Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE
American: SVM) reported its financial and operating results for the
first quarter ended June 30, 2020 (“Q1 Fiscal 2021”). All amounts
are expressed in US Dollars.
Q1 FISCAL YEAR 2021
HIGHLIGHTS
- Mined 254,555 tonnes of ore, down 1% compared to the prior year
quarter;
- Sold approximately 1.9 million ounces of silver, 1,100 ounces
of gold, 20.9 million pounds of lead, and 7.0 million pounds of
zinc, representing an increase of 1%, 10%, and 17% in silver, gold
and lead sold, and a decrease of 5% in zinc sold, compared to the
prior year quarter;
- Revenue of $46.7 million, up 2% or $1.1 million compared to
$45.6 million in the prior year quarter;
- Net income attributable to equity shareholders of $15.5
million, or $0.09 per share, compared to $12.6 million or $0.07 per
share in the prior year quarter;
- Cash cost per ounce of silver1, net of by-product credits, of
negative $1.48, compared to negative $2.17 in the prior year
quarter;
- All-in sustaining cost per ounce of silver1, net of by-product
credits, of $5.61, compared to $5.69 in the prior year
quarter;
- Cash flow from operations of $30.1 million, compared to $19.9
million in the prior year quarter;
- Gain of $16.4 million on equity investments;
- Receipt of $6.5 million (CAD$9.0 million) break fee from Guyana
Goldfields Inc.;
- Paid dividends of $2.2 million, or $0.0125 per share, to equity
shareholders;
- Invested $5.8 million in New Pacific Metals Corp. (“NUAG”) to
maintain the Company’s ownership interest at 28.8%;
- Strong balance sheet with $178.4 million in cash and cash
equivalents and short-term investments, an increase of $35.9
million or 25% compared to March 31, 2020; and,
- Investment in NUAG with market value of $178.2 million and
other investments of $7.4 million.
1 Alternative performance (non-IFRS) measure. Please refer to
section 10 of the corresponding MD&A for reconciliation.
FINANCIALS
Net income attributable to equity
shareholders of the Company in Q1 Fiscal 2021 was $15.5
million, or $0.09 per share, compared to $12.6 million, or $0.07
per share in the three months ended June 30, 2019 (“Q1 Fiscal
2020”).
The Company’s financial results in Q1 Fiscal
2021 were mainly impacted by the following: i) an increase of
1%, 10% and 17% in the amount of silver, gold, and lead sold,
respectively; offset by a 5% decrease in the amount of zinc sold;
ii) an increase of 10% and 24% in the net realized selling prices
for silver and gold, offset by a decrease of 19% and 14% in the net
realized selling prices for lead and zinc; iii) gain of $16.4
million on equity investments, of which $5.5 million was reported
in profit and $10.9 million was reported in other comprehensive
income; offset by a $1.8 million increase in foreign exchange loss;
and iv) a $5.9 million increase in income tax
expenses.
Revenue in Q1 Fiscal 2021 was
$46.7 million, up 2% or $1.1 million compared to $45.6 million in
the prior year quarter. The increase was mainly due to i) an
increase of $2.4 million in revenue arising from the increase in
the amount of silver, gold and lead sold; ii) an increase of $2.7
million in revenue arising from the increase in net realized
selling prices for silver and gold; offset by iii) a decrease of
$3.6 million in revenue arising from the decrease in net realized
selling price for lead and zinc; and iv) a decrease of $0.2 million
in revenue due to less zinc sold. Silver, gold and base metal sales
represented $26.2 million, $1.5 million, and $19.0 million,
respectively, compared to silver, gold and base metals sales of
$23.6 million, $1.1 million, and $20.9 million, respectively, in
the prior year quarter. Revenue from the Ying Mining District in Q1
Fiscal 2021 was $39.7 million, up 5% compared to $37.8 million in
the prior year quarter. Revenue from the GC Mine in Q1 Fiscal 2021
was $7.0 million, down 10% compared to $7.8 million in the prior
year quarter.
Production costs expensed in Q1
Fiscal 2021 were $17.7 million, a slight decrease compared to $18.0
million in Q1 Fiscal 2020. The production costs expensed represent
approximately 264,680 tonnes of ore processed and expensed at a
cost of $67.05 per tonne, compared to approximately 261,440 tonnes
at $68.85 per tonne in Q1 Fiscal 2020.
Mineral resource taxes in Q1
Fiscal 2021 were $1.34 million, up 7% compared to $1.25 million in
Q1 Fiscal 2020, and the increase was mainly due to higher
revenue.
Government fees and other taxes
in Q1 Fiscal 2021 were $0.5 million, compared to $0.6 million in Q1
Fiscal 2020. Government fees and other taxes are comprised of
environmental protection fees, surtaxes on VAT, 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
Q1 Fiscal 2021 was $19.3 million, or 41% of revenue, compared to
$17.7 million or 39% of revenue in Q1 Fiscal 2020. Income from mine
operations at the Ying Mining District was $17.6 million or 44% of
revenue, compared to $16.0 million or 42% of revenue in Q1 Fiscal
2020. Income from mine operations at the GC Mine was $1.8 million
or 26% of revenue, compared to $1.8 million or 23% of revenue in Q1
Fiscal 2020.
General and
administrative expenses in Q1 Fiscal 2021 were
$4.7 million, an increase of $0.2 million compared to $4.5 million
in Q1 Fiscal 2020. The increase was mainly due to an increase of
$0.4 million in share-based compensation offset by a decrease of
$0.2 million in salaries and benefits. General and administrative
expenses include corporate administrative expenses of $2.7 million
(Q1 Fiscal 2020 - $2.4 million) and mine administrative expenses of
$2.1 million (Q1 Fiscal 2020 - $2.1 million).
Foreign exchange loss in Q1
Fiscal 2021 was $2.7 million, an increase of $1.8 million compared
to $0.9 million in Q1 Fiscal 2020. The foreign exchange loss
is mainly driven by the appreciation of Canadian dollar against US
dollar.
Property evaluation and business
development expenses in Q1 Fiscal 2021 were a recovery of
$3.8 million, compared to an expense of $0.1 million in Q1 Fiscal
2020. On April 26, 2020, the Company entered into a definitive
agreement with Guyana Goldfields Inc. (“Guyana Goldfields”),
subsequently amended on May 18, 2020 (collectively, the
“Arrangement Agreement”) to acquire all of the issued and
outstanding shares of Guyana Goldfields. On June 10, 2020, Guyana
Goldfield terminated the Arrangement Agreement and paid the Company
a break fee of $6.5 million (CAD$9.0 million). Net of expenses of
$2.5 million, a gain of $4.0 million on this transaction was
recorded as a recovery of property evaluation and business
development expenses.
Gain on equity investments
recorded in profit in Q1 Fiscal 2021 was $5.5 million, compared to
$nil in Q1 Fiscal 2020. A total gain of $16.4 million on equity
investments was reported in the current quarter, of which $10.9
million was recorded in other comprehensive income as the Company
made elections to account for equity investments on an
instrument-by-instrument basis.
Income tax expenses in Q1
Fiscal 2021 was $5.4 million, an increase of $5.9 million, compared
to an income tax recovery of $0.5 million in Q1 Fiscal 2020. In Q1
Fiscal 2021, the Company recorded current income tax expenses of
$4.6 million (Q1 Fiscal 2020 – $1.8 million), and deferred income
tax expenses of $0.8 million (Q1 Fiscal 2020 – deferred income tax
recovery of $2.2 million). The current income tax expenses in Q1
Fiscal 2020 included withholding tax expenses of $1.1 million,
which was paid at a rate of 10% on dividends distributed out of
China. The deferred income tax recovery in Q1 Fiscal 2020 was
mainly related to the tax benefit recognized arising from the
disposal of the XHP Project.
Cash flow provided by operating
activities in Q1 Fiscal 2021 was $30.1 million, up $10.2
million or 51%, compared to $19.9 million in Q1 Fiscal 2020.
The Company ended the quarter with $178.4
million in cash, cash equivalents and short-term investments, an
increase of $35.9 million or 25%, compared to $142.5 million as at
March 31, 2020.
Working capital as at June 30, 2020 was $153.7
million, an increase of $23.4 million or 18%, compared to $130.4
million as at March 31, 2020.
OPERATIONS AND DEVELOPMENT
In Q1 Fiscal 2021, on a consolidated basis, the
Company mined 254,555 tonnes of ore, a slight decrease of 1% or
2,837 tonnes compared to 257,392 tonnes in Q1 Fiscal 2020. Ore
milled was 262,326 tonnes, a slight increase of 1% or 2,784 tonnes,
compared to 259,542 tonnes in Q1 Fiscal 2020.
The Company sold approximately 1.9 million
ounces of silver, 1,100 ounces of gold, 20.9 million pounds of
lead, and 7.0 million pounds of zinc, compared to 1.9 million
ounces of silver, 1,000 ounces of gold, 17.8 million pounds of
lead, and 7.3 million pounds of zinc in Q1 Fiscal 2020.
In Q1 Fiscal 2021, the consolidated total mining
and cash mining costs were $73.91 and $54.97 per tonne, down 5% and
1% compared to $77.40 and $55.45 per tonne, respectively, in Q1
Fiscal 2020. The decrease in cash mining costs was mainly due to a
decrease of $3.70 per tonne in the cash mining costs at the GC
mine, offset by an increase of $1.07 per tonne in the cash mining
costs at the Ying Mining District.
The consolidated total milling and cash milling
costs in Q1 Fiscal 2021 were $11.04 and $9.58 per tonne, down 12%
and 10% compared to $12.49 and $10.63 per tonne, respectively, in
Q1 Fiscal 2020. The decrease in per tonne cash milling costs was
mainly due to a decrease of $0.2 million in labour
costs.
Correspondingly, the consolidated cash
production cost per tonne of ore processed in Q1 Fiscal 2021 was
$67.05, down 3% compared to $68.85 in Q1 Fiscal 2020. The
consolidated all-in sustaining production costs per tonne of ore
processed was $112.59, down 6% compared to $120.16 in Q1 Fiscal
2020. The decrease was mainly due to the lower per tonne production
costs as discussed above and a $1.6 million decrease in sustaining
capital expenditures.
In Q1 Fiscal 2021, the consolidated cash cost
per ounce of silver, net of by-product credits, was negative $1.48,
compared to negative $2.17, in Q1 Fiscal 2020. The increase
in cash cost per ounce of silver, net of by-product credits, was
mainly due to a decrease of $1.5 million in by-product
sales.
In Q1 Fiscal 2021, the consolidated all-in
sustaining cost per ounce of silver, net of by-product credits, was
$5.61 compared to $5.69 in Q1 Fiscal 2020. The decrease was
mainly due to i) a $1.6 million decrease in sustaining capital
expenditures, offset by ii) the increase in cash cost per ounce of
silver, net of by-product credits as discussed above.
1.
Ying Mining District, Henan Province, China
Ying Mining District |
Q1 2021 |
|
Q4 2020 |
Q3 2020 |
|
Q2 2020 |
|
Q1 2020 |
|
|
June 30, 2020 |
|
March 31, 2020 |
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
Ore Mined (tonne) |
174,176 |
|
69,379 |
176,149 |
|
176,085 |
|
176,584 |
|
Ore Milled (tonne) |
177,689 |
|
69,188 |
175,488 |
|
179,147 |
|
177,681 |
|
Head Grades |
|
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
293 |
|
297 |
296 |
|
306 |
|
330 |
|
Lead (%) |
4.6 |
|
4.6 |
4.6 |
|
4.5 |
|
4.6 |
|
Zinc (%) |
0.8 |
|
1.0 |
0.9 |
|
0.8 |
|
0.9 |
|
Recoveries |
|
|
|
|
|
|
|
|
|
Silver (%) |
94.7 |
|
95.3 |
96.1 |
|
96.2 |
|
95.8 |
|
Lead (%) |
96.2 |
|
95.7 |
96.3 |
|
95.7 |
|
95.9 |
|
Zinc (%) |
63.8 |
|
67.7 |
70.3 |
|
58.6 |
|
58.3 |
|
Metal Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
1,672 |
|
711 |
1,475 |
|
1,711 |
|
1,662 |
|
Gold (in thousands of ounce) |
1.1 |
|
0.5 |
0.7 |
|
1.1 |
|
1.0 |
|
Lead (in thousands of pound) |
17,779 |
|
8,322 |
14,912 |
|
16,389 |
|
14,835 |
|
Zinc (in thousands of pound) |
2,037 |
|
865 |
2,882 |
|
1,428 |
|
2,090 |
|
Cash mining cost ($/tonne) |
64.12 |
|
68.10 |
64.69 |
|
59.26 |
|
63.05 |
|
Shipping costs ($/tonne) |
3.64 |
|
3.96 |
3.89 |
|
3.82 |
|
4.04 |
|
Cash milling costs ($/tonne) |
8.45 |
|
11.53 |
10.99 |
|
9.81 |
|
9.15 |
|
Cash production costs
($/tonne) |
76.21 |
|
83.59 |
79.57 |
|
72.89 |
|
76.24 |
|
All-in sustaining
production costs ($/tonne) |
116.99 |
|
195.78 |
126.43 |
|
117.37 |
|
129.41 |
|
|
|
|
|
|
|
|
|
|
|
Cash costs per ounce of silver
($) |
(0.87 |
) |
0.30 |
(0.72 |
) |
(1.95 |
) |
(1.44 |
) |
All-in sustaining costs per ounce of silver
($) |
4.14 |
|
11.86 |
5.57 |
|
3.40 |
|
4.82 |
|
|
|
|
|
|
|
|
|
|
|
In Q1 Fiscal 2021, the total ore mined at the
Ying Mining District was 174,176 tonnes, a slight decrease of 1% or
2,408 tonnes compared to 176,584 tonnes mined in the prior year
quarter. Ore milled was 177,689 tonnes, comparable to 177,681
tonnes in Q1 Fiscal 2020.
Head grades were 293 grams per tonne (“g/t”) for
silver, 4.6% for lead, and 0.8% for zinc, compared to 330 g/t for
silver, 4.6% for lead, and 0.9% for zinc in the prior year quarter.
The variation in silver head grade is mainly related to the
Company’s planned mining sequence and is in line with Fiscal 2021
Guidance (defined below).
In Q1 Fiscal 2021, the Ying Mining District sold
approximately 1.7 million ounces of silver, 17.8 million pounds of
lead, and 2.0 million pounds of zinc, compared to 1.7 million
ounces of silver, 14.8 million pounds of lead, and 2.1 million
pounds of zinc in the prior year quarter.
Total and cash mining costs per tonne at the
Ying Mining District in Q1 Fiscal 2021 were $87.94 and $64.12 per
tonne, respectively, compared to $91.47 and $63.05 per tonne in the
prior year quarter. The increase in the per tonne cash mining cost
was mainly due to a 2% increase in mining preparation costs.
Total and cash milling costs per tonne at the
Ying Mining District in Q1 Fiscal 2021 were $10.04 and $8.45,
respectively, compared to $10.93 and $9.15 in Q1 Fiscal 2020. The
decrease in per tonne milling costs was mainly due to a decrease of
$0.39 per tonne in labour costs and a decrease of $0.23 per tonne
in utility costs.
Correspondingly, the cash production cost per
tonne of ore processed in Q1 Fiscal 2021 at the Ying Mining
District was $76.21, compared to $76.24 in the prior year
quarter. The all-in sustaining production cost per tonne of
ore processed was $116.99, down 9% compared to $129.14 in Q1 Fiscal
2020. The decrease was mainly due to a $2.0 million decrease in
sustaining capital expenditures.
Cash cost per ounce of silver, net of by-product
credits, in Q1 Fiscal 2021 at the Ying Mining District, was
negative $0.87 compared to negative $1.44 in the prior year
quarter. The increase was mainly due to a $0.5 million decrease in
by-product sales resulting from a decrease in the net realized
selling prices of lead and zinc.
All-in sustaining cost per ounce of silver, net
of by-product credits, in Q1 Fiscal 2021 at the Ying Mining
District was $4.14 compared to $4.82 in Q1 Fiscal 2020. The
decrease was mainly due to a $2.0 million decrease in sustaining
capital expenditures.
In Q1 Fiscal 2021, approximately 28,485 metres
or $0.8 million worth of diamond drilling (Q1 Fiscal 2020 – 23,648
metres or $0.6 million) and 6,207 metres or $1.8 million worth of
preparation tunnelling (Q1 Fiscal 2020 – 6,395 metres or $1.7
million) were completed and expensed as mining preparation costs at
the Ying Mining District. In addition, approximately 23,108 metres
or $7.8 million worth of horizontal tunnels, raises, ramps and
declines (Q1 Fiscal 2020 – 20,895 metres or $7.1 million) were
completed and capitalized.
2. GC
Mine, Guangdong Province, China
GC Mine |
Q1 2021 |
|
Q4 2020 |
|
Q3 2020 |
|
Q2 2020 |
|
Q1 2020 |
|
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
Ore Mined
(tonne) |
80,379 |
|
37,216 |
|
86,437 |
|
83,172 |
|
80,808 |
|
Ore Milled (tonne) |
84,637 |
|
33,243 |
|
89,372 |
|
86,134 |
|
81,861 |
|
Head
Grades |
|
|
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
93 |
|
94 |
|
96 |
|
100 |
|
95 |
|
Lead (%) |
1.9 |
|
1.8 |
|
2.0 |
|
2.0 |
|
1.9 |
|
Zinc (%) |
3.4 |
|
3.5 |
|
3.3 |
|
3.2 |
|
3.4 |
|
Recovery
Rates |
|
|
|
|
|
|
|
|
|
|
Silver (%) |
82.8 |
|
80.7 |
|
78.0 |
|
75.9 |
|
76.8 |
|
Lead (%) |
89.8 |
|
90.4 |
|
90.4 |
|
88.3 |
|
88.7 |
|
Zinc (%) |
87.3 |
|
87.7 |
|
85.5 |
|
86.1 |
|
85.7 |
|
Metal Sales |
|
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
200 |
|
89 |
|
234 |
|
183 |
|
193 |
|
Lead (in thousands of pound) |
3,106 |
|
1,332 |
|
3,867 |
|
2,680 |
|
3,007 |
|
Zinc (in thousands of pound) |
4,921 |
|
2,194 |
|
5,471 |
|
5,227 |
|
5,244 |
|
Cash mining cost ($/tonne) |
35.13 |
|
25.58 |
|
42.96 |
|
37.80 |
|
38.83 |
|
Cash milling cost ($/tonne) |
11.95 |
|
16.36 |
|
14.01 |
|
12.72 |
|
13.85 |
|
Cash production cost
($/tonne) |
47.08 |
|
41.94 |
|
56.97 |
|
50.52 |
|
52.68 |
|
All-in sustaining
production costs ($/tonne) |
65.84 |
|
88.18 |
|
71.03 |
|
62.94 |
|
67.33 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash cost per
ounce of silver ($) |
(6.59 |
) |
(10.03 |
) |
(4.33 |
) |
(9.98 |
) |
(8.38 |
) |
All-in sustaining cost per ounce of silver
($) |
2.41 |
|
8.31 |
|
2.18 |
|
(2.89 |
) |
(0.96 |
) |
|
|
|
|
|
|
|
|
|
|
|
In Q1 Fiscal 2021, the total ore mined at the GC
Mine was 80,379 tonnes, a slight decrease compared to 80,808 tonnes
in Q1 Fiscal 2020. Ore milled was 84,637 tonnes, an increase of 3%
or 2,776 tonnes compared to 81,861 tonnes in Q1 Fiscal 2020.
Average head grades of ore processed at the GC
Mine were 93 g/t for silver, 1.9% for lead, and 3.4% for zinc,
compared to 95 g/t for silver, 1.9% for lead, and 3.4% for zinc in
Q1 Fiscal 2020. Recovery rates of ore processed were 82.8%
for silver, 89.8% for lead, and 87.3% for zinc, compared to 76.8%
for silver, 88.7% for lead, and 85.7% for zinc in Q1 Fiscal
2020.
In Q1 Fiscal 2021, GC Mine sold approximately
200,000 ounces of silver, 3.1 million pounds of lead, and 4.9
million pounds of zinc, compared to 193,000 ounces of silver, 3.0
million pounds of lead, and 5.2 million pounds of zinc in Q1 Fiscal
2020.
Total and cash mining costs per tonne at the GC
Mine in Q1 Fiscal 2021 were $43.50 and $35.13 per tonne, a decrease
of 7% and 10%, respectively, compared to $46.64 and $38.83 per
tonne, respectively, in Q1 Fiscal 2020. The decrease in the cash
mining cost was mainly due to a $0.7 million decrease in mining
preparation costs. Total and cash milling cost per tonne at the GC
Mine in Q1 Fiscal 2021 were $13.14 and $11.95, a decrease of 17%
and 14%, respectively, compared to $15.88 and $13.85, respectively,
in Q1 Fiscal 2020. The decrease in cash milling costs was mainly
due to a $0.1 million decrease in labour costs.
Correspondingly, the cash production cost per
tonne of ore processed in Q1 Fiscal 2021 at the GC Mine was $47.08,
a decrease of 11% compared to $52.68 in Q1 Fiscal 2020. The
all-in sustaining production costs per tonne of ore processed was
$65.84, down 2% compared to $67.33 in Q1 Fiscal 2020.
Cash cost per ounce of silver, net of by-product
credits, at the GC Mine, was negative $6.59 compared to negative
$8.38 in Q1 Fiscal 2020. The increase was mainly due to a $1.0
million decrease in by-product sales resulting from a decrease in
the net realized selling prices of lead and
zinc.
All-in sustaining cost per ounce of silver, net
of by-product credits, in Q1 Fiscal 2021 at the GC Mine was $2.41
compared to negative $0.96 in Q1 Fiscal 2020. The increase was
mainly due to i) the increase in cash cost per ounce of silver, net
of by-product credits, as discussed above, and ii) a $0.3 million
increase in sustaining capital expenditures.
In Q1 Fiscal 2021, approximately 8,212 metres or
$0.3 million worth of underground diamond drilling (Q1 Fiscal 2020
– 7,970 metres or $0.3 million) and 3,458 metres or $0.8 million
worth of tunnelling (Q1 Fiscal 2020 – 6,261 metres or $1.4 million)
were completed and expensed as mining preparation costs at the GC
Mine. In addition, approximately 3,267 metres or $1.2 million worth
of horizontal tunnels, raises, ramps and declines (Q1 Fiscal 2020 –
497 metres or $0.3 million) were completed and capitalized.
3.
Annual Operating Outlook
All references to Fiscal 2021 Guidance in this
news release refers to the “Fiscal 2021 Production, Cash Cost
Guidance” section in the Company’s Fiscal 2020 Annual MD&A
dated May 20, 2020 (“Fiscal 2021 Guidance”) filed under the
Company’s profile at www.sedar.com.
(i)
Production and Production Costs
The following table summarizes the Q1 Fiscal
2021 production and production costs achieved compared to the
respective Fiscal 2021 Guidance:
|
|
Head
grades |
Metal
production |
Production
costs |
|
Ore processed |
Silver |
Lead |
Zinc |
Silver |
Lead |
Zinc |
Cash cost |
AISC |
|
(tonnes) |
(g/t) |
(%) |
(%) |
(Koz) |
(Klbs) |
(Klbs) |
($/t) |
($/t) |
Q1 Fiscal 2021 Actual Results |
|
|
|
|
|
|
|
|
Ying Mining District |
177,689 |
293 |
4.6 |
0.8 |
1,544 |
16,941 |
1,920 |
76.21 |
116.99 |
GC Mine |
84,637 |
93 |
1.9 |
3.4 |
209 |
3,135 |
5,613 |
47.08 |
65.84 |
Consolidated |
262,326 |
228 |
3.7 |
1.6 |
1,753 |
20,076 |
7,533 |
67.05 |
112.59 |
|
|
|
|
|
|
|
|
|
|
Fiscal 2021 Guidance |
|
|
|
|
|
|
|
|
Ying Mining District |
640,000 - 660,000 |
292 |
4.3 |
0.9 |
5,600-5,800 |
56,600-58,000 |
7,000-8,000 |
74.7-82.5 |
133.5 - 140.5 |
GC Mine |
290,000 - 310,000 |
96 |
1.7 |
3.3 |
600-700 |
9,500-10,500 |
17,500-18,700 |
52.2-57.5 |
78.5 - 82.9 |
Consolidated |
930,000 - 970,000 |
229-231 |
3.5-3.5 |
1.6-1.7 |
6,200-6,500 |
66,100-68,500 |
24,500-26,700 |
66.6-73.6 |
122.6-135.5 |
|
|
|
|
|
|
|
|
|
|
% of Fiscal 2021 Guidance* |
|
|
|
|
|
|
|
|
Ying Mining District |
27% |
100% |
107% |
89% |
27% |
30% |
26% |
97% |
85% |
GC Mine |
28% |
97% |
112% |
103% |
32% |
31% |
31% |
86% |
82% |
Consolidated |
28% |
99% |
106% |
97% |
28% |
30% |
29% |
96% |
87% |
* Percentage
caculated based on mid-point of the related Fiscal 2021
Guidance |
Based on year-to-date production, production
costs and the expected production for the remainder of the year,
the Company reaffirms its Fiscal 2021 Guidance.
(ii) Development and
Capital Expenditures
The following table summarizes the Q1 Fiscal
2021 development work and capitalized expenditures compared to the
respective Fiscal 2021 Guidance.
|
Capitalized Development and
Expenditures |
|
Ramp Development |
Exploration and Development Tunnels |
Equipment & Facilities |
Total |
|
(Metres) |
($ Thousand) |
(Metres) |
($ Thousand) |
($ Thousand) |
(Metres) |
($ Thousand) |
Q1 Fiscal 2021 Actual
Results |
Ying Mining District |
2,218 |
$ |
1,711 |
20,890 |
$ |
6,110 |
$ |
1,038 |
23,108 |
$ |
8,859 |
GC Mine |
309 |
256 |
2,958 |
912 |
193 |
3,267 |
1,361 |
Consolidated |
2,527 |
$ |
1,967 |
23,848 |
$ |
7,022 |
$ |
1,231 |
26,375 |
$ |
10,220 |
|
|
|
|
|
|
|
|
Fiscal 2021 Guidance |
Ying Mining District |
6,700 |
$ |
5,500 |
81,300 |
$ |
26,900 |
$ |
4,600 |
88,000 |
$ |
37,000 |
GC Mine |
1,600 |
1,400 |
11,000 |
3,200 |
800 |
12,600 |
5,400 |
Consolidated |
8,300 |
$ |
6,900 |
92,300 |
$ |
30,100 |
$ |
5,400 |
100,600 |
$ |
42,400 |
|
|
|
|
|
|
|
|
% of Fiscal 2021
Guidance |
Ying Mining District |
33% |
31% |
26% |
23% |
23% |
26% |
24% |
GC Mine |
19% |
18% |
27% |
29% |
24% |
26% |
25% |
Consolidated |
30% |
29% |
26% |
23% |
23% |
26% |
24% |
|
|
|
|
|
|
|
|
Based on year-to-date capital expenditures and
the expected capital expenditures for the remainder of the year
(save for the capital expenditures to be incurred to build an
aggregate plant as described below, which was not included in the
Company’s Fiscal 2021 Guidance), the Company reaffirms the Fiscal
2021 Guidance.
The Company is investing approximately $2.9
million (approximately RMB¥20.0 million) to construct a 1,000,000
tonnes per year aggregate plant to crush and recycle the waste rock
from the Ying Mining District with the goal of supplying the
resulting products to the local construction market. The plant is
expected to be commissioned in October 2020, and its profits, after
capital recovery, will be shared between the local government, the
local communities, and employees. This investment demonstrates our
ongoing commitment and efforts to minimize our operations’ impacts
on the environment and our commitment to create a sustainable
contribution to the communities where our people work and live.
(iii) Ongoing Exploration
Programs
The Company is currently undertaking extensive
drill programs at the Ying and GC Mines with two main objectives:
i) areas with existing development and access are being re-examined
to define more resources and reserves, which may lead to a
substantial reduction in mining and sustaining capital costs
associated with the tonnes identified, and ii) areas which may have
been overlooked for potential gold mineralization are being tested
for different alteration styles from the typical silver-lead
zones.
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 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 June 30, |
|
|
As at March 31, |
|
|
2020 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
Current
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
94,024 |
|
|
$ |
65,777 |
|
Short-term investments |
84,362 |
|
|
76,742 |
|
Trade and other receivables |
987 |
|
|
1,178 |
|
Current portion of lease receivable |
195 |
|
|
186 |
|
Inventories |
7,558 |
|
|
8,430 |
|
Due from related parties |
62 |
|
|
1,519 |
|
Income tax receivable |
- |
|
|
1,093 |
|
Prepaids and deposits |
3,764 |
|
|
3,254 |
|
|
190,952 |
|
|
158,179 |
|
|
|
|
|
|
|
Non-current
Assets |
|
|
|
|
|
Long-term prepaids and deposits |
402 |
|
|
390 |
|
Long-term portion lease receivable |
315 |
|
|
348 |
|
Reclamation deposits |
7,695 |
|
|
9,230 |
|
Investment in an associate |
51,332 |
|
|
44,555 |
|
Other investments |
7,375 |
|
|
8,750 |
|
Plant and equipment |
66,393 |
|
|
66,722 |
|
Mineral rights and properties |
229,854 |
|
|
224,586 |
|
TOTAL ASSETS |
$ |
554,318 |
|
|
$ |
512,760 |
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
31,712 |
|
|
$ |
23,129 |
|
Current portion of lease obligation |
594 |
|
|
567 |
|
Deposits received |
3,238 |
|
|
3,195 |
|
Income tax payable |
1,676 |
|
|
937 |
|
|
37,220 |
|
|
27,828 |
|
|
|
|
|
|
|
Non-current
Liabilities |
|
|
|
|
|
Long-term portion of lease obligation |
1,425 |
|
|
1,502 |
|
Deferred income tax liabilities |
36,664 |
|
|
35,758 |
|
Environmental rehabilitation |
8,678 |
|
|
8,700 |
|
Total Liabilities |
83,987 |
|
|
73,788 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
245,075 |
|
|
243,926 |
|
Equity reserves |
(4,270 |
) |
|
(21,142 |
) |
Retained earnings |
159,211 |
|
|
145,898 |
|
Total equity
attributable to the equity holders of the Company |
400,016 |
|
|
368,682 |
|
|
|
|
|
|
|
Non-controlling
interests |
70,315 |
|
|
70,290 |
|
Total Equity |
470,331 |
|
|
438,972 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
554,318 |
|
|
$ |
512,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC.Consolidated
Statements of Income(Unaudited - Expressed in thousands of
U.S. dollars, except for per share figures)
|
|
|
|
|
Three Months Ended June 30, |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
Sales |
$ |
46,705 |
|
$ |
45,576 |
|
Cost of mine operations |
|
|
|
|
Production costs |
17,747 |
|
18,000 |
|
Depreciation and amortization |
5,740 |
|
5,869 |
|
Mineral resource taxes |
1,336 |
|
1,251 |
|
Government fees and other taxes |
540 |
|
594 |
|
General and administrative |
2,057 |
|
2,129 |
|
|
27,420 |
|
27,843 |
|
Income from mine operations |
19,285 |
|
17,733 |
|
|
|
|
|
|
Corporate general and administrative |
2,687 |
|
2,353 |
|
Property evaluation and business development |
(3,785 |
) |
66 |
|
Foreign exchange loss |
2,670 |
|
854 |
|
Loss on disposal of plant and equipment |
192 |
|
142 |
|
Gain on disposal of mineral rights and properties |
- |
|
(1,477 |
) |
Share of loss in associate |
161 |
|
281 |
|
Dilution gain on investment in associate |
- |
|
(723 |
) |
Reclassification of other comprehensive income upon ownership
dilution of investment in associate |
- |
|
(21 |
) |
Gain on equity investments designated as FVTPL |
(5,466 |
) |
- |
|
Other (income) expense |
(248 |
) |
199 |
|
Income from operations |
23,074 |
|
16,059 |
|
|
|
|
|
|
Finance income |
947 |
|
929 |
|
Finance costs |
(147 |
) |
(175 |
) |
Income before income taxes |
23,874 |
|
16,813 |
|
|
|
|
|
|
Income tax expense (recovery) |
5,382 |
|
(488 |
) |
Net income |
$ |
18,492 |
|
$ |
17,301 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
Equity holders of the Company |
$ |
15,491 |
|
$ |
12,607 |
|
Non-controlling interests |
3,001 |
|
4,694 |
|
|
$ |
18,492 |
|
$ |
17,301 |
|
|
|
|
|
|
Earnings
per share attributable to the equity holders of the
Company |
|
|
|
Basic earnings per share |
$ |
0.09 |
|
$ |
0.07 |
|
Diluted earnings per share |
$ |
0.09 |
|
$ |
0.07 |
|
Weighted Average Number of Shares Outstanding -
Basic |
173,997,464 |
|
169,991,268 |
|
Weighted Average Number of Shares Outstanding -
Diluted |
176,414,612 |
|
170,753,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC.Consolidated
Statements of Cash Flow(Unaudited - Expressed in thousands
of U.S. dollars)
|
|
|
|
|
Three Months Ended June 30, |
|
|
2020 |
|
2019 |
|
Cash provided
by |
|
|
|
|
Operating
activities |
|
|
|
|
Net income |
$ |
18,492 |
|
$ |
17,301 |
|
Add (deduct) items not affecting cash: |
|
|
|
|
Finance costs |
147 |
|
175 |
|
Depreciation, amortization and depletion |
6,148 |
|
6,220 |
|
Share of loss in associate |
161 |
|
281 |
|
Dilution gain on investment in associate |
- |
|
(723 |
) |
Reclassification of other comprehensive loss upon ownership
dilution of investment in associate |
- |
|
(21) |
|
Income tax expense (recovery) |
5,382 |
|
(488 |
) |
Gain on equity investments designated as FVTPL |
(5,466 |
) |
- |
|
Loss on disposal of plant and equipment |
192 |
|
142 |
|
Gain on disposal of mineral rights and properties |
- |
|
(1,477 |
) |
Share-based compensation |
723 |
|
325 |
|
Reclamation expenditures |
(78 |
) |
- |
|
Income taxes paid |
(2,749 |
) |
(1,919 |
) |
Interest paid |
(25 |
) |
(73 |
) |
Changes in non-cash operating working capital |
7,215 |
|
155 |
|
Net cash provided by operating activities |
30,142 |
|
19,898 |
|
|
|
|
|
|
Investing
activities |
|
|
|
|
Mineral rights and properties |
|
|
|
|
Capital expenditures |
(7,851 |
) |
(6,770 |
) |
Proceeds on disposals |
- |
|
4,691 |
|
Plant and equipment |
|
|
|
|
Additions |
(806 |
) |
(2,171 |
) |
Proceeds on disposals |
1 |
|
1 |
|
Reclamation deposits |
|
|
|
|
Paid |
(250 |
) |
(17 |
) |
Refund |
1,775 |
|
- |
|
Other investments |
|
|
- |
|
Acquisition |
(5,538 |
) |
- |
|
Proceeds on disposals |
16,574 |
|
- |
|
Investment in associate |
(5,805 |
) |
(3,023 |
) |
Net redemptions (purchases) of short-term investments |
890 |
|
(24,075 |
) |
Principal received on lease receivable |
45 |
|
27 |
|
Net cash used in investing activities |
(965 |
) |
(31,337 |
) |
|
|
|
|
|
Financing
activities |
|
|
|
|
Related parties |
|
|
|
|
Repayments received |
1,423 |
|
- |
|
Bank loan |
|
|
|
|
Repayment |
- |
|
(4,369 |
) |
Principal payments on lease obligation |
(132 |
) |
(101 |
) |
Non-controlling interests |
|
|
|
|
Distribution |
(3,239 |
) |
- |
|
Cash dividends distributed |
(2,178 |
) |
(2,125 |
) |
Proceeds from issuance of common shares |
832 |
|
220 |
|
Net cash used in financing activities |
(3,294 |
) |
(6,375 |
) |
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents |
2,364 |
|
(304 |
) |
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
28,247 |
|
(18,118 |
) |
|
|
|
|
|
Cash and cash equivalents, beginning of the
period |
65,777 |
|
67,441 |
|
|
|
|
|
|
Cash and cash equivalents, end of the period |
$ |
94,024 |
|
$ |
49,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC.Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
|
|
Consolidated |
Three months ended June
30, |
|
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
Ore Mined (tonne) |
254,555 |
|
257,392 |
|
-1% |
|
Ore Milled (tonne) |
262,326 |
|
259,542 |
|
1% |
|
|
|
|
|
|
|
|
Head Grades |
|
|
|
|
|
|
Silver (gram/tonne) |
228 |
|
254 |
|
-10% |
|
Lead (%) |
3.7 |
|
3.7 |
|
1% |
|
Zinc (%) |
1.6 |
|
1.7 |
|
-4% |
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
Silver (%) |
93.1 |
|
93.5 |
|
0% |
|
Lead (%) |
95.1 |
|
94.8 |
|
0% |
|
Zinc (%) |
79.5 |
|
75.7 |
|
5% |
|
|
|
|
|
|
|
Cost
Data |
|
|
|
|
|
+ |
Mining cost per tonne of ore mined
($) |
73.91 |
|
77.40 |
|
-5% |
|
Cash mining cost per tonne of ore mined
($) |
54.97 |
|
55.45 |
|
-1% |
|
Depreciation and amortization charges per tonne of
ore mined ($) |
18.94 |
|
21.95 |
|
-14% |
|
|
|
|
|
|
|
+ |
Unit shipping costs ($) |
2.50 |
|
2.77 |
|
-10% |
|
|
|
|
|
|
|
+ |
Milling costs per tonne of ore milled
($) |
11.04 |
|
12.49 |
|
-12% |
|
Cash milling costs per tonne of ore milled
($) |
9.58 |
|
10.63 |
|
-10% |
|
Depreciation and amortization charges per tonne of
ore milled ($) |
1.46 |
|
1.86 |
|
-22% |
|
|
|
|
|
|
|
+ |
Cash production cost per tonne of ore processed
($) |
67.05 |
|
68.85 |
|
-3% |
+ |
All-in sustaining cost per tonne of ore processed
($) |
112.59 |
|
120.16 |
|
-6% |
|
|
|
|
|
|
|
+ |
Cash cost per ounce of Silver, net of by-product
credits ($) |
(1.48 |
) |
(2.17 |
) |
32% |
+ |
All-in sustaining cost per ounce of silver, net of
by-product credits ($) |
5.61 |
|
5.69 |
|
-1% |
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
Lead concentrate (tonne) |
1,338 |
|
4,247 |
|
-68% |
|
Zinc concentrate (tonne) |
969 |
|
285 |
|
240% |
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
Silver (in thousands of ounces) |
1,872 |
|
1,855 |
|
1% |
|
Gold (in thousands of ounces) |
1.1 |
|
1.0 |
|
10% |
|
Lead (in thousands of pounds) |
20,885 |
|
17,842 |
|
17% |
|
Zinc (in thousands of pounds) |
6,958 |
|
7,334 |
|
-5% |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Silver (in thousands of $) |
26,185 |
|
23,558 |
|
11% |
|
Gold (in thousands of $) |
1,477 |
|
1,082 |
|
37% |
|
Lead (in thousands of $) |
14,374 |
|
15,178 |
|
-5% |
|
Zinc (in thousands of $) |
4,155 |
|
5,152 |
|
-19% |
|
Other (in thousands of $) |
514 |
|
606 |
|
-15% |
|
|
46,705 |
|
45,576 |
|
2% |
Average Selling Price, Net of Value Added Tax and
Smelter Charges |
|
|
|
|
|
|
Silver ($ per ounce) |
13.99 |
|
12.70 |
|
10% |
|
Gold ($ per ounce) |
1,343 |
|
1,082 |
|
24% |
|
Lead ($ per pound) |
0.69 |
|
0.85 |
|
-19% |
|
Zinc ($ per pound) |
0.60 |
|
0.70 |
|
-14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC.Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
|
|
Ying Mining District |
Three months ended June
30, |
|
|
2020 |
|
2019 |
|
Changes |
Production Data |
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
Ore Mined (tonne) |
174,176 |
|
176,584 |
|
-1% |
|
Ore Milled (tonne) |
177,689 |
|
177,681 |
|
0% |
|
|
|
|
|
|
|
|
Head Grades |
|
|
|
|
|
|
Silver (gram/tonne) |
293 |
|
330 |
|
-11% |
|
Lead (%) |
4.6 |
|
4.6 |
|
0% |
|
Zinc (%) |
0.8 |
|
0.9 |
|
-11% |
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
Silver (%) |
94.7 |
|
95.8 |
|
-1% |
|
Lead (%) |
96.2 |
|
95.9 |
|
0% |
|
Zinc (%) |
63.8 |
|
58.3 |
|
9% |
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
+ |
Mining cost per tonne of ore mined
($) |
87.94 |
|
91.47 |
|
-4% |
|
Cash mining cost per tonne of ore mined
($) |
64.12 |
|
63.05 |
|
2% |
|
Depreciation and amortization charges per tonne of
ore mined ($) |
23.82 |
|
28.42 |
|
-16% |
|
|
|
|
|
|
|
+ |
Unit shipping costs ($) |
3.64 |
|
4.04 |
|
-10% |
|
|
|
|
|
|
|
+ |
Milling costs per tonne of ore milled
($) |
10.04 |
|
10.93 |
|
-8% |
|
Cash milling cost per tonne of ore milled
($) |
8.45 |
|
9.15 |
|
-8% |
|
Depreciation and amortization charges per tonne of
ore milled ($) |
1.59 |
|
1.78 |
|
-11% |
|
|
|
|
|
|
|
+ |
Cash production cost per tonne of ore processed
($) |
76.21 |
|
76.24 |
|
0% |
+ |
All-in sustaining cost per tonne of ore processed
($) |
116.99 |
|
129.14 |
|
-9% |
|
|
|
|
|
|
|
+ |
Cash cost per ounce of Silver, net of by-product
credits ($) |
(0.87 |
) |
(1.44 |
) |
40% |
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
4.14 |
|
4.82 |
|
-14% |
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
Lead concentrate (tonne) |
1,254 |
|
4,208 |
|
-70% |
|
Zinc concentrate (tonne) |
177 |
|
200 |
|
-12% |
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
Silver (in thousands of ounces) |
1,672 |
|
1,662 |
|
1% |
|
Gold (in thousands of ounces) |
1.1 |
|
1.0 |
|
10% |
|
Lead (in thousands of pounds) |
17,779 |
|
14,835 |
|
20% |
|
Zinc (in thousands of pounds) |
2,037 |
|
2,090 |
|
-3% |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Silver (in thousands of $) |
24,107 |
|
21,730 |
|
11% |
|
Gold (in thousands of $) |
1,477 |
|
1,082 |
|
37% |
|
Lead (in thousands of $) |
12,346 |
|
12,693 |
|
-3% |
|
Zinc (in thousands of $) |
1,371 |
|
1,664 |
|
-18% |
|
Other (in thousands of $) |
385 |
|
605 |
|
-36% |
|
|
39,686 |
|
37,774 |
|
5% |
Average Selling Price, Net of Value Added Tax and
Smelter Charges |
|
|
|
|
|
|
Silver ($ per ounce) |
14.42 |
|
13.07 |
|
10% |
|
Gold ($ per ounce) |
1,343 |
|
1,082 |
|
24% |
|
Lead ($ per pound) |
0.69 |
|
0.86 |
|
-20% |
|
Zinc ($ per pound) |
0.67 |
|
0.80 |
|
-16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC.Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
|
|
GC Mine |
Three months ended June 30, |
|
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
Ore Mined (tonne) |
80,379 |
|
80,808 |
|
-1% |
|
Ore Milled (tonne) |
84,637 |
|
81,861 |
|
3% |
|
|
|
|
|
|
|
|
Head Grades |
|
|
|
|
|
|
Silver (gram/tonne) |
93 |
|
95 |
|
-2% |
|
Lead (%) |
1.9 |
|
1.9 |
|
0% |
|
Zinc (%) |
3.4 |
|
3.4 |
|
0% |
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
Silver (%) * |
82.8 |
|
76.8 |
|
8% |
|
Lead (%) |
89.8 |
|
88.7 |
|
1% |
|
Zinc (%) |
87.3 |
|
85.7 |
|
2% |
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
+ |
Mining cost per tonne of ore mined
($) |
43.50 |
|
46.64 |
|
-7% |
|
Cash mining cost per tonne of ore mined
($) |
35.13 |
|
38.83 |
|
-10% |
|
Depreciation and amortization charges per tonne of
ore mined ($) |
8.37 |
|
7.81 |
|
7% |
|
|
|
|
|
|
|
+ |
Milling cost per tonne of ore milled
($) |
13.14 |
|
15.88 |
|
-17% |
|
Cash milling cost per tonne of ore milled
($) |
11.95 |
|
13.85 |
|
-14% |
|
Depreciation and amortization charges per tonne of
ore milled ($) |
1.19 |
|
2.03 |
|
-41% |
|
|
|
|
|
|
|
+ |
Cash production cost per tonne of ore processed
($) |
47.08 |
|
52.68 |
|
-11% |
+ |
All-in sustaining cost per tonne of ore processed
($) |
65.84 |
|
67.33 |
|
-2% |
|
|
|
|
|
|
|
+ |
Cash cost per ounce of Silver, net of by-product
credits ($) |
(6.59 |
) |
(8.38 |
) |
21% |
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
2.41 |
|
(0.96 |
) |
351% |
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
Lead concentrate (tonne) |
84 |
|
39 |
|
115% |
|
Zinc concentrate (tonne) |
792 |
|
85 |
|
831% |
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
Silver (in thousands of ounces) |
200 |
|
193 |
|
4% |
|
Lead (in thousands of pounds) |
3,106 |
|
3,007 |
|
3% |
|
Zinc (in thousands of pounds) |
4,921 |
|
5,244 |
|
-6% |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Silver (in thousands of $) |
2,078 |
|
1,828 |
|
14% |
|
Lead (in thousands of $) |
2,028 |
|
2,485 |
|
-18% |
|
Zinc (in thousands of $) |
2,784 |
|
3,488 |
|
-20% |
|
Other (in thousands of $) |
129 |
|
1 |
|
12800% |
|
|
7,019 |
|
7,802 |
|
-10% |
Average Selling Price, Net of Value Added Tax and
Smelter Charges |
|
|
|
|
|
|
Silver ($ per ounce) ** |
10.39 |
|
9.47 |
|
10% |
|
Lead ($ per pound) |
0.65 |
|
0.83 |
|
-22% |
|
Zinc ($ per pound) |
0.57 |
|
0.67 |
|
-15% |
|
|
|
|
|
|
|
* Silver recovery includes silver recovered in lead
concentrate and silver recovered in zinc concentrate. |
|
** Silver in
zinc concentrate is subjected to higher smelter and refining
charges which lowers the net silver selling price. |
|
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