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Silvercorp Reports Net Income of $39.7 Million, $0.23 Per Share, and Cash Flow From Operations of $67.8 Million, for Fiscal 2019

By GlobeNewswire,  May 23, 2019, 06:06:00 PM EDT


VANCOUVER, British Columbia, May 23, 2019 (GLOBE NEWSWIRE) -- Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE American:SVM) reported its financial and operating results for the fourth quarter and twelve months ended March 31, 2019.  All amounts are expressed in US Dollars.

FISCAL YEAR 2019 HIGHLIGHTS

  • Ore mined up 5% to 906,794 tonnes compared to the prior year;



  • Metals sold amounted to approximately 6.4 million ounces of silver, 3,500 ounces of gold, 64.8 million pounds of lead, and 22.7 million pounds of zinc, up 6%, 13%, 5% and 16%, respectively, compared to the prior year;



  • Sales of $170.5 million, compared to $170.0 million in the prior year;



  • Gross profit margin of 49% compared to 52% in the prior year, with the decrease mainly due to lower metal prices;



  • Net income attributable to equity shareholders of $39.7 million, or $0.23 per share compared to $47.0 million, or $0.27 per share in the prior year. The adjusted net income attributable to equity shareholders1 of $32.2 million, or $0.19 per share, compared to $41.5 million, or $0.24 per share, in the prior year;



  • Cash cost per ounce of silver1, net of by-product credits, of negative $4.29 compared to negative $4.73 in the prior year;



  • All-in sustaining cost per ounce of silver1, net of by-product credits, of $3.52, compared to $3.27 in the prior year;



  • Cash flow from operations of $67.8 million, compared to $67.9 million in the prior year;



  • Paid $18.2 million of income tax, including $5.2 million of withholding tax, compared to $19.7 million of income tax, including $1.0 million of withholding tax in the prior year;



  • Paid $4.2 million of dividends to the Company's shareholders, compared to $3.4 million in the prior year; and



  • Ended the fiscal year with $115.3 million in cash and cash equivalents and short-term investments, an increase of $9.2 million or 9%, compared to $106.1 million as at March 31, 2018.



_______________________

1Non-IFRS measure.  Please refer to section 13 of the corresponding MD&A for reconciliation.



HIGHLIGHTS FOR THE FOURTH QUARTER FISCAL 2019 ("Q4 FISCAL 2019") 

  • Ore mined up 13% to 161,400 tonnes compared to the prior year quarter;



  • Metals sold amounted to approximately 1.3 million ounces of silver, 700 ounces of gold, 12.7 million pounds of lead, and 7.3 million pounds of zinc, compared to approximately 1.4 million ounces of silver, 700 ounces of gold, 13.3 million pounds of lead, and 2.6 million pounds of zinc sold in the prior year quarter.



  • Sales of $35.0 million, down 9% compared to $38.4 million in the prior year quarter;



  • Gross profit margin of 47% compared to 50% in the prior year quarter;



  • Net income attributable to equity shareholders of $12.1 million, or $0.07 per share compared to $12.2 million or $0.07 per share in the prior year quarter. The adjusted net income attributable to equity shareholders of $4.6 million, or $0.03 per share, compared to $7.5 million, or $0.04 per share, in the prior year quarter;



  • Cash cost per ounce of silver, net of by-product credits, of negative $3.97 compared to negative $3.89 in the prior year quarter;



  • All-in sustaining cost per ounce of silver, net of by-product credits, of $4.49, compared to $3.04 in the prior year quarter; and



  • Cash flow from operations of $6.0 million, compared to $2.9 million in the prior year quarter.

FINANCIALS

1. Fiscal 2019 vs. Fiscal 2018

Net income attributable to equity shareholders of the Company in Fiscal 2019 was $39.7 million or $0.23 per share, compared to $47.0 million or $0.27 per share in Fiscal 2018. The adjusted net income attributable to equity shareholders was $32.2 million or $0.19 per share after the adjustment of impairment reversal, compared to the adjusted net income of $41.5 million or $0.24 per share in Fiscal 2018.

Compared to the prior year, the Company's consolidated financial results in Fiscal 2019 were mainly impacted by i) an increase of 6%, 5% and 16% in silver, lead and zinc sold, respectively; ii) a decrease of 7%, 2% and 17% in the realized selling prices for silver, lead and zinc, respectively; and iii) a 2% increase in total production cost.

Sales in Fiscal 2019 were $170.5 million, up $0.5 million compared to $170.0 million in Fiscal 2018.  Silver and gold sales represented $80.7 million and $3.6 million, respectively, while base metals represented $86.2 million of the total sales, compared to silver, gold and base metals sales of $82.4 million, $3.2 million, and $84.5 million, respectively, in Fiscal 2018.

Cost of sales in Fiscal 2019 was $87.3 million compared to $82.2 million in Fiscal 2018.  The cost of sales included $62.5 million of cash production costs (Fiscal 2018 - $59.1 million), $4.9 million of mineral resources tax (Fiscal 2018 - $4.8 million), and $20.0 million of depreciation, amortization and depletion charges (Fiscal 2018 - $18.2 million).  The increase in the cash production costs expensed and amortization charges were mainly due to a 2% increase in production costs and more metals sold. The increase in mineral resources tax was associated with the increase in revenue. The cash production costs expensed in cost of sales represents approximately 893,000 tonnes of ore processed and expensed at a cost of $69.92 per tonne (Fiscal 2018 - approximately 861,000 tonnes at $68.72 per tonne).

Gross profitmargin in Fiscal 2019 was 49%, compared to 52% in Fiscal 2018. The decrease was mainly due to the decrease in the realized metal selling prices.  Ying Mining District's gross profit margin was 52% compared to 55% in Fiscal 2018. GC Mine's gross profit margin was 35% compared to 36% in Fiscal 2018.

General andadministrative expenses were $19.4 million in Fiscal 2019, and increase of 4% compared to $18.7 million in Fiscal 2018. The increase was mainly due to a $0.3 million increase in non-cash stock based compensation expenses and a $1.0 million increase in labour costs, arising primarily from the increase of employees' pay rate as well as an increase in social insurance premiums in China, offset by a $0.7 million decrease in discretionary office and administrative expenses.

Income tax expenses in Fiscal 2019 were $20.9 million, compared to $18.9 million in Fiscal 2018.  The income tax expense recorded in Fiscal 2019 included a current income tax expense of $17.8 million (Fiscal 2018 - $16.1 million) and a deferred income tax expense of $3.1 million (Fiscal 2017 - $2.8 million). The current income tax included $5.2 million of withholding tax (Fiscal 2018 - $1.0 million), which was paid at a rate of 10% of dividends and interest distributed out of China.

Cash flows provided by operating activities in Fiscal 2019 were $67.8 million, slightly lower than the $67.9 million in the prior year.   The decrease was mainly due to less operating income arising from lower metal prices and the increase in the withholding tax payment.

The Company ended the fiscal year with $115.3 million cash and short-term investments, an increase of $9.2 million or 9%, compared to $106.1 million as at March 31, 2018.

Working capital as at March 31, 2019 was $96.9 million, an increase of $6.4 million or 7%, compared to $90.5 million as at March 31, 2018.

2. Q4 Fiscal 2019 vs. Q4 Fiscal 2018

Net income attributable to equity shareholders of the Company in Q4 Fiscal 2019 was $12.1 million, or $0.07 per share, compared to $12.2 million, or $0.07 per share in Q4 Fiscal 2018. The adjusted net income attributable to equity shareholders was $4.6 million, or $0.03 per share in Q4 Fiscal 2019 after adjustments of impairment reversal of $9.2 million (Q4 Fiscal 2018 - $4.7 million) compared to $7.5 million or $0.04 per share in Q4 Fiscal 2018.

Compared to the prior year quarter, the Company's consolidated financial results in Q4 Fiscal 2019 were mainly impacted by the following: i) a decrease of 11%, 3%, 18%, and 41% in the net realized selling prices for silver, gold, lead, and zinc, respectively; ii) a 5% decrease in silver and lead sold; iii) a 184% increase in zinc sold; and iii) a 7% decrease in per tonne production costs.

Sales were $35.0 million, down 9%, in Q4 Fiscal 2019, compared to $38.4 million in Q4 Fiscal 2018. The decrease was mainly due to the decrease in net realized selling prices and less silver and lead sold.  Silver and gold sales represented $16.7 million and $0.8 million, respectively, while base metals represented $17.5 million of total sales, compared to silver, gold and base metals of $19.8 million, $0.8 million, and $17.9 million, respectively, in the prior year quarter.

Cost of sales was $18.6 million in Q4 Fiscal 2019, compared to $19.3 million in Q4 Fiscal 2018.  The cost of sales included $13.0 million of cash production cost (Q4 Fiscal 2018 - $13.3 million), $1.0 million of mineral resource taxes (Q4 Fiscal 2018 - $1.1 million), and $4.6 million of depreciation, amortization and depletion charges (Q4 Fiscal 2018 - $5.0 million).

Gross profitmargin decreased to 47% in Q4 Fiscal 2019, compared to 50% in Q4 Fiscal 2018.

Cash flows provided by operating activities in Q4 Fiscal 2019 were $6.0 million, an increase of $3.1 million, compared to $2.9 million in Q4 Fiscal 2018.

OPERATIONS AND DEVELOPMENT

1. Fiscal 2019 vs. Fiscal 2018

In Fiscal 2019, on a consolidated basis, the Company mined 906,794 tonnes of ore, an increase of 5% or 46,870 tonnes, compared to 859,924 tonnes in Fiscal 2018.  Ore mined at the Ying Mining District increased by 1% or 8,435 tonnes, and ore mined at the GC Mine increased by 16% or 38,435 tonnes.  Ore milled in Fiscal 2019 was 908,846 tonnes, an increase of 5% compared to 863,070 tonnes in Fiscal 2018.

In Fiscal 2019, the Company sold approximately 6.4 million ounces of silver, 3,500 ounces of gold, 64.8 million pounds of lead, and 22.7 million pounds of zinc, up 6%, 13%, 5%, and 16%, respectively, compared to 6.0 million ounces of silver, 3,100 ounces of gold, 61.9 million pounds of lead, and 19.6 million pounds of zinc in Fiscal 2018. 

The consolidated total mining cost and cash mining cost were $74.98 and $55.35 per tonne, up 2% and 1%, respectively, compared to $73.48 and $54.60 per tonne, respectively, in Fiscal 2018.  The increase in cash mining cost was mainly due to inflation resulting in an increase of i) $1.1 million in mining contractor's costs; ii) $0.6 million in raw material costs; and iii) $0.6 million in utility costs.

The consolidated total milling cost and cash milling cost were $13.99 and $11.69 per tonne, up 1% and 4%, respectively, compared to $13.82 and $11.25 per tonne, respectively, in Fiscal 2018.  The increase in the cash milling cost was mainly due to a $0.4 million increase in raw material costs.

The consolidated cash production cost per tonne of ore processed in Fiscal 2019 was $69.92, a 2% increase compared to $68.72 in Fiscal 2018, but below the Company's annual guidance.

The consolidated total production cost and cash production cost per ounce of silver, net of by-product credits, were negative $1.16 and negative $4.29, respectively, compared to negative $1.70 and negative $4.73, respectively,  in the prior year.  The increase was mainly due to a $3.3 million increase in cash production cost expensed offset by a $2.2 million increase in by-product credits. 

The consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $3.52 compared to $3.27 in Fiscal 2018.  The increase was mainly due to i) a $3.4 million increase in cash production cost expensed; ii) a $0.7 million increase in general and administrative expenses; and iii) a $1.0 million increase in sustaining capital expenditures, offset by a $2.2 million increase in by-product credits.

2. Q4 Fiscal 2019 vs. Q4 Fiscal 2018

In Q4 Fiscal 2019, the Company mined 161,400 tonnes of ore, and increase of 13%, compared to 143,262 tonnes in Q4 Fiscal 2018. Correspondingly, ore milled in Q4 Fiscal 2019 was 159,904 tonnes, an increase of 15% compared to 138,537 tonnes in Q4 Fiscal 2018.

In Q4 Fiscal 2019, the Company sold approximately 1.3 million ounces of silver, 700 ounces of gold, 12.7 million pounds of lead, and 7.3 million pounds of zinc compared to 1.4 million ounces of silver, 700 ounces of gold, 13.3 million pounds of lead, and 2.6 million pounds of zinc in Q4 Fiscal 2018.

The consolidated total mining cost and cash mining cost were $80.22 and $57.55 per tonne, down 6% and 7%, respectively, compared to $85.55 and $61.78 per tonne in Q4 Fiscal 2018. The consolidated total milling cost and cash milling cost in Q4 Fiscal 2019 were $17.58 and $14.53 per tonne, down 8% and 3%, respectively, compared to $19.14 and $14.96 per tonne in Q4 Fiscal 2018.

The consolidated total production cost and cash production cost per ounce of silver, net of by-product credits, were negative $0.47 and negative $3.97, respectively, compared to negative $0.30 and negative $3.89 in Q4 Fiscal 2018. The improvement was mainly due to the decrease in per tonne mining and milling cost as discussed above. 

The consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $4.49 compared to $3.04 in Q4 Fiscal 2018. The increase was mainly due to an increase of $1.4 million in sustaining capital expenditures.

3. Ying Mining District, Henan Province, China



                 
Ying Mining District Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018   Fiscal year ended March 31,
  March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018   2019   2018  
 Ore Mined (tonne)  111,032   174,152   180,662   156,730   113,820     622,576   614,141  
 Ore Milled (tonne)  107,039   184,684   172,200   155,929   112,285     619,851   618,732  
 Head Grades                 
Silver (gram/tonne)  324   296   308   323   309     311   305  
Lead  (%)  4.5   4.1   4.6   4.5   4.3     4.4   4.4  
Zinc (%)  0.9   0.8   0.9   1.1   1.0     0.9   0.9  
 Recoveries                 
Silver  (%)  95.5   95.6   96.1   96.0   95.9     95.8   95.7  
Lead  (%)  96.1   95.2   95.6   96.3   96.5     95.7   96.3  
Zinc (%)  63.7   50.2   51.2   54.5   54.5     54.1   52.3  
 Metal Sales                 
Silver (in thousands of ounce)  1,141   1,545   1,765   1,313   1,319     5,764   5,437  
Gold (in thousands of ounce)  0.7   1.1   1.0   0.7   0.7       3.5   3.1  
Lead (in thousands of pound)  10,310   15,156   17,359   13,313   12,649       56,138   55,180  
Zinc (in thousands of pound)  2,464   381   1,648   2,133   1,106       6,626   6,136  
 Cash mining costs ($ per tonne)  65.24   63.04   58.65   63.49   65.88       63.39   61.46  
 Total mining costs ($ per tonne)  93.86   86.27   81.50   89.57   92.81       88.19   84.59  
 Cash milling costs ($ per tonne)  12.57   10.49   8.54   10.30   12.59       10.43   9.49  
 Total milling costs ($ per tonne)  12.55   12.24   10.47   12.60   15.80       12.58   11.71  
 Cash production costs ($ per tonne)  81.78   77.80   71.45   78.10   82.84       78.04   74.96  
                 
 Cash costs per ounce of silver ($)  (3.02 ) (1.74 ) (2.80 ) (6.25 ) (3.41 )     (3.35 ) (3.88 )
 All-in sustaining costs per ounce of silver ($)  3.28   5.80   1.52   (0.28 ) 1.39       2.60   2.04  
                 

 

Fiscal 2019 vs. Fiscal 2018

In Fiscal 2019, the total ore mined at the Ying Mining District was 622,576 tonnes, an increase of 1% or 8,435 tonnes, compared to 614,141 tonnes mined in Fiscal 2018.  Ore milled was 619,851 tonnes, an increase of 1,119 tonnes compared to 618,732 tonnes in Fiscal 2018.

Head grades of ore milled at the Ying Mining District in Fiscal 2019 were 311 grams per tonne ("g/t") for silver, 4.4% for lead, and 0.9% for zinc, compared to 305 g/t for silver, 4.4% for lead, and 0.9% for zinc in Fiscal 2018.  The Company continues to achieve positive dilution control using its "Enterprise Blog" to assist and manage daily operations.

In Fiscal 2019, the Ying Mining District sold approximately 5.8 million ounces of silver, 3,500 ounces of gold, 56.1 million pounds of lead, and 6.6 million pounds of zinc, up 6%, 13%, 2% and 8%, respectively, compared to 5.4 million ounces of silver, 3,100 ounces of gold, 55.2 million pounds of lead, and 6.1 million pounds of zinc in Fiscal 2018.  As at March 31, 2019, the Ying Mining District has inventories of 3,150 tonnes of silver-lead concentrate and 250 tonnes of zinc concentrate, compared to 4,050 tonnes of silver-lead concentrate and 350 tonnes of zinc concentrate as at March 31, 2018.

Total mining cost and cash mining cost per tonne at the Ying Mining District in Fiscal 2019 were $88.19 and $63.39 per tonne, respectively, compared to $84.59 and $61.46 per tonne, respectively, in Fiscal 2018. The increase was mainly due to inflation resulting in an increase of i) $0.6 million in mining contractor's costs, ii) $0.4 million in raw material costs, and iii) $0.7 million in utility costs. Total milling cost and cash milling cost per tonne at the Ying Mining District in Fiscal 2019 were $12.58 and $10.43, respectively, compared to $11.71 and $9.49, respectively, in Fiscal 2018. 

Correspondingly, the total production cost and cash production cost per tonne of ore processed in Fiscal 2019 at the Ying Mining District were $104.99 and $78.04, respectively, compared to $100.31 and $74.96 in Fiscal 2018.

Cash cost per ounce of silver, net of by-product credits, at the Ying Mining District in Fiscal 2019, was negative $3.35 compared to negative $3.88 in the prior year.  The increase in the cash cost per ounce of silver, net of by-product credits, was mainly due to a $2.4 million increase in cash production cost expensed offset by a $0.6 million increase in by-product credits. 

All-in sustaining cost per ounce of silver, net of by-product credits, at the Ying Mining District in Fiscal 2019, was $2.60 compared to $2.04 in the prior year.  The increase was mainly due to increases of $2.4 million in cash production costs expensed and $2.2 million in sustaining capital expenditures. 

In Fiscal 2019, approximately 75,955 metres or $1.8 million worth of underground diamond drilling (Fiscal 2018 - 104,798 metres or $2.3 million) and 18,656 metres or $5.4 million worth of preparation tunnelling (Fiscal 2018 - 19,723 metres or $5.8 million) were completed and expensed as mining preparation costs at the Ying Mining District.  In addition, approximately 65,653 metres or $23.2 million worth of horizontal tunnels, raises, ramps and declines (Fiscal 2018 - 61,827 metres or $20.1 million) were completed and capitalized.

Q4 Fiscal 2019 vs. Q4 Fiscal 2018

In Q4 Fiscal 2019, a total of 111,032 tonnes of ore were mined at the Ying Mining District, a decrease of 2% or 2,788 tonnes, compared to 113,820 tonnes in Q4 Fiscal 2018.  Ore milled was 107,039 tonnes, a decrease of 3% or 5,246 tonnes, compared to 112,285 tonnes in Q4 Fiscal 2018.

Average head grades of ore processed were 324 g/t for silver, 4.5% for lead, and 0.9% for zinc compared to 309 g/t for silver, 4.3% for lead, and 1.0% for zinc in Q4 Fiscal 2018.

Metals sold were approximately 1.1 million ounces of silver, 700 ounces of gold, 10.3 million pounds of lead, and 2.5 million pounds of zinc, compared to 1.3 million ounces of silver, 700 ounces of gold, 12.6 million pounds of lead, and 1.1 million pounds of zinc in Q4 Fiscal 2018.

In Q4 Fiscal 2019, the cash mining cost at the Ying Mining District was $65.24 per tonne, down 1% compared to $65.88 in Q4 Fiscal 2018. The cash milling cost was $12.57 per tonne compared to $12.59 in Q4 Fiscal 2018.

In Q4 Fiscal 2019, cash cost per ounce of silver and all in sustaining cost per ounce of silver, net of by-product credits, at the Ying Mining District were negative $3.02 and $3.28, respectively, compared to negative $3.41 and $1.39 in Q4 Fiscal 2018.

In Q4 Fiscal 2019, approximately 6,083 metres or $0.3 million worth of underground diamond drilling (Q4 Fiscal 2018 - 18,791 metres or $0.6 million) and 3,061 metres or $1.0 million worth of preparation tunnelling (Q4 Fiscal 2018 - 2,809 metres or $0.9 million) were completed and expensed as mining preparation costs at the Ying Mining District.  In addition, approximately 10,730 metres or $4.0 million worth of horizontal tunnels, raises, and declines (Q4 Fiscal 2018 - 9,653 metres or $3.9 million) were completed and capitalized.

4.  GC Mine, Guangdong Province, China



               
GC Mine

Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018   Fiscal year ended March 31,
  March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018   2019   2018  
 Ore Mined (tonne)    50,368   86,126   67,757   79,967   29,442       284,218   245,783  
 Ore Milled (tonne)    52,865   86,792   67,528   81,811   26,252       288,995   244,338  
 Head Grades                 
 Silver (gram/tonne)    101   84   78   87   96       86   98  
 Lead  (%)    1.8   1.6   1.4   1.3   1.3       1.5   1.5  
 Zinc (%)    3.3   3.1   2.8   2.9   2.9       3.0   2.8  
 Recovery Rates                 
 Silver  (%)    81.3   80.5   76.7   75.3   76.3       78.4   76.2  
 Lead  (%)    91.5   91.6   91.2   87.1   87.5       90.4   85.4  
 Zinc (%)    85.7   85.5   83.3   84.8   85.7       84.9   81.8  
 Metal Sales                 
Silver (in thousands of ounce)    173   167   136   150   63       626   603  
Lead (in thousands of pound)    2,360   2,644   2,063   1,583   688       8,650   6,754  
Zinc (in thousands of pound)    4,874   3,730   3,240   4,244   1,479       16,090   13,433  
 Cash mining cost ($ per tonne)    40.58   34.17   41.25   36.78   45.92       37.73   37.48  
 Total mining cost ($ per tonne)    50.13   42.40   49.29   44.62   57.47       46.04   45.73  
 Cash milling cost ($ per tonne)    18.52   14.08   11.45   14.46   25.07       14.39   15.72  
 Total milling cost ($ per tonne)    21.70   15.98   14.47   17.14   33.41       17.01   19.17  
 Cash production cost ($ per tonne)    59.10   48.25   52.70   51.24   70.99       52.12   53.20  
                 
 Cash cost per ounce of silver ($)    (10.23 ) (12.32 ) (10.81 ) (18.81 ) (13.95 )     (12.97 ) (12.37 )
 All-in sustaining cost per ounce of silver ($)    (4.97 ) (6.54 ) (2.03 ) (11.36 ) (4.57 )     (6.28 ) (3.69 )
                 

Fiscal 2019 vs. Fiscal 2018

In Fiscal 2019, the total ore mined at the GC Mine was 284,218 tonnes, an increase of 16% or 38,435 tonnes, compared to 245,783 tonnes in Fiscal 2018, while ore milled was 288,995 tonnes, an increase of 18% or 44,657 tonnes, compared to 244,338 tonnes in Fiscal 2018. 

Average head grades of ore processed at the GC Mine were 86 g/t for silver, 1.5% for lead, and 3.0% for zinc compared to 98 g/t for silver, 1.5% for lead, and 2.8% for zinc in the prior year.  Recovery rates of ore processed at the GC Mine were78.4% for silver, 90.4% for lead, and 84.9% for zinc, compared to 76.2% for silver, 85.4% for lead, and 81.8% for zinc in Fiscal 2018.

In Fiscal 2019, the GC Mine sold 626,000 ounces of silver, 8.7 million pounds of lead, and 16.1 million pounds of zinc, compared to 603,000 ounces of silver, 6.8 million pounds of lead, and 13.4 million pounds of zinc in Fiscal 2018.

Total mining cost and cash mining cost at the GC Mine in Fiscal 2019 were $46.04 and $37.73 per tonne, respectively, a slight increase of 1% compared to $45.73 and $37.48 per tonne, respectively, in Fiscal 2018.  Total milling cost and cash milling cost per tonne at the GC Mine were $17.01 and $14.39, respectively, down 11% and 8%, compared to $19.17 and $15.72, respectively, in Fiscal 2018.

Correspondingly, total production cost and cash production cost per tonne of ore processed in Fiscal 2019 at the GC Mine were $63.05 and $52.12, respectively, a decrease of 3% and 2%, compared to $64.90 and $53.20, respectively, in Fiscal 2018.

Cash cost per ounce of silver, net of by-product credits, at the GC Mine, was negative $12.97 compared to negative $12.37 in the prior year.  The decrease was mainly due to a 4% increase in by-product credits resulting from increases of 28% in lead and 20% in zinc sold offset by a decrease of 3% and 17% in net realized lead and zinc selling prices at the GC Mine.

All-in sustaining cost per ounce of silver, net of by-product credits, in Fiscal 2019 at the GC Mine was negative $6.28 compared to negative $3.69 in the prior year. The improvement was mainly due to an increase of $1.6 million in by-product credits and a decrease of $0.9 million in sustaining capital expenditures. 

In Fiscal 2019, approximately 24,727 metres or $1.3 million worth of underground diamond drilling (Fiscal 2018 - 21,717 metres or $1.1 million) and 19,844 metres or $5.2 million worth of tunnelling (Fiscal 2018 - 15,811 metres or $4.5 million) were completed and expensed as mining preparation costs at the GC Mine.  In addition, approximately 1,374 metres or $1.0 million of horizontal tunnels, raises and declines (Fiscal 2018 - 320 metres or $0.3 million) were completed and capitalized.

Q4 Fiscal 2019 vs. Q4 Fiscal 2018

In Q4 Fiscal 2019, a total of 50,368 tonnes of ore were mined and 52,865 tonnes were milled at the GC Mine, up 71% and 101%, respectively, compared to 29,442 tonnes mined and 26,252 tonnes milled in Q4 Fiscal 2018.

Average head grades of ore milled were 101 g/t for silver, 1.8% for lead, and 3.3% for zinc compared to 96 g/t for silver, 1.3% for lead, and 2.9% for zinc in the same prior year quarter.  

Metals sold were approximately 173,000 ounces of silver, 2.4 million pounds of lead, and 4.9 million pounds of zinc, compared to 63,000 ounces of silver, 0.7 million pounds of lead, and 1.5 million pounds of zinc in the same prior year quarter.  

The cash mining cost at the GC Mine was $40.58 per tonne, a decrease of 12% compared to $45.92 per tonne in the same prior year quarter.  The cash milling cost was $18.52 per tonne, a decrease of 26% compared to $25.07 in the same prior year quarter.   Correspondingly, the cash production cost per tonne decreased by 17% to $59.10 from $70.99 in the same prior year quarter. The improvement in production cost was mainly due to higher production output resulting in lower fixed cost allocation.

Cash cost per ounce of silver and all-in sustaining cost per ounce of silver, net of by‐product credits, at the GC Mine, for Q4 Fiscal 2019, were negative $10.23 and negative $4.97, respectively, compared to negative $13.95 and negative $4.57 in the same prior year quarter. 

In Q4 Fiscal 2019, approximately 2,864 metres or $0.3 million worth of underground diamond drilling (Q4 Fiscal 2018 - 3,464 metres or $0.2 million) and 3,366 metres or $0.9 million of tunnelling (Q4 Fiscal 2018 - 1,526 metres or $0.7 million) were completed and expensed as mining preparation costs at the GC Mine.  In addition, approximately 262 metres or $0.2 million of horizontal tunnels, raise, and declines (Q4 Fiscal 2018 - 40 metres or $0.1 million) were completed and capitalized.

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.

This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR under the Company's profile at www.sedar.com and are also available on the Company's website at www.silvercorp.ca.   

About Silvercorp

Silvercorp is a Canadian low-cost silver-producer of silver, lead and zinc from mines in China. We deliver shareholder value through efficient management, organic growth, and the acquisition of projects we can build and operate profitably. Silvercorp's goal is to achieve lasting and sustainable development for all our stakeholders. 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

CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS

Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.  Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: 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".  Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.  Accordingly, readers should not place undue reliance on forward-looking statements.  

The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.



SILVERCORP METALS INC.

Consolidated Statements of Financial Position

(Unaudited - Expressed in thousands of U.S. dollars)



    As at March 31,       As at March 31    
    2019       2018    
ASSETS        
Current Assets        
Cash and cash equivalents $    67,441     $   49,199    
Short-term investments      47,836         56,910    
Trade and other receivables     467         676    
Inventories     10,836         11,018    
Due from a related party     3,022         11    
Income tax receivable     1,301         534    
Prepaids and deposits     3,958         4,456    
      134,861         122,804    
Non-current Assets        
Long-term prepaids and deposits     769         954    
Reclamation deposits     7,953         5,712    
Investment in an associate     38,703         38,001    
Other investments     9,253         6,132    
Plant and equipment      68,617         71,211    
Mineral rights and properties     238,920         232,080    
TOTAL ASSETS $    499,076     $   476,894    
         
LIABILITIES AND EQUITY        
Current Liabilities        
Accounts payable and accrued liabilities  $    29,856     $   25,198    
Bank Loan     4,475         -    
Deposits received     3,040         6,806    
Income tax payable     502         303    
      37,873         32,307    
Non-current Liabilities        
Deferred income tax liabilities     34,334         33,310    
Environmental rehabilitation     13,688         13,098    
Total Liabilities     85,895         78,715    
         
Equity        
Share capital     231,269         228,729    
Share option reserve     15,898         14,690    
Reserves     25,409         25,409    
Accumulated other comprehensive loss     (41,864 )       (25,875 )  
Retained earnings     116,734         86,283    
Total equity attributable to the equity holders of the Company     347,446         329,236    
         
Non-controlling interests     65,735         68,943    
Total Equity     413,181         398,179    
         
TOTAL LIABILITIES AND EQUITY $    499,076     $   476,894    
         





SILVERCORP METALS INC.

Consolidated Statements of Income

(Unaudited - Expressed in thousands of U.S. dollars, except for per share figures)



    Three Months Ended March 31,

    Year Ended March 31,

   
      2019     2018       2019     2018    
               
Sales   $    34,952   $   38,449     $    170,519   $   170,039    
Cost of sales              
Production costs       13,005       13,305         62,461       59,144    
Mineral resource taxes       1,002       1,081         4,864       4,764    
Depreciation and amortization       4,601       4,956         19,997       18,247    
        18,608       19,342         87,322       82,155    
Gross profit       16,344       19,107         83,197       87,884    
               
General and administrative       5,011       4,727         19,427       18,685    
Government fees and other taxes       505       538         2,699       2,971    
Foreign exchange loss (gain)       1,034       (862 )       (1,361 )     1,628    
Loss on disposal of plant and equipment       13       5         401       329    
Gain on disposal of NSR       -       -         -       (4,320 )  
Share of (income) loss in associate       118       189         330       700    
Dilution gain on investment in associate       -       -         -       (822 )  
Reclassification of other comprehensive loss upon               
ownership dilution of investment in associate        -       -         -       18    
Impairment reversal of investment in associate       (1,899 )     (4,714 )       (1,899 )     (4,714 )  
Impairment reversal of mineral rights and properties       (7,279 )     -         (7,279 )     -    
Other expense (income)       130       (149 )       806       (2,016 )  
Income from operations       18,711       19,373         70,073       75,425    
               
Finance income       874       793         3,476       2,839    
Finance costs       (168 )     (120 )       (631 )     (449 )  
Income before income taxes       19,417       20,046         72,918       77,815    
               
Income tax expense       3,477       5,333         20,871       18,919    
Net income   $    15,940   $   14,713     $    52,047   $   58,896    
               
Attributable to:              
Equity holders of the Company   $    12,107   $   12,194     $    39,724   $   46,994    
Non-controlling interests       3,833       2,519         12,323       11,902    
    $    15,940   $   14,713     $    52,047   $   58,896    
               
Earnings per share attributable to the equity holders of the Company          
Basic earnings per share   $    0.07   $   0.07     $    0.24   $   0.28    
Diluted earnings per share   $    0.07   $   0.07     $    0.23   $   0.27    
Weighted Average Number of Shares Outstanding - Basic       169,705,269     167,374,757         168,483,412     167,848,117    
Weighted Average Number of Shares Outstanding - Diluted     170,645,002     171,756,605         170,386,993     171,405,904    
               



SILVERCORP METALS INC.

Consolidated Statements of Cash Flow

(Unaudited - Expressed in thousands of U.S. dollars)



  Three Months Ended March 31,

    Year Ended March 31,

   
    2019     2018       2019     2018    
Cash provided by            
Operating activities            
Net income $    15,940   $   14,713     $    52,047   $   58,896    
Add (deduct) items not affecting cash:            
Finance costs     168       120         631       449    
Depreciation, amortization and depletion     4,942       5,266         21,250       19,442    
Share of (income) loss in associate     118       189         330       700    
Dilution gain on investment in associate     -       -         -       (822 )  
Reclassification of other comprehensive loss upon ownership          
dilution of investment in associate     -       -         -       18    
Gain on disposal of NSR     -       -         -       (4,320 )  
Impairment reversal of investment in associate     (1,899 )     (4,714 )       (1,899 )     (4,714 )  
Impairment reversal of mineral rights and properties     (7,279 )     -         (7,279 )     -    
Income tax expense     3,476       5,333         20,871       18,919    
Finance income     (874 )     (793 )       (3,476 )     (2,839 )  
Loss on disposal of plant and equipment     13       5         401       329    
Share-based compensation     479       422         1,896       1,566    
Reclamation      (2,455 )     (158 )       (2,788 )     (194 )  
Income taxes paid     (5,745 )     (10,096 )       (18,225 )     (19,743 )  
Interest received     874       793         3,476       2,839    
Interest paid     (48 )     -         (144 )     -    
Changes in non-cash operating working capital      (1,700 )     (8,223 )       659       (2,625 )  
Net cash provided by operating activities     6,010       2,857         67,750       67,901    
             
Investing activities            
Mineral rights and properties            
Capital expenditures     (8,639 )     (4,310 )       (28,049 )     (20,948 )  
Plant and equipment            
Additions     (1,934 )     (1,697 )       (6,258 )     (6,152 )  
Proceeds on disposals     2       14         31       33    
Other investments            
Acquisition     (1,018 )     -         (1,018 )     -    
Investment in associate     (107 )     -         (107 )     (23,861 )  
Net redemption (purchases) of short-term investments     10,574       (9,458 )       5,969       (30,803 )  
Net cash provided by  (used in) investing activities     (1,122 )     (15,451 )       (29,432 )     (81,731 )  
             
Financing activities            
Related parties            
Payments made     (2,989 )     -         (2,989 )     -    
Bank loan            
Proceeds     -       -         4,527       -    
Non-controlling interests            
Distribution     (3,333 )     (2,894 )       (13,259 )     (7,785 )  
Acquisition     -       -         (1,121 )     -    
Cash dividends distributed     -       -         (4,208 )     (3,362 )  
Proceeds from issuance of common shares     209       208         1,852       550    
Common shares repurchased as part of normal course issuer bid     -       (2,398 )       -       (4,177 )  
Net cash used in financing activities     (6,113 )     (5,084 )       (15,198 )     (14,774 )  
Effect of exchange rate changes on cash and cash equivalents     528       603         (4,878 )     4,800    
             
Increase in cash and cash equivalents     (697 )     (17,075 )       18,242       (23,804 )  
Cash and cash equivalents, beginning of the period   68,138     66,274       49,199     73,003    
Cash and cash equivalents, end of the period $    67,441   $   49,199     $    67,441   $   49,199    
             



SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)



       Year ended March 31, 2019

 
      Ying Mining District1   GC2    Total   
             
Production Data        
   Mine Data         
     Ore Mined (tonne)    622,576     284,218     906,794    
     Ore Milled (tonne)    619,851     288,995     908,846    
             
   +   Mining cost per tonne of ore mined ($)    88.19     46.04     74.98    
    Cash mining cost per tonne of ore mined ($)    63.39     37.73     55.35    
    Non cash mining cost per tonne of ore mined ($)    24.80     8.31     19.63    
             
   +   Unit shipping costs($)    4.22     -     2.88    
             
   +   Milling cost per tonne of ore milled ($)    12.58     17.01     13.99    
    Cash milling cost per tonne of ore milled ($)    10.43     14.39     11.69    
    Non cash milling cost per tonne of ore milled ($)    2.15     2.62     2.30    
             
   +   Average Production Cost         
    Silver ($ per ounce)    5.89     5.93     6.10    
    Gold ($ per ounce)    473     -      503    
    Lead ($ per pound)    0.45     0.60     0.48    
    Zinc ($ per pound)    0.43     0.56     0.44    
    Other ($ per pound)    0.44     0.03     0.08    
             
   +   Total production cost per ounce of Silver, net of by-product credits ($)    (0.42 )   (7.95 )   (1.16 )  
   +   Total cash cost per ounce of Silver, net of by-product credits ($)    (3.35 )   (12.97 )   (4.29 )  
             
   +   All-in sustaining cost per ounce of Silver, net of by-product credits ($)    2.60     (6.28 )   3.52    
   +   All-in cost per ounce of Silver, net of by-product credits ($)    4.30     (5.49 )   5.22    
             
     Recovery Rates         
    Silver  (%)    95.8     78.4     93.8    
    Lead  (%)    95.7     90.4     94.9    
    Zinc (%)    54.1     84.9     72.8    
             
     Head Grades         
    Silver (gram/tonne)    311     86     240    
    Lead  (%)    4.4     1.5     3.5    
    Zinc (%)    0.9     3.0     1.6    
             
   Concentrate in stock         
     Lead concentrate (tonne)    3,150     98     3,248    
     Zinc concentrate (tonne)    250     118     368    
             
   Sales Data         
  Metal Sales         
     Silver (in thousands of ounces)    5,764     626     6,390    
     Gold (in thousands of ounces)    3.5     -     3.5    
     Lead (in thousands of pounds)    56,138     8,650     64,788    
     Zinc (in thousands of pounds)    6,626     16,090     22,716    
             
  Metal Sales         
     Silver (in thousands of $)    74,702     5,952     80,654    
     Gold (in thousands of $)    3,642     -     3,642    
     Lead (in thousands of $)    55,739     8,372     64,111    
     Zinc (in thousands of $)    6,305     14,349     20,654    
     Other (in thousands of $)    1,095     363     1,458    
        141,483     29,036     170,519    
   Average Selling Price, Net of Value Added Tax and Smelter Charges         
     Silver ($ per ounce)    12.96     9.51     12.62    
     Gold ($ per ounce)    1,041     -     1,041    
     Lead ($ per pound)    0.99     0.97     0.99    
     Zinc ($ per pound)    0.95     0.89     0.91    
             
  1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.        
  2 GC Silver recovery rate consists of 53.19% from lead concentrates and 25.18% from zinc concentrates.       
  2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.   
             



SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)



      Year ended March 31, 2018  
      Ying Mining District1   GC2   Total  
             
Production Data        
  Mine Data        
    Ore Mined (tonne)   614,141     245,783     859,924    
    Ore Milled (tonne)   618,732     244,338     863,070    
             
  + Mining cost per tonne of ore mined ($)   84.59     45.73     73.48    
    Cash mining cost per tonne of ore mined ($)    61.46     37.48     54.60    
    Non cash mining cost per tonne of ore mined ($)   23.13     8.25     18.88    
             
  + Unit shipping costs($)   4.01     -     2.87    
             
  + Milling cost per tonne of ore milled ($)    11.71     19.17     13.82    
    Cash milling cost per tonne of ore milled ($)    9.49     15.72     11.25    
    Non cash milling cost per tonne of ore milled ($)   2.22     3.45     2.57    
             
  + Average Production Cost        
      Silver ($ per ounce)    5.93     6.52     6.21    
      Gold ($ per ounce)   443     -      475    
      Lead ($ per pound)   0.43     0.61     0.46    
      Zinc ($ per pound)   0.48     0.66     0.50    
      Other ($ per pound)   0.41     0.01     0.02    
             
  + Total production cost per ounce of Silver, net of by-product credits ($)   (1.07 )   (7.41 )   (1.70 )  
  + Total cash cost per ounce of Silver, net of by-product credits ($)   (3.88 )   (12.37 )   (4.73 )  
             
  + All-in sustaining cost per ounce of Silver, net of by-product credits ($)   2.04     (3.69 )   3.27    
  + All-in cost per ounce of Silver, net of by-product credits ($)   2.72     (2.88 )   4.01    
             
    Recovery Rates        
      Silver  (%)    95.7     76.2     93.5    
      Lead  (%)   96.3     85.4     95.1    
      Zinc(%)   52.3     81.8     68.7    
             
    Head Grades        
      Silver(gram/tonne)   305     98     246    
      Lead  (%)   4.4     1.5     3.6    
      Zinc (%)   0.9     2.8     1.4    
             
  Concentrate in stock         
    Lead concentrate (tonne)    4,050     20     4,070    
    Zinc concentrate (tonne)   350     20     370    
             
  Sales Data         
  Metal Sales        
    Silver (in thousands of ounces)   5,437     603     6,040    
    Gold (in thousands of ounces)   3.1     -     3.1    
    Lead(in thousands of pounds)   55,180     6,754     61,934    
    Zinc (in thousands of pounds)   6,136     13,433     19,569    
    Other (in thousands of pound)   524     16,276     16,800    
             
  Metal Sales         
    Silver (in thousands of $)   75,891     6,463     82,354    
    Gold (in thousands of $)     3,232     -     3,232    
    Lead (in thousands of $)    55,488     6,763     62,251    
    Zinc(in thousands of $)    7,000     14,462     21,462    
    Other (in thousands of $)    502     238     740    
        142,113     27,926     170,039    
  Average Selling Price,Net of Value Added Tax and Smelter Charges        
    Silver ($ per ounce)    13.96     10.72     13.63    
    Gold ($ per ounce)   1,043     -     1,043    
    Lead ($ per pound)   1.01     1.00     1.01    
    Zinc ($ per pound)   1.14     1.08     1.10    
             
  1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.        
  2 GC Silver recovery rate consists of 55.2% from lead concentrates and 21.0% from zinc concentrates.     
  2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price. 



SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)



       Three months ended March 31, 2019   
      Ying Mining District1   GC2    Total   
             
Production Data        
   Mine Data         
     Ore Mined (tonne)    111,032     50,368     161,400    
     Ore Milled (tonne)    107,039     52,865     159,904    
             
  +  Mining cost per tonne of ore mined ($)    93.86     50.13     80.22    
     Cash mining cost per tonne of ore mined ($)    65.24     40.58     57.55    
     Non cash mining cost per tonne of ore mined ($)    28.62     9.55     22.67    
             
  +  Unit shipping costs($)    3.97     -     2.72    
             
  +  Milling cost per tonne of ore milled ($)    15.55     21.70     17.58    
     Cash milling cost per tonne of ore milled ($)    12.57     18.52     14.53    
     Non cash milling cost per tonne of ore milled ($)    2.98     3.18     3.05    
             
  +  Average Production Cost         
    Silver ($ per ounce)    6.13     6.08     6.41    
    Gold ($ per ounce)    501     -     546    
    Lead ($ per pound)    0.42     0.59     0.45    
    Zinc ($ per pound)    0.38     0.47     0.38    
    Other ($ per pound)    0.42     0.06     0.11    
             
  +  Total production cost per ounce of Silver, net of by-product credits ($)    0.27     (5.30 )   (0.47 )  
  +  Total cash cost per ounce of Silver, net of by-product credits ($)    (3.02 )   (10.23 )   (3.97 )  
             
   +   All-in sustaining cost per ounce of Silver, net of by-product credits ($)    3.28     (4.97 )   4.49    
   +   All-in cost per ounce of Silver, net of by-product credits ($)    8.39     (4.45 )   9.09    
             
     Recovery Rates         
    Silver  (%)    95.5     81.3     93.6    
    Lead  (%)    96.1     91.5     95.3    
    Zinc (%)    63.7     85.7     77.7    
             
     Head Grades         
    Silver (gram/tonne)    324     101     250    
    Lead  (%)    4.5     1.8     3.6    
    Zinc (%)    0.9     3.3     1.7    
             
   Concentrate in stock         
     Lead concentrate (tonne)    3,150     98     3,248    
     Zinc concentrate (tonne)    250     118     368    
             
   Sales Data         
    Metal Sales         
     Silver (in thousands of ounces)    1,141     173     1,314    
     Gold (in thousands of ounces)    0.7     -     0.7    
     Lead (in thousands of pounds)    10,310     2,360     12,670    
     Zinc (in thousands of pounds)    2,464     4,874     7,338    
             
    Metal Sales         
     Silver (in thousands of $)    15,137     1,595     16,732    
     Gold (in thousands of $)    759     -     759    
     Lead (in thousands of $)    9,318     2,102     11,420    
     Zinc (in thousands of $)    2,028     3,501     5,529    
     Other (in thousands of $)    344     168     512    
        27,586     7,366     34,952    
   Average Selling Price, Net of Value Added Tax and Smelter Charges         
     Silver ($ per ounce)    13.27     9.22     12.73    
     Gold ($ per ounce)    1,084     -     1,084    
     Lead ($ per pound)    0.90     0.89     0.90    
     Zinc ($ per pound)    0.82     0.72     0.75    
             
  1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.        
  2 GC Silver recovery rate consists of 56.37% from lead concentrates and 24.92% from zinc concentrates.       
  2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.   
             



SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining



       Three months ended March 31, 2018 

 
      Ying Mining

District1
  GC2    Total   
             
Production Data        
   Mine Data         
     Ore Mined (tonne)    113,820     29,442     143,262    
     Ore Milled (tonne)    112,285     26,252     138,537    
             
   +   Mining cost per tonne of ore mined ($)    92.81     57.47     85.55    
     Cash mining cost per tonne of ore mined ($)    65.88     45.92     61.78    
     Non cash mining cost per tonne of ore mined ($)    26.93     11.55     23.77    
             
   +   Unit shipping costs($)    4.37     -     3.46    
             
   +   Milling cost per tonne of ore milled ($)    15.80     33.41     19.14    
     Cash milling cost per tonne of ore milled ($)    12.59     25.07     14.96    
     Non cash milling cost per tonne of ore milled ($)    3.21     8.34     4.18    
             
   +   Average Production Cost         
      Silver ($ per ounce)    6.56     7.92     6.79    
      Gold ($ per ounce)    509     -      532    
      Lead ($ per pound)    0.49     0.81     0.52    
      Zinc ($ per pound)    0.57     0.89     0.61    
      Other ($ per pound)    0.03     -     -    
             
   +   Total production cost per ounce of Silver, net of by-product credits ($)    (0.04 )   (5.73 )   (0.30 )  
   +   Total cash cost per ounce of Silver, net of by-product credits ($)    (3.41 )   (13.95 )   (3.89 )  
             
   +   All-in sustaining cost per ounce of Silver, net of by-product credits ($)    1.39     (4.57 )   3.04    
   +   All-in cost per ounce of Silver, net of by-product credits ($)    2.81     2.62     4.91    
             
     Recovery Rates         
      Silver  (%)    95.9     76.3     94.6    
      Lead  (%)    96.5     87.5     95.9    
      Zinc (%)    54.5     85.7     67.6    
             
     Head Grades         
      Silver (gram/tonne)    309     96     269    
      Lead  (%)    4.3     1.3     3.8    
      Zinc (%)    1.0     2.9     1.3    
             
   Concentrate in stock         
     Lead concentrate (tonne)    4,050     20     4,070    
     Zinc concentrate (tonne)    350     20     370    
             
   Sales Data         
    Metal Sales         
     Silver (in thousands of ounces)    1,319     63     1,382    
     Gold (in thousands of ounces)    0.7     -     0.7    
     Lead (in thousands of pounds)    12,649     688     13,337    
     Zinc (in thousands of pounds)    1,106     1,479     2,585    
             
    Metal Sales         
     Silver (in thousands of $)    19,041     728     19,769    
     Gold (in thousands of $)    784     -     784    
     Lead (in thousands of $)    13,760     815     14,575    
     Zinc (in thousands of $)    1,396     1,914     3,310    
     Other (in thousands of $)    7     4     11    
        34,988     3,461     38,449    
   Average Selling Price, Net of Value Added Tax and Smelter Charges         
     Silver ($ per ounce)    14.44     11.56     14.30    
     Gold ($ per ounce)    1,120     -     1,120    
     Lead ($ per pound)    1.09     1.18     1.09    
     Zinc ($ per pound)    1.26     1.29     1.28    
             
  1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.        
  2 GC Silver recovery rate consists of 53.1% from lead concentrates and 23.2% from zinc concentrates.       
  2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.   
             



Source: Silvercorp Metals Inc

This article appears in: News Headlines

Referenced Stocks: SVM










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