Trading Symbol: TSX: SVM
NYSE AMERICAN:
SVM
VANCOUVER, BC, May 26, 2022
/PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the
"Company") (TSX: SVM) (NYSE American: SVM) reported its financial
and operating results for the fourth quarter and twelve months
ended March 31, 2022 ("Fiscal 2022").
All amounts are expressed in US Dollars, and figures may not add
due to rounding.
FISCAL YEAR 2022 HIGHLIGHTS
- Mined 996,280 tonnes of ore and milled 1,002,335 tonnes of ore,
up 3% and 4% compared to the prior year.
- Sold approximately 6.3 million ounces of silver, 3,400 ounces
of gold, 63.6 million pounds of lead, and 26.8 million pounds of
zinc, representing decreases of 1%, 28%, 5% and 4% in silver, gold,
lead and zinc sold, compared to the prior year. Gold sales in the
prior year included one-time sales of 1,200 ounces from the
remaining concentrate inventory produced at the BYP mine before it
was placed on care and maintenance in 2014.
- Revenue of $217.9 million, up 13%
compared to $192.1 million in the
prior year.
- Net income attributable to equity holders of $30.6 million, or $0.17 per share, compared to $46.4 million, or $0.27 per share in the prior year.
- Adjusted earnings attributable to equity holders of
$52.4 million, or $0.30 per share, compared to $49.8 million, or $0.28 per share in the prior year. The
adjustments were made to remove impacts from non-recurring items,
share-based compensation, foreign exchange gain/loss, impairment
adjustments and reversals, gain/loss on equity investments and the
share of associates' operating results.
- Cash flow from operations of $107.4
million, up 25% or $21.5
million compared to $85.9
million in the prior year.
- Cash cost per ounce of silver, net of by-product credits, of
negative $1.29 compared to negative
$1.80 in the prior year.
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $8.77, compared to
$7.49 in the prior year.
- Paid $4.4 million of dividends to
the Company's shareholders.
- Acquired the Kuanping silver-lead-zinc-gold project in
China for $13.1 million.
- Strong balance sheet with $212.9
million in cash and cash equivalents and short-term
investments, up $13.8 million or 7%
compared to $199.1 million as at
March 31, 2021. This does not include
the investments in associates and equity investment in other
companies, having a total market value of $164.3 million as at March
31, 2022 ($212.1 million as at
March 31, 2021).
HIGHLIGHTS FOR Q4 FISCAL 2022
- Mined 180,505 tonnes of ore and milled 182,670 tonnes of ore,
up 11% and 1%, respectively, compared to the prior year
quarter.
- Sold approximately 1.2 million ounces of silver, 500 ounces of
gold, 12.3 million pounds of lead, and 4.3 million pounds of zinc,
up 11% and 13%, respectively, in silver and lead sold compared to
the prior year quarter, and down 29% and 5%, respectively, in gold
and zinc sold compared to the prior year quarter.
- Revenue of $41.6 million, up 16%
or $5.9 million compared to
$35.7 million in the prior year
quarter.
- Net income attributable to equity holders of $4.0 million, or $0.02 per share, compared to $7.0 million, or $0.04 per share, in the prior year quarter.
- Adjusted earnings attributable to equity holders of
$9.5 million, or $0.05 per share, compared to $11.0 million, or $0.06 per share, in the prior year quarter.
- Cash flow from operations of $11.4
million, up 411% or $9.2
million compared to $2.2
million in the prior year quarter.
- Cash cost per ounces of silver, net of by-product credits, of
negative $0.54 compared to negative
$0.39 in the prior year quarter.
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $12.60, compared to
$12.55 in the prior year
quarter.
CONSOLIDATED FINANCIAL RESULTS
|
|
|
|
|
Three months ended
March 31,
|
|
Year ended March
31,
|
|
2022
|
2021
|
Changes
|
|
2022
|
2021
|
Changes
|
Financial
|
|
|
|
|
|
|
|
Revenue (in
thousands of $)
|
$
41,590
|
$
35,732
|
16%
|
|
$ 217,923
|
$
192,105
|
13%
|
Mine operating
earnings (in thousands of $)
|
13,709
|
13,404
|
2%
|
|
84,301
|
84,162
|
0%
|
Net income
attributable to equity holders
|
3,966
|
7,021
|
-44%
|
|
30,634
|
46,376
|
-34%
|
Earnings per
share - basic ($/share)
|
0.02
|
0.04
|
-50%
|
|
0.17
|
0.27
|
-37%
|
Adjusted earnings
attributable to equity holders
|
9,496
|
10,960
|
-13%
|
|
52,427
|
49,798
|
5%
|
Adjusted earning per
share - basic ($/share)
|
0.05
|
0.06
|
-17%
|
|
0.30
|
0.28
|
7%
|
Net cash generated
from operating activities (in thousands of $)
|
11,406
|
2,231
|
411%
|
|
107,378
|
85,912
|
25%
|
Capitalized
expenditures (in thousands of $)
|
9,831
|
6,996
|
41%
|
|
53,991
|
45,556
|
19%
|
Cash and cash
equivalents and short-term investments (in thousands of
$)
|
212,925
|
199,092
|
7%
|
|
212,925
|
199,092
|
7%
|
Working capital (in
thousands of $)
|
186,270
|
184,014
|
1%
|
|
186,270
|
184,014
|
1%
|
Metals
sold
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,173
|
1,056
|
11%
|
|
6,265
|
6,315
|
-1%
|
Gold (in
thousands of ounces)
|
0.5
|
0.7
|
-29%
|
|
3.4
|
4.7
|
-28%
|
Lead (in
thousands of pounds)
|
12,279
|
10,876
|
13%
|
|
63,563
|
67,118
|
-5%
|
Zinc (in
thousands of pounds)
|
4,340
|
4,580
|
-5%
|
|
26,809
|
27,914
|
-4%
|
Average
Selling Price, Net of Value Added Tax and Smelter
Charges
|
|
|
|
|
|
|
|
Silver
($/ounce)
|
19.38
|
20.11
|
-4%
|
|
19.36
|
17.61
|
10%
|
Gold
($/ounce)
|
1,475
|
1,437
|
3%
|
|
1,495
|
1,430
|
5%
|
Lead
($/pound)
|
0.93
|
0.81
|
15%
|
|
0.90
|
0.75
|
20%
|
Zinc
($/pound)
|
1.22
|
0.98
|
24%
|
|
1.08
|
0.78
|
38%
|
1. Fiscal 2022
Financial Results
Net income attributable to equity holders of the
Company in Fiscal 2022 was $30.6
million or $0.17 per
share, compared to $46.4 million or
$0.27 per share in the year
ended March 31, 2021 ("Fiscal
2021").
In Fiscal 2022, the Company's consolidated financial results
were mainly impacted by i) an increase of 10%, 5%, 20% and 38%,
respectively, in the realized selling prices for silver, gold, lead
and zinc; offset by ii) a 1%, 28%, 5% and 4% decrease in silver,
gold, lead and zinc sold; iii) a 17% increase in cash production
costs per tonne, and iv) an impairment charge of $10.6 million against bond investments and a
$3.5 million loss on equity
investments in Fiscal 2022 while an impairment charge of
$1.4 million against bond investments
and a gain of $7.7 million on equity
investments was recorded in Fiscal 2021.
Revenue in Fiscal 2022 was $217.9
million, up 13% or $25.8
million compared to $192.1
million in Fiscal 2021. The increase was mainly due to an
increase of $29.9 million arising
from the increase in the net realized silver, gold, lead and zinc
selling prices; offset by a decrease of $7.8
million arising from the decrease in the quantities of
silver, gold, lead and zinc sold. Revenues from silver, gold, and
base metals were $121.3 million,
$5.1 million, and $91.6 million, respectively, compared to
$111.2 million, $6.7 million, and $74.2
million in Fiscal 2021. Revenue from the Ying Mining
District was $176.8 million, up 12%
compared to $157.3 million in Fiscal
2021. Revenue from the GC Mine was $41.2
million, up 24% compared to $33.3
million in Fiscal 2021. Gold sales in Fiscal 2021 included
$1.5 million from sales of remaining
gold concentrate inventory at the BYP mine before it was placed on
care and maintenance in 2014.
Income from mine operations in Fiscal 2022 was
$84.3 million, compared to
$84.2 million in Fiscal 2021. Income
from mine operations at the Ying Mining District was $70.0 million, down 6% compared to $74.2 million in Fiscal 2021. Income from mine
operations at the GC Mine was $14.8
million, up 52% compared to $9.8
million in Fiscal 2021.
Cash flow provided by operating activities in Fiscal
2022 was $107.4 million, up 25% or
$21.5 million, compared to
$85.9 million in Fiscal 2021.
The Company ended the fiscal year with $212.9 million in cash, cash equivalents and
short-term investments, up 7% or $13.8
million, compared to $199.1
million as at March 31,
2021.
Working capital as at March 31,
2022 was $186.3 million, up 1%
or $2.3 million, compared to
$184.0 million as at March 31, 2021.
2. Q4 Fiscal 2022
Financial Results
Net income attributable to equity holders of the
Company in Q4 Fiscal 2022 was $4.0
million or $0.2 per share,
compared to $7.0 million or
$0.04 per share in the three
months ended March 31, 2021 ("Q4
Fiscal 2021").
Compared to the prior year quarter, the Company's consolidated
financial results in Q4 Fiscal 2022 were mainly impacted by i) an
increase of 3%, 15%, and 24%, respectively, in the realized selling
prices for gold, lead and zinc; ii) an 11% and 13% increase in
silver and lead sold; offset by iii) a 4% decrease in the realized
selling price for silver; iv) a 29% and 5% decrease in gold
and zinc sold; v) an 8% increase in cash production costs per
tonne; and vi) a foreign exchange loss of $3.2 million.
Revenue in Q4 Fiscal 2022 was $41.6 million, up 16% or $5.7 million, compared to $35.9 million in the same prior year period. The
increase was mainly due to i) an increase of $3.5 million arising from more silver and lead
sold; and ii) an increase of $2.4
million arising from the increase in the net realized
selling price for lead and zinc. Silver, gold and base metals sales
represented $22.7 million,
$0.9 million, and $18.0 million, respectively, compared to silver,
gold and base metals sales of $21.2
million, $1.0 million and
$13.6 million, respectively, in the
same prior year period.
Income from mine operations in Q4 Fiscal 2022 was
$13.7 million, up 2% compared to
$13.4 million in Q4 Fiscal 2021.
Income from mine operations at the Ying Mining District was
$11.9 million, compared to
$11.9 million in Q4 Fiscal 2021,
while GC Mine was $2.0 million, up
16% compared to $1.7 million in Q4
Fiscal 2021.
Cash flows provided by operating activities in Q4
Fiscal 2022 were $11.4 million,
compared to $2.2 million in Q4 Fiscal
2021. Before changes in non-cash operating working capital, cash
flow provided by operating activities In Q4 Fiscal 2022 was
$14.0 million, compared to
$11.9 million in Q4 Fiscal 2021.
CONSOLIDATED OPERATIONAL RESULTS
|
|
|
|
|
Three months ended
March 31,
|
|
Year ended March
31,
|
|
2022
|
2021
|
Changes
|
|
2022
|
2021
|
Changes
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
Ore
mined
|
180,505
|
163,072
|
11%
|
|
996,280
|
964,925
|
3%
|
Ore
milled
|
182,670
|
180,674
|
1%
|
|
1,002,335
|
967,581
|
4%
|
Metal
Production
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,146
|
1,195
|
-4%
|
|
6,149
|
6,331
|
-3%
|
Gold (in
thousands of ounces)
|
0.5
|
0.3
|
67%
|
|
3.4
|
3.5
|
-3%
|
Lead (in
thousands of pounds)
|
11,962
|
12,156
|
-2%
|
|
64,431
|
68,430
|
-6%
|
Zinc (in
thousands of pounds)
|
4,101
|
4,672
|
-12%
|
|
26,812
|
28,011
|
-4%
|
Cash
Costs
|
|
|
|
|
|
|
|
Cash cost per ounce
of silver, net of by-product credits ($)
|
(0.54)
|
(0.39)
|
-38%
|
|
(1.29)
|
(1.80)
|
28%
|
All-in sustaining
cost per ounce of silver, net of by-product credits ($)
|
12.60
|
12.55
|
0%
|
|
8.77
|
7.49
|
17%
|
Cash production cost
per tonne of ore processed ($)
|
92.78
|
85.70
|
8%
|
|
84.85
|
72.71
|
17%
|
All-in sustaining
cost per tonne of ore processed ($)
|
171.56
|
156.36
|
10%
|
|
141.54
|
128.20
|
10%
|
1. Fiscal 2022
Operational Results
In Fiscal 2022, on a consolidated basis, the Company mined
996,280 tonnes of ore, up 3% or 31,355 tonnes, compared to 964,925
tonnes in Fiscal 2021. Ore milled in Fiscal 2022 was 1,002,335
tonnes, up 4% or 34,754 tonnes, compared to 967,581 tonnes in
Fiscal 2021.
In Fiscal 2022, the Company sold approximately 6.3 million
ounces of silver, 3,400 ounces of gold, 63.6 million pounds of
lead, and 26.8 million pounds of zinc, representing decreases of
1%, 28%, 5% and 4% respectively, in silver, gold, lead and zinc
sold. Gold sold in Fiscal 2021 included one-time sales of 1,200
ounces from pre 2014 concentrate inventories at the BYP Mine.
Compared to Fiscal 2021, the Company's production costs in
Fiscal 2022 were mainly impacted by i) an overall 14.5% increase in
mining contractors' fee rate at the Ying Mining District; ii)
an annual average 5% appreciation of the Chinese yuan against the
US dollar, resulting in higher costs presented in US dollars; iii)
an average 7% increase in employees' pay rates; iv) an annual
average 12% increase in electricity prices; and iv) the
contribution rate paid for employees' social welfare funds in
China returning to the normal rate
from a reduced rate granted by the Chinese government in Fiscal
2021 due to Covid-19.
In Fiscal 2022, the consolidated cash production cost per tonne
of ore processed was $84.85, up 17%
compared to $72.71 in Fiscal 2021.
The consolidated cash mining cost was $68.90 per tonne, up 16% compared to $59.44 in Fiscal 2021. The consolidated cash
milling cost was $13.43 per tonne, up
25% compared to $10.73 in Fiscal
2021.
In Fiscal 2022, the consolidated all-in sustaining production
cost per tonne of ore processed was $141.54, up 10% compared to $128.20 in Fiscal 2021, but within the Company's
annual guidance.
In Fiscal 2022, the consolidated cash cost per ounce of silver,
net of by-product credits, was negative $1.29, compared to negative $1.80 in Fiscal 2021. The increase was mainly due
to the increase in per tonne cash production costs, offset by an
increase of $2.61 in by-product
credits per ounce of silver. The consolidated all-in
sustaining cost per ounce of silver, net of by-product credits, was
$8.77, compared to $7.49 in Fiscal 2021.
In Fiscal 2022, on a consolidated basis, a total of 426,128
metres or $20.7 million worth of
diamond drilling were completed (Fiscal 2021 – 254,900 metres or
$8.7 million), of which approximately
276,450 metres or $7.2 million worth
of underground drilling were expensed as part of mining costs
(Fiscal 2021 – 196,320 metres or $5.0
million) and approximately 149,678 metres or $13.5 million worth of drilling were capitalized
(Fiscal 2021 – 58,580 metres or $3.7
million). In addition, approximately 31,301 metres or
$11.6 million worth of preparation
tunnelling were completed and expensed as part of mining costs
(Fiscal 2021 – 34,637 metres or $8.9
million), and approximately 74,062 metres or $31.0 million worth of tunnels, raises, ramps and
declines were completed and capitalized (Fiscal 2021 – 85,221metres
or $31.5 million).
2. Q4 Fiscal 2022
Operational Results
In Q4 Fiscal 2022, the Company mined 180,505 tonnes of ore, up
11% or 17,433 tonnes, compared to 163,072 tonnes in Q4 Fiscal 2021.
Ore milled in Q4 Fiscal 2022 was 182,670 tonnes, up 1% or 1,996
tonnes, compared to 180,674 tonnes in Q4 Fiscal 2021.
In Q4 Fiscal 2022, the Company sold approximately 1.2 million
ounces of silver, 500 ounces of gold, 12.3 million pounds of lead,
and 4.3 million pounds of zinc, representing increases of 11% and
13%, respectively, in silver and lead sold, and decreases of 29%
and 5%, respectively, in gold and zinc sold, compared to
approximately 1.1 million ounces of silver, 700 ounces of gold,
10.9 million pounds of lead, and 4.6 million pounds of zinc sold in
Q4 Fiscal 2021.
In Q4 Fiscal 2022, the consolidated cash mining cost was
$73.52 per tonne, compared to
$70.56 in Q4 Fiscal 2021. The
consolidated cash milling cost was $16.45 per tonne, compared to $12.66 per tonne in Q4 Fiscal 2021. The increase
was mainly due to the same factors for the annual results.
Correspondingly, the consolidated cash production cost per tonne
of ore processed for Q4 Fiscal 2022 was $92.78, up 8% compared to $85.70 in Q4 Fiscal 2021. The all-in sustaining
production cost per tonne of ore processed was $171.56, up 10% compared to $156.36 in Q4 Fiscal 2021.
In Q4 Fiscal 2022, the consolidated cash cost per ounce of
silver, net of by-product credits, was negative $0.54, compared to negative $0.39 in Q4 Fiscal 2021. The consolidated all-in
sustaining cost per ounce of silver, net of by-product credits was
$12.60 compared to $12.55 in Q4 Fiscal 2021.
In Q4 Fiscal 2022, on a consolidated basis, approximately 66,139
metres or $2.4 million worth of
diamond drilling (Q4 Fiscal 2021– 49,459 metres or $1.6 million) were completed, of which
approximately 50,384 metres or $1.2
million worth of underground drilling were expensed as part
of mining costs (Q4 Fiscal 2021– 41,752 metres or $0.8 million) and approximately 15,755 metres or
$1.3 million worth of drilling were
capitalized (Q4 Fiscal 2021– 7,887 metres or $0.8 million). In addition, approximately 5,688
metres or $2.1 million worth of
preparation tunnelling were completed and expensed as part of
mining costs (Q4 Fiscal 2021– 7,015 metres or $1.5 million), and approximately 13,340 metres or
$5.9 million worth of tunnels,
raises, ramps and declines were completed and capitalized (Q4
Fiscal 2021– 10,803 metres or $4.7
million).
INDIVIDAL MINE OPERATING PERFORMANCE
|
|
|
|
|
|
|
|
|
Ying Mining
District
|
|
Q4
2022
|
Q3 2022
|
Q2 2022
|
Q1 2022
|
Q4 2021
|
|
Year ended March
31,
|
|
|
March 31,
2022
|
December 31,
2021
|
September 30,
2021
|
June 30,
2021
|
March 31,
2021
|
|
2022
|
2021
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
|
Ore
mined
|
|
130,612
|
200,946
|
206,933
|
142,907
|
112,561
|
|
681,398
|
650,025
|
Ore
milled
|
|
131,731
|
214,982
|
182,173
|
155,407
|
131,725
|
|
684,293
|
651,402
|
Head
grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
|
271
|
258
|
283
|
279
|
280
|
|
272
|
290
|
Lead
(%)
|
|
3.9
|
3.7
|
4.0
|
4.2
|
3.9
|
|
3.9
|
4.3
|
Zinc
(%)
|
|
0.8
|
0.8
|
0.7
|
0.8
|
0.8
|
|
0.8
|
0.8
|
Recovery
rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
|
95.2
|
95.1
|
95.4
|
94.7
|
93.7
|
|
95.1
|
94.2
|
Lead
(%)
|
|
96.1
|
95.2
|
95.5
|
95.7
|
95.1
|
|
95.6
|
96.0
|
Zinc
(%)
|
|
57.4
|
64.0
|
56.0
|
59.7
|
65.0
|
|
59.7
|
62.4
|
Cash
Costs
|
|
|
|
|
|
|
|
|
|
Cash cost per ounce
of Silver, net of by-product credits ($)
|
|
1.21
|
1.19
|
0.71
|
0.80
|
1.20
|
|
0.96
|
(0.39)
|
All-in sustaining
cost per ounce of silver, net of by-product credits ($)
|
|
10.76
|
8.36
|
6.88
|
6.54
|
10.00
|
|
7.93
|
6.09
|
Cash production cost
per tonne of ore processed ($)
|
|
102.49
|
99.24
|
96.59
|
92.79
|
98.13
|
|
97.76
|
83.01
|
All-in sustaining
cost per tonne of ore processed ($)
|
|
172.63
|
143.72
|
141.26
|
138.55
|
155.14
|
|
147.52
|
132.54
|
Metal
Production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
|
1,062
|
1,647
|
1,517
|
1,283
|
1,083
|
|
5,509
|
5,615
|
Gold (in
thousands of ounces)
|
|
0.5
|
1.1
|
0.8
|
1.0
|
0.3
|
|
3.4
|
3.5
|
Lead (in
thousands of pounds)
|
|
10,542
|
16,392
|
14,671
|
13,278
|
10,504
|
|
54,883
|
57,886
|
Zinc (in
thousands of pounds)
|
|
1,317
|
2,347
|
1,584
|
1,519
|
1,496
|
|
6,767
|
6,916
|
In Fiscal 2022, a total of 351,458 metres or $15.6 million worth of diamond drilling were
completed (Fiscal 2021 – 208,904 metres or $6.9 million), of which approximately 216,068
metres or $5.0 million worth of
underground drilling were expensed as part of mining costs (Fiscal
2021 – 150,324 metres or $3.2
million) and approximately 135,390 metres or $10.6 million worth of drilling were capitalized
(Fiscal 2021 – 58,580 metres or $3.7
million). In addition, approximately 25,134 metres or
$9.9 million worth of preparation
tunnelling were completed and expensed as part of mining costs
(Fiscal 2021 – 22,918 metres or $6.7
million), and approximately 60,311 metres or $26.7 million worth of horizontal tunnels,
raises, ramps, and declines were completed and capitalized (Fiscal
2021 – 73,350 metres or $27.4
million).
|
|
|
|
|
|
|
|
|
GC
Mine
|
|
Q4
2022
|
Q3 2022
|
Q2 2022
|
Q1 2021
|
Q4 2021
|
|
Year ended March
31,
|
|
|
March 31,
2021
|
December 31,
2021
|
September 30,
2021
|
June 30,
2021
|
March 31,
2021
|
|
2022
|
2021
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
|
Ore
mined
|
|
49,893
|
91,126
|
85,535
|
88,328
|
50,511
|
|
314,882
|
314,900
|
Ore
milled
|
|
50,939
|
89,790
|
89,643
|
87,670
|
48,949
|
|
318,042
|
316,179
|
Head
grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
|
62
|
78
|
73
|
80
|
87
|
|
75
|
85
|
Lead
(%)
|
|
1.4
|
1.5
|
1.7
|
1.5
|
1.7
|
|
1.5
|
1.7
|
Zinc
(%)
|
|
2.8
|
3.2
|
3.3
|
3.3
|
3.3
|
|
3.2
|
3.4
|
Recovery
rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
|
82.4
|
83.5
|
84.4
|
84.1
|
81.9
|
|
83.8
|
82.5
|
Lead
(%)
|
|
88.7
|
89.0
|
89.5
|
89.3
|
89.7
|
|
89.2
|
89.6
|
Zinc
(%)
|
|
89.8
|
89.8
|
89.6
|
89.3
|
88.2
|
|
89.6
|
88.2
|
Cash
Costs
|
|
|
|
|
|
|
|
|
|
Cash cost per ounce
of Silver, net of by-product credits ($)
|
|
(16.59)
|
(25.84)
|
(22.51)
|
(17.96)
|
(12.80)
|
|
(20.91)
|
(11.48)
|
All-in sustaining
cost per ounce of silver, net of by-product credits ($)
|
|
(0.39)
|
(9.81)
|
(11.61)
|
(7.98)
|
0.52
|
|
(8.07)
|
-
|
Cash production cost
per tonne of ore processed ($)
|
|
67.33
|
56.10
|
55.81
|
52.90
|
58.56
|
|
56.90
|
51.44
|
All-in sustaining
cost per tonne of ore processed ($)
|
|
100.13
|
81.50
|
73.76
|
71.67
|
87.69
|
|
79.56
|
74.09
|
Metal
Production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
|
84
|
187
|
179
|
190
|
112
|
|
640
|
716
|
Lead (in
thousands of pounds)
|
|
1,420
|
2,586
|
2,942
|
2,600
|
1,652
|
|
9,548
|
10,544
|
Zinc (in
thousands of pounds)
|
|
2,784
|
5,683
|
5,899
|
5,679
|
3,176
|
|
20,045
|
21,095
|
In Fiscal 2022, a total of 66,699 metres or $2.5 million worth of diamond drilling were
completed (Fiscal 2021 – 45,996 metres or $1.8 million), of which approximately 60,382
metres or $2.2 million worth of
underground drilling were expensed as part of mining costs (Fiscal
2021 – 45,996 metres or $1.8 million)
and approximately 6,317 metres or $0.3
million worth of drilling were capitalized (Fiscal 2021 –
nil). In addition, approximately 6,167 metres or $1.7 million worth of preparation tunnelling were
completed and expensed as part of mining costs (Fiscal 2021 –
11,719 metres or $2.2 million), and
approximately 13,751 metres or $4.3
million worth of horizontal tunnels, raises, ramps, and
declines were completed and capitalized (Fiscal 2021 – 11,871
metres or $3.9 million).
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held
tomorrow, Friday, May 27, 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 Toll: 416-764-8650
Conference ID: 70727987
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.silvercorp.ca.
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) equity
investments in potential world class opportunities; 4) ongoing
merger and acquisition efforts to unlock value; and 5) long term
commitment to responsible mining and ESG. For more information,
please visit our website at www.silvercorp.ca.
For further information
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorp.ca
ALTERNATIVE PERFORMANCE (NON-IFRS) MEAUSRES
This earnings release should be read in conjunction with the
Company's Management Discussion & Analysis ("MD&A"),
Financial Statements and Notes to Financial Statements for year
ended March 31, 2022, 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 under the Investor section. This earnings
release refers to various alternative performance (non-IFRS)
measures, such as adjusted earnings and adjusted earnings per
share, cash cost and all-in sustaining cost per ounce of silver,
net of by-product credits, cash production cost and all-in
sustaining production cost per tonne of ore processed 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 28, section 12 – Alternative Performance
(Non-IFRS) Measures in the MD&A for the year ended March 31, 2022.
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian provincial securities laws (collectively, "forward-looking
statements"). Any statements or information that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategies",
"targets", "goals", "forecasts", "objectives", "budgets",
"schedules", "potential" or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements relate to, among other things: the price
of silver and other metals; the accuracy of mineral resource and
mineral reserve estimates at the Company's material properties; the
sufficiency of the Company's capital to finance the Company's
operations; estimates of the Company's revenues and capital
expenditures; estimated production from the Company's mines in the
Ying Mining District and the GC Mine; timing of receipt of permits
and regulatory approvals; availability of funds from production to
finance the Company's operations; and access to and availability of
funding for future construction, use of proceeds from any financing
and development of the Company's properties.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation, risks
relating to: global economic and social impact of COVID-19;
fluctuating commodity prices; calculation of resources, reserves
and mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral
reserve estimates; exploration and development programs;
feasibility and engineering reports; permits and licences; title to
properties; property interests; joint venture partners; acquisition
of commercially mineable mineral rights; financing; recent market
events and conditions; economic factors affecting the Company;
timing, estimated amount, capital and operating expenditures and
economic returns of future production; integration of future
acquisitions into the Company's existing operations; competition;
operations and political conditions; regulatory environment in
China and Canada; environmental risks; foreign exchange
rate fluctuations; insurance; risks and hazards of mining
operations; key personnel; conflicts of interest; dependence on
management; internal control over financial reporting; and bringing
actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking statements. Forward-looking
statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties and other factors, including, without limitation,
those referred to in the Company's Annual Information Form under
the heading "Risk Factors" 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.
For the reasons set forth above, investors should not place undue
reliance on forward-looking statements.
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SOURCE Silvercorp Metals Inc