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Silvercorp Reports Net Income of $8.9 Million and Cash Flow of $15.9 Million in Second Quarter
http://www.marketwire.com/press-release/Silvercorp-Metals-Inc-TSX-SVM-1073542.html
TSX: SVM
NYSE Amex: SVM
Silvercorp Metals Inc.
Nov 09, 2009 16:45 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE Amex:SVM) reports its unaudited financial and operating results for the second quarter ended September 30, 2009. The financial results are expressed in thousands of US dollars (US$) unless stated otherwise.
SECOND QUARTER HIGHLIGHTS
During the quarter ended September 30, 2009 ("Q2 2010"), financial highlights included:
- Net earnings of $8.9 million, 83% higher compared to $4.9 million in the same quarter last year;
- Earnings per share of $0.06, double the earnings per share of $0.03 in the same quarter last year;
- Production of 1.2 million ounces of silver and 15.2 million pounds of lead, representing 35% and 43% increases, respectively, compared to 0.8 million ounces of silver and 10.7 million pounds of lead produced in the same quarter last year;
- Total production cost of negative $5.61 per ounce of silver and cash cost of negative $6.33 per ounce of silver, net credit of other metals, making Silvercorp an industry leading low-cost silver producer;
- Generated $15.9 million cash from operating activities or $0.10 per share; and,
- Total cash, cash equivalents and short term investments increased to $79.0 million.
FINANCIALS
Silvercorp produced 35% more silver and 43% more lead in this quarter, compared to the same quarter last year. Sales revenue for this quarter was $25.1 million compared to $20.1 million in the same quarter last year. Due to the increase in silver and lead production, a 25% increase in sales was achieved despite lower silver and lead prices compared to a year ago.
During the six months ended September 30, 2009, sales revenue was $47.7 million, representing a $3.3 million or 6% reduction compared to the six months ended September 30, 2008. The quantity of silver and lead sold during this period was 13% and 25% higher, respectively, than a year ago; however, this did not fully offset the impact of lower metal prices which were down 16% for silver and 28% for lead compared to the same period last year.
Cost of sales for the quarter was $5.2 million, representing a 33% decrease compared to the same quarter last year. During the six months ended September 30, 2009, cost of sales was $10.1 million, down 35% compared to a year ago. The cost reduction is a reflection of improved operational and cost control, and also due to the low mine production in TLP, LM and HPG mines.
Gross profit margin this quarter improved to 76% from 51% in the same quarter last year. The consolidated net income for this quarter was $8.9 million or $0.06 per share, representing an increase of 83% compared to $4.9 million or $0.03 per share in the same quarter last year.
For the six months ended September 30, 2009 and 2008, gross profit margin was 75% and 62%, respectively. Net income for the six months ended September 30, 2009 and 2008 were $16.4 million or $0.10 per share and $16.5 million or $0.11 per share, respectively.
Cash and cash equivalents plus short-term investments increased by $13.6 million to $79.0 million since March 31, 2009 ($65.4 million). The 21% increase is mainly due to $26.3 million cash generated by operating activities, offset by $8.5 million of capital expenditures and $5.5 million of cash dividend payments.
OPERATIONS
Silvercorp mined 102,461 tonnes of ore during the second quarter, 22,073 tonnes less than the same quarter last year, as operations at the TLP, LM and HPG mines were still in the ramping up stage.
During the quarter, production was primarily from the Company's flagship Ying Mine where 83,263 tonnes of ore was mined, 13% higher than the same quarter last year. Silver head grades at the Ying Mine improved to 453 g/t from 331 g/t in the prior year period. However, silver head grade decreased from 488 g/t last quarter, as mining was at a broken zone, causing higher dilution during the quarter.
Cash cost per ounce of silver for the second quarter improved to negative $6.24, compared with negative $5.14 per ounce of silver in the same quarter last year. This is also an improvement from the prior quarter cash cost of negative $5.00 per ounce. The improvement in cash cost per ounce of silver was mainly driven by higher realized by-products prices.
The operating results for the past five quarters at the Ying Mine are summarized as follows:
---------------------------------------------------------------------------
Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009
30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08 30-Sep-08
---------------------------------------------------------------------------
Ores Mined (tonne)
Direct Smelting
Ores (tonne) 3,550 3,773 2,610 3,114 2,387
Ores to be milled
(tonne) 79,713 82,475 55,232 77,968 71,456
-----------------------------------------------------
83,263 86,248 57,842 81,082 73,843
---------------------------------------------------------------------------
Run of Mine Ores
(tonne)
Direct Smelting
Ores (tonne) 3,550 3,773 2,726 3,114 2,387
Ores Milled (tonne) 80,657 77,330 60,167 70,854 69,493
-----------------------------------------------------
84,207 81,103 62,893 73,968 71,880
---------------------------------------------------------------------------
Head Grades of Run of
Mine Ores
Silver (gram/tonne) 452.5 488.1 486.7 420.2 331.2
Lead (%) 8.1 9.1 9.1 7.7 6.0
Zinc (%) 3.0 3.1 3.1 2.6 2.5
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Recovery Rate of the
Run of Mine Ores
Silver (%) 92.8 93.3 93.1 92.9 91.3
Lead (%) 96.6 96.5 97.2 96.7 95.6
Zinc (%) 71.2 76.3 69.4 78.1 68.2
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Cash Mining cost
($ per tonne) 46.16 42.27 45.44 45.10 55.71
Total Mining cost
($ per tonne) 54.71 52.70 58.71 61.60 72.86
Cash Milling cost
($ per tonne) 9.19 10.84 10.57 10.32 11.24
Total Milling cost
($ per tonne) 10.16 11.74 11.76 11.24 12.24
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Production Cost per
Ounce of Silver,
adjusted for
by-product credits (5.51) (4.19) (3.24) 0.18 (3.44)
Cash Cost per Ounce
of Silver,
adjusted for
by-product credits (6.24) (5.00) (3.62) (1.39) (5.14)
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NSR PRICES
The Net Smelter Return (NSR) prices (net of 17% value added tax) for the past five quarters are as follows:
---------------------------------------------------------------------------
For the quarters ended
September June March December September
30, 2009 30, 2009 31, 2009 31, 2008 30, 2008
---------------------------------------------------------------------------
Silver (US$/oz) 10.99 9.89 8.68 7.34 11.99
Gold (US$/oz) 627 573 648 449 618
Lead (US$/lb) 0.67 0.56 0.52 0.41 0.81
Zinc (US$/lb) 0.53 0.46 0.37 0.28 0.41
---------------------------------------------------------------------------
Compared to the quarter ended June 30, 2009, the NSR prices for silver, lead and zinc all increased as a result of improved quoted metal prices and reduced smelter charges. NSR prices of silver and lead was approximately 85% of quoted Shanghai metal prices, excluding the 17% value added tax.
OUTLOOK
For the remainder of fiscal year 2010, the Company's production outlook is 204,000 tonnes, of which 160,000 tonnes will be mined from the Ying mine and 44,000 tonnes will come from the HPG, TLP and LM mines combined. This will bring total production for the entire fiscal year to 410,000 tonnes, in-line with the Company's annual production forecast.
At the Ying Mine, the Company produced 2.2 million ounces of silver, 29 million pounds of lead and 7 million pounds of zinc for the six months ended September 30, 2009. As the actual metal production exceeded our forecasts for the first half of fiscal year 2010, the Company is revising its annual production forecast for the Ying Mine to 4.5 million ounces of silver, 58 million pounds of lead and 14 million pounds of zinc.
The Company will continue to focus on mine development at the TLP, LM and HPG mines, where development activities were partially resumed in May 2009. Through the extraction of by-product ores during mine development from these three mines, the Company expects an additional 0.2 million to 0.5 million ounces of silver to be produced from these mines for the remainder of the year, bringing consolidated silver production for the entire fiscal year to 4.7 million to 5.0 million ounces.
For the second half of fiscal 2010, capital expenditures are budgeted at $8 million, of which $5 million will be used for exploration drilling and development at the Ying mine and $3 million for exploration drilling and mine development at the TLP, LM and HPG mines. The Company is also carrying out a regional IP geophysics program at the Ying Mining Camp with the aim of defining drill targets outside the current mining areas.
At the GC project in Guangdong Province, China, the Company is currently focusing on permitting and design for mine and mill construction. For the second half of fiscal year 2010, the Company has budgeted approximately $3 million for the GC project.
Silvercorp continues to pursue future growth opportunities by carrying out an aggressive exploration program within the existing exploration and mining permit areas and seeking out acquisitions projects in China and other jurisdictions.
CONFERENCE CALL AND WEBCAST INFORMATION
A conference call and live audio webcast to discuss these results is scheduled as follows:
Date: Tuesday, November 10, 2009
Time: 9:00 am PT (12:00 noon ET)
Dial-In Number: 1-612-288-0329
Live audio webcast: www.silvercorp.ca (click on the link on the home page)
Playback webcast can be accessed at: www.silvercorp.ca
About Silvercorp Metals Inc.
Silvercorp Metals Inc., China's largest primary silver producer, is engaged in the acquisition, exploration and development of silver related mineral properties located in the People's Republic of China ("China"). Silvercorp Metals Inc. is operating and developing four Silver-Lead-Zinc mines at the highly profitable Ying Mining Camp, Henan Province, China. Silvercorp is also applying for a mining permit at its 95% owned GC & SMT property to profitably mine and produce silver, lead and zinc in Guangdong Province, China. The Company's common shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, or the Company's future plans and objectives, or expected production levels, exploration, head grades, recovery rates, cash flows, acquisitions, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development, and mining. Production projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. There can be no assurance that such forward-looking statements, including those in the outlook section, will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.
SILVERCORP METALS INC.
Unaudited Consolidated Balance Sheets
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)
September March
30, 2009 31, 2009
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents $ 49,816 $ 41,470
Short term investments 29,203 23,962
Restricted cash - 732
Accounts receivable, prepaids and deposits 2,434 2,933
Inventories 3,952 1,529
Current portion of future income tax assets - 143
Amounts due from related parties 362 249
---------------------------------------------------------------------------
85,767 71,018
Long term prepaids 2,091 1,058
Long term investments 14,334 12,186
Restricted cash - 293
Property, plant and equipment 28,256 29,072
Mineral rights and properties 107,144 89,413
Future income tax assets 2,109 2,162
---------------------------------------------------------------------------
$ 239,701 $ 205,202
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities $ 8,740 $ 8,533
Deposits received 3,054 1,290
Bank loan and notes payable 2,929 658
Dividends payable 3,020 2,564
Income tax payable 910 3,041
Amounts due to related parties 4,014 7,353
---------------------------------------------------------------------------
22,667 23,439
Future income tax liabilities 19,720 19,678
Asset retirement obligations 2,092 2,029
---------------------------------------------------------------------------
44,479 45,146
Non-controlling interests 13,998 7,610
SHAREHOLDERS' EQUITY
Share capital 135,718 135,604
Contributed surplus 4,606 3,764
Reserves 31,893 31,893
Accumulated other comprehensive income (loss) 7,065 (10,167)
Retained earnings (Deficits) 1,942 (8,648)
---------------------------------------------------------------------------
181,224 152,446
---------------------------------------------------------------------------
$ 239,701 $ 205,202
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Unaudited Consolidated Statement of Operations
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for share and per share
figures)
Three months Six months
ended September 30, ended September 30,
--------------------------- ---------------------------
2009 2008 2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Sales $ 25,085 $ 20,103 $ 47,657 $ 50,962
---------------------------------------------------------------------------
Cost of sales 5,173 7,668 10,145 15,607
Amortization and
depletion 824 2,201 1,753 3,769
---------------------------------------------------------------------------
5,997 9,869 11,898 19,376
---------------------------------------------------------------------------
Gross profit 19,088 10,234 35,759 31,586
---------------------------------------------------------------------------
Expenses
Accretion of
asset retirement
obligations 31 42 62 61
Amortization 168 147 370 441
Foreign exchange
loss (gain) 82 (3,150) (1,434) (3,031)
General
exploration and
property
investigation
expenses 959 1,150 3,266 1,630
Impairment
charges and bad
debt (recovery) (79) - 698 -
Investor
relations 110 259 181 354
General and
administrative 1,807 2,299 4,532 5,247
Professional
fees 663 884 1,238 1,174
---------------------------------------------------------------------------
3,741 1,631 8,913 5,876
---------------------------------------------------------------------------
15,347 8,603 26,846 25,710
Other income and
expenses
Equity loss in
investment (136) (1,240) (218) (1,444)
Loss on disposal
of property,
plant and
equipment (871) - (1,127) (10)
Loss on held for
trading
securities (11) - (11) -
Interest income 160 243 398 1,020
Other income 53 87 213 116
---------------------------------------------------------------------------
(805) (910) (745) (318)
Income before
income taxes and
non-controlling
interests 14,542 7,693 26,101 25,392
Income tax
expense
(recovery)
Current 1,940 1,365 3,518 3,404
Future 412 (235) 226 (388)
---------------------------------------------------------------------------
2,352 1,130 3,744 3,016
Income before
non-controlling
interests 12,190 6,563 22,357 22,376
Non-controlling
interests (3,297) (1,706) (5,977) (5,918)
---------------------------------------------------------------------------
Net income $ 8,893 $ 4,857 $ 16,380 $ 16,458
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Basic earnings
per share $ 0.06 $ 0.03 $ 0.10 $ 0.11
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Diluted earnings
per share $ 0.05 $ 0.03 $ 0.10 $ 0.11
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted Average
Number of Shares
Outstanding -
Basic 161,590,262 152,954,124 161,588,640 151,796,726
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted Average
Number of Shares
Outstanding -
Diluted 163,359,824 154,451,515 162,923,835 153,305,544
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Unaudited Consolidated Statements of Comprehensive Income
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)
Three months Six months
ended September 30, ended September 30,
--------------------------------------------------
2009 2008 2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net income $ 8,893 $ 4,857 $ 16,380 $ 16,458
Other comprehensive
income (loss), net of
taxes:
Unrealized gain (loss)
on available for sale
securities 34 5 34 (64)
Reclassification
adjustment for losses
included in income (net
of tax) - - 195 -
Unrealized exchange gain
(loss) on translation of
self-sustaining foreign
operations (3,457) (1,277) (10,607) 549
Unrealized exchange gain
(loss) on translation of
functional currency to
reporting currency 12,692 (7,949) 27,610 (6,291)
---------------------------------------------------------------------------
Other comprehensive
income (loss) 9,269 (9,221) 17,232 (5,806)
---------------------------------------------------------------------------
Comprehensive income
(loss) $ 18,162 $ (4,364) $ 33,612 $ 10,652
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Unaudited Consolidated Statements of Cash Flows
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)
Three months Six months
ended September 30, ended September 30,
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2009 2008 2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cash provided by (used
for)
Operating activities
Net income for the
period $ 8,893 $ 4,857 $ 16,380 $ 16,458
Add (deduct) items not
affecting cash:
Accretion of asset
retirement obligations 31 42 62 61
Amortization 992 2,348 2,123 4,210
Equity Investment loss 136 1,240 218 1,444
Future income tax
expenses (recovery) 412 (235) 226 (388)
Impairment charges and
bad debt (79) - 698 -
Loss on held for trading
securities 11 - 11 -
Loss on disposal of
property, plant, and
equipment 871 - 1,127 9
Inventory write-down - 368 - 368
Non-controlling
interests 3,297 1,706 5,977 5,918
Stock-based compensation 509 701 899 1,268
Unrealized foreign
exchange loss (gain) 498 - (1,018) -
---------------------------------------------------------------------------
15,571 11,027 26,703 29,348
Net change in non-cash
working capital
Accounts receivable and
prepaids (22) 5,669 111 13
Inventory (1,359) (394) (2,308) (2,419)
Restricted cash - - 732 -
Accounts payable and
accrued liabilities 1,039 (3,603) 1,425 1,521
Income tax payable 210 (355) (2,126) (714)
Deposits received 477 (627) 1,763 (869)
---------------------------------------------------------------------------
Cash provided by
operating activities 15,916 11,717 26,300 26,880
---------------------------------------------------------------------------
Investing activities
Acquisition, exploration
and development
expenditures (5,568) (14,128) (7,740) (35,406)
Acquisition of property,
plant, and equipment (419) (4,937) (808) (8,610)
Purchase of long term
investments (1,323) - (1,323) -
Decrease (increase) of
short term investments (4,772) 19,791 (720) 24,854
Decrease (increase) in
long term prepaids (1,579) (2,381) (1,999) 576
Proceeds from disposal
of property, plant, and
equipment 119 - 120 -
---------------------------------------------------------------------------
Cash used in investing
activities (13,542) (1,655) (12,470) (18,586)
---------------------------------------------------------------------------
Financing activities
Repayment from (advance
to) related parties (84) 1,161 (104) 1,269
Bank loan - - 2,927 -
Repayment of bankers
acceptance - - (658) -
Distribution to
non-controlling interest
shareholder (3,293) (11,180) (3,293) (11,180)
Cash dividends
distributed (2,762) - (5,532) -
Share subscriptions for
cash, net of commission
and expenses 57 - 57 21
Repurchase of shares to
treasury for cancellation - (4,397) - (9,052)
---------------------------------------------------------------------------
Cash used in financing
activities (6,082) (14,416) (6,603) (18,942)
---------------------------------------------------------------------------
Effect of exchange rate
changes on cash and cash
equivalents (220) (1,744) 1,119 49
Increased (decrease) in
cash and cash
equivalents (3,928) (6,098) 8,346 (10,599)
Cash and cash
equivalents, beginning
of period 53,744 42,592 41,470 47,093
---------------------------------------------------------------------------
Cash and cash
equivalents, end of
period $ 49,816 $ 36,494 $ 49,816 $ 36,494
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Supplemental
information:
Interest paid $ 137 $ 30 $ 139 $ 30
Income tax paid $ 1,681 $ 2,109 $ 5,659 $ 4,149
Non-cash investing
activities:
Common shares issued
for mineral rights
and properties $ - $ - $ - $ 36,485
SILVERCORP METALS INC.
Unaudited Consolidated Statements of Shareholders' Equity
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for numbers of shares
figures)
Share capital
--------------------
Accum-
ulated Ret-
other ained
Contri- compre- earn- Total
buted hensive ings share-
Number of sur- Res- income (def- holders'
shares Amount plus erves (loss) icit) equity
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Balance, March
31, 2008 149,416,476 $ 78,334 $1,722 $ 2,078 $14,122 $52,736 $148,992
Options
exercised 4,482 35 (13) - - - 22
Shares issued
for property 4,532,543 36,485 - - - - 36,485
Financing 10,000,000 24,205 - - - - 24,205
Net of share
issuance costs - (1,570) - - - - (1,570)
Cancellation of
shares under
normal course
issuer bid (2,366,500) (1,885) (47) - - (7,542) (9,474)
Stock-based
compensation - - 2,102 - - - 2,102
Unrealized loss
on available
for sale
securities - - - - (155) - (155)
Appropriation
to reserves - - - 29,815 - (29,815) -
Cash dividends
declared and
distributed - - - - - (8,030) (8,030)
Loss of the
period - - - - - (15,997) (15,997)
Unrealized gain
on translation
of self-
sustaining
operation - - - - 11,270 - 11,270
Unrealized loss
on translation
functional
currency to
reporting
currency - - - - (35,404) - (35,404)
---------------------------------------------------------------------------
Balance, March
31, 2009 161,587,001 135,604 3,764 31,893 (10,167) (8,648) 152,446
Options
exercised 300,000 114 (57) - - - 57
Stock-based
compensation - - 899 - - - 899
Unrealized gain
on available
for sale
securities - - - - 34 - 34
Reclassification
adjustment for
losses included
in income (net
of tax) - - - - 195 - 195
Cash dividends
declared and
distributed - - - - - (5,790) (5,790)
Income of the
period - - - - - 16,380 16,380
Unrealized loss
on translation
of self-
sustaining
operation - - - - (10,607) - (10,607)
Unrealized gain
on translation
functional
currency to
reporting
currency - - - - 27,610 - 27,610
---------------------------------------------------------------------------
Balance,
September 30,
2009 161,887,001 $135,718 $4,606 $31,893 $ 7,065 $ 1,942 $181,224
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended September 30, 2009:
Three months ended September 30, 2009
--------------------------------------------------
Consoli-
YING HPG TLP LM dation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 3,550 37 2 - 3,589
Stockpiled Ores
(tonne) 79,713 5,008 7,545 6,606 98,872
--------------------------------------------------
83,263 5,045 7,547 6,606 102,461
--------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 3,550 37 2 - 3,589
Stockpiled Ores
Milled (tonne) 80,657 8,034 886 606 90,183
--------------------------------------------------
84,207 8,071 888 606 93,772
--------------------------------------------------
Mining cost per tonne
of ore mined ($) 54.71 75.41 74.56 91.50 57.05
Cash mining cost per
tonne of ore mined
($) 46.16 70.47 70.46 83.20 49.48
Non cash mining cost
per tonne of ore
mined ($) 8.55 4.94 4.10 8.30 7.57
Unit shipping costs
($) 3.45 3.58 3.16 2.72 3.39
Milling cost per
tonne of ore milled
($) 10.16 14.14 8.71 10.45 10.06
Cash milling cost per
tonne of ore milled
($) 9.19 13.18 7.68 9.45 9.09
Non cash milling cost
per tonne of ore
milled ($) 0.96 0.97 1.02 1.00 0.97
Average Production
Cost
Silver ($ per ounce) 2.53 3.77 3.46 10.81 2.63
Gold ($ per ounce) 110.57 268.51 - - 149.85
Lead ($ per pound) 0.16 0.23 0.23 0.78 0.16
Zinc ($ per pound) 0.12 0.11 - - 0.13
Total production cost
per ounce of Silver
($) (5.51) (11.75) (3.43) 11.34 (5.61)
Total cash cost per
ounce of Silver ($) (6.24) (12.22) (3.64) 10.85 (6.33)
Total Recovery of the
Run of Mine Ores
Silver (%) 92.8 87.1 81.7 77.3 92.6
Lead (%) 96.6 90.9 85.6 64.5 96.1
Zinc ( %) 71.2 63.4 - - 70.9
Head Grades of Run of
Mine Ores
Silver (gram/tonne) 452.5 134.9 107.7 281.0 421.1
Lead (%) 8.1 5.7 4.9 4.2 7.9
Zinc (%) 3.0 0.9 - - 2.8
Sales Data
Metal Sales
Silver (in thousands
of ounce) 1,107 32 7 4 1,150
Gold (in thousands of
ounce) 0.1 0.2 - - 0.3
Lead (in thousands of
pound) 14,084 987 93 35 15,199
Zinc (in thousands of
pound) 3,707 96 - - 3,803
Metal Sales
Silver ($) 12,178 328 83 46 12,635
Gold ($) 48 140 - - 188
Lead ($) 9,546 613 72 28 10,259
Zinc ($) 1,974 29 - - 2,003
--------------------------------------------------
23,746 1,110 155 74 25,085
--------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and Smelter
Charges
Silver ($ per ounce) 11.00 10.15 11.68 11.35 10.99
Gold ($ per ounce) 480.00 723.71 626.67
Lead ($ per pound) 0.68 0.62 0.78 0.82 0.67
Zinc ($ per pound) 0.53 0.30 - - 0.53
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended September 30, 2008:
Three months ended September 30, 2008
--------------------------------------------------
Consoli-
YING HPG TLP LM dation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 2,387 135 34 15 2,571
Stockpiled Ores
(tonne) 71,456 17,302 22,333 10,872 121,963
--------------------------------------------------
73,843 17,437 22,367 10,887 124,534
--------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 2,387 135 34 15 2,571
Stockpiled Ores
Milled (tonne) 69,492 19,233 28,532 8,441 125,698
--------------------------------------------------
71,879 19,368 28,566 8,456 128,269
--------------------------------------------------
Mining cost per tonne
of ore mined ($) 72.85 66.64 59.02 77.90 69.94
Cash mining cost per
tonne of ore mined
($) 55.71 48.48 43.54 53.60 52.33
Non cash mining cost
per tonne of ore
mined ($) 17.14 18.16 15.48 24.30 17.61
Unit shipping costs
($) 3.46 4.57 1.75 6.28 3.44
Milling cost per
tonne of ore milled
($) 12.24 13.82 13.33 11.71 12.45
Cash milling cost per
tonne of ore milled
($) 11.24 13.21 12.20 11.71 11.55
Non cash milling cost
per tonne of ore
milled ($) 1.00 0.62 1.13 - 0.91
Average Production
Cost
Silver ($ per ounce) 4.46 5.21 17.30 8.95 5.89
Gold ($ per ounce) 145.87 334.67 581.06 416.80 304.74
Lead ($ per pound) 0.31 0.38 1.04 0.36 0.40
Zinc ($ per pound) 0.15 0.19 - - 0.20
Total production cost
per ounce of Silver
($) (3.44) (5.80) 20.55 8.39 (0.06)
Total cash cost per
ounce of Silver ($) (5.14) (10.48) 14.34 4.17 (2.65)
Total Recovery of the
Run of Mine Ores
Silver (%) 91.3 84.0 82.8 88.8 89.5
Lead (%) 95.6 93.0 79.1 89.4 93.4
Zinc ( %) 68.2 68.5 - - 68.2
Head Grades of Run of
Mine Ores
Silver (gram/tonne) 331.2 134.6 140.3 309.7 257.6
Lead (%) 6.0 4.2 2.0 2.4 4.6
Zinc (%) 2.5 0.9 - - 1.5
Sales Data
Metal Sales
Silver (in thousands
of ounce) 622 55 79 93 849
Gold (in thousands of
ounce) 0.1 0.3 0.1 - 0.5
Lead (in thousands of
pound) 8,096 1,312 898 358 10,665
Zinc (in thousands of
pound) 2,301 53 - - 2,354
Metal Sales
Silver ($) 7,493 569 1,001 1,121 10,184
Gold ($) 8 227 15 28 278
Lead ($) 6,847 978 684 173 8,682
Zinc ($) 939 20 - - 959
--------------------------------------------------
15,286 1,795 1,700 1,322 20,103
--------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and Smelter
Charges
Silver ($ per ounce) 12.04 10.31 12.64 12.08 11.99
Gold ($ per ounce) 394.23 688.87 424.5 - 617.78
Lead ($ per pound) 0.85 0.75 0.76 0.48 0.81
Zinc ($ per pound) 0.41 0.37 - - 0.41
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the six months ended September 30, 2009:
Six months ended September 30, 2009
--------------------------------------------------
Consoli-
YING HPG TLP LM dation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 7,323 144 8 - 7,475
Stockpiled Ores
(tonne) 162,188 14,471 11,729 10,522 198,910
--------------------------------------------------
169,511 14,615 11,737 10,522 206,385
--------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 7,323 144 8 - 7,475
Ores Milled (tonne) 157,987 15,441 1,531 1,079 176,038
--------------------------------------------------
165,310 15,585 1,539 1,079 183,513
--------------------------------------------------
Mining cost per tonne
of ore mined ($) 53.77 47.86 69.92 64.42 54.81
Cash mining cost per
tonne of ore mined
($) 44.26 46.15 65.93 63.19 46.59
Non cash mining cost
per tonne of ore
mined ($) 9.51 1.71 3.99 1.23 8.22
Unit shipping
costs($) 3.50 3.57 2.99 2.72 3.44
Milling cost per
tonne of ore milled
($) 11.13 12.54 11.41 10.45 11.16
Cash milling cost per
tonne of ore milled
($) 10.13 11.54 10.35 9.45 10.17
Non cash milling cost
per tonne of ore
milled ($) 0.99 1.01 1.05 1.00 0.99
Average Production
Cost
Silver ($ per ounce) 2.52 3.93 2.51 7.50 2.60
Gold ($ per ounce) 116.39 253.50 - - 147.21
Lead ($ per pound) 0.15 0.23 0.16 0.49 0.15
Zinc ($ per pound) 0.12 0.16 - - 0.12
Total production cost
per ounce of Silver
($) (4.84) (10.56) (4.29) 6.00 (4.94)
Total cash cost per
ounce of Silver ($) (5.61) (11.00) (4.43) 5.81 (5.70)
Total Recovery of the
Run of Mine Ores
Silver (%) 93.1 86.9 84.6 84.1 92.8
Lead (%) 96.5 93.5 89.8 64.6 96.2
Zinc ( %) 73.7 70.3 - - 73.6
Head Grades of Run of
Mine Ores
Silver (gram/tonne) 470.0 138.0 95.5 347.2 437.9
Lead (%) 8.6 6.1 5.3 5.3 8.3
Zinc (%) 3.0 1.1 - - 2.8
Sales Data
Metal Sales
Silver (in thousands
of ounce) 2,241 61 14 10 2,326
Gold (in thousands of
ounce) 0.2 0.4 - - 0.6
Lead (in thousands of
pound) 29,101 1,870 190 80 31,242
Zinc (in thousands of
pound) 7,286 253 - - 7,539
Metal Sales
Silver ($) 23,406 605 149 99 24,259
Gold ($) 106 254 1 1 362
Lead ($) 18,035 1,093 126 53 19,307
Zinc ($) 3,626 103 - - 3,729
--------------------------------------------------
45,173 2,055 276 153 47,657
--------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and Smelter
Charges
Silver ($ per ounce) 10.44 10.00 10.35 10.09 10.43
Gold ($ per ounce) 481.82 645.69 - - 589.58
Lead ($ per pound) 0.62 0.58 0.66 0.66 0.62
Zinc ($ per pound) 0.50 0.41 - - 0.49
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the six months ended September 30, 2008:
Six months ended September 30, 2008
--------------------------------------------------
Consoli-
YING HPG TLP LM dation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 5,458 328 87 86 5,959
Stockpiled Ores
(tonne) 149,023 32,632 47,526 25,338 254,519
--------------------------------------------------
154,481 32,960 47,613 25,424 260,478
--------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 5,458 328 87 86 5,959
Ores Milled (tonne) 144,183 32,396 51,936 19,956 248,471
--------------------------------------------------
149,641 32,724 52,023 20,042 254,430
--------------------------------------------------
Mining cost per tonne
of ore mined ($) 69.44 79.62 58.90 112.35 72.99
Cash mining cost per
tonne of ore mined
($) 55.61 53.60 49.05 79.65 56.50
Non cash mining cost
per tonne of ore
mined ($) 13.83 26.02 9.85 32.70 16.49
Unit shipping costs
($) 3.54 4.02 1.89 5.27 3.44
Milling cost per
tonne of ore milled
($) 11.75 13.41 14.00 17.75 12.92
Cash milling cost per
tonne of ore milled
($) 10.80 12.13 12.86 17.75 11.96
Non cash milling cost
per tonne of ore
milled ($) 0.95 1.28 1.14 - 0.96
Average Production
Cost
Silver ($ per ounce) 3.73 6.00 10.37 9.69 4.72
Gold ($ per ounce) 115.23 329.38 342.65 424.78 232.29
Lead ($ per pound) 0.26 0.43 0.66 0.52 0.33
Zinc ($ per pound) 0.15 0.22 - - 0.19
Total production cost
per ounce of Silver
($) (5.08) (6.54) 8.97 9.07 (2.91)
Total cash cost per
ounce of Silver ($) (6.13) (12.71) 5.13 5.34 (4.73)
Total Recovery of the
Run of Mine Ores
Silver (%) 92.1 84.1 82.8 89.6 90.3
Lead (%) 96.5 93.8 79.1 87.5 94.2
Zinc ( %) 66.2 67.3 - - 66.2
Head Grades of Run of
Mine Ores
Silver (gram/tonne) 364.2 146.9 159.4 309.3 290.0
Lead (%) 6.3 5.0 2.3 2.3 5.0
Zinc (%) 2.9 0.8 - - 1.8
Sales Data
Metal Sales
Silver (in thousands
of ounce) 1,598 134 166 165 2,063
Gold (in thousands of
ounce) - 0.8 - - 0.8
Lead (in thousands of
pound) 19,345 3,335 1,727 685 25,092
Zinc (in thousands of
pound) 6,363 157 - - 6,519
Metal Sales
Silver ($) 19,898 1,581 2,075 2,037 25,590
Gold ($) 25 544 27 30 625
Lead ($) 16,886 2,803 1,365 454 21,507
Zinc ($) 3,173 67 - - 3,240
--------------------------------------------------
39,980 4,995 3,466 2,521 50,962
--------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and Smelter
Charges
Silver ($ per ounce) 12.46 11.80 12.47 12.34 12.40
Gold ($ per ounce) 384.74 648.25 411.98 540.57 610.95
Lead ($ per pound) 0.87 0.84 0.79 0.66 0.86
Zinc ($ per pound) 0.50 0.43 - - 0.50
For more information, please contact
Silvercorp Metals Inc.
Rui Feng
Chairman & CEO
(604) 669-9397 or Toll Free: 1 (888) 224-1881
or
Silvercorp Metals Inc.
Lorne Waldman
Corporate Secretary
(604) 669-9397 or Toll Free: 1 (888) 224-1881
(604) 669-9387 (FAX)
info@silvercorp.ca
www.silvercorp.ca
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