UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13a-16 OR
15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
February 8, 2024
Commission File No. 0001-34184
SILVERCORP
METALS INC.
(Translation of registrant’s name into English)
Suite 1750 - 1066 West Hastings
Street
Vancouver, BC Canada V6E 3X1
(Address of principal executive office)
[Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]
Form 20-F [ ] Form
40-F [ X ]
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| |
|
| Dated:
February 8, 2024 |
SILVERCORP METALS INC. |
| |
|
| |
/s/ Derek Liu |
| |
Derek Liu |
| |
Chief Financial Officer |
EXHIBIT INDEX
| |
|
| EXHIBIT |
DESCRIPTION OF EXHIBIT |
Exhibit 99.1
Silvercorp Reports Adjusted Net Income of $11.5
Million, $0.06 per Share, and Cash Flow from Operations of $23.6 Million for Q3 Fiscal 2024
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, Feb. 8, 2024 /CNW/ - Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX/NYSE American: SVM) reports its financial and operating results
for the three months ended December 31, 2023 ("Q3 Fiscal 2024"). All amounts are expressed in US dollars, and figures may not
add due to rounding.
HIGHLIGHTS FOR Q3 FISCAL 2024
- Mined 345,273 tonnes of ore,
milled 312,500 tonnes of ore, and produced approximately 1,342 ounces of gold, 1.7 million ounces of silver, or approximately 1.8 million
ounces of silver equivalent, plus 16.8 million pounds of lead and 7.4 million pounds of zinc;
- Sold approximately 1,342 ounces
of gold, 1.7 million ounces of silver, 16.2 million pounds of lead, and 7.3 million pounds of zinc, for revenue of $58.5 million;
- Reported net income attributable
to equity shareholders of $10.5 million, or $0.06 per share;
- Realized adjusted earnings attributable
to equity shareholders of $11.5 million, or $0.06 per share;
- Generated cash flow from operating
activities of $23.6 million;
- Cash costs per ounce of silver,
net of by-product credits, of negative $0.96;
- All-in sustaining costs per ounce
of silver, net of by-product credits, of $11.33;
- Spent and capitalized $1.6 million
on exploration drilling, $14.1 million on underground development, and $3.9 million on equipment and facilities, including $1.3 million
on construction of the new tailings storage facility;
- Entered into a Bid Implementation
Deed ("BID") with OreCorp Limited (ASX: ORR) ("OreCorp") to launch an off-market takeover to acquire all OreCorp
Shares not already owned by Silvercorp for A$0.19 cash plus 0.0967 common shares of Silvercorp per OreCorp Share; and
- Strong balance sheet with $198.3
million in cash and cash equivalents and short-term investments. The Company holds a further equity investment portfolio in associates
and other companies with a total market value of $139.5 million as at December 31, 2023.
CONSOLIDATED FINANCIAL RESULTS
| |
Three months ended December 31, |
|
Nine months ended December 31, |
| |
2023 |
2022 |
Changes |
|
2023 |
2022 |
Changes |
| Financial Results |
|
|
|
|
|
|
|
| Revenue (in thousands of $) |
$ 58,508 |
$ 58,651 |
0 % |
|
$ 172,506 |
$ 173,982 |
-1 % |
| Mine operating earnings (in thousands of $) |
23,307 |
21,744 |
7 % |
|
67,551 |
61,007 |
11 % |
| Net income (loss) attributable to equity holders (in thousands of $) |
10,510 |
11,916 |
-12 % |
|
30,777 |
20,373 |
51 % |
| Earnings (loss) per share - basic ($/share) |
0.06 |
0.07 |
-14 % |
|
0.17 |
0.12 |
42 % |
| Adjusted earnings attributable to equity holders (in thousands of $) |
11,452 |
11,775 |
-3 % |
|
35,498 |
32,056 |
11 % |
| Adjusted earning per share - basic ($/share) |
0.06 |
0.07 |
-14 % |
|
0.20 |
0.18 |
11 % |
| Net cash generated from operating activities (in thousands of $) |
23,607 |
25,661 |
-8 % |
|
81,332 |
79,901 |
2 % |
| Capitalized expenditures (in thousands of $) |
19,635 |
15,484 |
27 % |
|
50,609 |
48,366 |
5 % |
| Metals sold |
|
|
|
|
|
|
|
| Gold (ounces) |
1,342 |
1,100 |
22 % |
|
5,352 |
3,400 |
57 % |
| Silver (in thousands of ounces) |
1,703 |
1,860 |
-8 % |
|
5,096 |
5,564 |
-8 % |
| Lead (in thousands of pounds) |
16,248 |
19,273 |
-16 % |
|
48,753 |
55,666 |
-12 % |
| Zinc (in thousands of pounds) |
7,320 |
7,119 |
3 % |
|
18,818 |
19,987 |
-6 % |
| Average Selling Price, Net of Value Added Tax and Smelter Charges |
|
|
|
|
|
|
|
| Gold ($/ounce) |
1,718 |
1,541 |
11 % |
|
1,754 |
1,479 |
19 % |
| Silver ($/ounce) |
20.14 |
17.17 |
17 % |
|
19.74 |
16.91 |
17 % |
| Lead ($/pound) |
0.87 |
0.85 |
2 % |
|
0.86 |
0.87 |
-1 % |
| Zinc ($/pound) |
0.82 |
0.96 |
-15 % |
|
0.81 |
1.09 |
-26 % |
| Financial Position as at |
December 31, 2023 |
September 30, 2023 |
|
|
December 31, 2023 |
March 31, 2023 |
|
| Cash and cash equivalents and short-term investments (in thousands of $) |
198,295 |
189,091 |
5 % |
|
198,295 |
203,323 |
-2 % |
| Working capital (in thousands of $) |
159,555 |
154,330 |
3 % |
|
159,555 |
177,808 |
-10 % |
Revenue in Q3 Fiscal 2024 was $58.5 million,
a slight decrease compared to $58.7 million in Q3 Fiscal 2023. The decrease is mainly due to the decrease in silver and lead sold and
a lower zinc price, offset by the increase in the net realized selling prices for gold, silver, and lead.
Income from mine operations in Q3 Fiscal 2024
was $23.3 million, up 7% compared to $21.7 million in Q3 Fiscal 2023. Income from mine operations at the Ying Mining District was $21.5
million, compared to $19.0 million in Q3 Fiscal 2023. Income from mine operations at the GC Mine was $1.9 million, compared to income
of $2.9 million in Q3 Fiscal 2023.
Net income attributable to equity shareholders
of the Company in Q3 Fiscal 2024 was $10.5 million or $0.06 per share, compared to net income of $11.9 million or $0.07
per share in Q3 Fiscal 2023.
Compared to Q3 Fiscal 2023, the Company's consolidated
financial results in the current quarter were mainly impacted by i) increases of 11%, 17%, and 2%, respectively, in the realized selling
prices for gold, silver, and lead, and a decrease of 15% in the realized selling price for zinc; ii) increases of 22% and 3%, respectively
in gold and zinc sold and decreases of 8% and 16%, respectively, in silver and lead sold; iii) a decrease of 4% in per tonne production
costs; iv) an improvement of $4.4 million in mark-to-market investments; and v) an increase of $5.0 million in the share of loss in associates.
Cash flow provided by operating activities in
Q3 Fiscal 2024 was $23.6 million, down $2.1 million, compared to $25.7 million in Q3 Fiscal 2023. The Company ended the quarter with
$198.3 million in cash, cash equivalents and short-term investments, up 5% compared to $189.1 million as at September 30, 2023.
Working capital as at December 31, 2023 was $159.6
million, up 3% compared to $154.3 million as at September 30, 2023.
CONSOLIDATED OPERATIONAL RESULTS
| |
Three months ended December 31, |
|
Nine months ended December 31, |
| |
2023 |
2022 |
Changes |
|
2023 |
2022 |
Changes |
| Ore Production (tonne) |
|
|
|
|
|
|
|
|
Ore mined |
345,273 |
296,050 |
17 % |
|
921,958 |
887,135 |
4 % |
| Ore milled |
|
|
|
|
|
|
|
|
Gold ore |
12,726 |
- |
100 % |
|
36,419 |
- |
100 % |
| Silver ore |
299,774 |
303,442 |
-1 % |
|
832,283 |
893,261 |
-7 % |
| |
312,500 |
303,442 |
3 % |
|
868,702 |
893,261 |
-3 % |
| Metal Production |
|
|
|
|
|
|
|
| Gold (ounces) |
1,342 |
1,100 |
22 % |
|
5,352 |
3,400 |
57 % |
| Silver (in thousands of ounces) |
1,684 |
1,853 |
-9 % |
|
5,054 |
5,511 |
-8 % |
| Silver equivalent (in thousands of ounces) |
1,795 |
1,949 |
-8 % |
|
5,520 |
5,802 |
-5 % |
| Lead (in thousands of pounds) |
16,763 |
20,059 |
-16 % |
|
50,644 |
57,130 |
-11 % |
| Zinc (in thousands of pounds) |
7,404 |
6,974 |
6 % |
|
18,826 |
19,886 |
-5 % |
| Cash Costs |
|
|
|
|
|
|
|
| Production costs per tonne of ore processed ($) |
74.26 |
77.73 |
-4 % |
|
77.57 |
82.25 |
-6 % |
| All-in sustaining costs per tonne of ore processed ($) |
136.86 |
136.90 |
0 % |
|
139.79 |
137.33 |
2 % |
| Cash costs per ounce of silver, net of by-product credits ($) |
(0.96) |
(1.15) |
17 % |
|
(0.74) |
(0.68) |
-9 % |
| All-in sustaining costs per ounce of silver, net of by-product credits ($) |
11.33 |
9.28 |
22 % |
|
10.72 |
8.94 |
20 % |
In Q3 Fiscal 2024, the Company mined 345,273 tonnes
of ore, up 17% compared to 296,050 tonnes in Q3 Fiscal 2023. Ore milled in Q3 Fiscal 2024 was 312,500 tonnes, up 3% compared to 303,442
tonnes in Q3 Fiscal 2023. A total of 60,095 tonnes of ores were stockpiled at the Ying Mining District and will be processed in the fourth
quarter during the Chinese New Year holiday.
In Q3 Fiscal 2024, the Company produced approximately
1,342 ounces of gold, 1.7 million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 16.8 million pounds
of lead and 7.4 million pounds of zinc, representing increases of 22% and 6%, respectively, in gold and zinc production, and decreases
of 9% and 16%, respectively, in silver and lead production over Q3 Fiscal 2023. The decreases in silver and lead production were mainly
due to i) lower head grades achieved due to mining sequences; ii) more ores stockpiled to be processed in the fourth quarter during the
Chinese New Year holiday; and iii) 12,700 tonnes of gold ore with grades of 1.9 grams per tonne ("g/t") gold, 74 g/t silver,
1.0% lead and 0.1% zinc mined and processed, at the Ying Mining District.
In Q3 Fiscal 2024, the consolidated mining costs were
$59.43 per tonne, down 5% compared to $62.69 per tonne in Q3 Fiscal 2023. The consolidated milling costs were $12.44 per tonne, down 1%
compared to $12.56 per tonne in Q3 Fiscal 2023. Correspondingly, the consolidated production costs per tonne of ore processed were $74.26,
down 4% compared to $77.73 in Q3 Fiscal 2023. The all-in sustaining production costs per tonne of ore processed in Q3 Fiscal 2024 were
$136.89, a slight decrease compared to $136.90 in Q3 Fiscal 2023. The decrease was mainly attributed to higher ore production resulting
in lower unit fixed costs allocation and an approximate 4% depreciation of the Chinese yuan against the US dollar over the same prior
year period.
In Q3 Fiscal 2024, the consolidated cash costs per
ounce of silver, net of by-product credits, were negative $0.96, compared to negative $1.15 in the prior year quarter. The consolidated
all-in sustaining costs per ounce of silver, net of by-product credits, were $11.33 compared to $9.28 in Q3 Fiscal 2023. The increase
was mainly due to i) a decrease of $2.5 million in by-product credits, offset by a decrease of $0.5 million in all-in sustaining costs;
and ii) less silver sold resulting in higher unit costs per ounces of silver.
EXPLORATION AND DEVELOPMENT
| |
Capitalized Development and Expenditures |
Expensed |
| |
Ramp Development |
Exploration and
Development Tunnels |
Drilling |
Equipment & Mill
and TSF |
Total |
Mining
Preparation Tunnels |
Drilling |
| |
(Metres) |
($ Thousand) |
(Metres) |
($ Thousand) |
(Metres) |
($ Thousand) |
($ Thousand) |
($ Thousand) |
(Metres) |
(Metres) |
| Q3 Fiscal 2024 |
|
|
|
|
|
|
|
|
|
|
| Ying Mining District |
3,986 |
$ 2,651 |
23,834 |
$ 9,612 |
39,085 |
$ 1,338 |
3,679 |
$ 17,280 |
10,010 |
24,693 |
| GC Mine |
81 |
108 |
3,747 |
1,688 |
10,912 |
250 |
218 |
2,264 |
2,145 |
12,327 |
| Corporate and other |
- |
- |
- |
- |
- |
82 |
9 |
91 |
- |
- |
| Consolidated |
4,067 |
$ 2,759 |
27,581 |
$ 11,300 |
49,997 |
$ 1,670 |
$ 3,906 |
$ 19,635 |
12,155 |
37,020 |
| |
|
|
|
|
|
|
|
|
|
|
| Q3 Fiscal 2023 |
|
|
|
|
|
|
|
|
|
|
| Ying Mining District |
1,776 |
$ 1,294 |
15,527 |
$ 6,549 |
27,066 |
$ 895 |
3,250 |
$ 11,988 |
7,933 |
25,270 |
| GC Mine |
- |
- |
3,642 |
1,133 |
4,444 |
204 |
1,951 |
3,288 |
1,786 |
12,470 |
| Corporate and other |
- |
- |
- |
- |
978 |
268 |
95 |
363 |
- |
- |
| Consolidated |
1,776 |
$ 1,294 |
19,169 |
$ 7,682 |
32,488 |
$ 1,367 |
$ 5,296 |
$ 15,639 |
9,719 |
37,740 |
Total capital expenditures in Q3 Fiscal 2024 were
$19.6 million, up 26% compared to $15.6 million in Q3 Fiscal 2023. The increase is mainly due to more tunneling development and exploration
activities conducted in Q3 Fiscal 2024.
In Q3 Fiscal 2024, on a consolidated basis, a total
of 87,017 metres or $2.4 million worth of diamond drilling were completed (Q3 Fiscal 2023 – 70,228 metres or $2.5 million), of which
approximately 37,020 metres or $0.7 million worth of underground drilling were expensed as part of mining costs (Q3 Fiscal 2023 –
37,740 metres or $1.1 million) and approximately 49,997 metres or $1.6 million worth of drilling were capitalized (Q3 Fiscal 2023 –
32,448 metres or $1.4 million ). In addition, approximately 12,155 metres or $4.5 million worth of preparation tunnelling were completed
and expensed as part of mining costs (Q3 Fiscal 2023 – 9,719 metres or $3.8 million), and approximately 31,648 metres or $14.1 million
worth of tunnels, raises, ramps and declines were completed and capitalized (Q3 Fiscal 2023 – 20,945 metres or $9.0 million).
INDIVIDUAL MINE OPERATING PERFORMANCE
The table below summarizes the operating results at
the Ying Mining District for the past five quarters and for the nine months ended December 31, 2023 and 2022.
| Ying Mining District |
Q3 F2024 |
Q2 F2024 |
Q1 F2024 |
Q4 F2023 |
Q3 F2023 |
|
Nine months ended December 31, |
| |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
|
2023 |
2022 |
| Ore Production (tonne) |
|
|
|
|
|
|
|
|
| Ore mined |
245,606 |
220,636 |
213,748 |
132,205 |
206,854 |
|
679,990 |
636,819 |
| Ore milled |
|
|
|
|
|
|
|
|
| Gold ore |
12,726 |
12,800 |
10,893 |
- |
- |
|
36,419 |
- |
| Silver ore |
201,475 |
200,068 |
197,916 |
130,910 |
213,830 |
|
599,459 |
642,147 |
| |
214,201 |
212,868 |
208,809 |
130,910 |
213,830 |
|
635,878 |
642,147 |
| Head grades |
|
|
|
|
|
|
|
|
| Silver (grams/tonne) |
235 |
235 |
254 |
255 |
262 |
|
241 |
262 |
| Lead (%) |
3.5 |
3.5 |
3.6 |
3.6 |
4.0 |
|
3.5 |
3.9 |
| Zinc (%) |
0.7 |
0.7 |
0.7 |
0.6 |
0.7 |
|
0.7 |
0.7 |
| Recovery rates |
|
|
|
|
|
|
|
|
| Silver (%) |
94.9 |
95.0 |
95.1 |
95.2 |
95.7 |
|
95.0 |
95.7 |
| Lead (%) |
94.8 |
95.0 |
95.5 |
95.3 |
95.4 |
|
95.1 |
95.0 |
| Zinc (%) |
71.4 |
71.1 |
69.6 |
68.3 |
66.4 |
|
70.7 |
62.3 |
| Cash Costs |
|
|
|
|
|
|
|
|
| Cash production cost per tonne of ore processed ($) |
84.01 |
102.42 |
88.66 |
95.23 |
93.04 |
|
84.33 |
92.35 |
| All-in sustaining cost per tonne of ore processed ($) |
143.80 |
170.69 |
141.21 |
127.89 |
156.07 |
|
140.20 |
141.66 |
| Cash cost per ounce of Silver, net of by-product credits ($) |
(0.09) |
1.37 |
0.24 |
1.86 |
0.28 |
|
(0.38) |
0.78 |
| All-in sustaining cost per ounce of silver, net of by-product credits ($) |
8.99 |
11.33 |
7.66 |
6.82 |
8.60 |
|
8.04 |
7.71 |
| Metal Production |
|
|
|
|
|
|
|
|
| Gold ( ounces) |
1,342 |
1,552 |
1,000 |
1,100 |
1,200 |
|
5,352 |
3,400 |
| Silver (in thousands of ounces) |
1,511 |
1,597 |
997 |
1,674 |
1,657 |
|
4,665 |
5,083 |
| Lead (in thousands of pounds) |
14,552 |
15,382 |
9,688 |
17,647 |
16,201 |
|
43,471 |
49,316 |
| Zinc (in thousands of pounds) |
2,153 |
2,113 |
1,164 |
2,082 |
1,976 |
|
6,510 |
6,060 |
The table below summarizes the operating results at
the GC Mine for the past five quarters and for the nine months ended December 31, 2023 and 2022.
| GC Mine |
Q3 F2024 |
Q2 F2024 |
Q1 F2024 |
Q4 F2023 |
Q3 F2023 |
|
Nine months ended December 31, |
| |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
|
2023 |
2022 |
| Ore Production (tonne) |
|
|
|
|
|
|
|
|
| Ore mined |
99,667 |
89,472 |
49,643 |
89,196 |
75,054 |
|
241,968 |
250,316 |
| Ore milled |
98,299 |
86,286 |
48,483 |
89,612 |
75,381 |
|
232,824 |
251,114 |
| Head grades |
|
|
|
|
|
|
|
|
| Silver (grams/tonne) |
68 |
80 |
88 |
75 |
72 |
|
72 |
73 |
| Lead (%) |
1.1 |
1.4 |
1.3 |
1.4 |
1.2 |
|
1.2 |
1.3 |
| Zinc (%) |
2.7 |
2.7 |
2.5 |
2.8 |
2.7 |
|
2.7 |
2.8 |
| Recovery rates |
|
|
|
|
|
|
|
|
| Silver (%) |
80.3 |
82.7 |
78.9 |
83.0 |
81.0 |
|
81.8 |
82.5 |
| Lead (%) |
90.9 |
90.7 |
90.9 |
90.3 |
88.5 |
|
90.7 |
89.6 |
| Zinc (%) |
90.1 |
90.4 |
89.3 |
90.1 |
89.6 |
|
90.2 |
90.1 |
| Cash Costs |
|
|
|
|
|
|
|
|
| Cash production cost per tonne of ore processed ($) |
50.38 |
67.34 |
52.35 |
59.84 |
57.92 |
|
58.50 |
56.51 |
| All-in sustaining cost per tonne of ore processed ($) |
76.84 |
84.79 |
88.26 |
78.31 |
81.68 |
|
86.93 |
83.02 |
| Cash cost per ounce of Silver, net of by-product credits ($) |
(8.95) |
(3.10) |
(13.72) |
(12.13) |
(22.42) |
|
(4.69) |
(16.08) |
| All-in sustaining cost per ounce of silver, net of by-product credits ($) |
8.01 |
5.93 |
5.02 |
(0.73) |
(7.48) |
|
11.98 |
(0.71) |
| Metal Production |
|
|
|
|
|
|
|
|
| Silver (in thousands of ounces) |
173 |
183 |
109 |
179 |
141 |
|
431 |
481 |
| Lead (in thousands of pounds) |
2,211 |
2,434 |
1,250 |
2,412 |
1,782 |
|
5,282 |
6,350 |
| Zinc (in thousands of pounds) |
5,251 |
4,708 |
2,413 |
4,892 |
4,010 |
|
12,308 |
13,927 |
OPERATING OUTLOOK
The Company is currently refining the mine plan and
expects to provide Fiscal 2025 guidance along with the release of Fiscal 2024 production results in April 2024.
In the fourth quarter of Fiscal 2024, the Company
expects to process 215,000 to 240,000 tonnes of ore to produce approximately 1,200 to 1,300 ounces of gold, 1.1 to 1.3 million ounces
of silver, 11.5 to 13.5 million pounds of lead, and 4.5 to 5.0 million pounds of zinc, representing production increases of 11% to 30%
in ore, 20% to 30% in gold, 0% to 17% in silver, 5% to 20% in lead, and 26% to 40% in zinc compared to the production results in the same
quarter last year.
CONFERENCE CALL DETAILS
A conference call to discuss these results will be
held tomorrow, Friday, February 9, at 9:00 am PDT (12:00 pm EDT). To participate in the conference call, please dial the numbers below.
Canada/USA TF: 888-664-6383
International/Local Toll: 416-764-8650
Conference ID: 84281283
Participants should dial-in 10 – 15 minutes
prior to the start time. A replay of the conference call and transcript will be available on the Company's website at www.silvercorpmetals.com
Mr. Guoliang Ma, P.Geo., Manager of Exploration and
Resources of the Company, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101") and has reviewed and given consent to the technical information contained in this news release.
About Silvercorp
Silvercorp is a Canadian mining company producing
silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder
value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3)
ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and sound Environmental, Social,
and Governance ("ESG") practices. For more information, please visit our website at www.silvercorpmetals.com.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES
This news release should be read in conjunction with
the Company's Management Discussion & Analysis ("MD&A"), the unaudited condensed interim consolidated financial statements
and related notes contains therein for the three and nine months ended December 31, 2023, which have been posted on SEDAR+ under the Company's
profile at www.sedarplus.ca and on EDGAR at www.sec.gov, and are also available on the Company's website at www.silvercorpmetals.com
under the Investor section. This news release refers to various alternative performance (non-IFRS) measures, such as adjusted earnings
and adjusted earnings per share, cash costs and all-in sustaining costs per ounce of silver, net of by-product credits, production costs
and all-in sustaining production costs per tonne of ore processed, silver equivalent, and working capital. These measures are widely used
in the mining industry as a benchmark for performance, but do not have standardized meanings under IFRS as an indicator of performance
and may differ from methods used by other companies with similar description. The detailed description and reconciliation of these
alternative performance (non-IFRS) measures have been incorporated by reference and can be found on page 32, section 11 – Alternative
Performance (Non-IFRS) Measures in the MD&A for the three and nine months ended December 31, 2023 filled on SEDAR at www.sedarplus.ca and
EDGAR at www.sec.gov and which is incorporated by reference here in.
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 and US 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.
Actual results may vary from forward-looking statements.
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 public health crises; 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" and in the Company's Annual Report on Form 40-F, and
in the Company's other filings with Canadian and U.S. securities regulators. 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. Assumptions may
prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For
the reasons set forth above, investors should not place undue reliance on forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/silvercorp-reports-adjusted-net-income-of-11-5-million-0-06-per-share-and-cash-flow-from-operations-of-23-6-million-for-q3-fiscal-2024--302058064.html
SOURCE Silvercorp Metals Inc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/08/c6553.html
%CIK: 0001340677
CO: Silvercorp Metals Inc
CNW 17:05e 08-FEB-24
Silvercorp Metals (AMEX:SVM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Silvercorp Metals (AMEX:SVM)
Historical Stock Chart
From Apr 2023 to Apr 2024
