Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE
American: SVM) reported its financial and operating results for the
third quarter ended December 31, 2020 (“Q3 Fiscal
2021”). All amounts are expressed in US Dollars.
Q3 FISCAL YEAR 2021
HIGHLIGHTS
-
Mined 279,445 tonnes of ore, up 6% compared to the prior year
quarter, with ore milled of 260,648 tonnes, a decrease of 2%
compared to the prior year quarter;
-
Sold approximately 1.6 million ounces of silver, 800 ounces of
gold, 16.8 million pounds of lead, and 9.0 million pounds of zinc,
representing increases of 14% and 7% in gold and zinc sold and
decreases of 4% and 11% in silver and lead sold compared to the
prior year quarter;
-
Revenue of $53.3 million, up 20% or $8.8 million compared to $44.5
million in the prior year quarter;
-
Net income attributable to equity shareholders of $8.4 million or
$0.05 per share, up 33% compared to $6.3 million or $0.04 per share
in the prior year quarter;
-
Cash cost per ounce of silver, net of by-product credits, of
negative $2.76, compared to negative $1.21 in the prior year
quarter;
-
All-in sustaining cost per ounce of silver, net of by-product
credits, of $6.92, compared to $7.21 in the prior year
quarter;
-
Gain on equity investments of $0.6 million;
-
Cash flow from operations of $23.9 million compared to $24.9
million in the prior year quarter;
-
Paid dividends of $2.2 million, or $0.0125 per share, to equity
shareholders;
-
Acquired a 26.99% interest in Whitehorse Gold Corp. (“WHG”) at
total cost of $1.3 million, having a fair market value of $35.5
million as at December 31, 2020, as result of (a) receiving
5,740,286 WHG common shares under a spin-out transaction completed
by New Pacific Metals Corp. (“NUAG”), and (b) subscribing for
5,774,000 WHG common shares under a private placement;
-
Won an online auction to acquire the exploration rights to the
Zhonghe Silver Project from the Henan provincial government of
China, with the mineral rights transfer contract pending the
clearance of the project area as not being in a military area by
the related authorities;
-
Acquired a 45% interest in the La Yesca Silver Project in Mexico
for approximately $7.6 million as announced on February 2,
2021;
-
Investment in NUAG with a carrying value of $50.8 million and
market value of $277.0 million and other investments of $18.8
million as at December 31,2020; and
-
Strong balance sheet with $204.1 million in cash and cash
equivalents and short-term investments, an increase of $4.0 million
or 2% compared to $200.1 million as at September 30, 2020. This
does not include the investments in associates and equity
investments in other companies having a total market value of
$331.3 million as at December 31, 2020.
FINANCIALS
Net income attributable to equity
shareholders of the Company in Q3 Fiscal 2021 was $8.4
million, or $0.05 per share, up 33% compared to $6.3 million, or
$0.04 per share in Q3 Fiscal 2020.
Compared to Q3 Fiscal 2020, the Company’s
financial results in Q3 Fiscal 2021 were mainly impacted by the
following: i) an increase of 33%, 20%, 1% and 47% in the net
realized selling prices for silver, gold, lead and zinc; ii) an
increase of 14% and 7% in the amount of gold and zinc sold, offset
by i) a decrease of 4% and 11% in the amount of silver and lead
sold; ii) a $3.0 million in foreign exchange loss, and iii) a $1.4
million finance costs.
Revenue in Q3 Fiscal 2021 was
$53.3 million, up 20% or $8.8 million compared to $44.5 million in
Q3 Fiscal 2020. The increase was mainly due to i) an increase of
$10.5 million arising from the increase in the net realized selling
prices for silver, gold, lead and zinc; ii) an increase of $0.7
million arising from the increase in the amount of gold and zinc
sold; offset by iii) a decrease of $2.6 million arising from the
decrease in the amount of silver and lead sold. Silver, gold and
base metal sales represented $30.7 million, $1.2 million, and $21.4
million, respectively, compared to silver, gold and base metals
sales of $24.0 million, $0.9 million, and $19.6 million,
respectively, in Q3 Fiscal 2020. Revenue from the Ying Mining
District in Q3 Fiscal 2021 was $42.5 million, up 19% compared to
$35.7 million in Q3 Fiscal 2020. Revenue from the GC Mine in Q3
Fiscal 2021 was $10.8 million, up 22% compared to $8.8 million in
Q3 Fiscal 2020.
Production costs expensed in Q3
Fiscal 2021 were $18.0 million, a decrease of $0.4 million,
compared to $18.4 million in Q3 Fiscal 2020. The production costs
expensed represent approximately 247,000 tonnes of ore processed
and expensed at a cost of $73.04 per tonne, compared to
approximately 255,000 tonnes at $72.16 per tonne in Q3 Fiscal
2020.
Income from mine operations in
Q3 Fiscal 2021 was $24.8 million or 47% of revenue, compared to
$15.8 million or 35% of revenue in Q3 Fiscal 2020. Income from mine
operations at the Ying Mining District was $21.7 million or 51% of
revenue, compared to $14.5 million or 41% of revenue in Q3 Fiscal
2020. Income from mine operations at the GC Mine was $3.3 million
or 31% of revenue, compared to $1.4 million or 16% of revenue in Q3
Fiscal 2020.
General and
administrative expenses in Q3 Fiscal 2021 were
$6.3 million, an increase of $1.4 million compared to $4.9 million
in Q3 Fiscal 2020. General and administrative expenses included
corporate administrative expenses of $3.5 million (Q3 Fiscal 2020 -
$2.6 million) and mine administrative expenses of $2.8 million (Q2
Fiscal 2020 - $2.3 million). The increase was mainly due to an
increase of $0.7 million in salaries and benefits and $0.3 million
in share-based compensation.
Foreign exchange loss in Q3
Fiscal 2021 was $3.0 million, an increase of $1.7 million compared
to $1.3 million in Q3 Fiscal 2020. The foreign exchange loss is
mainly driven by the appreciation of the Canadian dollar against
the US dollar.
Share of loss in associates in
Q3 Fiscal 2021 was $0.6 million (Q3 Fiscal 2020 – $0.3 million),
representing the Company’s equity share of the loss in NUAG and
WHG.
Gain on equity investments
recorded in profit in Q3 Fiscal 2021 was $0.6 million, compared to
$nil in Q3 Fiscal 2020.
Income tax expenses in Q3
Fiscal 2021 was $6.0 million, compared to $3.7 million in Q3 Fiscal
2020. The income tax expenses comprised of current income tax
expenses of $4.5 million (Q3 Fiscal 2020 - $2.8 million) and
deferred income tax expenses of $1.5 million (Q3 Fiscal 2020 - $0.9
million). The increase was mainly due to an increase of $9.0
million in income from mine operations.
Cash flow provided by operating
activities in Q3 Fiscal 2021 was $23.9 million, a decrease
of $1.0 million, compared to $24.9 million in Q3 Fiscal 2020. The
decrease was mainly due to i) higher income taxes paid; ii) a
negative impact from the change in non-cash working capital, offset
by iii) higher operating income.
For the nine months ended December 31, 2020, net
income attributable to equity shareholders of the Company was $39.4
million or $0.23 per share, an increase of $8.2 million, compared
to $31.1 million or $0.18 per share in the same prior year period;
revenue was $156.4 million, up 12% or $16.4 million, compared to
$140.0 million in the same prior year period; income from mine
operations was $70.8 million or 45% of revenue, compared to $56.2
million or 40% of revenue in the same prior year period; gain on
equity investments recorded in profit was $8.8 million compared to
$nil in the same prior year period; foreign exchange loss was $7.0
million compared to $1.3 million in the same prior year period; and
cash flow from operating activities was $83.7 million, up 18% from
$71.0 million in the same prior year period.
The Company ended the period with $204.1 million
in cash and short-term investments, an increase of $4.0 million or
2% compared to $200.1 million as at September 30, 2020; and an
increase of $61.6 million or 43% compared to $142.5 million as at
March 31, 2020.
Working capital as at December 31, 2020 was
$168.7 million, an increase of $38.4 million or 29%, compared to
$130.4 million as at March 31, 2020.
OPERATIONS AND DEVELOPMENT
(i) Q3 Fiscal
2021 vs. Q3 Fiscal 2020
In Q3 Fiscal 2021, on a consolidated basis, the
Company mined 279,445 tonnes of ore, up 6% or 16,859 tonnes
compared to 262,586 tonnes in the three months ended December 31,
2019 (“Q3 Fiscal 2020”). Ore milled was 260,648 tonnes, a decrease
of 2% or 4,212 tonnes, compared to 264,860 tonnes in Q3 Fiscal
2020. The decrease was mainly due to a 7% decrease in the ore
milled at the Ying Mining District caused by power rationing in
December 2020, as the local government is subject to an annual
environmental emissions KPI assessment.
In Q3 Fiscal 2021, the Company sold
approximately 1.6 million ounces of silver, 800 ounces of gold,
16.8 million pounds of lead, and 9.0 million pounds of zinc, an
increase of 14% and 7% in gold and zinc sold, and a decrease of 4%
and 11% in silver and lead sold, compared to 1.7 million ounces of
silver, 700 ounces of gold, 18.8 million pounds of lead, and 8.4
million pounds of zinc in Q3 Fiscal 2020.
In Q3 Fiscal 2021, the consolidated total mining
and cash mining costs were $78.90 and $58.79 per tonne, up 0% and
2% compared to $78.65 and $57.54 per tonne, respectively, in Q3
Fiscal 2020. The increase in per tonne cash mining cost was mainly
due to an increase of $0.4 million in labour costs and $0.9 million
in mining contractor costs.
The consolidated total milling and cash milling
costs in Q3 Fiscal 2021 were $13.23 and $11.66 per tonne, down 3%
and 3% compared to $13.58 and $12.01 per tonne, respectively, in Q3
Fiscal 2020. The decrease in per tonne cash milling cost was mainly
due to a decrease of $0.2 million in mill administration costs.
Correspondingly, the consolidated cash
production cost per tonne of ore processed in Q3 Fiscal 2021 was
$73.04, up 1% compared to $72.16 in Q3 Fiscal 2020. The
consolidated all-in sustaining production cost per tonne of ore
processed was $129.09, up 6% compared to $121.49 in Q3 Fiscal 2020,
but within the Company’s annual cost guidance. The increase in
all-in sustaining production cost per tonne was mainly due to an
increase of $1.4 million in mine and corporate general and
administrative expenses and a $0.3 million increase in sustaining
capital expenditures.
In Q3 Fiscal 2021, the consolidated cash cost
per ounce of silver, net of by-product credits, was negative $2.76,
compared to negative $1.21, in Q3 Fiscal 2020. The decrease in cash
cost per ounce of silver, net of by-product credits, was mainly due
to an increase of $2.1 million in by-product sales, offset by an
increase of 1% in per tonne production costs.
In Q3 Fiscal 2021, the consolidated all-in
sustaining cost per ounce of silver, net of by-product credits, was
$6.92 compared to $7.21 in Q3 Fiscal 2020. The decrease was mainly
due to the decrease in cash cost per ounce of silver, net of
by-product credits as discussed above offset by an increase of $0.3
million in sustaining capital expenditures.
In Q3 Fiscal 2021, on a consolidated basis,
approximately 74,070 metres or $1.8 million worth of diamond
drilling (Q3 Fiscal 2020 – 32,948 metres or $1.1 million) and
10,624 metres or $3.8 million worth of preparation tunnelling (Q3
Fiscal 2020 – 11,656 metres or $3.1 million) were completed and
expensed as mining preparation costs. In addition, approximately
24,916 metres or $1.0 million of surface diamond drilling (Q3
Fiscal 2020 – nil) and 21,829 metres or $9.4 million worth of
horizontal tunnels, raises, ramps and declines (Q3 Fiscal 2020 –
20,107 metres or $7.1 million) were completed and capitalized.
(ii) Nine
months ended December 31, 2020 vs. nine months ended December 31,
2019
For the nine months ended December 31, 2020, on
a consolidated basis, the Company mined 801,853 tonnes of ore, up
3% or 22,618 tonnes, compared to 779,235 tonnes mined in the same
prior year period. Ore milled was 786,907 tonnes, a slight decrease
of 2,777 tonnes, compared to 789,684 tonnes in the same prior year
period.
The Company sold approximately 5.3 million
ounces of silver, 4,100 ounces of gold, 56.2 million pounds of
lead, and 23.3 million pounds of zinc, an increase of 46%, 1%, and
4% in gold, lead, and zinc sold, and a decrease of 4% in silver
sold, compared to 5.5 million ounces of silver, 2,800 ounces of
gold, 55.7 million pounds of lead, and 22.3 million pounds of zinc
sold in the same prior year period.
For the nine months ended December 31, 2020, the
consolidated total mining costs and cash mining costs were $76.66
and $57.18 per tonne, respectively, compared to $76.31 and $55.13
per tonne in the same prior year period. The increase in per tonne
cash mining cost was mainly due to i) an increase of $0.4 million
in labour costs, ii) an increase of $0.6 million in raw material
costs and iii) an increase of $1.3 million in mining contractor
costs.
For the nine months ended December 31, 2020, the
consolidated total milling cost and cash milling cost were $11.79
and $10.29, respectively, compared to $12.85 and $11.14 per tonne
in the same prior year period.
Correspondingly, the consolidated cash
production cost per tonne of ore processed for the nine months
ended December 31, 2020 was $70.02, up 2% compared to $68.93 in the
same prior year period. The all-in sustaining production cost per
tonne of ore processed was $122.02, up 4% compared to $117.12 in
the same prior year period. The increase was mainly due to the
increase in per tonne cash mining costs as discussed above and an
increase of $1.0 million in sustaining capital expenditures.
For the nine months ended December 31, 2020, the
consolidated cash cost per ounce of silver, net of by-product
credits, was negative $2.08, compared to negative $2.06 in the same
prior year period. The consolidated all-in sustaining cost per
ounce of silver, net of by-product credits was $6.48 compared to
$5.64 in the same prior year period. The increase was mainly due to
i) an increase of 2% in per tonne production costs; ii) an increase
of $1.0 million in sustaining capital expenditures; and iii) a
decrease of 4% in silver sold.
For the nine months ended December 31, 2020, on
a consolidated basis, approximately 154,748 metres or $4.2 million
worth of diamond drilling (same prior year period – 93,544 metres
or $3.0 million) and 27,622 metres or $7.4 million worth of
preparation tunnelling (same prior year period – 37,224 metres or
$9.6 million) were completed and expensed as mining preparation
costs. In addition, approximately 63,400 metres or $2.9 million
worth of surface diamond drilling (same prior year period – nil)
and 74,418 metres or $26.7 million worth of horizontal tunnels,
raises, ramps and declines (same prior year period – 63,736 metres
or $22.0 million) were completed and capitalized.
1. Ying Mining
District, Henan Province, China
Ying Mining District |
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
Q3 2020 |
|
|
Nine months ended December 31, |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
December 31, 2019 |
|
|
2020 |
|
2019 |
|
Ore
Mined (tonne) |
182,268 |
|
181,020 |
|
174,176 |
|
69,379 |
176,149 |
|
|
537,464 |
|
528,818 |
|
Ore Milled (tonne) |
162,905 |
|
179,083 |
|
177,689 |
|
69,188 |
175,488 |
|
|
519,677 |
|
532,317 |
|
Head
Grades |
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
297 |
|
288 |
|
293 |
|
297 |
296 |
|
|
293 |
|
311 |
|
Lead (%) |
4.3 |
|
4.4 |
|
4.6 |
|
4.6 |
4.6 |
|
|
4.4 |
|
4.6 |
|
Zinc (%) |
0.8 |
|
0.7 |
|
0.8 |
|
1.0 |
0.9 |
|
|
0.8 |
|
0.9 |
|
Recoveries |
|
|
|
|
|
|
|
|
Silver (%) |
93.9 |
|
94.4 |
|
94.7 |
|
95.3 |
96.1 |
|
|
94.4 |
|
96.1 |
|
Lead (%) |
96.4 |
|
96.1 |
|
96.2 |
|
95.7 |
96.3 |
|
|
96.2 |
|
95.9 |
|
Zinc (%) |
63.3 |
|
57.9 |
|
63.8 |
|
67.7 |
70.3 |
|
|
61.7 |
|
62.6 |
|
Metal Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
1,446 |
|
1,556 |
|
1,672 |
|
711 |
1,475 |
|
|
4,674 |
|
4,848 |
|
Gold (in thousands of ounce) |
0.8 |
|
1.1 |
|
1.1 |
|
0.5 |
0.7 |
|
|
2.9 |
|
2.8 |
|
Lead (in thousands of pound) |
14,207 |
|
15,585 |
|
17,779 |
|
8,322 |
14,912 |
|
|
47,571 |
|
46,137 |
|
Zinc (in thousands of pound) |
2,241 |
|
1,384 |
|
2,037 |
|
865 |
2,882 |
|
|
5,662 |
|
6,400 |
|
Cash mining cost ($/tonne) |
68.02 |
|
67.70 |
|
64.12 |
|
68.10 |
64.69 |
|
|
66.67 |
|
62.33 |
|
Shipping costs ($/tonne) |
3.98 |
|
3.79 |
|
3.64 |
|
3.96 |
3.89 |
|
|
3.80 |
|
3.92 |
|
Cash milling costs ($/tonne) |
11.09 |
|
8.50 |
|
8.45 |
|
11.53 |
10.99 |
|
|
9.30 |
|
9.98 |
|
Cash
production costs ($/tonne) |
83.09 |
|
80.06 |
|
76.21 |
|
83.59 |
79.57 |
|
|
79.77 |
|
76.23 |
|
All-in sustaining production costs ($/tonne) |
133.07 |
|
132.36 |
|
116.99 |
|
195.78 |
126.43 |
|
|
127.40 |
|
124.31 |
|
|
|
|
|
|
|
|
|
|
Cash
costs per ounce of silver ($) |
(1.12 |
) |
(0.14 |
) |
(0.87 |
) |
0.30 |
(0.72 |
) |
|
(0.71 |
) |
(1.40 |
) |
All-in sustaining costs per ounce of silver
($) |
5.24 |
|
6.63 |
|
4.14 |
|
11.86 |
5.57 |
|
|
5.31 |
|
4.55 |
|
|
|
|
|
|
|
|
|
|
i) Q3
Fiscal 2021 vs. Q3 Fiscal 2020
In Q3 Fiscal 2021, the total ore mined at the
Ying Mining District was 182,268 tonnes, up 3% or 6,119 tonnes
compared to 176,149 tonnes in Q3 Fiscal 2020. Ore milled was
162,905 tonnes, a decrease of 7% compared to 175,488 tonnes in Q3
Fiscal 2020. The decrease in ore milled was mainly a result of the
milling operations being temporarily suspended for seven days due
to power rationing in December 2020 as the local government is
subject to an annual environmental emissions KPI assessment.
Head grades were 297 grams per tonne (“g/t”) for
silver, 4.3% for lead, and 0.8% for zinc, compared to 296 g/t for
silver, 4.6% for lead, and 0.9% for zinc in Q3 Fiscal 2020.
In Q3 Fiscal 2021, the Ying Mining District sold
approximately 1.4 million ounces of silver, 800 ounces of gold,
14.2 million pounds of lead, and 2.2 million pounds of zinc,
compared to 1.5 million ounces of silver, 700 ounces of gold, 14.9
million pounds of lead, and 2.9 million pounds of zinc in Q3 Fiscal
2020.
Total and cash mining costs per tonne at the
Ying Mining District in Q3 Fiscal 2021 were $94.03 and $68.02 per
tonne, respectively, compared to $91.91 and $64.69 per tonne in Q3
Fiscal 2020. The increase in the per tonne cash mining cost was
mainly due to an increase of $0.2 million in labour costs and $0.6
million in mining contractor costs.
Total and cash milling costs per tonne at the
Ying Mining District in Q3 Fiscal 2021 were $12.94 and $11.09,
respectively, compared to $12.76 and $10.99 in Q3 Fiscal 2020. The
slight increase in per tonne milling costs was mainly due to less
ore milled resulting in higher fixed costs allocation.
Correspondingly, the cash production cost per
tonne of ore processed in Q3 Fiscal 2021 at the Ying Mining
District was $83.09, compared to $79.57 in Q3 Fiscal 2020. The
all-in sustaining production cost per tonne of ore processed was
$133.07, up 5% compared to $126.43 in Q3 Fiscal 2020, but below the
Company’s annual cost guidance. The increase was mainly due to the
increase in per tonne cash production costs as discussed above.
In Q3 Fiscal 2021, the cash cost per ounce of
silver, net of by-product credits, at the Ying Mining District was
negative $1.12 compared to negative $0.72 in Q3 Fiscal 2020. All-in
sustaining cost per ounce of silver, net of by-product credits, was
$5.24 compared to $5.57 in Q3 Fiscal 2020. The decrease was mainly
due to an increase of $0.2 million in by-product sales, offset by a
decrease of 2% in silver sold.
In Q3 Fiscal 2021, approximately 57,401 metres
or $1.2 million worth of diamond drilling (Q3 Fiscal 2020 – 22,576
metres or $0.7 million) and 6,623 metres or $2.8 million worth of
preparation tunnelling (Q3 Fiscal 2020 – 5,329 metres or $1.8
million) were completed and expensed as mining preparation costs at
the Ying Mining District. In addition, approximately 24,916 metres
or $1.0 million worth of surface diamond drilling (Q3 Fiscal 2020 –
nil) and 19,014 metres or $8.3 million worth of horizontal tunnels,
raises, ramps and declines (Q3 Fiscal 2020 – 22,105 metres or $10.5
million) were completed and capitalized.
ii) Nine months ended
December 31, 2020 vs. nine months ended December 31,
2019
For the nine months ended December 31, 2020, a
total of 537,464 tonnes of ore were mined at the Ying Mining
District, up 2% or 8,646 tonnes compared to 528,818 tonnes in the
same prior year period. Ore milled was 519,677 tonnes, down 2%
compared to 532,317 tonnes in the same prior year period. Average
head grades of ore processed were 293 g/t for silver, 4.4% for
lead, and 0.8% for zinc compared to 311 g/t for silver, 4.6% for
lead, and 0.9% for zinc, in the same prior year period.
During the same time period, the Ying Mining
District sold approximately 4.7 million ounces of silver, 2,900
ounces of gold, 47.6 million pounds of lead, and 5.7 million pounds
of zinc, compared to 4.8 million ounces of silver, 2,800 ounces of
gold, 46.1 million pounds of lead, and 6.4 million pounds of zinc
in the same prior year period.
For the nine months ended December 31, 2020, the
cash mining cost at the Ying Mining District was $66.67 per tonne,
up 7% compared to $62.33 in the same prior year period. The
increase in the per tonne cash mining cost was mainly due to an
increase of $1.3 million in mining contractor’s costs. The cash
milling cost was $9.30 per tonne, a decrease of 7% compared to
$9.98 in the same prior year period.
Correspondingly, the cash production cost per
tonne of ore processed was $79.77, up 5% compared to $76.23 in the
same prior year period. The all-in sustaining cash production cost
per tonne of ore processed was $127.40, up 2%, compared to $124.31
in the same prior year period, but below the Company’s annual cost
guidance.
For the nine months ended December 31, 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 negative $0.71 and $5.31 respectively, compared to negative
$1.40 and $4.55 in the same prior year period. The increase was
mainly due to i) the increase in per tonne production costs as
discussed above; ii) a decrease of $1.8 million in by-product
credits; and iii) a decrease of 4% in silver sold.
For the nine months ended December 31, 2020,
approximately 117,773 metres or $2.5 million worth of underground
diamond drilling (same prior year period – 73,231 metres or $2.1
million) and 17,786 metres or $5.6 million worth of preparation
tunnelling (same prior year period – 17,278 metres or $5.1 million)
were completed and expensed as mining preparation costs at the Ying
Mining District. In addition, approximately 63,400 metres or $2.9
million worth of surface diamond drilling (same prior year period –
nil) and 63,936 metres or $23.4 million worth of horizontal
tunnels, raises, and declines (same prior year period – 62,661
metres or $24.3 million) were completed and capitalized.
2. GC Mine, Guangdong
Province, China
GC Mine |
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
Q3 2020 |
|
|
Nine months ended December 31, |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
|
2020 |
|
2019 |
|
Ore
Mined (tonne) |
97,177 |
|
86,833 |
|
80,379 |
|
37,216 |
|
86,437 |
|
|
264,389 |
|
250,417 |
|
Ore Milled (tonne) |
97,743 |
|
84,850 |
|
84,637 |
|
33,243 |
|
89,372 |
|
|
267,230 |
|
257,367 |
|
Head
Grades |
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
82 |
|
81 |
|
93 |
|
94 |
|
96 |
|
|
85 |
|
97 |
|
Lead (%) |
1.4 |
|
1.8 |
|
1.9 |
|
1.8 |
|
2.0 |
|
|
1.7 |
|
1.9 |
|
Zinc (%) |
3.5 |
|
3.4 |
|
3.4 |
|
3.5 |
|
3.3 |
|
|
3.4 |
|
3.3 |
|
Recovery Rates |
|
|
|
|
|
|
|
|
Silver (%) * |
82.6 |
|
82.5 |
|
82.8 |
|
80.7 |
|
78.0 |
|
|
82.6 |
|
76.9 |
|
Lead (%) |
89.6 |
|
89.2 |
|
89.8 |
|
90.4 |
|
90.4 |
|
|
89.5 |
|
89.2 |
|
Zinc (%) |
89.7 |
|
87.3 |
|
87.3 |
|
87.7 |
|
85.5 |
|
|
88.2 |
|
85.8 |
|
Metal Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
201 |
|
184 |
|
200 |
|
89 |
|
234 |
|
|
585 |
|
610 |
|
Lead (in thousands of pound) |
2,599 |
|
2,966 |
|
3,106 |
|
1,332 |
|
3,867 |
|
|
8,671 |
|
9,553 |
|
Zinc (in thousands of pound) |
6,724 |
|
6,027 |
|
4,921 |
|
2,194 |
|
5,471 |
|
|
17,672 |
|
15,942 |
|
Cash mining cost ($/tonne) |
41.47 |
|
36.43 |
|
35.13 |
|
25.58 |
|
42.96 |
|
|
37.89 |
|
39.91 |
|
Cash milling cost ($/tonne) |
12.60 |
|
12.04 |
|
11.95 |
|
16.36 |
|
14.01 |
|
|
12.22 |
|
13.53 |
|
Cash
production cost ($/tonne) |
54.07 |
|
48.47 |
|
47.08 |
|
41.94 |
|
56.97 |
|
|
50.11 |
|
53.44 |
|
All-in sustaining production costs ($/tonne) |
78.63 |
|
69.07 |
|
65.84 |
|
88.18 |
|
71.03 |
|
|
71.58 |
|
67.14 |
|
|
|
|
|
|
|
|
|
|
Cash
cost per ounce of silver ($) |
(14.43 |
) |
(12.70 |
) |
(6.59 |
) |
(10.03 |
) |
(4.33 |
) |
|
(11.21 |
) |
(7.30 |
) |
All-in sustaining cost per ounce of silver
($) |
(1.05 |
) |
(1.78 |
) |
2.41 |
|
8.31 |
|
2.18 |
|
|
(0.10 |
) |
(0.33 |
) |
* Silver recovery
includes silver recovered in lead concentrate and silver recovered
in zinc concentrate. |
|
|
|
|
|
|
|
|
|
i) Q3 Fiscal 2021
vs. Q3 Fiscal 2020
In Q3 Fiscal 2021, the total ore mined at the GC
Mine was 97,177 tonnes, up 12% or 10,740 tonnes, compared to 86,437
tonnes in Q3 Fiscal 2020. Ore milled was 97,743 tonnes, up 9% or
8,371 tonnes, compared to 89,372 tonnes in Q3 Fiscal 2020.
Average head grades of ore processed at the GC
Mine were 82 g/t for silver, 1.4% for lead, and 3.5% for zinc,
compared to 96 g/t for silver, 2.0% for lead, and 3.3% for zinc in
Q3 Fiscal 2020. Recovery rates of ore processed were 82.6% for
silver, 89.6% for lead, and 89.7% for zinc, compared to 78.0% for
silver, 90.4% for lead, and 85.5% for zinc in Q3 Fiscal 2020.
In Q3 Fiscal 2021, GC Mine sold approximately
201 thousand ounces of silver, 2.6 million pounds of lead, and 6.7
million pounds of zinc, compared to 234 thousand ounces of silver,
3.9 million pounds of lead, and 5.5 million pounds of zinc in Q3
Fiscal 2020.
Total and cash mining costs per tonne at the GC
Mine in Q3 Fiscal 2021 were $50.53 and $41.47 per tonne, a decrease
of 2% and 3%, respectively, compared to $51.60 and $42.96 per tonne
in Q3 Fiscal 2020. The decrease in the cash mining cost was mainly
due to a $0.2 million decrease in mining preparation costs. Total
and cash milling costs per tonne at the GC Mine in Q3 Fiscal 2021
were $13.72 and $12.60, a decrease of 10% and 10%, respectively,
compared to $15.20 and $14.01 in Q3 Fiscal 2020.
Correspondingly, the cash production cost per
tonne of ore processed in Q3 Fiscal 2021 at the GC Mine was $54.07,
down 5% compared to $56.97 in Q3 Fiscal 2020. The all-in sustaining
production cost per tonne of ore processed was $78.63, up 11%
compared to $71.03 in Q3 Fiscal 2020. The increase was mainly due
to an increase of $1.1 million in sustaining capital
expenditures.
In Q3 Fiscal 2021, the cash cost per ounce of
silver, net of by-product credits, at the GC Mine was negative
$14.43 compared to negative $4.33 in Q3 Fiscal 2020. The decrease
was mainly due to the decrease in per tonne production costs as
discussed above and an increase of $1.9 million in by-product
sales.
In Q3 Fiscal 2021, all-in sustaining cost per
ounce of silver, net of by-product credits, at the GC Mine was
negative $1.05 compared to $2.18 in Q3 Fiscal 2020. The decrease
was mainly due to the decrease in cash cost per ounces of silver
offset by an increase of $1.0 million in sustaining capital
expenditures.
In Q3 Fiscal 2021, approximately 17,029 metres
or $0.6 million worth of underground diamond drilling (Q3 Fiscal
2020 – 6,402 metres or $0.3 million) and 4,001 metres or $1.0
million worth of tunnelling (Q3 Fiscal 2020 – 6,599 metres or $1.5
million) were completed and expensed as mining preparation costs at
the GC Mine. In addition, approximately 2,815 metres or $1.1
million worth of horizontal tunnels, raises, ramps and declines (Q3
Fiscal 2020 – 532 metres or $0.3 million) were completed and
capitalized.
ii) Nine months ended
December 31, 2020 vs. nine months ended December 31,
2019
For the nine months ended December 31, 2020, a
total of 264,389 tonnes of ore were mined and 267,230 tonnes were
milled at the GC Mine, up 6% and 4%, respectively, compared to
250,417 tonnes mined and 257,367 tonnes milled in the same prior
year period. Average head grades of ore milled were 85 g/t for
silver, 1.7% for lead, and 3.4% for zinc compared to 97 g/t for
silver, 1.9% for lead, and 3.3% for zinc, in the same prior year
period.
During the same time period, the GC Mine sold
approximately 585 thousand ounces of silver, 8.7 million pounds of
lead, and 17.7 million pounds of zinc, compared to 610 thousand
ounces of silver, 9.6 million pounds of lead, and 15.9 million
pounds of zinc in the same prior year period.
For the nine months ended December 31, 2020, the
cash mining cost at the GC Mine was $37.89 per tonne, a decrease of
5% compared to $39.91 per tonne in the same prior year period. The
cash milling cost was $12.22 per tonne, a decrease of 10% compared
to $13.53 in the same prior year period. Correspondingly, the cash
production cost per tonne of ore processed at the GC Mine was
$50.11, a decrease of 6% compared to $53.44 in the same prior year
period. The all-in sustaining production cost per tonne of ore
processed was $71.58, an increase of 7% compared to $67.14 in the
same prior year period.
For the nine months ended December 31, 2020, the
cash cost per ounce of silver and all-in sustaining cost per ounce
of silver, net of by‐product credits, at the GC Mine were negative
$11.21 and negative $0.10 respectively, compared to negative $7.30
and negative $0.33 in the same prior year period.
For the nine months ended December 31, 2020,
approximately 36,975 metres or $1.7 million worth of underground
diamond drilling (same prior year period – 20,313 metres or $0.9
million) and 9,836 metres or $1.8 million of tunnelling (same prior
year period – 18,962 metres or $4.5 million) were completed and
expensed as mining preparation costs at the GC Mine. In addition,
approximately 10,482 metres or $3.3 million of horizontal tunnels,
raise, and declines (same prior year period – 1,476 metres or $1.0
million) were completed and capitalized.
FISCAL 2022 PRODUCTION, CASH COST, AND
CAPITAL EXPENDITURE GUIDANCE
In Fiscal 2022, the Company expects to process
approximately 960,000 – 1,010,000 tonnes of ore, yielding 6.4
million to 6.7 million ounces of silver, 65.7 million to 68.9
million pounds of lead, and 26.9 million to 28.5 million pounds of
zinc. Fiscal 2022 production guidance represents an anticipated
increase of approximately 3% in silver production, and 7% to 10% in
zinc production compared to the current Fiscal 2021 guidance. In
Fiscal 2022, lead production is expected to be similar to the
current Fiscal 2021 guidance.
|
|
Head grades |
Metal production |
Production costs |
|
Ore processed |
Silver |
Lead |
Zinc |
Silver |
Lead |
Zinc |
Cash cost* |
AISC* |
|
(tonnes) |
(g/t) |
(%) |
(%) |
(Moz) |
(Mlbs) |
(Mlbs) |
($/t) |
($/t) |
Fiscal 2022 production and cash costs
guidance |
|
|
|
|
|
|
|
Ying Mining
District |
670,000-700,000 |
290 |
4.2 |
0.9 |
5.8 -
6.0 |
57.2 -
59.8 |
7.8 -
8.1 |
87.1 -
91.7 |
134.2 -
141.2 |
GC Mine |
290,000-310,000 |
86 |
1.5 |
3.6 |
0.6 -
0.7 |
8.5 -
9.1 |
19.1 -
20.4 |
55.7 -
59.6 |
81.3 -
85.6 |
Consolidated |
960,000-1,010,000 |
223 |
3.3 |
1.7 |
6.4 - 6.7 |
65.7 - 68.9 |
26.9 - 28.5 |
77.7 - 82.6 |
130.7 - 141.7 |
|
|
|
|
|
|
|
|
|
|
*Both AISC and cash costs are non-IFRS measures.
AISC refers to all-in sustaining costs per tonne of ore processed.
Cash costs refer to cash production costs per tonne of ore
processed. Foreign exchange rates assumptions used are: US$1 =
CAD$1.30, US$1 = RMB¥6.50.
The Company has been consistently active in
exploring its existing mining permit areas through drilling and
tunneling, with the objective of replacing the depleted ore. In
recent years, the Company has embarked on a capital investment
program at both of its mining operations with the objective of
adding facilities and infrastructure that will enhance the
environmental friendliness, safety, efficiency and future
profitability of the mines. This program includes the excavation of
additional access ramps and tunnels which are expected to
facilitate the efficient movement of ore, equipment and personnel
within the mines, as well as provide access to new areas of
mineralization that may be suitable for mining in current and
future periods. Depending on the extent of each project and the
rate of development progress, the spending associated with these
projects may be spread across several reporting periods until they
are complete.
For Fiscal 2022, the Company plans to i) complete 6,600 metres
of ramp development tunneling at estimated capitalized expenditures
of $5.6 million, representing a 20% decrease in meterage and a 19%
decrease in total cost compared to Fiscal 2021 guidance; ii)
complete 62,500 metres of exploration and other development
tunneling at estimated capitalized expenditures of $21.8 million,
representing a 32% decrease in meterage and a 28% decrease in total
cost compared to Fiscal 2021 guidance, and iii) spend $7.3 million
on equipment and facilities, an increase of 35% compared to Fiscal
2021 guidance. In addition, the Company plans to complete 50,000
metres of surface diamond drilling at estimated capitalized
expenditures of $3.5 million. The total capital expenditures are
budgeted at $38.2 million, representing a decrease of 10% compared
to Fiscal 2021 annual guidance. The Company also plans to complete
and expense 33,600 metres of mining preparation tunneling and
206,900 metres of underground diamond drilling. The table below
summarizes the work plan and estimated capital expenditures in
Fiscal 2022.
|
Capitalized Development Work and Expenditures |
Expensed |
|
Ramp Development |
Exploration and Development Tunnels |
Surface Diamond Drilling |
Equipment & Facilities |
Total |
Mining Preparation Tunnels |
Underground drilling |
|
(Metres) |
($ Million) |
(Metres) |
($ Million) |
(Metres) |
($ Million) |
($ Million) |
($ Million) |
(Metres) |
(Metres) |
Ying Mining
District |
6,100 |
5.2 |
52,200 |
18.8 |
50,000 |
3.5 |
6.3 |
33.8 |
23,400 |
148,400 |
GC Mine |
500 |
0.4 |
10,300 |
3.0 |
- |
- |
1.0 |
4.4 |
10,200 |
58,500 |
Consolidated |
6,600 |
5.6 |
62,500 |
21.8 |
50,000 |
3.5 |
7.3 |
38.2 |
33,600 |
206,900 |
(a) Ying Mining District
In Fiscal 2022, the Company plans to mine and
process 670,000 to 700,000 tonnes of ore at the Ying Mining
District averaging 290 g/t silver, 4.2% lead, and 0.9% zinc with
expected metal production of 5.8 million to 6.0 million ounces of
silver, 57.2 million to 59.8 million pounds of lead, and 7.8
million to 8.1 million pounds of zinc. Fiscal 2022 production
guidance at the Ying Mining District represents increases of
approximately 4% to 6% in ore production, 3% to 4% in silver
production, 1% to 3% in lead production, and 1% to 11% in zinc
production compared to its Fiscal 2021 guidance.
The cash production costs are expected to be
$87.1 to $91.7 per tonne of ore, and the all-in sustaining costs
are estimated at $134.2 to $141.2 per tonne of ore processed.
In Fiscal 2022, the Ying Mining District plans
to i) complete 6,100 metres of ramp development tunneling at
estimated capital expenditures of $5.2 million, representing a 9%
decrease in meterage and 5% decrease in total cost compared to its
Fiscal 2021 guidance; ii) complete 52,200 metres of exploration and
other development tunneling at estimated capital expenditures of
$18.8 million, representing a 36% decrease in meterage and 30%
decrease in total cost compared to its Fiscal 2021 guidance; and
iii) spend $6.3 million on equipment and facilities, an increase of
37% compared to its Fiscal 2021 guidance. In addition, the Company
plans to complete 50,000 metres of surface diamond drilling at
estimated capitalized expenditures of $3.5 million. The total
capital expenditures at the Ying Mining District are budgeted at
$33.8 million, a decrease of 9% compared to its Fiscal 2021
guidance. The Ying Mining District also plans to complete and
expense 23,400 metres of mining preparation tunneling and 148,400
metres of diamond drilling, representing an increase of 11% and
87%, respectively, compared to Fiscal 2021 guidance.
(b) GC Mine
In Fiscal 2022, the Company plans to mine and
process 290,000 to 310,000 tonnes of ore at the GC Mine averaging
86 g/t silver, 1.5% lead, and 3.6% zinc with expected metal
production of 0.6 million to 0.7 million ounces of silver, 8.5
million to 9.1 million pounds of lead and 19.1 million to 20.4
million pounds of zinc. Fiscal 2022 production guidance at the GC
Mine represents similar ore production and silver production, an
increase of approximately 9% in zinc production, but a 10% to 13%
decrease in lead production due to lower head grade compared to its
Fiscal 2021 annual guidance.
The cash production costs are expected to be
$55.7 to $59.6 per tonne of ore, and the all-in sustaining costs
are estimated at $81.3 to $85.6 per tonne of ore processed.
In Fiscal 2022, the GC Mine plans to i) complete
500 metres of ramp development tunneling at estimated capital
expenditures of $0.4 million, representing a 69% decrease in
meterage and a decrease of 71% in total cost compared to its Fiscal
2021 guidance; ii) complete 10,300 metres of exploration and
development tunneling at estimated capital expenditures of $3.0
million, a 6% decrease in meterage and total cost; and iii) spend
$1.0 million on equipment and facilities, an increase of 70%
compared to its Fiscal 2021 guidance. The total capital
expenditures at the GC Mine are budgeted at $4.4 million, a
decrease of 19% compared to its Fiscal 2021 guidance. The GC Mine
also plans to complete and expense 10,200 metres of mining
preparation tunneling and 58,500 metres of underground diamond
drilling.
(c) Other Development Plans
In Fiscal 2022, the Company plans to commence a
Phase I 10,000 metre drilling program at the La Yesca Silver
Project in Mexico, which drill program is pending receipt of the
necessary drilling permits from the respective Mexican government
agencies. As a result, the budget for the drill program has not yet
been finalized.
The Company plans to initiate an extensive
drilling campaign at the Zhonghe Silver Project, located
approximately 75 km northeast of the Ying Mining District. The
Company will formalize the plan and provide an update on the cost
estimates with respect to the Zhonghe Silver Project once the
mineral rights transfer contract is executed.
The Company is in the process of applying for
permits to build a third tailings facility near the existing
tailings facilities at the Ying Mining District. The Company is
also considering plans to expand the current milling capacity or
build a new mill for future production expansion at the Ying Mining
District. There is potential to consolidate mineral properties near
the Ying Mining District, or to process ore from the Zhonghe Silver
Project during its development stage. The Company will provide
further updates when plans and cost estimates are formalized.
Scientific and technical information contained
in this news release has been reviewed and approved by Mr. Guoliang
Ma, P.Geo., Manager of Exploration and Resources of the Company and
a Qualified Person as such the term is defined in National
Instrument 43-101 – Standards of Disclosure of Mineral
Projects.
This earnings release should be read in
conjunction with the Company's MD&A, 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 informationSilvercorp Metals
Inc.Lon ShaverVice PresidentPhone: (604) 669-9397Toll Free 1(888)
224-1881Email: investor@silvercorp.caWebsite: 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 forward-looking
statements 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; projected cash operating costs and all-in sustaining costs,
and budgets, on a consolidated and mine-by-mine basis; projections
included in the Company’s annual cost guidance; 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, as well as those
risks and uncertainties discussed in the Company’s corresponding
MD&A and other public filings of the Company. 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 expressed or implied in the forward-looking
statements.
The Company’s forward-looking statements are
necessarily based on a number of estimates, assumptions, beliefs,
expectations and opinions of management as of the date of this news
release that while considered reasonable by management of the
Company, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. These estimates,
assumptions, beliefs, expectations and opinions include, but are
not limited to, those related to the Company’s ability to carry on
current and future operations, including: the duration and effects
of COVID-19 on our operations and workforce; development and
exploration activities; the timing, extent, duration and economic
viability of such operations; the accuracy and reliability of
estimates, projections, forecasts, studies and assessments; the
Company’s ability to meet or achieve estimates, projections and
forecasts; the availability and cost of inputs; the price and
market for outputs; foreign exchange rates; taxation levels; the
timely receipt of necessary approvals or permits; the ability to
meet current and future obligations; the ability to obtain timely
financing on reasonable terms when required; the current and future
social, economic and political conditions; and other assumptions
and factors generally associated with the mining industry. 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. 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. For the reasons
set forth above, investors should not place undue reliance on
forward-looking statements.
SILVERCORP METALS INC.
Consolidated Statements of Financial Position
(Unaudited - Expressed in thousands of U.S. dollars)
|
|
As at December 31, |
|
As at March 31, |
|
|
|
|
2020 |
|
|
2020 |
|
ASSETS |
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
103,347 |
|
$ |
65,777 |
|
Short-term investments |
|
|
100,774 |
|
|
76,742 |
|
Trade and other receivables |
|
|
1,196 |
|
|
1,178 |
|
Current portion of lease receivable |
|
|
210 |
|
|
186 |
|
Inventories |
|
|
9,751 |
|
|
8,430 |
|
Due from related parties |
|
|
102 |
|
|
1,519 |
|
Income tax receivable |
|
|
- |
|
|
1,093 |
|
Prepaids and deposits |
|
|
4,770 |
|
|
3,254 |
|
|
|
|
220,150 |
|
|
158,179 |
|
|
|
|
|
|
Non-current Assets |
|
|
|
|
Long-term prepaids and deposits |
|
|
406 |
|
|
390 |
|
Long-term portion lease receivable |
|
|
234 |
|
|
348 |
|
Reclamation deposits |
|
|
8,447 |
|
|
9,230 |
|
Investment in associates |
|
|
53,988 |
|
|
44,555 |
|
Other investments |
|
|
18,763 |
|
|
8,750 |
|
Plant and equipment |
|
|
76,217 |
|
|
66,722 |
|
Mineral rights and properties |
|
|
277,688 |
|
|
224,586 |
|
TOTAL ASSETS |
|
$ |
655,893 |
|
$ |
512,760 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
45,446 |
|
$ |
23,129 |
|
Current portion of lease obligation |
|
|
644 |
|
|
567 |
|
Deposits received |
|
|
2,819 |
|
|
3,195 |
|
Income tax payable |
|
|
2,493 |
|
|
937 |
|
|
|
|
51,402 |
|
|
27,828 |
|
|
|
|
|
|
Non-current Liabilities |
|
|
|
|
Long-term portion of lease obligation |
|
|
1,225 |
|
|
1,502 |
|
Deferred income tax liabilities |
|
|
41,976 |
|
|
35,758 |
|
Environmental rehabilitation |
|
|
9,457 |
|
|
8,700 |
|
Total Liabilities |
|
|
104,060 |
|
|
73,788 |
|
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
|
248,762 |
|
|
243,926 |
|
Equity reserves |
|
|
29,397 |
|
|
(21,142 |
) |
Retained earnings |
|
|
180,885 |
|
|
145,898 |
|
Total equity attributable to the equity holders of the
Company |
|
|
459,044 |
|
|
368,682 |
|
|
|
|
|
|
Non-controlling interests |
|
|
92,789 |
|
|
70,290 |
|
Total Equity |
|
|
551,833 |
|
|
438,972 |
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
655,893 |
|
$ |
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 December 31, |
|
|
Nine Months Ended December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
53,296 |
|
$ |
44,508 |
|
|
$ |
156,373 |
|
$ |
139,970 |
|
Cost
of mine operations |
|
|
|
|
|
|
Production costs |
|
|
18,025 |
|
|
18,395 |
|
|
|
55,460 |
|
|
53,685 |
|
Depreciation and amortization |
|
|
5,596 |
|
|
5,886 |
|
|
|
16,928 |
|
|
17,569 |
|
Mineral resource taxes |
|
|
1,337 |
|
|
1,322 |
|
|
|
4,106 |
|
|
3,981 |
|
Government fees and other taxes |
|
|
777 |
|
|
787 |
|
|
|
1,965 |
|
|
1,877 |
|
General and administrative |
|
|
2,760 |
|
|
2,348 |
|
|
|
7,156 |
|
|
6,688 |
|
|
|
|
28,495 |
|
|
28,738 |
|
|
|
85,615 |
|
|
83,800 |
|
Income from mine operations |
|
|
24,801 |
|
|
15,770 |
|
|
|
70,758 |
|
|
56,170 |
|
|
|
|
|
|
|
|
Corporate
general and administrative |
|
|
3,525 |
|
|
2,568 |
|
|
|
8,996 |
|
|
7,504 |
|
Property
evaluation and business development |
|
|
209 |
|
|
232 |
|
|
|
(3,450 |
) |
|
405 |
|
Foreign
exchange loss |
|
|
2,954 |
|
|
1,277 |
|
|
|
6,973 |
|
|
1,334 |
|
Loss on
disposal of plant and equipment |
|
|
36 |
|
|
110 |
|
|
|
247 |
|
|
373 |
|
Gain on
disposal of mineral rights and properties |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(1,477 |
) |
Share of
loss in associates |
|
|
550 |
|
|
322 |
|
|
|
1,030 |
|
|
847 |
|
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 |
|
|
(600 |
) |
|
- |
|
|
|
(8,837 |
) |
|
- |
|
Other (income) expense |
|
|
(503 |
) |
|
(182 |
) |
|
|
(682 |
) |
|
308 |
|
Income from operations |
|
|
18,630 |
|
|
11,443 |
|
|
|
66,481 |
|
|
47,620 |
|
|
|
|
|
|
|
|
Finance
income |
|
|
1,108 |
|
|
1,122 |
|
|
|
2,796 |
|
|
2,869 |
|
Finance costs |
|
|
(1,403 |
) |
|
(134 |
) |
|
|
(1,634 |
) |
|
(445 |
) |
Income before income taxes |
|
|
18,335 |
|
|
12,431 |
|
|
|
67,643 |
|
|
50,044 |
|
|
|
|
|
|
|
|
Income tax expense |
|
|
6,046 |
|
|
3,715 |
|
|
|
17,305 |
|
|
8,366 |
|
Net income |
|
$ |
12,289 |
|
$ |
8,716 |
|
|
$ |
50,338 |
|
$ |
41,678 |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Equity holders of the Company |
|
$ |
8,392 |
|
$ |
6,283 |
|
|
$ |
39,355 |
|
$ |
31,111 |
|
Non-controlling interests |
|
|
3,897 |
|
|
2,433 |
|
|
|
10,983 |
|
|
10,567 |
|
|
|
$ |
12,289 |
|
$ |
8,716 |
|
|
$ |
50,338 |
|
$ |
41,678 |
|
|
|
|
|
|
|
|
Earnings per share attributable to the equity holders of
the Company |
|
|
|
|
Basic earnings per share |
|
$ |
0.05 |
|
$ |
0.04 |
|
|
$ |
0.23 |
|
$ |
0.18 |
|
Diluted earnings per share |
|
$ |
0.05 |
|
$ |
0.04 |
|
|
$ |
0.22 |
|
$ |
0.18 |
|
Weighted Average Number of Shares Outstanding -
Basic |
|
|
175,261,808 |
|
|
172,691,444 |
|
|
|
174,651,536 |
|
|
171,179,368 |
|
Weighted Average Number of Shares Outstanding -
Diluted |
|
|
177,515,646 |
|
|
174,760,433 |
|
|
|
177,134,575 |
|
|
172,963,914 |
|
SILVERCORP METALS INC. Consolidated
Statements of Cash Flow(Unaudited - Expressed in thousands
of U.S. dollars)
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
Cash
provided by |
|
|
|
|
|
Operating activities |
|
|
|
|
|
Net income |
$ |
12,289 |
|
$ |
8,716 |
|
|
$ |
50,338 |
|
$ |
41,678 |
|
Add (deduct) items not affecting cash: |
|
|
|
|
|
Finance costs |
|
1,403 |
|
|
134 |
|
|
|
1,634 |
|
|
445 |
|
Depreciation, amortization and depletion |
|
6,063 |
|
|
6,268 |
|
|
|
18,240 |
|
|
18,691 |
|
Share of loss in associates |
|
550 |
|
|
322 |
|
|
|
1,030 |
|
|
847 |
|
Dilution gain on investment in associate |
|
- |
|
|
- |
|
|
|
- |
|
|
(723 |
) |
Reclassification of other comprehensive loss upon ownership
dilution of investment in associate |
|
- |
|
|
- |
|
|
|
- |
|
|
(21 |
) |
Income tax expense |
|
6,046 |
|
|
3,715 |
|
|
|
17,305 |
|
|
8,366 |
|
Gain on equity investments designated as FVTPL |
|
(600 |
) |
|
- |
|
|
|
(8,837 |
) |
|
- |
|
Loss on disposal of plant and equipment |
|
36 |
|
|
110 |
|
|
|
247 |
|
|
373 |
|
Gain on disposal of mineral rights and properties |
|
- |
|
|
- |
|
|
|
- |
|
|
(1,477 |
) |
Share-based compensation |
|
1,263 |
|
|
947 |
|
|
|
3,018 |
|
|
1,973 |
|
Reclamation expenditures |
|
(50 |
) |
|
(222 |
) |
|
|
(118 |
) |
|
(296 |
) |
Income taxes paid |
|
(6,041 |
) |
|
(485 |
) |
|
|
(11,864 |
) |
|
(3,415 |
) |
Interest paid |
|
(23 |
) |
|
(30 |
) |
|
|
(73 |
) |
|
(135 |
) |
Changes in non-cash operating working capital |
|
3,002 |
|
|
5,377 |
|
|
|
12,761 |
|
|
4,662 |
|
Net cash provided by operating activities |
|
23,938 |
|
|
24,852 |
|
|
|
83,681 |
|
|
70,968 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Mineral rights and properties |
|
|
|
|
|
Capital expenditures |
|
(12,432 |
) |
|
(7,912 |
) |
|
|
(29,146 |
) |
|
(21,921 |
) |
Acquisition |
|
(6,566 |
) |
|
- |
|
|
|
(6,566 |
) |
|
- |
|
Proceeds on disposals |
|
- |
|
|
- |
|
|
|
- |
|
|
6,146 |
|
Plant and equipment |
|
|
|
|
|
Additions |
|
(3,049 |
) |
|
(1,909 |
) |
|
|
(6,044 |
) |
|
(6,238 |
) |
Proceeds on disposals |
|
46 |
|
|
5 |
|
|
|
47 |
|
|
8 |
|
Reclamation deposits |
|
|
|
|
|
Paid |
|
(125 |
) |
|
(11 |
) |
|
|
(386 |
) |
|
(1,560 |
) |
Refund |
|
34 |
|
|
- |
|
|
|
1,839 |
|
|
- |
|
Other investments |
|
|
|
|
|
Acquisition |
|
(1,305 |
) |
|
(2,133 |
) |
|
|
(12,708 |
) |
|
(3,859 |
) |
Proceeds on disposals |
|
64 |
|
|
4,875 |
|
|
|
17,870 |
|
|
6,141 |
|
Investment in associate |
|
(1,326 |
) |
|
(3,820 |
) |
|
|
(7,131 |
) |
|
(7,030 |
) |
Net redemptions (purchases) of short-term investments |
|
6,130 |
|
|
(11,866 |
) |
|
|
(9,321 |
) |
|
(45,484 |
) |
Principal received on lease receivable |
|
49 |
|
|
35 |
|
|
|
143 |
|
|
71 |
|
Net cash used in investing activities |
|
(18,480 |
) |
|
(22,736 |
) |
|
|
(51,403 |
) |
|
(73,726 |
) |
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Related parties |
|
|
|
|
|
Repayments received |
|
- |
|
|
2,922 |
|
|
|
1,423 |
|
|
2,922 |
|
Bank loan |
|
|
|
|
|
Repayment |
|
- |
|
|
- |
|
|
|
- |
|
|
(4,369 |
) |
Principal payments on lease obligation |
|
(144 |
) |
|
(81 |
) |
|
|
(414 |
) |
|
(369 |
) |
Non-controlling interests |
|
|
|
|
|
Distribution |
|
- |
|
|
- |
|
|
|
(3,239 |
) |
|
(3,259 |
) |
Cash dividends distributed |
|
(2,190 |
) |
|
(2,162 |
) |
|
|
(4,368 |
) |
|
(4,287 |
) |
Proceeds from issuance of common shares |
|
198 |
|
|
1,917 |
|
|
|
2,884 |
|
|
6,994 |
|
Net cash (used in) provided by financing
activities |
|
(2,136 |
) |
|
2,596 |
|
|
|
(3,714 |
) |
|
(2,368 |
) |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents |
|
4,705 |
|
|
1,090 |
|
|
|
9,006 |
|
|
(421 |
) |
|
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
|
8,027 |
|
|
5,802 |
|
|
|
37,570 |
|
|
(5,547 |
) |
|
|
|
|
|
|
Cash and cash equivalents, beginning of the
period |
|
95,320 |
|
|
56,092 |
|
|
|
65,777 |
|
|
67,441 |
|
|
|
|
|
|
|
Cash and cash equivalents, end of the period |
$ |
103,347 |
|
$ |
61,894 |
|
|
$ |
103,347 |
|
$ |
61,894 |
|
SILVERCORP METALS INC. Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
Consolidated |
Three months ended December 31, |
|
Nine months ended December 31, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
|
|
|
Ore Mined (tonne) |
279,445 |
|
262,586 |
|
6 |
% |
|
801,853 |
|
779,235 |
|
3 |
% |
|
|
Ore
Milled (tonne) |
260,648 |
|
264,860 |
|
-2 |
% |
|
786,907 |
|
789,684 |
|
-0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
216 |
|
228 |
|
-5 |
% |
|
222 |
|
241 |
|
-8 |
% |
|
|
Lead (%) |
3.2 |
|
3.7 |
|
-13 |
% |
|
3.5 |
|
3.7 |
|
-6 |
% |
|
|
Zinc (%) |
1.8 |
|
1.7 |
|
7 |
% |
|
1.7 |
|
1.7 |
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
|
|
|
Silver (%) |
92.3 |
|
93.5 |
|
-1 |
% |
|
92.9 |
|
93.6 |
|
-1 |
% |
|
|
Lead (%) |
95.3 |
|
95.2 |
|
0 |
% |
|
95.1 |
|
94.8 |
|
0 |
% |
|
|
Zinc (%) |
82.4 |
|
80.2 |
|
3 |
% |
|
79.9 |
|
77.4 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined ($) |
78.90 |
|
78.65 |
|
0 |
% |
|
76.66 |
|
76.31 |
|
0 |
% |
|
|
Cash mining cost per tonne of ore mined ($) |
58.79 |
|
57.54 |
|
2 |
% |
|
57.18 |
|
55.13 |
|
4 |
% |
|
|
Depreciation and amortization charges per tonne of ore
mined ($) |
20.11 |
|
21.11 |
|
-5 |
% |
|
19.48 |
|
21.18 |
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Unit
shipping costs ($) |
2.59 |
|
2.61 |
|
-1 |
% |
|
2.55 |
|
2.66 |
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Milling costs per tonne of ore milled ($) |
13.23 |
|
13.58 |
|
-3 |
% |
|
11.79 |
|
12.85 |
|
-8 |
% |
|
|
Cash milling costs per tonne of ore milled
($) |
11.66 |
|
12.01 |
|
-3 |
% |
|
10.29 |
|
11.14 |
|
-8 |
% |
|
|
Depreciation and amortization charges per tonne of ore
milled ($) |
1.57 |
|
1.57 |
|
0 |
% |
|
1.50 |
|
1.71 |
|
-12 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
production cost per tonne of ore processed ($) |
73.04 |
|
72.16 |
|
1 |
% |
|
70.02 |
|
68.93 |
|
2 |
% |
|
+ |
All-in sustaining cost per tonne of ore processed
($) |
129.09 |
|
121.49 |
|
6 |
% |
|
122.02 |
|
117.12 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
cost per ounce of Silver, net of by-product credits
($) |
(2.76 |
) |
(1.21 |
) |
-128 |
% |
|
(2.08 |
) |
(2.06 |
) |
-1 |
% |
|
+ |
All-in sustaining cost per ounce of silver, net of
by-product credits ($) |
6.92 |
|
7.21 |
|
-4 |
% |
|
6.48 |
|
5.64 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead
concentrate (tonne) |
1,153 |
|
3,815 |
|
-70 |
% |
|
1,153 |
|
3,815 |
|
-70 |
% |
|
|
Zinc
concentrate (tonne) |
611 |
|
270 |
|
126 |
% |
|
611 |
|
270 |
|
126 |
% |
|
|
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounces) |
1,647 |
|
1,709 |
|
-4 |
% |
|
5,259 |
|
5,458 |
|
-4 |
% |
|
|
Gold
(in thousands of ounces) |
0.8 |
|
0.7 |
|
14 |
% |
|
4.1 |
|
2.8 |
|
46 |
% |
|
|
Lead
(in thousands of pounds) |
16,806 |
|
18,779 |
|
-11 |
% |
|
56,242 |
|
55,690 |
|
1 |
% |
|
|
Zinc
(in thousands of pounds) |
8,965 |
|
8,353 |
|
7 |
% |
|
23,334 |
|
22,342 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands of $) |
30,720 |
|
24,040 |
|
28 |
% |
|
89,951 |
|
75,037 |
|
20 |
% |
|
|
Gold
(in thousands of $) |
1,222 |
|
890 |
|
37 |
% |
|
5,717 |
|
3,286 |
|
74 |
% |
|
|
Lead
(in thousands of $) |
12,853 |
|
14,133 |
|
-9 |
% |
|
41,614 |
|
45,513 |
|
-9 |
% |
|
|
Zinc
(in thousands of $) |
7,923 |
|
5,039 |
|
57 |
% |
|
17,314 |
|
14,236 |
|
22 |
% |
|
|
Other (in thousands of $) |
578 |
|
406 |
|
42 |
% |
|
1,777 |
|
1,898 |
|
-6 |
% |
|
|
|
53,296 |
|
44,508 |
|
20 |
% |
|
156,373 |
|
139,970 |
|
12 |
% |
|
Average Selling Price, Net of Value Added Tax and Smelter
Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per ounce) |
18.65 |
|
14.07 |
|
33 |
% |
|
17.10 |
|
13.75 |
|
24 |
% |
|
|
Gold
($ per ounce) |
1,528 |
|
1,271 |
|
20 |
% |
|
1,394 |
|
1,174 |
|
19 |
% |
|
|
Lead
($ per pound) |
0.76 |
|
0.75 |
|
1 |
% |
|
0.74 |
|
0.82 |
|
-10 |
% |
|
|
Zinc
($ per pound) |
0.88 |
|
0.60 |
|
47 |
% |
|
0.74 |
|
0.64 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC. Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
Ying Mining District |
Three months ended December 31, |
|
Nine months ended December 31, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
|
|
|
Ore Mined (tonne) |
182,268 |
|
176,149 |
|
3 |
% |
|
537,464 |
|
528,818 |
|
2 |
% |
|
|
Ore
Milled (tonne) |
162,905 |
|
175,488 |
|
-7 |
% |
|
519,677 |
|
532,317 |
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
297 |
|
296 |
|
0 |
% |
|
293 |
|
311 |
|
-6 |
% |
|
|
Lead (%) |
4.3 |
|
4.6 |
|
-7 |
% |
|
4.4 |
|
4.6 |
|
-4 |
% |
|
|
Zinc (%) |
0.8 |
|
0.9 |
|
-11 |
% |
|
0.8 |
|
0.9 |
|
-11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
|
|
|
Silver (%) |
93.9 |
|
96.1 |
|
-2 |
% |
|
94.4 |
|
96.1 |
|
-2 |
% |
|
|
Lead (%) |
96.4 |
|
96.3 |
|
0 |
% |
|
96.2 |
|
95.9 |
|
0 |
% |
|
|
Zinc (%) |
63.3 |
|
70.3 |
|
-10 |
% |
|
61.7 |
|
62.6 |
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined ($) |
94.03 |
|
91.91 |
|
2 |
% |
|
91.47 |
|
89.67 |
|
2 |
% |
|
|
Cash mining cost per tonne of ore mined ($) |
68.02 |
|
64.69 |
|
5 |
% |
|
66.67 |
|
62.33 |
|
7 |
% |
|
|
Depreciation and amortization charges per tonne of ore
mined ($) |
26.01 |
|
27.22 |
|
-4 |
% |
|
24.80 |
|
27.34 |
|
-9 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Unit
shipping costs ($) |
3.98 |
|
3.89 |
|
2 |
% |
|
3.80 |
|
3.92 |
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Milling costs per tonne of ore milled ($) |
12.94 |
|
12.76 |
|
1 |
% |
|
10.97 |
|
11.74 |
|
-7 |
% |
|
|
Cash milling cost per tonne of ore milled ($) |
11.09 |
|
10.99 |
|
1 |
% |
|
9.30 |
|
9.98 |
|
-7 |
% |
|
|
Depreciation and amortization charges per tonne of ore
milled ($) |
1.85 |
|
1.77 |
|
5 |
% |
|
1.67 |
|
1.76 |
|
-5 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
production cost per tonne of ore processed ($) |
83.09 |
|
79.57 |
|
4 |
% |
|
79.77 |
|
76.23 |
|
5 |
% |
|
+ |
All-in sustaining cost per tonne of ore processed
($) |
133.07 |
|
126.43 |
|
5 |
% |
|
127.40 |
|
124.31 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
cost per ounce of Silver, net of by-product credits
($) |
(1.12 |
) |
(0.72 |
) |
-56 |
% |
|
(0.71 |
) |
(1.40 |
) |
49 |
% |
|
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
5.24 |
|
5.57 |
|
-6 |
% |
|
5.31 |
|
4.55 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead
concentrate (tonne) |
871 |
|
3,625 |
|
-76 |
% |
|
871 |
|
3,625 |
|
-76 |
% |
|
|
Zinc
concentrate (tonne) |
62 |
|
190 |
|
-67 |
% |
|
62 |
|
190 |
|
-67 |
% |
|
|
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounces) |
1,446 |
|
1,475 |
|
-2 |
% |
|
4,674 |
|
4,848 |
|
-4 |
% |
|
|
Gold
(in thousands of ounces) |
0.8 |
|
0.7 |
|
14 |
% |
|
2.9 |
|
2.8 |
|
4 |
% |
|
|
Lead
(in thousands of pounds) |
14,207 |
|
14,912 |
|
-5 |
% |
|
47,571 |
|
46,137 |
|
3 |
% |
|
|
Zinc
(in thousands of pounds) |
2,241 |
|
2,882 |
|
-22 |
% |
|
5,662 |
|
6,400 |
|
-12 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands of $) |
28,013 |
|
21,437 |
|
31 |
% |
|
82,625 |
|
68,648 |
|
20 |
% |
|
|
Gold
(in thousands of $) |
1,194 |
|
890 |
|
34 |
% |
|
4,164 |
|
3,286 |
|
27 |
% |
|
|
Lead
(in thousands of $) |
10,892 |
|
11,112 |
|
-2 |
% |
|
35,386 |
|
37,750 |
|
-6 |
% |
|
|
Zinc
(in thousands of $) |
2,114 |
|
1,836 |
|
15 |
% |
|
4,556 |
|
4,460 |
|
2 |
% |
|
|
Other (in thousands of $) |
273 |
|
406 |
|
-33 |
% |
|
1,112 |
|
1,609 |
|
-31 |
% |
|
|
|
42,486 |
|
35,681 |
|
19 |
% |
|
127,843 |
|
115,753 |
|
10 |
% |
|
Average Selling Price, Net of Value Added Tax and Smelter
Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per ounce) |
19.37 |
|
14.53 |
|
33 |
% |
|
17.68 |
|
14.16 |
|
25 |
% |
|
|
Gold
($ per ounce) |
1,493 |
|
1,271 |
|
17 |
% |
|
1,436 |
|
1,174 |
|
22 |
% |
|
|
Lead
($ per pound) |
0.77 |
|
0.75 |
|
3 |
% |
|
0.74 |
|
0.82 |
|
-10 |
% |
|
|
Zinc
($ per pound) |
0.94 |
|
0.64 |
|
47 |
% |
|
0.80 |
|
0.70 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC. Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
GC Mine |
Three months ended December 31, |
|
Nine months ended December 31, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
|
|
|
Mine Data |
|
|
|
|
|
|
|
|
|
Ore Mined (tonne) |
97,177 |
|
86,437 |
|
12 |
% |
|
264,389 |
|
250,417 |
|
6 |
% |
|
|
Ore
Milled (tonne) |
97,743 |
|
89,372 |
|
9 |
% |
|
267,230 |
|
257,367 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
82 |
|
96 |
|
-15 |
% |
|
85 |
|
97 |
|
-12 |
% |
|
|
Lead (%) |
1.4 |
|
2.0 |
|
-30 |
% |
|
1.7 |
|
1.9 |
|
-11 |
% |
|
|
Zinc (%) |
3.5 |
|
3.3 |
|
6 |
% |
|
3.4 |
|
3.3 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Rates |
|
|
|
|
|
|
|
|
|
Silver (%) * |
82.6 |
|
78.0 |
|
6 |
% |
|
82.6 |
|
76.9 |
|
7 |
% |
|
|
Lead (%) |
89.6 |
|
90.4 |
|
-1 |
% |
|
89.5 |
|
89.2 |
|
0 |
% |
|
|
Zinc (%) |
89.7 |
|
85.5 |
|
5 |
% |
|
88.2 |
|
85.8 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
Cost Data |
|
|
|
|
|
|
|
|
+ |
Mining cost per tonne of ore mined ($) |
50.53 |
|
51.60 |
|
-2 |
% |
|
46.56 |
|
48.07 |
|
-3 |
% |
|
|
Cash mining cost per tonne of ore mined ($) |
41.47 |
|
42.96 |
|
-3 |
% |
|
37.89 |
|
39.91 |
|
-5 |
% |
|
|
Depreciation and amortization charges per tonne of ore
mined ($) |
9.06 |
|
8.64 |
|
5 |
% |
|
8.67 |
|
8.16 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Milling cost per tonne of ore milled ($) |
13.72 |
|
15.20 |
|
-10 |
% |
|
13.39 |
|
15.14 |
|
-12 |
% |
|
|
Cash milling cost per tonne of ore milled ($) |
12.60 |
|
14.01 |
|
-10 |
% |
|
12.22 |
|
13.53 |
|
-10 |
% |
|
|
Depreciation and amortization charges per tonne of ore
milled ($) |
1.12 |
|
1.19 |
|
-6 |
% |
|
1.17 |
|
1.61 |
|
-27 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
production cost per tonne of ore processed ($) |
54.07 |
|
56.97 |
|
-5 |
% |
|
50.11 |
|
53.44 |
|
-6 |
% |
|
+ |
All-in sustaining cost per tonne of ore processed
($) |
78.63 |
|
71.03 |
|
11 |
% |
|
71.58 |
|
67.14 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash
cost per ounce of Silver, net of by-product credits
($) |
(14.43 |
) |
(4.33 |
) |
-233 |
% |
|
(11.21 |
) |
(7.30 |
) |
-54 |
% |
|
+ |
All-in sustaining cost per ounce of Silver, net of
by-product credits ($) |
(1.05 |
) |
2.18 |
|
148 |
% |
|
(0.10 |
) |
(0.33 |
) |
70 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead
concentrate (tonne) |
282 |
|
190 |
|
48 |
% |
|
282 |
|
190 |
|
48 |
% |
|
|
Zinc
concentrate (tonne) |
549 |
|
80 |
|
586 |
% |
|
549 |
|
80 |
|
586 |
% |
|
|
|
|
|
|
|
|
|
|
Sales Data |
|
|
|
|
|
|
|
|
Metal Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands of ounces) |
201 |
|
234 |
|
-14 |
% |
|
585 |
|
610 |
|
-4 |
% |
|
|
Lead
(in thousands of pounds) |
2,599 |
|
3,867 |
|
-33 |
% |
|
8,671 |
|
9,553 |
|
-9 |
% |
|
|
Zinc
(in thousands of pounds) |
6,724 |
|
5,471 |
|
23 |
% |
|
17,672 |
|
15,942 |
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands of $) |
2,707 |
|
2,603 |
|
4 |
% |
|
7,326 |
|
6,389 |
|
15 |
% |
|
|
Lead
(in thousands of $) |
1,961 |
|
3,021 |
|
-35 |
% |
|
6,228 |
|
7,763 |
|
-20 |
% |
|
|
Zinc
(in thousands of $) |
5,809 |
|
3,203 |
|
81 |
% |
|
12,758 |
|
9,776 |
|
31 |
% |
|
|
Other (in thousands of $) |
305 |
|
- |
|
0 |
% |
|
665 |
|
289 |
|
130 |
% |
|
|
|
10,782 |
|
8,827 |
|
22 |
% |
|
26,977 |
|
24,217 |
|
11 |
% |
|
Average Selling Price, Net of Value Added Tax and Smelter
Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per ounce) ** |
13.47 |
|
11.12 |
|
21 |
% |
|
12.52 |
|
10.47 |
|
20 |
% |
|
|
Lead
($ per pound) |
0.75 |
|
0.78 |
|
-4 |
% |
|
0.72 |
|
0.81 |
|
-11 |
% |
|
|
Zinc
($ per pound) |
0.86 |
|
0.59 |
|
46 |
% |
|
0.72 |
|
0.61 |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
* 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. |
|
|
|
|
Silvercorp Metals (AMEX:SVM)
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