Silvercorp Reports Adjusted Net Income of $11.5 Million, $0.06 per Share, and Cash Flow from Operations of $23.6 Million for Q3 Fiscal 2024

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Silvercorp Reports Adjusted Net Income of $11.5 Million, $0.06 per Share, and Cash Flow from Operations of $23.6 Million for Q3 Fiscal 2024

Canada NewsWire

Trading Symbol:  TSX: SVM
NYSE AMERICAN: SVM                                                                                                                 

VANCOUVER, BC, Feb. 8, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX/NYSE American: SVM) reports its financial and operating results for the three months ended December 31, 2023 ("Q3 Fiscal 2024"). All amounts are expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR Q3 FISCAL 2024 

  • Mined 345,273 tonnes of ore, milled 312,500 tonnes of ore, and produced approximately 1,342 ounces of gold, 1.7 million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 16.8 million pounds of lead and 7.4 million pounds of zinc;
  • Sold approximately 1,342 ounces of gold, 1.7 million ounces of silver, 16.2 million pounds of lead, and 7.3 million pounds of zinc, for revenue of $58.5 million;
  • Reported net income attributable to equity shareholders of $10.5 million, or $0.06 per share;
  • Realized adjusted earnings attributable to equity shareholders of $11.5 million, or $0.06 per share;
  • Generated cash flow from operating activities of $23.6 million;
  • Cash costs per ounce of silver, net of by-product credits, of negative $0.96;
  • All-in sustaining costs per ounce of silver, net of by-product credits, of $11.33;
  • Spent and capitalized $1.6 million on exploration drilling, $14.1 million on underground development, and $3.9 million on equipment and facilities, including $1.3 million on construction of the new tailings storage facility;
  • Entered into a Bid Implementation Deed ("BID") with OreCorp Limited (ASX: ORR) ("OreCorp") to launch an off-market takeover to acquire all OreCorp Shares not already owned by Silvercorp for A$0.19 cash plus 0.0967 common shares of Silvercorp per OreCorp Share; and
  • Strong balance sheet with $198.3 million in cash and cash equivalents and short-term investments. The Company holds a further equity investment portfolio in associates and other companies with a total market value of $139.5 million as at December 31, 2023.

CONSOLIDATED FINANCIAL RESULTS


Three months ended December 31,


Nine months ended December 31,


2023

2022

Changes


2023

2022

Changes

Financial Results








Revenue (in thousands of $) 

$                      58,508

$                     58,651

0 %


$                    172,506

$          173,982

-1 %

Mine operating earnings (in thousands of $) 

23,307

21,744

7 %


67,551

61,007

11 %

Net income (loss)  attributable to equity holders (in thousands of $) 

10,510

11,916

-12 %


30,777

20,373

51 %

 Earnings (loss) per share - basic ($/share)

0.06

0.07

-14 %


0.17

0.12

42 %

Adjusted earnings attributable to equity holders (in thousands of $) 

11,452

11,775

-3 %


35,498

32,056

11 %

Adjusted earning per share - basic ($/share)

0.06

0.07

-14 %


0.20

0.18

11 %

Net cash generated from operating activities (in thousands of $) 

23,607

25,661

-8 %


81,332

79,901

2 %

Capitalized expenditures (in thousands of $) 

19,635

15,484

27 %


50,609

48,366

5 %

Metals sold








 Gold (ounces) 

1,342

1,100

22 %


5,352

3,400

57 %

 Silver (in thousands of ounces) 

1,703

1,860

-8 %


5,096

5,564

-8 %

 Lead (in thousands of pounds) 

16,248

19,273

-16 %


48,753

55,666

-12 %

 Zinc (in thousands of pounds) 

7,320

7,119

3 %


18,818

19,987

-6 %

 Average Selling Price, Net of Value Added Tax and Smelter Charges 








Gold ($/ounce)

1,718

1,541

11 %


1,754

1,479

19 %

Silver ($/ounce)

20.14

17.17

17 %


19.74

16.91

17 %

Lead ($/pound)

0.87

0.85

2 %


0.86

0.87

-1 %

Zinc ($/pound)

0.82

0.96

-15 %


0.81

1.09

-26 %

 Financial Position as at 

December 31, 2023

September 30, 2023



December 31, 2023

March 31, 2023


Cash and cash equivalents and short-term investments (in thousands of $) 

198,295

189,091

5 %


198,295

203,323

-2 %

Working capital (in thousands of $) 

159,555

154,330

3 %


159,555

177,808

-10 %

Revenue in Q3 Fiscal 2024 was $58.5 million, a slight decrease compared to $58.7 million in Q3 Fiscal 2023. The decrease is mainly due to the decrease in silver and lead sold and a lower zinc price, offset by the increase in the net realized selling prices for gold, silver, and lead.  

Income from mine operations in Q3 Fiscal 2024 was $23.3 million, up 7% compared to $21.7 million in Q3 Fiscal 2023. Income from mine operations at the Ying Mining District was $21.5 million, compared to $19.0 million in Q3 Fiscal 2023. Income from mine operations at the GC Mine was $1.9 million, compared to income of $2.9 million in Q3 Fiscal 2023.

Net income attributable to equity shareholders of the Company in Q3 Fiscal 2024 was $10.5 million or $0.06 per share, compared to net income of $11.9 million or $0.07 per share in Q3 Fiscal 2023.

Compared to Q3 Fiscal 2023, the Company's consolidated financial results in the current quarter were mainly impacted by i) increases of 11%, 17%, and 2%, respectively, in the realized selling prices for gold, silver, and lead, and a decrease of 15% in the realized selling price for zinc; ii) increases of 22% and 3%, respectively in gold and zinc sold and decreases of 8% and 16%, respectively, in silver and lead sold; iii) a decrease of 4% in per tonne production costs; iv) an improvement of $4.4 million in mark-to-market investments; and v) an increase of $5.0 million in the share of loss in associates.

Cash flow provided by operating activities in Q3 Fiscal 2024 was $23.6 million, down $2.1 million, compared to $25.7 million in Q3 Fiscal 2023. The Company ended the quarter with $198.3 million in cash, cash equivalents and short-term investments, up 5% compared to $189.1 million as at September 30, 2023.

Working capital as at December 31, 2023 was $159.6 million, up 3% compared to $154.3 million as at September 30, 2023.

CONSOLIDATED OPERATIONAL RESULTS


Three months ended December 31,


Nine months ended December 31,


2023

2022

Changes


2023

2022

Changes

Ore Production (tonne)








Ore mined

345,273

296,050

17 %


921,958

887,135

4 %

Ore milled








Gold ore

12,726

-

100 %


36,419

-

100 %

Silver ore

299,774

303,442

-1 %


832,283

893,261

-7 %


312,500

303,442

3 %


868,702

893,261

-3 %

Metal Production








 Gold (ounces) 

1,342

1,100

22 %


5,352

3,400

57 %

 Silver (in thousands of ounces) 

1,684

1,853

-9 %


5,054

5,511

-8 %

    Silver equivalent (in thousands of ounces) 

1,795

1,949

-8 %


5,520

5,802

-5 %

 Lead (in thousands of pounds) 

16,763

20,059

-16 %


50,644

57,130

-11 %

 Zinc (in thousands of pounds) 

7,404

6,974

6 %


18,826

19,886

-5 %

Cash Costs








Production costs per tonne of ore processed ($)

74.26

77.73

-4 %


77.57

82.25

-6 %

All-in sustaining costs per tonne of ore processed ($)

136.86

136.90

0 %


139.79

137.33

2 %

Cash costs per ounce of silver, net of by-product credits ($)

(0.96)

(1.15)

17 %


(0.74)

(0.68)

-9 %

All-in sustaining costs per ounce of silver, net of by-product credits ($)

11.33

9.28

22 %


10.72

8.94

20 %

In Q3 Fiscal 2024, the Company mined 345,273 tonnes of ore, up 17% compared to 296,050 tonnes in Q3 Fiscal 2023. Ore milled in Q3 Fiscal 2024 was 312,500 tonnes, up 3% compared to 303,442 tonnes in Q3 Fiscal 2023. A total of 60,095 tonnes of ores were stockpiled at the Ying Mining District and will be processed in the fourth quarter during the Chinese New Year holiday.

In Q3 Fiscal 2024, the Company produced approximately 1,342 ounces of gold, 1.7 million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 16.8 million pounds of lead and 7.4 million pounds of zinc, representing increases of 22% and 6%, respectively, in gold and zinc production, and decreases of 9% and 16%, respectively, in silver and lead production over Q3 Fiscal 2023. The decreases in silver and lead production were mainly due to i) lower head grades achieved due to mining sequences; ii) more ores stockpiled to be processed in the fourth quarter during the Chinese New Year holiday; and iii) 12,700 tonnes of gold ore with grades of 1.9 grams per tonne ("g/t") gold, 74 g/t silver, 1.0% lead and 0.1% zinc mined and processed, at the Ying Mining District.

In Q3 Fiscal 2024, the consolidated mining costs were $59.43 per tonne, down 5% compared to $62.69 per tonne in Q3 Fiscal 2023. The consolidated milling costs were $12.44 per tonne, down 1% compared to $12.56 per tonne in Q3 Fiscal 2023. Correspondingly, the consolidated production costs per tonne of ore processed were $74.26, down 4% compared to $77.73 in Q3 Fiscal 2023. The all-in sustaining production costs per tonne of ore processed in Q3 Fiscal 2024 were $136.89, a slight decrease compared to $136.90 in Q3 Fiscal 2023. The decrease was mainly attributed to higher ore production resulting in lower unit fixed costs allocation and an approximate 4% depreciation of the Chinese yuan against the US dollar over the same prior year period.

In Q3 Fiscal 2024, the consolidated cash costs per ounce of silver, net of by-product credits, were negative $0.96, compared to negative $1.15 in the prior year quarter. The consolidated all-in sustaining costs per ounce of silver, net of by-product credits, were $11.33 compared to $9.28 in Q3 Fiscal 2023. The increase was mainly due to i) a decrease of $2.5 million in by-product credits, offset by a decrease of $0.5 million in all-in sustaining costs; and ii) less silver sold resulting in higher unit costs per ounces of silver. 

EXPLORATION AND DEVELOPMENT


 Capitalized Development and Expenditures 

 Expensed 


 Ramp Development 

 Exploration and Development Tunnels 

 Drilling 

 Equipment & Mill and TSF 

 Total 

 Mining Preparation Tunnels 

 Drilling 


 (Metres) 

 ($ Thousand) 

 (Metres) 

 ($ Thousand) 

 (Metres) 

 ($ Thousand) 

 ($ Thousand) 

 ($ Thousand) 

 (Metres) 

 (Metres) 

 Q3 Fiscal 2024 











Ying Mining District

3,986

$             2,651

23,834

$               9,612

39,085

$         1,338

3,679

$        17,280

10,010

24,693

GC Mine

81

108

3,747

1,688

10,912

250

218

2,264

2,145

12,327

Corporate and other

-

-

-

-

-

82

9

91

-

-

Consolidated

4,067

$             2,759

27,581

$             11,300

49,997

$         1,670

$               3,906

$        19,635

12,155

37,020












Q3 Fiscal 2023











Ying Mining District

1,776

$             1,294

15,527

$               6,549

27,066

$            895

3,250

$        11,988

7,933

25,270

GC Mine

-

-

3,642

1,133

4,444

204

1,951

3,288

1,786

12,470

Corporate and other

-

-

-

-

978

268

95

363

-

-

Consolidated

1,776

$             1,294

19,169

$               7,682

32,488

$         1,367

$               5,296

$        15,639

9,719

37,740

Total capital expenditures in Q3 Fiscal 2024 were $19.6 million, up 26% compared to $15.6 million in Q3 Fiscal 2023. The increase is mainly due to more tunneling development and exploration activities conducted in Q3 Fiscal 2024.

In Q3 Fiscal 2024, on a consolidated basis, a total of 87,017 metres or $2.4 million worth of diamond drilling were completed (Q3 Fiscal 2023 – 70,228 metres or $2.5 million), of which approximately 37,020 metres or $0.7 million worth of underground drilling were expensed as part of mining costs (Q3 Fiscal 2023 – 37,740 metres or $1.1 million) and approximately 49,997 metres or $1.6 million worth of drilling were capitalized (Q3 Fiscal 2023 – 32,448 metres or $1.4 million ). In addition, approximately 12,155 metres or $4.5 million worth of preparation tunnelling were completed and expensed as part of mining costs (Q3 Fiscal 2023 – 9,719 metres or $3.8 million), and approximately 31,648 metres or $14.1 million worth of tunnels, raises, ramps and declines were completed and capitalized (Q3 Fiscal 2023 – 20,945 metres or $9.0 million).

INDIVIDUAL MINE OPERATING PERFORMANCE 

The table below summarizes the operating results at the Ying Mining District for the past five quarters and for the nine months ended December 31, 2023 and 2022.

 

Ying Mining District

Q3 F2024

Q2 F2024

Q1 F2024

Q4 F2023

Q3 F2023


Nine months ended December 31,


December 31, 2023

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022


2023

2022

Ore Production (tonne)









Ore mined

245,606

220,636

213,748

132,205

206,854


679,990

636,819

Ore milled









Gold ore

12,726

12,800

10,893

-

-


36,419

-

Silver ore

201,475

200,068

197,916

130,910

213,830


599,459

642,147


214,201

212,868

208,809

130,910

213,830


635,878

642,147

Head grades









Silver (grams/tonne)

235

235

254

255

262


241

262

Lead (%)

3.5

3.5

3.6

3.6

4.0


3.5

3.9

Zinc (%)

0.7

0.7

0.7

0.6

0.7


0.7

0.7

Recovery rates









Silver (%)

94.9

95.0

95.1

95.2

95.7


95.0

95.7

Lead (%)

94.8

95.0

95.5

95.3

95.4


95.1

95.0

Zinc (%)

71.4

71.1

69.6

68.3

66.4


70.7

62.3

Cash Costs









Cash production cost per tonne of ore processed ($)

84.01

102.42

88.66

95.23

93.04


84.33

92.35

All-in sustaining cost per tonne of ore processed ($)

143.80

170.69

141.21

127.89

156.07


140.20

141.66

Cash cost per ounce of Silver, net of by-product credits ($)

(0.09)

1.37

0.24

1.86

0.28


(0.38)

0.78

All-in sustaining cost per ounce of silver, net of by-product credits ($)

8.99

11.33

7.66

6.82

8.60


8.04

7.71

Metal Production









 Gold ( ounces) 

1,342

1,552

1,000

1,100

1,200


5,352

3,400

 Silver (in thousands of ounces) 

1,511

1,597

997

1,674

1,657


4,665

5,083

 Lead (in thousands of pounds) 

14,552

15,382

9,688

17,647

16,201


43,471

49,316

 Zinc (in thousands of pounds) 

2,153

2,113

1,164

2,082

1,976


6,510

6,060

 

The table below summarizes the operating results at the GC Mine for the past five quarters and for the nine months ended December 31, 2023 and 2022.

GC Mine

Q3 F2024

Q2 F2024

Q1 F2024

Q4 F2023

Q3 F2023


Nine months ended December 31,


December 31, 2023

 September 30, 2023 

 June 30, 2023 

 March 31, 2023 

 December 31, 2022 


2023

2022

Ore Production (tonne)









Ore mined

99,667

89,472

49,643

89,196

75,054


241,968

250,316

Ore milled

98,299

86,286

48,483

89,612

75,381


232,824

251,114

Head grades









Silver (grams/tonne)

68

80

88

75

72


72

73

Lead (%)

1.1

1.4

1.3

1.4

1.2


1.2

1.3

Zinc (%)

2.7

2.7

2.5

2.8

2.7


2.7

2.8

Recovery rates









Silver (%)

80.3

82.7

78.9

83.0

81.0


81.8

82.5

Lead (%)

90.9

90.7

90.9

90.3

88.5


90.7

89.6

Zinc (%)

90.1

90.4

89.3

90.1

89.6


90.2

90.1

Cash Costs









Cash production cost per tonne of ore processed ($)

50.38

67.34

52.35

59.84

57.92


58.50

56.51

All-in sustaining cost per tonne of ore processed ($)

76.84

84.79

88.26

78.31

81.68


86.93

83.02

Cash cost per ounce of Silver, net of by-product credits ($)

(8.95)

(3.10)

(13.72)

(12.13)

(22.42)


(4.69)

(16.08)

All-in sustaining cost per ounce of silver, net of by-product credits ($)

8.01

5.93

5.02

(0.73)

(7.48)


11.98

(0.71)

Metal Production









 Silver (in thousands of ounces) 

173

183

109

179

141


431

481

 Lead (in thousands of pounds) 

2,211

2,434

1,250

2,412

1,782


5,282

6,350

 Zinc (in thousands of pounds) 

5,251

4,708

2,413

4,892

4,010


12,308

13,927

OPERATING OUTLOOK

The Company is currently refining the mine plan and expects to provide Fiscal 2025 guidance along with the release of Fiscal 2024 production results in April 2024.

In the fourth quarter of Fiscal 2024, the Company expects to process 215,000 to 240,000 tonnes of ore to produce approximately 1,200 to 1,300 ounces of gold, 1.1 to 1.3 million ounces of silver, 11.5 to 13.5 million pounds of lead, and 4.5 to 5.0 million pounds of zinc, representing production increases of 11% to 30% in ore, 20% to 30% in gold, 0% to 17% in silver, 5% to 20% in lead, and 26% to 40% in zinc compared to the production results in the same quarter last year.  

CONFERENCE CALL DETAILS 

A conference call to discuss these results will be held tomorrow, Friday, February 9, 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: 84281283

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.silvercorpmetals.com

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 sound Environmental, Social, and Governance ("ESG") practices. For more information, please visit our website at www.silvercorpmetals.com.

For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: [email protected]
Website: www.silvercorpmetals.com 

ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES

This news release should be read in conjunction with the Company's Management Discussion & Analysis ("MD&A"), the unaudited condensed interim consolidated financial statements and related notes contains therein for the three and nine months ended December 31, 2023, 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.silvercorpmetals.com  under the Investor section. This news release refers to various alternative performance (non-IFRS) measures, such as adjusted earnings and adjusted earnings per share, cash costs and all-in sustaining costs per ounce of silver, net of by-product credits, production costs and all-in sustaining production costs per tonne of ore processed, silver equivalent, and working capital. These measures are widely used in the mining industry as a benchmark for performance, but do not have standardized meanings under IFRS as an indicator of performance and may differ from methods used by other companies with similar description.  The detailed description and reconciliation of these alternative performance (non-IFRS) measures have been incorporated by reference and can be found on page 32, section 11 – Alternative Performance (Non-IFRS) Measures in the MD&A for the three and nine months ended December 31, 2023 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 public health crises; 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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/silvercorp-reports-adjusted-net-income-of-11-5-million-0-06-per-share-and-cash-flow-from-operations-of-23-6-million-for-q3-fiscal-2024--302058064.html

SOURCE Silvercorp Metals Inc

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/08/c6553.html

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