
compared to negative $6.28 in the prior year. The increase was
mainly due to i) the increase in cash cost per ounce of silver as
discussed above, ii) an increase of $0.8 million in general and
administrative expenses, and iii) an increase of $1.3 million in
sustaining capital expenditures.
In Fiscal 2020, approximately 22,513 metres or
$1.0 million worth of underground diamond drilling (Fiscal 2019 –
24,727 metres or $1.3 million) and 19,315 metres or $4.6 million
worth of tunnelling (Fiscal 2019 – 19,844 metres or $5.2 million)
were completed and expensed as mining preparation costs at the GC
Mine. In addition, approximately 3,327 metres or $2.4 million
of horizontal tunnels, raises, ramps, and declines (Fiscal 2019 –
1,374 metres or $1.0 million) were completed and capitalized.
Q4 Fiscal 2020 vs. Q4 Fiscal
2019
In Q4 Fiscal 2020, a total of 37,216 tonnes of
ore were mined and 33,243 tonnes were milled at the GC Mine, down
26% and 37%, respectively, compared to 50,368 tonnes mined and
52,865 tonnes milled in Q4 Fiscal 2019.
Average head grades of ore milled were 94 g/t
for silver, 1.8% for lead, and 3.5% for zinc compared to 101 g/t
for silver, 1.8% for lead, and 3.3% for zinc in Q4 Fiscal
2019.
Metals sold were approximately 89,000 ounces of
silver, 1.3 million pounds of lead, and 2.2 million pounds of zinc,
down 49%, 44%, and 55%, respectively, compared to 173,000 ounces of
silver, 2.4 million pounds of lead, and 4.9 million pounds of zinc
in Q4 Fiscal 2019.
The cash mining cost at the GC Mine was $25.58
per tonne, down 37% compared to $40.58 per tonne in Q4 Fiscal 2019.
The decrease was mainly due to the decrease in tunneling expensed
as mining preparation costs. The cash milling cost was $16.36 per
tonne, down 12% compared to $18.52 in Q4 Fiscal 2019.
Correspondingly, the cash production cost per tonne decreased by
29% to $41.94 from $59.10 in Q4 Fiscal 2019, while the all-in
sustaining production cost per tonne of ore processed increased by
22% to $88.18 from $72.11 in Q4 Fiscal 2019. The increase in all-in
sustaining production cost was mainly due to less production output
resulting in a higher per tonne fixed cost
allocation.
Cash cost per ounce of silver and all-in
sustaining cost per ounce of silver, net of by‐product credits, at
the GC Mine in Q4 Fiscal 2020, were negative $10.03 and $8.31,
respectively, compared to negative $10.23 and negative $4.97 in Q4
Fiscal 2019. The increase was mainly due to i) a decrease of
$3.5 million in by-product credits, ii) an increase of $0.5 million
in general and administrative expenses, and iii) an increase of
$0.6 million in sustaining capital expenditures.
In Q4 Fiscal 2020, approximately 2,200 metres or
$0.1 million worth of underground diamond drilling (Q4 Fiscal 2019
– 2,864 metres or $0.3 million) and 353 metres or $0.1 million of
tunnelling (Q4 Fiscal 2019 – 3,366 metres or $0.9 million) were
completed and expensed as mining preparation costs at the GC
Mine. In addition, approximately 1,851 metres or $1.4 million
of horizontal tunnels, raise, and declines (Q4 Fiscal 2019 – 262
metres or $0.2 million) were completed and capitalized.
Mr. Guoliang Ma, P.Geo., Manager of Exploration
and Resources of the Company, is the Qualified Person as defined by
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.
About Silvercorp
Silvercorp is a profitable Canadian mining
company producing silver, lead and zinc metals in concentrates from
mines in China. The Company’s goal is to continuously create
healthy returns to shareholders through efficient management,
organic growth and the acquisition of profitable projects.
Silvercorp balances profitability, social and environmental
relationships, employees’ wellbeing, and sustainable development.
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: global economic and social impact of
COVID-19; 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 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 March 31, |
|
As at March 31, |
|
|
2020 |
|
|
|
2019 |
|
ASSETS |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
65,777 |
|
|
$ |
67,441 |
|
Short-term investments |
|
76,742 |
|
|
|
47,836 |
|
Trade and other receivables |
|
1,178 |
|
|
|
467 |
|
Current portion of lease receivable |
|
186 |
|
|
|
- |
|
Inventories |
|
8,430 |
|
|
|
10,836 |
|
Due from a related party |
|
1,519 |
|
|
|
3,022 |
|
Income tax receivable |
|
1,093 |
|
|
|
1,301 |
|
Prepaids and deposits |
|
3,254 |
|
|
|
3,958 |
|
|
|
158,179 |
|
|
|
134,861 |
|
Non-current Assets |
|
|
|
Long-term prepaids and deposits |
|
390 |
|
|
|
769 |
|
Long-term portion lease receivable |
|
348 |
|
|
|
- |
|
Reclamation deposits |
|
9,230 |
|
|
|
7,953 |
|
Investment in an associate |
|
44,555 |
|
|
|
38,703 |
|
Other investments |
|
8,750 |
|
|
|
9,253 |
|
Plant and equipment |
|
66,722 |
|
|
|
68,617 |
|
Mineral rights and properties |
|
224,586 |
|
|
|
238,920 |
|
TOTAL ASSETS |
$ |
512,760 |
|
|
$ |
499,076 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Current Liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
23,129 |
|
|
$ |
29,856 |
|
Current portion of lease obligation |
|
567 |
|
|
|
- |
|
Bank Loan |
|
- |
|
|
|
4,475 |
|
Deposits received |
|
3,195 |
|
|
|
3,040 |
|
Income tax payable |
|
937 |
|
|
|
502 |
|
|
|
27,828 |
|
|
|
37,873 |
|
Non-current Liabilities |
|
|
|
Long-term portion of lease obligation |
|
1,502 |
|
|
|
- |
|
Deferred income tax liabilities |
|
35,758 |
|
|
|
34,334 |
|
Environmental rehabilitation |
|
8,700 |
|
|
|
13,688 |
|
Total Liabilities |
|
73,788 |
|
|
|
85,895 |
|
|
|
|
|
Equity |
|
|
|
Share capital |
|
243,926 |
|
|
|
231,269 |
|
Equity reserves |
|
(21,142 |
) |
|
|
(557 |
) |
Retained earnings |
|
145,898 |
|
|
|
116,734 |
|
Total equity attributable to the equity holders of the
Company |
|
368,682 |
|
|
|
347,446 |
|
|
|
|
|
Non-controlling interests |
|
70,290 |
|
|
|
65,735 |
|
Total Equity |
|
438,972 |
|
|
|
413,181 |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
512,760 |
|
|
$ |
499,076 |
|
|
|
|
|
SILVERCORP METALS INC. Consolidated
Statements of Income(Unaudited - Expressed in thousands of
U.S. dollars, except for per share figures)
|
|
|
Three Months Ended March 31, |
|
|
|
Year Ended March 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
Sales |
|
$ |
18,859 |
|
$ |
34,952 |
|
|
$ |
158,829 |
|
$ |
170,519 |
|
Costs of mine operations |
|
|
|
|
|
|
Production costs |
|
|
8,344 |
|
|
13,005 |
|
|
|
62,029 |
|
|
62,461 |
|
Depreciation and amortization |
|
|
3,146 |
|
|
4,601 |
|
|
|
20,715 |
|
|
19,997 |
|
Mineral resource taxes |
|
|
559 |
|
|
1,002 |
|
|
|
4,540 |
|
|
4,864 |
|
Government fees and other taxes |
|
|
238 |
|
|
505 |
|
|
|
2,115 |
|
|
2,699 |
|
General and administrative |
|
|
3,368 |
|
|
2,277 |
|
|
|
10,056 |
|
|
9,566 |
|
|
|
|
15,655 |
|
|
21,390 |
|
|
|
99,455 |
|
|
99,587 |
|
Income from mine operations |
|
|
3,204 |
|
|
13,562 |
|
|
|
59,374 |
|
|
70,932 |
|
|
|
|
|
|
|
|
Corporate
general and administrative |
|
|
2,590 |
|
|
2,623 |
|
|
|
10,094 |
|
|
9,475 |
|
Property
evaluation and business development |
|
|
274 |
|
|
111 |
|
|
|
679 |
|
|
386 |
|
Foreign
exchange gain |
|
|
(5,437 |
) |
|
1,034 |
|
|
|
(4,103 |
) |
|
(1,361 |
) |
Loss on
disposal of plant and equipment |
|
|
88 |
|
|
13 |
|
|
|
461 |
|
|
401 |
|
Gain on
disposal of mineral rights and properties |
|
|
- |
|
|
- |
|
|
|
(1,477 |
) |
|
- |
|
Share of
loss in associate |
|
|
429 |
|
|
118 |
|
|
|
1,276 |
|
|
330 |
|
Dilution
gain on investment in associate |
|
|
- |
|
|
- |
|
|
|
(723 |
) |
|
- |
|
Reclassification of other comprehensive income upon ownership
dilution of investment in associate |
|
|
- |
|
|
- |
|
|
|
(21 |
) |
|
- |
|
Impairment
reversal of investment in associate |
|
|
- |
|
|
(1,899 |
) |
|
|
- |
|
|
(1,899 |
) |
Impairment
reversal of mineral rights and properties |
|
|
- |
|
|
(7,279 |
) |
|
|
- |
|
|
(7,279 |
) |
Other expense |
|
|
718 |
|
|
130 |
|
|
|
1,026 |
|
|
806 |
|
Income before finance items and income taxes |
|
|
4,542 |
|
|
18,711 |
|
|
|
52,162 |
|
|
70,073 |
|
|
|
|
|
|
|
|
Finance
income |
|
|
1,154 |
|
|
874 |
|
|
|
4,023 |
|
|
3,476 |
|
Finance costs |
|
|
(1,628 |
) |
|
(168 |
) |
|
|
(2,073 |
) |
|
(631 |
) |
Income before income taxes |
|
|
4,068 |
|
|
19,417 |
|
|
|
54,112 |
|
|
72,918 |
|
|
|
|
|
|
|
|
Income tax expense |
|
|
543 |
|
|
3,477 |
|
|
|
8,909 |
|
|
20,871 |
|
Net income |
|
$ |
3,525 |
|
$ |
15,940 |
|
|
$ |
45,203 |
|
$ |
52,047 |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Equity holders of the Company |
|
$ |
3,163 |
|
$ |
12,107 |
|
|
$ |
34,274 |
|
$ |
39,724 |
|
Non-controlling interests |
|
|
362 |
|
|
3,833 |
|
|
|
10,929 |
|
|
12,323 |
|
|
|
$ |
3,525 |
|
$ |
15,940 |
|
|
$ |
45,203 |
|
$ |
52,047 |
|
|
|
|
|
|
|
|
Earnings per share attributable to the equity holders of
the Company |
|
|
|
|
Basic earnings per share |
|
$ |
0.02 |
|
$ |
0.07 |
|
|
$ |
0.20 |
|
$ |
0.24 |
|
Diluted earnings per share |
|
$ |
0.02 |
|
$ |
0.07 |
|
|
$ |
0.20 |
|
$ |
0.23 |
|
Weighted Average Number of Shares Outstanding -
Basic |
|
|
173,326,682 |
|
|
169,705,269 |
|
|
|
171,713,263 |
|
|
168,483,412 |
|
Weighted Average Number of Shares Outstanding -
Diluted |
|
|
175,381,704 |
|
|
170,645,002 |
|
|
|
174,079,387 |
|
|
170,386,993 |
|
|
|
|
|
|
|
|
SILVERCORP METALS INC. Consolidated
Statements of Cash Flow(Unaudited - Expressed in thousands
of U.S. dollars)
|
Three Months Ended March 31, |
|
|
Year Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
Cash
provided by |
|
|
|
|
|
Operating activities |
|
|
|
|
|
Net income |
$ |
3,525 |
|
$ |
15,940 |
|
|
$ |
45,203 |
|
$ |
52,047 |
|
Add (deduct) items not affecting cash: |
|
|
|
|
|
Finance costs |
|
1,628 |
|
|
168 |
|
|
|
2,073 |
|
|
631 |
|
Depreciation, amortization and depletion |
|
3,982 |
|
|
4,942 |
|
|
|
22,673 |
|
|
21,250 |
|
Share of loss in associate |
|
429 |
|
|
118 |
|
|
|
1,276 |
|
|
330 |
|
Dilution gain on investment in associate |
|
- |
|
|
- |
|
|
|
(723 |
) |
|
- |
|
Reclassification of other comprehensive loss upon ownership
dilution of investment in associate |
|
- |
|
|
- |
|
|
|
(21 |
) |
|
- |
|
Impairment reversal of investment in associate |
|
- |
|
|
(1,899 |
) |
|
|
- |
|
|
(1,899 |
) |
Impairment reversal of mineral rights and properties |
|
- |
|
|
(7,279 |
) |
|
|
- |
|
|
(7,279 |
) |
Income tax expense |
|
543 |
|
|
3,476 |
|
|
|
8,909 |
|
|
20,871 |
|
Finance income |
|
(1,154 |
) |
|
(874 |
) |
|
|
(4,023 |
) |
|
(3,476 |
) |
Loss on disposal of plant and equipment |
|
88 |
|
|
13 |
|
|
|
461 |
|
|
401 |
|
Gain on disposal of mineral rights and properties |
|
- |
|
|
- |
|
|
|
(1,477 |
) |
|
- |
|
Share-based compensation |
|
696 |
|
|
479 |
|
|
|
2,669 |
|
|
1,896 |
|
Reclamation expenditures |
|
(89 |
) |
|
(121 |
) |
|
|
(385 |
) |
|
(187 |
) |
Income taxes paid |
|
(1,597 |
) |
|
(5,745 |
) |
|
|
(5,012 |
) |
|
(18,225 |
) |
Interest received |
|
1,154 |
|
|
874 |
|
|
|
4,023 |
|
|
3,476 |
|
Interest paid |
|
(27 |
) |
|
(48 |
) |
|
|
(162 |
) |
|
(144 |
) |
Changes in non-cash operating working capital |
|
(2,900 |
) |
|
(1,700 |
) |
|
|
1,762 |
|
|
659 |
|
Net cash provided by operating activities |
|
6,278 |
|
|
8,344 |
|
|
|
77,246 |
|
|
70,351 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Mineral rights and properties |
|
|
|
|
|
Capital expenditures |
|
(5,983 |
) |
|
(8,639 |
) |
|
|
(27,904 |
) |
|
(28,049 |
) |
Proceeds on disposals |
|
- |
|
|
- |
|
|
|
6,146 |
|
|
- |
|
Plant and equipment |
|
|
|
|
|
Additions |
|
(1,162 |
) |
|
(1,934 |
) |
|
|
(7,400 |
) |
|
(6,258 |
) |
Proceeds on disposals |
|
2 |
|
|
2 |
|
|
|
10 |
|
|
31 |
|
Reclamation deposits |
|
|
|
|
|
Paid |
|
(167 |
) |
|
(2,334 |
) |
|
|
(1,727 |
) |
|
(2,601 |
) |
Other investments |
|
|
|
|
|
Acquisition |
|
(3,992 |
) |
|
(1,018 |
) |
|
|
(7,851 |
) |
|
(1,018 |
) |
Proceeds on disposals |
|
2,313 |
|
|
- |
|
|
|
8,454 |
|
|
- |
|
Investment in associate |
|
- |
|
|
(107 |
) |
|
|
(7,030 |
) |
|
(107 |
) |
Net (purchases) redemptions of short-term investments |
|
11,878 |
|
|
10,574 |
|
|
|
(33,606 |
) |
|
5,969 |
|
Principal received on lease receivable |
|
47 |
|
|
- |
|
|
|
118 |
|
|
- |
|
Net cash used in investing activities |
|
2,936 |
|
|
(3,456 |
) |
|
|
(70,790 |
) |
|
(32,033 |
) |
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Related parties |
|
|
|
|
|
Payments made |
|
(1,436 |
) |
|
(2,989 |
) |
|
|
(1,436 |
) |
|
(2,989 |
) |
Repayments received |
|
- |
|
|
- |
|
|
|
2,922 |
|
|
- |
|
Bank loan |
|
|
|
|
|
Proceeds |
|
- |
|
|
- |
|
|
|
- |
|
|
4,527 |
|
Repayment |
|
- |
|
|
- |
|
|
|
(4,369 |
) |
|
- |
|
Principal payments on lease obligation |
|
(134 |
) |
|
- |
|
|
|
(503 |
) |
|
- |
|
Non-controlling interests |
|
|
|
|
|
Distribution |
|
- |
|
|
(3,333 |
) |
|
|
(3,259 |
) |
|
(13,259 |
) |
Acquisition |
|
- |
|
|
- |
|
|
|
- |
|
|
(1,121 |
) |
Cash dividends distributed |
|
- |
|
|
- |
|
|
|
(4,287 |
) |
|
(4,208 |
) |
Proceeds from issuance of common shares |
|
1,007 |
|
|
209 |
|
|
|
8,001 |
|
|
1,852 |
|
Net cash used in financing activities |
|
(563 |
) |
|
(6,113 |
) |
|
|
(2,931 |
) |
|
(15,198 |
) |
Effect of exchange rate changes on cash and cash
equivalents |
|
(4,768 |
) |
|
528 |
|
|
|
(5,189 |
) |
|
(4,878 |
) |
|
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
|
3,883 |
|
|
(697 |
) |
|
|
(1,664 |
) |
|
18,242 |
|
Cash and cash equivalents, beginning of the
year |
|
61,894 |
|
|
68,138 |
|
|
|
67,441 |
|
|
49,199 |
|
Cash and cash equivalents, end of the year |
$ |
65,777 |
|
$ |
67,441 |
|
|
$ |
65,777 |
|
$ |
67,441 |
|
|
|
|
|
|
|
SILVERCORP METALS INC. Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
Consolidated |
Three months ended March 31, |
|
Year ended March 31, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
|
|
|
Ore Mined (tonne) |
106,595 |
|
161,400 |
|
-34 |
% |
|
885,830 |
|
906,794 |
|
-2 |
% |
|
|
Ore
Milled (tonne) |
102,431 |
|
159,904 |
|
-36 |
% |
|
892,215 |
|
908,846 |
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
231 |
|
250 |
|
-8 |
% |
|
240 |
|
240 |
|
0 |
% |
|
|
Lead (%) |
3.7 |
|
3.6 |
|
3 |
% |
|
3.7 |
|
3.5 |
|
6 |
% |
|
|
Zinc (%) |
1.8 |
|
1.7 |
|
7 |
% |
|
1.7 |
|
1.6 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
|
|
|
Silver (%) |
93.4 |
|
93.6 |
|
0 |
% |
|
93.5 |
|
93.8 |
|
0 |
% |
|
|
Lead (%) |
94.8 |
|
95.3 |
|
0 |
% |
|
94.8 |
|
94.9 |
|
0 |
% |
|
|
Zinc (%) |
80.3 |
|
77.7 |
|
3 |
% |
|
77.8 |
|
72.8 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined ($) |
75.91 |
|
80.22 |
|
-5 |
% |
|
76.25 |
|
74.98 |
|
2 |
% |
|
|
Cash mining cost per tonne of ore mined ($) |
53.26 |
|
57.55 |
|
-7 |
% |
|
54.90 |
|
55.35 |
|
-1 |
% |
|
|
Depreciation and amortization charges per tonne of ore
mined ($) |
22.65 |
|
22.67 |
|
0 |
% |
|
21.35 |
|
19.63 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Unit
shipping costs ($) |
2.57 |
|
2.72 |
|
-6 |
% |
|
2.65 |
|
2.88 |
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore milled ($) |
15.67 |
|
17.58 |
|
-11 |
% |
|
13.17 |
|
13.99 |
|
-6 |
% |
|
|
Cash milling cost per tonne of ore milled ($) |
13.10 |
|
14.53 |
|
-10 |
% |
|
11.36 |
|
11.69 |
|
-3 |
% |
|
|
Depreciation and amortization charges per tonne of ore
milled ($) |
2.57 |
|
3.05 |
|
-16 |
% |
|
1.81 |
|
2.30 |
|
-21 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
production cost per tonne of ore processed ($) |
68.93 |
|
74.80 |
|
-8 |
% |
|
68.91 |
|
69.92 |
|
-1 |
% |
|
+ |
All-in sustaining cost per tonne of ore processed
($) |
188.57 |
|
138.01 |
|
37 |
% |
|
125.29 |
|
119.48 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
cost per ounce of Silver, net of by-product credits
($) |
(0.85 |
) |
(3.97 |
) |
79 |
% |
|
(1.91 |
) |
(4.29 |
) |
55 |
% |
|
+ |
All-in sustaining cost per tonne of ore processed
($) |
15.17 |
|
4.49 |
|
238 |
% |
|
6.86 |
|
3.52 |
|
95 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead
concentrate (tonne) |
2,520 |
|
3,248 |
|
-22 |
% |
|
2,520 |
|
3,248 |
|
-22 |
% |
|
|
Zinc
concentrate (tonne) |
370 |
|
368 |
|
1 |
% |
|
370 |
|
368 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounces) |
800 |
|
1,314 |
|
-39 |
% |
|
6,257 |
|
6,390 |
|
-2 |
% |
|
|
Gold
(in thousands of ounces) |
0.5 |
|
0.7 |
|
-29 |
% |
|
3.3 |
|
3.5 |
|
-6 |
% |
|
|
Lead
(in thousands of pounds) |
9,654 |
|
12,670 |
|
-24 |
% |
|
65,344 |
|
64,788 |
|
1 |
% |
|
|
Zinc
(in thousands of pounds) |
3,059 |
|
7,338 |
|
-58 |
% |
|
25,401 |
|
22,716 |
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands of $) |
9,834 |
|
16,732 |
|
-41 |
% |
|
84,872 |
|
80,654 |
|
5 |
% |
|
|
Gold
(in thousands of $) |
625 |
|
759 |
|
-18 |
% |
|
3,911 |
|
3,642 |
|
7 |
% |
|
|
Lead
(in thousands of $) |
6,454 |
|
11,420 |
|
-43 |
% |
|
51,966 |
|
64,111 |
|
-19 |
% |
|
|
Zinc
(in thousands of $) |
1,546 |
|
5,529 |
|
-72 |
% |
|
15,780 |
|
20,654 |
|
-24 |
% |
|
|
Other (in thousands of $) |
401 |
|
512 |
|
-22 |
% |
|
2,300 |
|
1,458 |
|
58 |
% |
|
|
|
18,860 |
|
34,952 |
|
-46 |
% |
|
158,829 |
|
170,519 |
|
-7 |
% |
|
Average Selling Price, Net of Value Added
Tax and Smelter Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per ounce) |
12.29 |
|
12.73 |
|
-3 |
% |
|
13.56 |
|
12.62 |
|
7 |
% |
|
|
Gold
($ per ounce) |
1,250 |
|
1,084 |
|
15 |
% |
|
1,185 |
|
1,041 |
|
14 |
% |
|
|
Lead ($ per pound) |
0.67 |
|
0.90 |
|
-26 |
% |
|
0.80 |
|
0.99 |
|
-19 |
% |
|
|
Zinc ($ per pound) |
0.51 |
|
0.75 |
|
-32 |
% |
|
0.62 |
|
0.91 |
|
-32 |
% |
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC. Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
Ying Mining District |
Three months ended March 31, |
|
Year ended March 31, |
|
|
|
2020 |
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
|
|
|
Ore Mined (tonne) |
69,379 |
111,032 |
|
-38 |
% |
|
598,197 |
|
622,576 |
|
-4 |
% |
|
|
Ore
Milled (tonne) |
69,188 |
107,039 |
|
-35 |
% |
|
601,605 |
|
619,851 |
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
297 |
324 |
|
-8 |
% |
|
309 |
|
311 |
|
-1 |
% |
|
|
Lead (%) |
4.6 |
4.5 |
|
3 |
% |
|
4.6 |
|
4.4 |
|
4 |
% |
|
|
Zinc (%) |
1.0 |
0.9 |
|
10 |
% |
|
0.9 |
|
0.9 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
|
|
|
Silver (%) |
95.3 |
95.5 |
|
0 |
% |
|
96.0 |
|
95.8 |
|
0 |
% |
|
|
Lead (%) |
95.7 |
96.1 |
|
0 |
% |
|
95.9 |
|
95.7 |
|
0 |
% |
|
|
Zinc (%) |
67.7 |
63.7 |
|
6 |
% |
|
63.2 |
|
54.1 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined ($) |
97.79 |
93.86 |
|
4 |
% |
|
90.61 |
|
88.19 |
|
3 |
% |
|
|
Cash mining cost per tonne of ore mined ($) |
68.10 |
65.24 |
|
4 |
% |
|
63.00 |
|
63.39 |
|
-1 |
% |
|
|
Depreciation and amortization charges per tonne of ore
mined ($) |
29.69 |
28.62 |
|
4 |
% |
|
27.61 |
|
24.80 |
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Unit
shipping costs ($) |
3.96 |
3.97 |
|
0 |
% |
|
3.92 |
|
4.22 |
|
-7 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Milling cost per tonne of ore milled ($) |
14.31 |
15.55 |
|
-8 |
% |
|
12.03 |
|
12.58 |
|
-4 |
% |
|
|
Cash milling cost per tonne of ore milled ($) |
11.53 |
12.57 |
|
-8 |
% |
|
10.16 |
|
10.43 |
|
-3 |
% |
|
|
Depreciation and amortization charges per tonne of ore
milled ($) |
2.78 |
2.98 |
|
-7 |
% |
|
1.87 |
|
2.15 |
|
-13 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
production cost per tonne of ore processed ($) |
83.59 |
81.78 |
|
2 |
% |
|
77.08 |
|
78.04 |
|
-1 |
% |
|
+ |
All-in sustaining cost per tonne of ore processed
($) |
195.78 |
141.63 |
|
38 |
% |
|
132.52 |
|
126.93 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
cost per ounce of Silver, net of by-product credits
($) |
0.30 |
(3.02 |
) |
110 |
% |
|
(1.18 |
) |
(3.35 |
) |
65 |
% |
|
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
11.86 |
3.28 |
|
262 |
% |
|
5.49 |
|
2.60 |
|
111 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead
concentrate (tonne) |
2,475 |
3,150 |
|
-21 |
% |
|
2,475 |
|
3,150 |
|
-21 |
% |
|
|
Zinc
concentrate (tonne) |
280 |
250 |
|
12 |
% |
|
280 |
|
250 |
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounces) |
711 |
1,141 |
|
-38 |
% |
|
5,558 |
|
5,764 |
|
-4 |
% |
|
|
Gold
(in thousands of ounces) |
0.5 |
0.7 |
|
-29 |
% |
|
3.3 |
|
3.5 |
|
-6 |
% |
|
|
Lead
(in thousands of pounds) |
8,322 |
10,310 |
|
-19 |
% |
|
54,459 |
|
56,138 |
|
-3 |
% |
|
|
Zinc
(in thousands of pounds) |
865 |
2,464 |
|
-65 |
% |
|
7,264 |
|
6,626 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands of $) |
8,968 |
15,137 |
|
-41 |
% |
|
77,617 |
|
74,702 |
|
4 |
% |
|
|
Gold
(in thousands of $) |
625 |
759 |
|
-18 |
% |
|
3,911 |
|
3,642 |
|
7 |
% |
|
|
Lead
(in thousands of $) |
5,562 |
9,318 |
|
-40 |
% |
|
43,312 |
|
55,739 |
|
-22 |
% |
|
|
Zinc
(in thousands of $) |
452 |
2,028 |
|
-78 |
% |
|
4,911 |
|
6,305 |
|
-22 |
% |
|
|
Other (in thousands of $) |
74 |
344 |
|
-78 |
% |
|
1,683 |
|
1,095 |
|
54 |
% |
|
|
|
15,681 |
27,586 |
|
-43 |
% |
|
131,434 |
|
141,483 |
|
-7 |
% |
|
Average Selling Price, Net of Value Added
Tax and Smelter Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per ounce) |
12.61 |
13.27 |
|
-5 |
% |
|
13.96 |
|
12.96 |
|
8 |
% |
|
|
Gold
($ per ounce) |
1,250 |
1,084 |
|
15 |
% |
|
1,185 |
|
1,041 |
|
14 |
% |
|
|
Lead ($ per pound) |
0.67 |
0.90 |
|
-26 |
% |
|
0.80 |
|
0.99 |
|
-19 |
% |
|
|
Zinc
($ per pound) |
0.52 |
0.82 |
|
-37 |
% |
|
0.68 |
|
0.95 |
|
-28 |
% |
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC. Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
GC Mine |
Three months ended March 31, |
|
Year ended March 31, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
|
|
|
Ore Mined (tonne) |
37,216 |
|
50,368 |
|
-26 |
% |
|
287,633 |
|
284,218 |
|
1 |
% |
|
|
Ore
Milled (tonne) |
33,243 |
|
52,865 |
|
-37 |
% |
|
290,610 |
|
288,995 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
94 |
|
101 |
|
-7 |
% |
|
97 |
|
86 |
|
12 |
% |
|
|
Lead (%) |
1.8 |
|
1.8 |
|
1 |
% |
|
1.9 |
|
1.5 |
|
27 |
% |
|
|
Zinc (%) |
3.5 |
|
3.3 |
|
7 |
% |
|
3.3 |
|
3.0 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
|
|
|
Silver (%) * |
80.7 |
|
81.3 |
|
-1 |
% |
|
77.4 |
|
78.4 |
|
-1 |
% |
|
|
Lead (%) |
90.4 |
|
91.5 |
|
-1 |
% |
|
89.3 |
|
90.4 |
|
-1 |
% |
|
|
Zinc (%) |
87.7 |
|
85.7 |
|
2 |
% |
|
86.0 |
|
84.9 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined ($) |
35.09 |
|
50.13 |
|
-30 |
% |
|
46.40 |
|
46.04 |
|
1 |
% |
|
|
Cash mining cost per tonne of ore mined ($) |
25.58 |
|
40.58 |
|
-37 |
% |
|
38.06 |
|
37.73 |
|
1 |
% |
|
|
Depreciation and amortization charges per tonne of ore
mined ($) |
9.51 |
|
9.55 |
|
0 |
% |
|
8.34 |
|
8.31 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Millng cost per tonne of ore milled ($) |
18.50 |
|
21.70 |
|
-15 |
% |
|
15.52 |
|
17.01 |
|
-9 |
% |
|
|
Cash milling cost per tonne of ore milled ($) |
16.36 |
|
18.52 |
|
-12 |
% |
|
13.85 |
|
14.39 |
|
-4 |
% |
|
|
Depreciation and amortization charges per tonne of ore
milled ($) |
2.14 |
|
3.18 |
|
-33 |
% |
|
1.67 |
|
2.62 |
|
-36 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
production cost per tonne of ore processed ($) |
41.94 |
|
59.10 |
|
-29 |
% |
|
51.91 |
|
52.12 |
|
0 |
% |
|
+ |
All-in sustaining cost per tonne of ore processed
($) |
88.18 |
|
72.11 |
|
22 |
% |
|
69.33 |
|
63.59 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
cost per ounce of Silver, net of by-product credits
($) |
(10.03 |
) |
(10.23 |
) |
2 |
% |
|
(7.65 |
) |
(12.97 |
) |
41 |
% |
|
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
8.31 |
|
(4.97 |
) |
267 |
% |
|
0.77 |
|
(6.28 |
) |
112 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead
concentrate (tonne) |
45 |
|
98 |
|
-54 |
% |
|
45 |
|
98 |
|
-54 |
% |
|
|
Zinc
concentrate (tonne) |
90 |
|
118 |
|
-24 |
% |
|
90 |
|
118 |
|
-24 |
% |
|
|
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounces) |
89 |
|
173 |
|
-49 |
% |
|
699 |
|
626 |
|
12 |
% |
|
|
Lead
(in thousands of pounds) |
1,332 |
|
2,360 |
|
-44 |
% |
|
10,885 |
|
8,650 |
|
26 |
% |
|
|
Zinc
(in thousands of pounds) |
2,194 |
|
4,874 |
|
-55 |
% |
|
18,137 |
|
16,090 |
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands of $) |
866 |
|
1,595 |
|
-46 |
% |
|
7,255 |
|
5,952 |
|
22 |
% |
|
|
Lead
(in thousands of $) |
892 |
|
2,102 |
|
-58 |
% |
|
8,654 |
|
8,372 |
|
3 |
% |
|
|
Zinc
(in thousands of $) |
1,094 |
|
3,501 |
|
-69 |
% |
|
10,869 |
|
14,349 |
|
-24 |
% |
|
|
Other (in thousands of $) |
327 |
|
168 |
|
95 |
% |
|
617 |
|
363 |
|
70 |
% |
|
|
|
3,179 |
|
7,366 |
|
-57 |
% |
|
27,395 |
|
29,036 |
|
-6 |
% |
|
Average Selling Price, Net of Value Added
Tax and Smelter Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per ounce) ** |
9.73 |
|
9.22 |
|
6 |
% |
|
10.38 |
|
9.51 |
|
9 |
% |
|
|
Lead
($ per pound) |
0.67 |
|
0.89 |
|
-25 |
% |
|
0.80 |
|
0.97 |
|
-18 |
% |
|
|
Zinc
($ per pound) |
0.50 |
|
0.72 |
|
-31 |
% |
|
0.60 |
|
0.89 |
|
-33 |
% |
|
|
|
|
|
|
|
|
|
|
* Silver
recovery rate includes silver recovered in lead concentrate and
silver recovered in zinc concentrate. |
** Silver sold
in zinc concentrates is subjected to higher smelter and refining
charges which lowers the net silver selling price. |
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