Trading
Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, May 25, 2023
/PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the
"Company") (TSX: SVM) (NYSE American: SVM) reported its financial
and operating results for the three months ("Q4 Fiscal 2023") and
twelve months ended March 31, 2023
("Fiscal 2023"). All amounts are expressed in US dollars, and
figures may not add due to rounding.
HIGHLIGHTS FOR FISCAL
2023
- Mined 1,068,983 tonnes of ore, milled 1,072,654 tonnes of ore,
and produced approximately 6.6 million ounces of silver, 4,400
ounces of gold, or approximately 7.0 million ounces of silver
equivalent, plus 68.1 million pounds of lead, and 23.5 million
pounds of zinc ;
- Sold approximately 6.6 million ounces of silver, 4,400 ounces
of gold, 65.7 million pounds of lead, and 23.4 million pounds of
zinc, for revenue of $208.1
million;
- Reported net income attributable to equity shareholders of
$20.6 million, or $0.12 per share;
- Realized adjusted earnings attributable to equity shareholders
of $37.0 million, or $0.21 per share. 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, dilution gain/loss, and the share
of associates' operating results;
- Generated cash flow from operating activities of $85.6 million;
- Cash cost per ounce of silver, net of by-product credits, of
negative $0.42;
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $9.73;
- Paid $4.4 million of dividends to
the Company's shareholders;
- Spent $2.1 million to buy back
838,237 common shares of the Company under its Normal Course Issuer
Bid;
- Spent and capitalized $8.3
million on exploration drilling, $34.0 million on underground development and
exploration tunneling, and $15.6
million on equipment and facilities, including $4.8 million on construction of the new mill and
tailings storage facility; and
- Strong balance sheet with $203.3
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 $141.9 million as at
March 31, 2023.
HIGHLIGHTS FOR Q4 FISCAL
2023
- Mined 181,848 tonnes of ore, milled 179,393 tonnes of ore, and
produced approximately 1.1 million ounces of silver, 1,000 ounces
of gold, 10.9 million pounds of lead, and 3.6 million pounds of
zinc;
- Sold approximately 1.1 million ounces of silver, 1,000 ounces
of gold, or 1.2 million ounces of silver equivalent, 10.0 million
pounds of lead, and 3.5 million pounds of zinc, for revenue of
$34.1 million;
- Reported net income attributable to equity holders of
$0.2 million, or $0.00 per share;
- Realized adjusted earnings attributable to equity holders of
$5.0 million, or $0.03 per share;
- Cash costs per ounce of silver, net of by-product credits, of
$0.92;
- All-in sustaining costs per ounce of silver, net of by-product
credits, of $13.85;
- Generated cash flow from operating activities of $5.7 million; and,
- Spent and capitalized $1.0
million on exploration drilling, $5.9
million on underground development and exploration
tunneling, and $2.5 million on
equipment and facilities.
CONSOLIDATED FINANCIAL RESULTS
|
Three months ended
March 31,
|
|
Year ended March
31,
|
|
2023
|
2022
|
Changes
|
|
2023
|
2022
|
Changes
|
Financial
Results
|
|
|
|
|
|
|
|
Revenue (in
thousands of $)
|
$
34,147
|
$
41,590
|
-18 %
|
|
$
208,129
|
$
217,923
|
-4 %
|
Mine operating
earnings (in thousands of $)
|
9,776
|
13,709
|
-29 %
|
|
70,783
|
84,301
|
-16 %
|
Net income
(loss) attributable to equity holders (in thousands of
$)
|
235
|
3,966
|
-94 %
|
|
20,608
|
30,634
|
-33 %
|
Earnings
(loss) per share - basic ($/share)
|
0.00
|
0.02
|
-95 %
|
|
0.12
|
0.17
|
-29 %
|
Adjusted earnings
attributable to equity holders (in thousands of
$)
|
4,971
|
9,496
|
-48 %
|
|
37,027
|
52,427
|
-29 %
|
Adjusted earning per
share - basic ($/share)
|
0.03
|
0.05
|
-40 %
|
|
0.21
|
0.30
|
-30 %
|
Net cash generated
from operating activities (in thousands of $)
|
5,742
|
11,406
|
-50 %
|
|
85,643
|
107,378
|
-20 %
|
Capitalized
expenditures (in thousands of $)
|
9,457
|
9,960
|
-5 %
|
|
57,823
|
53,991
|
7 %
|
Metals
sold
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,073
|
1,173
|
-9 %
|
|
6,637
|
6,265
|
6 %
|
Gold (in
thousands of ounces)
|
1.0
|
0.5
|
100 %
|
|
4.4
|
3.4
|
29 %
|
Lead (in
thousands of pounds)
|
10,021
|
12,279
|
-18 %
|
|
65,687
|
63,563
|
3 %
|
Zinc (in
thousands of pounds)
|
3,451
|
4,340
|
-20 %
|
|
23,438
|
26,809
|
-13 %
|
Average
Selling Price, Net of Value Added Tax and Smelter
Charges
|
|
|
|
|
|
|
|
Silver
($/ounce)
|
18.18
|
19.38
|
-6 %
|
|
17.11
|
19.36
|
-12 %
|
Gold
($/ounce)
|
1,620
|
1,475
|
10 %
|
|
1,511
|
1,495
|
1 %
|
Lead
($/pound)
|
0.87
|
0.93
|
-6 %
|
|
0.87
|
0.90
|
-3 %
|
Zinc
($/pound)
|
0.89
|
1.22
|
-27 %
|
|
1.06
|
1.08
|
-2 %
|
Financial
Position as at
|
March 31,
2023
|
December 31,
2022
|
|
|
March 31,
2023
|
March 31,
2022
|
|
Cash and cash
equivalents and short-term investments (in thousands of
$)
|
203,323
|
210,261
|
-3 %
|
|
203,323
|
212,925
|
-5 %
|
Working capital (in
thousands of $)
|
177,808
|
176,960
|
0 %
|
|
177,808
|
186,270
|
-5 %
|
1. Fiscal 2023 Financial Results
Net income attributable to equity holders of the
Company in Fiscal 2023 was $20.6
million or $0.12 per
share, compared to net income of $30.6
million or $0.17 per share for
the twelve months ended March 31,
2022 ("Fiscal 2022").
In Fiscal 2023, the Company's consolidated financial results
were mainly impacted by i) increases of 6%, 29% and 3%,
respectively, in silver, gold, and lead sold, and a decrease of 13%
in zinc sold; ii) decreases of 12%, 3% and 2%, respectively, in the
realized selling prices for silver, lead and zinc, and increases of
1%, in the realized selling prices for gold; iii) a foreign
exchange gain of $4.8 million mainly
arising from the appreciation of the US dollar against the Canadian
dollar; iv) a loss of $2.3
million on equity investments; v) an impairment charge of
$20.2 million against the Las Yesca
Project, and vi) an impairment charge of $2.9 million against a short-term investment in
certain bonds.
Revenue in Fiscal 2023 was $208.1
million, down 4% compared to $217.9
million in Fiscal 2022. The decrease is mainly due to i) a
decrease of $16.6 million arising
from the decrease in the net realized selling prices for silver,
lead, and zinc; ii) a decrease of $3.6
million arising from the decrease in zinc sold, offset by
iii) an increase of $9.7 million
arising from the increase in silver, gold and lead sold.
Income from mine operations in Fiscal 2023 was
$70.8 million, down 16% compared to
$84.3 million in Fiscal 2022. Income
from mine operations at the Ying Mining District was $62.8 million, compared to $70.0 million in Fiscal 2022. Income from mine
operations at the GC Mine was $8.4
million, compared to $14.8
million in Fiscal 2022.
Cash flow provided by operating activities in Fiscal
2023 was $85.6 million, down
$21.7 million, compared to
$107.4 million in Fiscal 2022.
The Company ended Fiscal 2023 with $203.3
million in cash, cash equivalents and short-term
investments, down 5% or $9.6 million
compared to $212.9 million as at
March 31, 2022.
Working capital as at March 31,
2023 was $177.8 million, down
5% or $8.5 million compared to
$186.3 million as at March 31, 2022.
2. Q4 Fiscal 2023 Financial Results
Net income attributable to equity holders of the
Company in Q4 Fiscal 2023 was $0.2
million or $0.00 per
share, compared to net income of $4.0
million or $0.02 per
share in the three months ended March 31,
2022 ("Q4 Fiscal 2022").
In Q4 Fiscal 2023, the Company's consolidated financial results
were mainly impacted by i) decreases of 9%, 18% and 20%,
respectively, in silver, lead and zinc sold, and an increase of
100% in gold sold; ii) decreases of 6%, 6% and 27%,
respectively, in the realized selling prices for silver, lead
and zinc, and an increase of 10% in the net realized selling price
for gold ; iii) a loss of $1.1
million on equity investments; and iv) an impairment charge
of $1.9 million against a short-term
investment in certain bonds.
Revenue in Q4 Fiscal 2023 was $34.1 million, down 18% compared to $41.6 million in Q4 Fiscal 2022. The decrease is
mainly due to a decrease of $3.6
million arising from the decrease in the net realized
selling prices for silver, lead and zinc, and a decrease of
$4.6 million arising from the
decrease in silver, lead and zinc sold. The following table
summarizes the metals sold, net realized selling price and revenue
achieved for each metal.
Income from mine operations in Q4 Fiscal 2023 was
$9.8 million, down 29% compared to
$13.7 million in Q4 Fiscal 2022.
Income from mine operations at the Ying Mining District was
$9.5 million, compared to
$11.9 million in Q4 Fiscal 2022.
Income from mine operations at the GC Mine was $0.4 million, compared to $2.0 million in Q4 Fiscal 2022.
Cash flow provided by operating activities in Q4
Fiscal 2023 was $5.7 million, down
$5.7 million, compared to
$11.4 million in Q4 Fiscal 2022.
CONSOLIDATED OPERATIONAL RESULTS
|
Three months ended
March 31,
|
|
Year ended March
31,
|
|
2023
|
2022
|
Changes
|
|
2023
|
2022
|
Changes
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
Ore
mined
|
181,848
|
180,505
|
1 %
|
|
1,068,983
|
996,280
|
7 %
|
Ore
milled
|
179,393
|
182,670
|
-2 %
|
|
1,072,654
|
1,002,335
|
7 %
|
Metal
Production
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,106
|
1,146
|
-3 %
|
|
6,617
|
6,149
|
8 %
|
Gold (in
thousands of ounces)
|
1.0
|
0.5
|
100 %
|
|
4.4
|
3.4
|
29 %
|
Lead (in
thousands of pounds)
|
10,938
|
11,962
|
-9 %
|
|
68,068
|
64,431
|
6 %
|
Zinc (in
thousands of pounds)
|
3,577
|
4,101
|
-13 %
|
|
23,463
|
26,812
|
-12 %
|
Cash
Costs
|
|
|
|
|
|
|
|
Production costs per
tonne of ore processed ($)
|
92.85
|
92.78
|
0 %
|
|
84.03
|
84.85
|
-1 %
|
All-in sustaining
costs per tonne of ore processed ($)
|
165.68
|
171.56
|
-3 %
|
|
142.08
|
141.54
|
0 %
|
Cash costs per ounce
of silver, net of by-product credits ($)
|
0.92
|
(0.54)
|
270 %
|
|
(0.42)
|
(1.29)
|
67 %
|
All-in sustaining
costs per ounce of silver, net of by-product credits ($)
|
13.85
|
12.60
|
10 %
|
|
9.73
|
8.77
|
11 %
|
1. Fiscal 2023 Operational Results
In Fiscal 2023, the Company mined 1,068,983 tonnes of ore and
milled 1,072,654 tonnes of ore, both up 7% compared to 996,280
tonnes of ore mined and 1,002,335 tonnes of ore milled in Fiscal
2022.
In Fiscal 2023, the Company produced approximately 6.6 million
ounces of silver, 4,400 ounces of gold, 68.1 million pounds of
lead, and 23.5 million pounds of zinc, representing increases of
8%, 29% and 6%, respectively, in silver, gold and lead production,
and a decrease of 12% in zinc production over Fiscal 2022.
In Fiscal 2023, the consolidated production costs were
$84.03 per tonne, down 1% compared to
$84.85 in Fiscal 2022, while the
all-in sustaining production costs per tonne of ore processed were
$142.08, a slight increase compared
to $141.54 in Fiscal 2022.
In Fiscal 2023, the consolidated cash costs per ounce of silver,
net of by-product credits, were negative $0.42, compared to negative $1.29 in the prior year quarter. The increase was
mainly due to a decrease of $2.1
million in by-product credits and an increase of
$3.2 million in expensed production
costs.
The consolidated all-in sustaining costs per ounce of silver,
net of by-product credits, were $9.73
compared to $8.77 in Fiscal 2022. The
increase was mainly due to i) the increase in the consolidated cash
costs per ounce of silver as discussed above, ii) an increase of
$7.7 million in sustaining capital
expenditures offset by a decrease of $2.7
million in administrative expenses and mineral resources
tax.
2. Q4 Fiscal 2023 Operational Results
In Q4 Fiscal 2023, the Company mined 181,848 tonnes of ore, up
1% compared to 180,505 tonnes in Q4 Fiscal 2022. Ore milled in Q4
Fiscal 2023 was 179,393 tonnes, down 2% compared to 182,670 tonnes
in Q4 Fiscal 2022.
In Q4 Fiscal 2023, the Company produced approximately 1.1
million ounces of silver, 1,000 ounces of gold, 10.9 million pounds
of lead, and 3.6 million pounds of zinc, representing an increase
of 100% in gold production, and decreases of 3%, 9% and 13%,
respectively, in silver, lead and zinc production over Q4 Fiscal
2022.
In Q4 Fiscal 2023, the consolidated production costs were
$92.85 per tonne, relatively the same
compared to $92.78 per tonne in Q4
Fiscal 2022, and the all-in sustaining production costs per tonne
of ore processed were $165.68, down
3% compared to $171.56 in Q4 Fiscal
2022.
In Q4 Fiscal 2023, the consolidated cash costs per ounce of
silver, net of by-product credits, were $0.92, compared to negative $0.54 in the prior year quarter. The increase was
mainly due to a decrease of $4.2
million in by-product credits offset by a decrease of
$2.6 million in expensed production
costs. The consolidated all-in sustaining costs per ounce of
silver, net of by-product credits, were $13.85 compared to $12.60 in Q4 Fiscal 2022. The increase was mainly
due to the increase in the consolidated cash costs per ounce of
silver in the current quarter as discussed above.
EXPLORATION AND DEVELOPMENT
|
Capitalized
Development and Expenditures
|
Expensed
|
|
Ramp
Development
|
Exploration
and
Development Tunnels
|
Drilling
|
Equipment
&
Mill and TSF
|
Total
|
Mining
Preparation
|
Drilling
|
|
(Metres)
|
($
Thousand)
|
(Metres)
|
($
Thousand)
|
(Metres)
|
($
Thousand)
|
($
Thousand)
|
($
Thousand)
|
(Metres)
|
(Metres)
|
Fiscal
2023
|
|
|
|
|
|
|
|
|
|
|
Ying Mining
District
|
6,944
|
$
5,173
|
62,105
|
$
24,782
|
124,533
|
$ 5,677
|
$
12,478
|
$
48,110
|
32,870
|
124,874
|
GC Mine
|
-
|
-
|
12,722
|
4,023
|
22,024
|
816
|
2,816
|
7,655
|
7,071
|
43,375
|
Corporate and
other
|
-
|
-
|
-
|
-
|
8,485
|
1,783
|
275
|
2,058
|
-
|
-
|
Consolidated
|
6,944
|
$
5,173
|
74,827
|
$
28,805
|
155,042
|
$
8,276
|
$
15,569
|
$
57,823
|
39,941
|
168,249
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
2022
|
|
|
|
|
|
|
|
|
|
|
Ying Mining
District
|
7,279
|
$
4,858
|
53,032
|
$
21,851
|
135,390
|
$
10,598
|
$
8,609
|
$
45,916
|
25,134
|
216,068
|
GC Mine
|
1,012
|
1,218
|
12,739
|
3,049
|
6,317
|
240
|
504
|
5,011
|
6,167
|
60,382
|
Corporate and
other
|
-
|
-
|
-
|
-
|
7,971
|
2,612
|
452
|
3,064
|
-
|
-
|
Consolidated
|
8,291
|
$
6,076
|
65,771
|
$
24,900
|
149,678
|
$
13,450
|
$
9,565
|
$
53,991
|
31,301
|
276,450
|
|
|
|
|
|
|
|
|
|
|
|
Changes
(%)
|
|
|
|
|
|
|
|
|
|
|
Ying Mining
District
|
-5 %
|
6 %
|
17 %
|
13 %
|
-8 %
|
-46 %
|
45 %
|
5 %
|
31 %
|
-42 %
|
GC Mine
|
-100 %
|
-100 %
|
0 %
|
32 %
|
249 %
|
240 %
|
459 %
|
53 %
|
15 %
|
-28 %
|
Corporate and
other
|
-
|
-
|
-
|
-
|
6 %
|
-32 %
|
-39 %
|
-33 %
|
-
|
-
|
Consolidated
|
-16 %
|
-15 %
|
14 %
|
16 %
|
4 %
|
-38 %
|
63 %
|
7 %
|
28 %
|
-39 %
|
In Fiscal 2023, on a consolidated basis, a total of 323,291 metres
or $13.0 million worth of diamond
drilling were completed (Fiscal 2022 – 426,128 metres or
$20.7 million), of which
approximately 168,249 metres or $4.7
million worth of diamond drilling were expensed as part of
mining costs (Fiscal 2022– 276,450 metres or $7.2 million) and approximately 155,042 metres or
$8.3 million worth of diamond
drilling were capitalized (Fiscal 2022– 149,678 metres or
$13.5 million). In addition,
approximately 39,941 metres or $14.6
million worth of mining preparation tunnels were completed
and expensed as part of mining costs (Fiscal 2022 – 31,301 metres
or $11.6 million), and approximately
81,771 metres or $34.0 million worth
of tunnels, raises, ramps and declines were completed and
capitalized (Fiscal 2022 – 74,062 metres or $31.0 million).
In December 2022, the Company's
Kuanping Silver-Lead-Zinc-Gold Project ("Kuanping Project")
received a mining license (the "Kuanping Mining License") from the
Department of Natural Resources, Henan
Province, China. The
Kuanping Mining License covers 6.97 square kilometres and is good
until March 13, 2029.
In Fiscal 2023, a total of 8,485 metres or $0.9 million worth of drilling were completed and
capitalized at the Kuanping Project.
In Fiscal 2023, the Company spent $4.8
million on the construction of the tailing storage facility
("TSF") and the new mill, $35.1
million below the budgeted amount of $39.9 million. As of March
31, 2023, a total of 3,233 metres, or 64% of the designed
drainage tunnels were completed and the site preparation for the
new mill was also completed. The Company has received all
governmental approvals to construct the TSF and the new mill. The
Company still plans to complete the TSF in 2024 and is currently
delaying the construction of the new mill by one year.
In addition, the Company spent approximately $2.0 million to upgrade most roads to concrete
and upgrade certain environmental protection facilities at the Ying
Mining District as part of our continued commitment to building
green mines. The Company also spent approximately $1.0 million to construct an X-Ray Transmission
Ore Sorting System ("XRT Ore Sorting System") to optimize the mine
plan and improve processing head grades at the GC Mine. The XRT Ore
Sorting System is currently in trial run.
INDIVIDUAL MINE OPERATING PERFORMANCE
Ying Mining
District
|
Q4
2023
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
Q4 2022
|
|
Year ended March
31,
|
|
March 31,
2023
|
December 31,
2022
|
September 30,
2022
|
June 30,
2022
|
March 31,
2022
|
|
2023
|
2022
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
Ore
mined
|
132,205
|
206,854
|
215,927
|
214,038
|
130,612
|
|
769,024
|
681,398
|
Ore
milled
|
130,910
|
213,830
|
216,262
|
212,055
|
131,731
|
|
773,057
|
684,293
|
Head
grades
|
|
|
|
|
|
|
|
|
Silver
(grams/tonne)
|
255
|
262
|
257
|
267
|
271
|
|
261
|
272
|
Lead
(%)
|
3.6
|
4.0
|
3.7
|
3.9
|
3.9
|
|
3.8
|
3.9
|
Zinc
(%)
|
0.6
|
0.7
|
0.7
|
0.7
|
0.8
|
|
0.7
|
0.8
|
Recovery
rates
|
|
|
|
|
|
|
|
|
Silver
(%)
|
95.2
|
95.7
|
95.5
|
95.7
|
95.2
|
|
95.6
|
95.1
|
Lead
(%)
|
95.3
|
95.4
|
94.1
|
95.4
|
96.1
|
|
95.0
|
95.5
|
Zinc
(%)
|
68.3
|
66.4
|
62.5
|
58.1
|
57.4
|
|
63.2
|
59.7
|
Cash
Costs
|
|
|
|
|
|
|
|
|
Cash production cost
per tonne of ore processed ($)
|
102.42
|
88.66
|
95.23
|
93.04
|
102.49
|
|
94.07
|
97.76
|
All-in sustaining
cost per tonne of ore processed ($)
|
170.69
|
141.21
|
127.89
|
156.07
|
172.63
|
|
146.59
|
147.52
|
Cash cost per ounce
of Silver, net of by-product credits ($)
|
1.37
|
0.24
|
1.86
|
0.28
|
1.21
|
|
0.88
|
0.96
|
All-in sustaining
cost per ounce of silver, net of by-product credits ($)
|
11.33
|
7.66
|
6.82
|
8.60
|
10.76
|
|
8.29
|
7.93
|
Metal
Production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
997
|
1,674
|
1,657
|
1,696
|
1,062
|
|
6,024
|
5,509
|
Gold (in
thousands of ounces)
|
1.0
|
1.1
|
1.2
|
1.1
|
0.5
|
|
4.4
|
3.4
|
Lead (in
thousands of pounds)
|
9,688
|
17,647
|
16,201
|
16,718
|
10,542
|
|
60,254
|
54,883
|
Zinc (in
thousands of pounds)
|
1,164
|
2,082
|
1,976
|
1,928
|
1,317
|
|
7,150
|
6,767
|
GC
Mine
|
Q4
2023
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
Q4 2022
|
|
Year ended March
31,
|
|
March 31,
2023
|
December 31,
2022
|
September 30,
2022
|
June 30,
2022
|
March 31,
2022
|
|
2023
|
2022
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
Ore
mined
|
49,643
|
89,196
|
75,054
|
86,066
|
49,893
|
|
299,959
|
314,882
|
Ore
milled
|
48,483
|
89,612
|
75,381
|
86,121
|
50,939
|
|
299,597
|
318,042
|
Head
grades
|
|
|
|
|
|
|
|
|
Silver
(grams/tonne)
|
88
|
75
|
72
|
71
|
62
|
|
75
|
75
|
Lead
(%)
|
1.3
|
1.4
|
1.2
|
1.4
|
1.4
|
|
1.3
|
1.5
|
Zinc
(%)
|
2.5
|
2.8
|
2.7
|
2.9
|
2.8
|
|
2.8
|
3.2
|
Recovery
rates
|
|
|
|
|
|
|
|
|
Silver
(%)
|
78.9
|
83.0
|
81.0
|
83.4
|
82.4
|
|
81.9
|
83.8
|
Lead
(%)
|
90.9
|
90.3
|
88.5
|
89.8
|
88.7
|
|
89.8
|
89.2
|
Zinc
(%)
|
89.3
|
90.1
|
89.6
|
90.4
|
89.8
|
|
89.9
|
89.6
|
Cash
Costs
|
|
|
|
|
|
|
|
|
Cash production cost
per tonne of ore processed ($)
|
67.34
|
52.35
|
59.84
|
57.92
|
67.33
|
|
58.29
|
56.90
|
All-in sustaining
cost per tonne of ore processed ($)
|
84.79
|
88.26
|
78.31
|
81.68
|
100.13
|
|
83.33
|
79.56
|
Cash cost per ounce
of Silver, net of by-product credits ($)
|
(3.10)
|
(13.72)
|
(12.13)
|
(22.42)
|
(16.59)
|
|
(13.72)
|
(20.91)
|
All-in sustaining
cost per ounce of silver, net of by-product credits ($)
|
5.93
|
5.02
|
(0.73)
|
(7.48)
|
(0.39)
|
|
0.50
|
(8.07)
|
Metal
Production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
109
|
179
|
141
|
164
|
84
|
|
593
|
640
|
Lead (in
thousands of pounds)
|
1,250
|
2,412
|
1,782
|
2,370
|
1,420
|
|
7,814
|
9,548
|
Zinc (in
thousands of pounds)
|
2,413
|
4,892
|
4,010
|
4,998
|
2,784
|
|
16,313
|
20,045
|
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held
tomorrow, Friday, May 26, 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: 50474162
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) ongoing
merger and acquisition efforts to unlock value; and 4) 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)
MEASURES
This news release should be read in conjunction with the
Company's Management Discussion & Analysis ("MD&A"), the
audited condensed consolidated financial statements and related
notes contains therein for the year ended March 31, 2023, which have been posted on SEDAR
under the Company's profile at www.sedar.com and on EDGAR at
www.sec.gov, and are also available on the Company's website
at www.silvercorp.ca 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 33, section 13 –
Alternative Performance (Non-IFRS) Measures in the MD&A for the
year ended March 31, 2023 filled on
SEDAR at www.sedar.com 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 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.
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.
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SOURCE Silvercorp Metals Inc