Trading Symbol: TSX:
SVM
NYSE
AMERICAN:
SVM
VANCOUVER, BC, May 23, 2024
/CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the
"Company") (TSX: SVM) (NYSE American: SVM) reported its financial
and operating results for the three months ("Q4 Fiscal 2024") and
twelve months ended March 31, 2024
("Fiscal 2024"). All amounts are expressed in US dollars, and
figures may not add due to rounding.
HIGHLIGHTS FOR Q4 FISCAL 2024
- Mined 195,160 tonnes of ore, milled 237,493 tonnes of ore, and
produced approximately 1,916 ounces of gold, 1.2 million ounces of
silver, or approximately 1.3 million ounces of silver equivalent,
plus 12.5 million pounds of lead and 4.6 million pounds of
zinc;
- Sold approximately 1,916 ounces of gold, 1.1 million ounces of
silver, 11.9 million pounds of lead, and 4.4 million pounds of
zinc, for revenue of $42.7
million;
- Reported net income attributable to equity shareholders of
$5.5 million, or $0.03 per share;
- Realized adjusted earnings attributable to equity shareholders
of $3.8 million, or $0.02 per share. The adjusted earnings were
impacted by an increase of $2.5
million in withholding tax paid on funds distributed out of
China as dividends to the Company
in Q4 Fiscal 2024;
- Generated cash flow from operating activities of $10.2 million;
- Cash cost per ounce of silver, net of by-product credits, of
$1.22;
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $14.36; and
- Spent and capitalized $0.8
million on exploration drilling, $9.5
million on underground development, and $3.1 million on equipment and facilities,
including $0.8 million on
construction of the new tailings storage facility.
- Strong balance sheet with $184.9
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 $112.3 million as at
March 31, 2024.
HIGHLIGHTS FOR FISCAL 2024
- Mined 1,117,118 tonnes of ore, milled 1,106,195 tonnes of ore,
and produced approximately 7,268 ounces of gold, 6.2 million ounces
of silver, or approximately 6.8 million ounces of silver
equivalent, plus 63.2 million pounds of lead and 23.4 million
pounds of zinc;
- Sold approximately 7,268 ounces of gold, 6.2 million ounces of
silver, 60.6 million pounds of lead, and 23.3 million pounds of
zinc, for revenue of $215.2
million;
- Reported net income attributable to equity shareholders of
$36.3 million, or $0.21 per share;
- Realized adjusted earnings attributable to equity shareholders
of $39.3 million, or $0.22 per share;
- Generated cash flow from operating activities of $91.6 million;
- Recorded a gain of $7.7 million
on the investment in OreCorp Limited (ASX: ORR) ("OreCorp").
Subsequent to March 31, 2024, the
Company received A$42.5 million after
accepting a competing offer to acquire OreCorp and a
A$2.8 million break fee from
OreCorp;
- Cash cost per ounce of silver, net of by-product credits, of
negative $0.38;
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $11.38;
- Paid $4.4 million of dividends to
the Company's shareholders;
- Spent $1.0 million to buy back
388,324 common shares of the Company under its Normal Course Issuer
Bid;
- Spent and capitalized $6.2
million on exploration drilling, $45.0 million on underground development, and
$12.9 million on equipment and
facilities, including $6.2 million on
construction of the new tailings storage facility.
CONSOLIDATED FINANCIAL RESULTS
|
Three months ended
March 31,
|
|
Year ended March
31,
|
|
2024
|
2023
|
Changes
|
|
2024
|
2023
|
Changes
|
|
Financial
Results
|
|
|
|
|
|
|
|
|
Revenue (in
thousands of $)
|
$
42,681
|
$
34,147
|
25 %
|
|
$
215,187
|
$
208,129
|
3 %
|
|
Mine operating
earnings (in thousands of $)
|
13,038
|
9,776
|
33 %
|
|
80,589
|
70,783
|
14 %
|
|
Net income
(loss) attributable to equity holders (in thousands of
$)
|
5,529
|
235
|
2253 %
|
|
36,306
|
20,608
|
76 %
|
|
Earnings
(loss) per share - basic ($/share)
|
0.03
|
0.00
|
2900 %
|
|
0.21
|
0.12
|
75 %
|
|
Adjusted earnings
attributable to equity holders (in thousands of
$)
|
3,824
|
4,971
|
-23 %
|
|
39,322
|
37,027
|
6 %
|
|
Adjusted earning per
share - basic ($/share)
|
0.02
|
0.03
|
-33 %
|
|
0.22
|
0.21
|
5 %
|
|
Net cash generated
from operating activities (in thousands of $)
|
10,238
|
5,742
|
78 %
|
|
91,570
|
85,643
|
7 %
|
|
Capitalized
expenditures (in thousands of $)
|
13,437
|
9,457
|
42 %
|
|
64,041
|
57,823
|
11 %
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
Gold
(ounces)
|
1,916
|
1,000
|
92 %
|
|
7,268
|
4,400
|
65 %
|
|
Silver (in
thousands of ounces)
|
1,139
|
1,073
|
6 %
|
|
6,235
|
6,637
|
-6 %
|
|
Lead (in
thousands of pounds)
|
11,872
|
10,021
|
18 %
|
|
60,625
|
65,687
|
-8 %
|
|
Zinc (in
thousands of pounds)
|
4,432
|
3,451
|
28 %
|
|
23,250
|
23,438
|
-1 %
|
|
Average
Selling Price, Net of Value Added Tax and Smelter
Charges
|
|
|
|
|
|
|
|
|
Gold
($/ounce)
|
1,899
|
1,620
|
17 %
|
|
1,792
|
1,511
|
19 %
|
|
Silver
($/ounce)
|
20.74
|
18.18
|
14 %
|
|
19.93
|
17.11
|
16 %
|
|
Lead
($/pound)
|
0.88
|
0.87
|
1 %
|
|
0.86
|
0.87
|
-1 %
|
|
Zinc
($/pound)
|
0.86
|
0.89
|
-3 %
|
|
0.82
|
1.06
|
-23 %
|
|
Financial
Position as at
|
March 31,
2024
|
March 31,
2023
|
|
|
March 31,
2024
|
March 31,
2023
|
|
|
Cash and cash
equivalents and short-term investments (in thousands of
$)
|
184,891
|
203,323
|
-9 %
|
|
184,891
|
203,323
|
-9 %
|
|
Working capital (in
thousands of $)
|
154,744
|
177,808
|
-13 %
|
|
154,744
|
177,808
|
-13 %
|
1. Q4 Fiscal 2024 Financial Results
Net income attributable to equity holders of the
Company in Q4 Fiscal 2024 was $5.5
million or $0.03 per share,
compared to net income of $0.2
million or $0.00 per
share in the three months ended March 31,
2023 ("Q4 Fiscal 2023").
Compared to Q4 Fiscal 2023, the Company's consolidated financial
results in the current quarter were mainly impacted by i) increases
of 92%, 6%, 18%, and 28%, respectively, in gold, silver, lead and
zinc sold; ii) increases of 17%, 14%, and 1%, respectively, in the
realized selling prices for gold, silver and lead, and the increase
in payable factors applied to gold and lead in lead concentrates;
iii) a decrease of 3% in the realized selling price for zinc; iv)
an increase of $2.0 million gain in
mark-to-market investments; and v) an increase of $3.2 million in income tax expenses.
Revenue in Q4 Fiscal 2024 was $42.7 million, up 25% compared to $34.1 million in Q4 Fiscal 2023. The increase is
mainly due to i) an increase of $5.4 million arising from the increases in
gold, silver, lead and zinc sold; ii) an increase of
$3.3 million arising from increases
in realized selling prices of gold, silver, and lead;
offset by iv) a decrease of $0.1
million arising from a decrease in the realized selling
price of zinc.
Income from mine operations for Q4 Fiscal 2024 was
$13.0 million, up 33% compared to
$9.8 million in Q4 Fiscal 2023. The
increase is mainly due to the increase in revenue achieved at the
Ying Mining District. Income from mine operations at the Ying
Mining District was $12.8 million,
compared to $9.5 million in Q4 Fiscal
2023. Income from mine operations at the GC Mine was $0.2 million, compared to $0.4 million in Q4 Fiscal 2023.
Cash flow provided by operating activities in Q4
Fiscal 2023 was $10.2 million, up
$4.5 million compared to $5.7 million in Q4 Fiscal 2022.
The Company ended the quarter with $184.9
million in cash and cash equivalents and short-term
investments. The Company also holds a further equity investment in
portfolio in associates and other companies with a total market
value of $112.3 million as at
March 31, 2024.
2. Fiscal 2024 Financial Results
Net income attributable to equity holders of the
Company in Fiscal 2024 was $36.3
million or $0.21 per share,
compared to net income of $20.6
million or $0.12 per share for
the twelve months ended March 31,
2023 ("Fiscal 2023").
Compared to Fiscal 2023, the Company's consolidated financial
results were mainly impacted by i) increases of 19% and 16%,
respectively, in the realized selling prices for gold and silver,
and the increase in payable factors applied to gold and silver in
lead concentrates; ii) decreases of 1% and 23% in the realized
selling prices for lead and zinc; iii) an increase of 65% in gold
sold, and decreases of 6%, 8%, and 1%, respectively, in silver,
lead and zinc sold; iv) a decrease of 6% in per tonne production
cost; and v) an increase of $10.0
million gain in mark-to-market investments, offset by an
increased negative impact of $5.2
million from foreign exchange.
Revenue in Fiscal 2024 was $215.2
million, up 3% compared to $208.1
million in Fiscal 2023. The increase is mainly due to i) an
increase of $5.3 million arising from
the increase in gold sold; ii) an increase of $19.9 million arising from the increase in the
realized selling prices for silver and gold; offset by iv) a
decrease of $12.6 million arising
from the decrease in silver, lead and zinc sold; v) a decrease of
$5.5 million arising from the
decrease in the realized selling price for zinc.
Income from mine operations in Fiscal 2024 was
$80.6 million, up 14% compared to
$70.8 million in Fiscal 2023. The
increase was mainly due to the increase in revenue and the decrease
in mine operation costs achieved at the Ying Mining District.
Income from mine operations at the Ying Mining District was
$77.9 million, compared to
$62.8 million in Fiscal 2023. Income
from mine operations at the GC Mine was $3.1
million, compared to $8.4
million in Fiscal 2023.
Cash flow provided by operating activities in Fiscal
2024 was $91.6 million, up
$5.9 million compared to $85.6 million in Fiscal 2023.
CONSOLIDATED OPERATIONAL RESULTS
|
Consolidated
|
Three months
ended March 31,
|
|
Year ended
March 31
|
|
|
2024
|
2023
|
Changes
|
|
2024
|
2023
|
Changes
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
195,160
|
181,848
|
7 %
|
|
1,117,118
|
1,068,983
|
5 %
|
|
Ore Milled
(tonne)
|
|
|
|
|
|
|
|
|
Gold
Ore
|
21,843
|
-
|
100 %
|
|
58,262
|
-
|
100 %
|
|
Silver
Ore
|
215,650
|
179,393
|
20 %
|
|
1,047,933
|
1,072,654
|
-2 %
|
|
|
237,493
|
179,393
|
32 %
|
|
1,106,195
|
1,072,654
|
3 %
|
|
Metal
Production
|
|
|
|
|
|
|
|
|
Gold
(ounces)
|
1,916
|
1,000
|
92 %
|
|
7,268
|
4,400
|
65 %
|
|
Silver (in
thousands of ounces)
|
1,150
|
1,106
|
4 %
|
|
6,204
|
6,617
|
-6 %
|
|
Silver equivalent
(in thousands of ounces)
|
1,324
|
1,195
|
11 %
|
|
6,844
|
6,997
|
-2 %
|
|
Lead (in thousands
of pounds)
|
12,527
|
10,938
|
15 %
|
|
63,171
|
68,068
|
-7 %
|
|
Zinc (in thousands
of pounds)
|
4,559
|
3,577
|
27 %
|
|
23,385
|
23,463
|
0 %
|
|
Cost
Data
|
|
|
|
|
|
|
|
|
Production
cost ($/tonne)
|
84.31
|
92.85
|
-9 %
|
|
78.86
|
84.03
|
-6 %
|
|
All-in
sustaining production cost ($/tonne)
|
143.38
|
165.68
|
-13 %
|
|
140.40
|
142.08
|
-1 %
|
|
Cash cost per
ounce of silver, net of by-product credits ($)
|
1.22
|
0.92
|
33 %
|
|
(0.38)
|
(0.42)
|
10 %
|
|
All-in
sustaining cost per ounce of silver, net of by-product credits
($)
|
14.36
|
13.85
|
4 %
|
|
11.38
|
9.73
|
17 %
|
1. Q4 Fiscal 2024 Operational Results
In Q4 Fiscal 2024, the Company mined 195,160 tonnes of ore, up
7% compared to 181,848 tonnes in Q4 Fiscal 2023. Ore milled was
237,493 tonnes, up 32% compared to 179,393 tonnes in Q4 Fiscal
2023. A total of 21,843 tonnes of gold ore were processed in Q4
Fiscal 2024.
In Q4 Fiscal 2024, the Company produced approximately 1,916
ounces of gold, 1.2 million ounces of silver, or approximately 1.3
million ounces of silver equivalent, plus 12.5 million pounds of
lead and 4.6 million pounds of zinc, representing increases of 92%,
4%, 15%, and 27%, respectively, in gold, silver, lead, and zinc
production over Q4 Fiscal 2023.
In Q4 Fiscal 2024, the consolidated production cost per tonne of
ore processed was $84.31 per tonne,
down 9% compared to $92.85 per tonne
in Q4 Fiscal 2023, while the all-in sustaining production cost per
tonne of ore processed was $143.38
per tonne, down 13% compared to $165.68 per tonne in Q4 Fiscal 2023. The decrease
was mainly due to the increase of ore processed in the current
quarter, resulting in lower per unit fixed cost allocation.
In Q4 Fiscal 2024, the consolidated cash cost per ounce of
silver, net of by-product credits, was $1.22, compared to $0.92 in Q4 Fiscal 2023. The increase was mainly
due to an increase of $4.8 million in
expensed production cost arising from more concentrates produced
and sold, offset by an increase of $4.4
million in by-product credits. The consolidated all-in
sustaining cost per ounce of silver, net of by-product credits, was
$14.36, compared to $13.85 in Q4 Fiscal 2023. The increase was mainly
due to i) the increase in cash cost per ounce of silver as
discussed above and ii) an increase of $1.3
million in sustaining capital expenditures.
2. Fiscal 2024 Operational Results
In Fiscal 2024, the Company mined 1,117,118 tonnes of ore, up 5%
compared to 1,068,983 tonnes in Fiscal 2023. Ore milled in Fiscal
2024 was 1,106,195 tonnes, up 3% compared to 1,072,654 tonnes in
Fiscal 2023. A total of 58,262 tonnes of gold ore was processed in
Fiscal 2024.
In Fiscal 2024, the Company produced approximately 7,268 ounces
of gold, 6.2 million ounces of silver, or approximately 6.8 million
ounces of silver equivalent, plus 63.2 million pounds of lead and
23.4 million pounds of zinc, representing an increase of 65%
in gold, essentially the same quantity of zinc, and decreases of 6%
and 7%, respectively, in silver and lead produced over Fiscal 2023.
The decreases in silver and lead production were mainly due to i)
lower head grades achieved due to mining sequences; and ii) 58,262
tonnes of gold ore with grades of 1.8 grams per tonne ("g/t") gold,
77 g/t silver, 1.1% lead and 0.2% zinc mined and processed to
produce gravity gold concentrates, silver-gold-lead (copper)
concentrate, and zinc concentrate, at the Ying Mining District. The
gold recovery rate for gold ores processed was 92.0% in Fiscal
2024.
In Fiscal 2024, the consolidated production cost per tonne of
ore processed was $78.86, down 6%
compared to $84.03 in Fiscal 2023.
The all-in sustaining production cost per tonne of ore processed in
Fiscal 2024 was $140.40, down 1%
compared to $142.08 in Fiscal 2023.
Both the production cost and all-in sustaining production cost per
tonne of ore processed are within the Fiscal 2024 guidance.
In Fiscal 2024, the consolidated cash cost per ounce of silver,
net of by-product credits, was negative $0.38, up 10% compared to negative $0.42 in the prior year. The increase was mainly
due to a decrease of $3.6 million in
by-product credits, offset by a decrease of $3.2 million in expensed production cost.
The consolidated all-in sustaining cost per ounce of silver, net
of by-product credits, was $11.38
compared to $9.73 in Fiscal 2023. The
increase was mainly due to i) the increase in the cash cost per
ounce of silver as discussed above; ii) an increase of $4.3 million in sustaining capital expenditures,
iii) an increase of $0.8 million in
corporate operation expenses; and iv) less silver sold, resulting
in higher unit cost per ounce of silver.
EXPLORATION AND DEVELOPMENT
|
Capitalized
Development and Expenditures
|
Expensed
|
|
Ramp
Development
|
Exploration
and Development
Tunnels
|
Drilling and
other
|
Equipment
& Mill and TSF
|
Total
|
Mining
Preparation
Tunnels
|
Drilling
|
|
(Metres)
|
($
Thousand)
|
(Metres)
|
($
Thousand)
|
(Metres)
|
($
Thousand)
|
($
Thousand)
|
($
Thousand)
|
(Metres)
|
(Metres)
|
|
Fiscal
2024
|
|
|
|
|
|
|
|
|
|
|
|
Ying Mining
District
|
12,659
|
$
9,419
|
75,201
|
$
30,660
|
130,293
|
$
4,554
|
$
11,368
|
$
56,001
|
33,436
|
90,868
|
|
GC Mine
|
540
|
592
|
11,264
|
4,293
|
28,157
|
1,317
|
517
|
6,719
|
7,787
|
46,702
|
|
Corporate and
other
|
-
|
-
|
-
|
-
|
-
|
290
|
1,031
|
1,321
|
-
|
-
|
|
Consolidated
|
13,199
|
$
10,011
|
86,465
|
$
34,953
|
158,450
|
$
6,161
|
$
12,916
|
$
64,041
|
41,223
|
137,570
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes
(%)
|
|
|
|
|
|
|
|
|
|
|
|
Ying Mining
District
|
82 %
|
82 %
|
21 %
|
24 %
|
5 %
|
-20 %
|
-9 %
|
16 %
|
2 %
|
-27 %
|
|
GC Mine
|
100 %
|
100 %
|
-11 %
|
7 %
|
28 %
|
61 %
|
-82 %
|
-12 %
|
10 %
|
8 %
|
|
Corporate and
other
|
-
|
-
|
-
|
-
|
-100 %
|
-84 %
|
275 %
|
-36 %
|
-
|
-
|
|
Consolidated
|
90 %
|
94 %
|
16 %
|
21 %
|
2 %
|
-26 %
|
-17 %
|
11 %
|
3 %
|
-18 %
|
Total capital expenditures in Fiscal 2024 were $64.0 million, up 11% compared to $57.8 million in Fiscal 2023 and comparable to
the Fiscal 2024 capital expenditure guidance of $64.7 million. Total capital expenditures
incurred to construct the new tailing storage facility ("TSF") were
approximately $6.3 million in Fiscal
2024 and $10.8 million since
inception.
In Fiscal 2024, on a consolidated basis, a total of 296,020
metres or $9.0 million worth of
diamond drilling were completed (Fiscal 2023 – 323,291 metres
or $13.0 million), of which
approximately 137,570 metres or $2.9
million worth were expensed as part of mining costs (Fiscal
2023 – 168,249 metres or $4.7
million) and approximately 158,450 metres or $6.2 million worth were capitalized (Fiscal 2023
– 155,042 metres or $8.3 million). In
addition, approximately 41,223 metres or $15.2 million worth of preparation tunnelling
were completed and expensed as part of mining costs (Fiscal 2023 –
39,941 metres or $14.6 million), and
approximately 99,664 metres or $45.0
million worth of tunnels, raises, ramps and declines were
completed and capitalized (Fiscal 2023 – 81,771 metres or
$34.0 million).
INDIVIDUAL MINE OPERATING
PERFORMANCE
|
Ying Mining
District
|
Q4
F2024
|
Q3 F2024
|
Q2 F2024
|
Q1 F2024
|
Q4 F2023
|
|
Year ended March
31,
|
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
June 30,
2023
|
March 31,
2023
|
|
2024
|
2023
|
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
|
Ore
mined
|
147,122
|
245,606
|
220,636
|
213,748
|
132,205
|
|
827,112
|
769,024
|
|
Ore
milled
|
|
|
|
|
|
|
|
|
|
Gold
ore
|
21,843
|
12,726
|
12,800
|
10,893
|
-
|
|
58,262
|
-
|
|
Silver
ore
|
158,424
|
201,475
|
200,068
|
197,916
|
130,910
|
|
757,883
|
773,057
|
|
180,267
|
214,201
|
212,868
|
208,809
|
130,910
|
|
816,145
|
773,057
|
|
Head
grades
|
|
|
|
|
|
|
|
|
|
Silver
(grams/tonne)
|
197
|
235
|
235
|
254
|
255
|
|
231
|
261
|
|
Lead
(%)
|
3.1
|
3.5
|
3.5
|
3.6
|
3.6
|
|
3.4
|
3.8
|
|
Zinc
(%)
|
0.6
|
0.7
|
0.7
|
0.7
|
0.6
|
|
0.7
|
0.7
|
|
Recovery
rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
94.4
|
94.9
|
95.0
|
95.1
|
95.2
|
|
94.9
|
95.6
|
|
Lead
(%)
|
95.0
|
94.8
|
95.0
|
95.5
|
95.3
|
|
95.1
|
95.0
|
|
Zinc
(%)
|
70.2
|
71.4
|
71.1
|
69.6
|
68.3
|
|
70.6
|
63.2
|
|
Cash
Costs
|
|
|
|
|
|
|
|
|
|
Cash production cost
per tonne of ore processed ($)
|
91.09
|
84.01
|
102.42
|
88.66
|
95.23
|
|
85.66
|
94.07
|
|
All-in sustaining
cost per tonne of ore processed ($)
|
148.24
|
143.80
|
170.69
|
141.21
|
127.89
|
|
141.82
|
146.59
|
|
Cash cost per ounce
of Silver, net of by-product credits ($)
|
1.71
|
(0.09)
|
1.37
|
0.24
|
1.86
|
|
-
|
0.88
|
|
All-in sustaining
cost per ounce of silver, net of by-product credits
($)
|
12.28
|
8.99
|
11.33
|
7.66
|
6.82
|
|
8.82
|
8.29
|
|
Metal
Production
|
|
|
|
|
|
|
|
|
|
Gold (
ounces)
|
1,916
|
1,342
|
2,458
|
1,552
|
1,000
|
|
7,268
|
4,400
|
|
Silver (in
thousands of ounces)
|
1,063
|
1,511
|
1,506
|
1,597
|
997
|
|
5,677
|
6,024
|
|
Lead (in
thousands of pounds)
|
11,317
|
14,552
|
15,018
|
15,382
|
9,688
|
|
56,269
|
60,254
|
|
Zinc (in
thousands of pounds)
|
1,750
|
2,153
|
2,197
|
2,113
|
1,164
|
|
8,213
|
7,150
|
In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined
at the Ying Mining District, up 11% over Q4 Fiscal 2023, and
180,267 tonnes of ore were milled, up 38% over Q4 Fiscal 2023.
Approximately 1,916 ounces of gold, 1.1 million ounces of
silver, or approximately 1.2 million ounces of silver equivalent,
11.3 million pounds of lead, and 1.8 million pounds of zinc were
produced, representing production increases of 92%,7%, 14%, 17%,
and 50%, respectively, in gold, silver, silver equivalent,
lead and zinc over Q4 Fiscal 2023.
In Fiscal 2024, a total of 827,112 tonnes of ore were mined, up
8% over Fiscal 2023, and 816,145 tonnes of ore were milled, up 6%
over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268
ounces of gold (or 6.3 million ounces of silver equivalent), 56.3
million pounds of lead, and 8.2 million pounds of zinc were
produced, representing increases of 65% and 15%, respectively, in
gold and zinc, and decreases of 6%, 1% and 7%, respectively, in
silver, silver equivalent and lead over Fiscal 2023.
|
GC
Mine
|
Q4
F2024
|
Q3 F2024
|
Q2 F2024
|
Q1 F2024
|
Q4 F2023
|
|
Year ended March
31,
|
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
June 30,
2023
|
March 31,
2023
|
|
2024
|
2023
|
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
|
Ore
mined
|
48,038
|
99,667
|
52,829
|
89,472
|
49,643
|
|
290,006
|
299,959
|
|
Ore
milled
|
57,226
|
98,299
|
48,239
|
86,286
|
48,483
|
|
290,050
|
299,597
|
|
Head
grades
|
|
|
|
|
|
|
|
|
|
Silver
(grams/tonne)
|
57
|
68
|
66
|
80
|
88
|
|
69
|
75
|
|
Lead
(%)
|
1.1
|
1.1
|
1.1
|
1.4
|
1.3
|
|
1.2
|
1.3
|
|
Zinc
(%)
|
2.5
|
2.7
|
2.5
|
2.7
|
2.5
|
|
2.6
|
2.8
|
|
Recovery
rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
83.2
|
80.3
|
82.7
|
82.7
|
78.9
|
|
82.0
|
81.9
|
|
Lead
(%)
|
89.8
|
90.9
|
90.2
|
90.7
|
90.9
|
|
90.5
|
89.8
|
|
Zinc
(%)
|
89.3
|
90.1
|
89.8
|
90.4
|
89.3
|
|
90.0
|
89.9
|
|
Cash
Costs
|
|
|
|
|
|
|
|
|
|
Cash production cost
per tonne of ore processed ($)
|
63.12
|
50.38
|
67.34
|
52.35
|
67.34
|
|
59.35
|
58.29
|
|
All-in sustaining
cost per tonne of ore processed ($)
|
78.32
|
76.84
|
84.79
|
88.26
|
84.79
|
|
85.17
|
83.33
|
|
Cash cost per ounce
of Silver, net of by-product credits ($)
|
(4.79)
|
(8.95)
|
(3.10)
|
(13.72)
|
(3.10)
|
|
(4.70)
|
(13.72)
|
|
All-in sustaining
cost per ounce of silver, net of by-product credits
($)
|
6.63
|
8.01
|
5.93
|
5.02
|
5.93
|
|
11.08
|
0.50
|
|
Metal
Production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
87
|
173
|
84
|
183
|
109
|
|
527
|
593
|
|
Lead (in
thousands of pounds)
|
1,210
|
2,211
|
1,047
|
2,434
|
1,250
|
|
6,902
|
7,814
|
|
Zinc (in
thousands of pounds)
|
2,809
|
5,251
|
2,404
|
4,708
|
2,413
|
|
15,172
|
16,313
|
At the GC Mine, 48,038 tonnes of ore were mined, down 3% over Q4
Fiscal 2023, and 57,226 tonnes of ore were milled, up 18% over Q4
Fiscal 2023. Approximately 87 thousand ounces of silver, 1.2
million pounds of lead, and 2.8 million pounds of zinc were
produced, representing an increase of 16% in zinc, and
decreases of 20% and 3%, respectively, in silver and lead over Q4
Fiscal 2023.
In Fiscal 2024, a total of 290,006 tonnes of ore were mined at
the GC mine, down 3% over Fiscal 2023, and 290,050 tonnes of ore
were milled, down 3% over Fiscal 2023. Approximately 527 thousand
ounces of silver, 6.9 million pounds of lead, and 15.2 million
pounds of zinc were produced, representing decreases of 11%, 12%
and 7%, respectively, in silver, lead and zinc over Fiscal
2023.
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held
tomorrow, Friday, May 24, 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: 92497647
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
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, 2024, which have been posted on SEDAR+
under the Company's profile at www.sedarplus.ca and on EDGAR
at www.sec.gov, and are also available on the Company's
website at www.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 cost and all-in sustaining cost per ounce of silver,
net of by-product credits, production cost and all-in sustaining
production cost 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 36, section 13 –
Alternative Performance (Non-IFRS) Measures in the MD&A for the
year ended March 31, 2024 filled on
SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and
which is incorporated by reference here in.
CAUTIONARY DISCLAIMER -
FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian and US securities laws (collectively, "forward-looking
statements"). Any statements or information that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategies",
"targets", "goals", "forecasts", "objectives", "budgets",
"schedules", "potential" or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements relate to, among other things: the price
of silver and other metals; the accuracy of mineral resource and
mineral reserve estimates at the Company's material properties; the
sufficiency of the Company's capital to finance the Company's
operations; estimates of the Company's revenues and capital
expenditures; estimated production from the Company's mines in the
Ying Mining District and the GC Mine; timing of receipt of permits
and regulatory approvals; availability of funds from production to
finance the Company's operations; and access to and availability of
funding for future construction, use of proceeds from any financing
and development of the Company's properties.
Actual results may vary from forward-looking statements.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation, risks
relating to: global economic and social impact of 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