Silvercorp Reports Q3 Results: Net Income of $12.7 Million, $0.08 per Share and Provides Fiscal 2019 Production and Cash Costs Guidance

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Silvercorp Reports Q3 Results: Net Income of $12.7 Million, $0.08 per Share and Provides Fiscal 2019 Production and Cash Costs Guidance

PR Newswire

Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM                                                                                                                 

VANCOUVER, Feb. 8, 2018 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the third quarter ended December 31, 2017.  All amounts are expressed in US Dollars.

THIRD QUARTER HIGHLIGHTS

  • Net income attributable to equity shareholders of $12.7 million, or $0.08 per share1, compared to net income attributable to equity shareholders of $13.1 million, or $0.08 per share in the prior year quarter;
  • Gross margin of 52% compared with 55% in the prior year quarter;
  • Sales of $44.4 million, down $3.4 million or 7% compared to $47.8 million in the prior year quarter;
  • Inventories of silver-lead concentrate of 6,234 tonnes, valued at approximately $16.0 million, an increase of $4.5 million or 39%, compared to 4,666 tonnes valued at approximately $11.5 million in the prior year quarter;
  • Silver, lead, and zinc metals sold amounted to approximately 1.5 million ounces silver, 15.8 million pounds lead, and 6.4 million pounds zinc, compared to 1.7 million ounces silver, 19.5 million pounds lead, and 5.7 million pounds zinc in the prior year quarter;
  • Head grades were 315 grams per tonne ("g/t") for silver, 4.5% for lead, and 1.0% for zinc at the Ying Mining District, compared to 303 g/t for silver, 4.8% for lead and 0.8% for zinc in the prior year quarter;
  • Total and cash mining costs per tonne ore2 of $74.16 and $56.11, respectively, compared to $67.12 and $47.52 in the prior year quarter;
  • Cash cost per ounce of silver2, net of by-product credits, of negative $5.92, compared to negative $5.48 in the prior year quarter;
  • All-in sustaining cost per ounce of silver2, net of by-product credits, of $3.16, compared to $1.87 in the prior year quarter;
  • Spent $1.8 million to buyback 788,000 common shares of the Company;
  • Paid $1.7 million dividend to equity shareholders of the Company;
  • Invested $3.8 million to participate in a private placement of New Pacific Metals Corp.; and,
  • Ended the quarter with $113.3 million in cash and cash equivalents and short-term investments, an increase of $16.8 million or 17%, compared to $96.5 million as at March 31, 2017.

____________________________

1 Earnings per share refers to basic earnings per share

2 Non IFRS measure, please refer to section 10 of the corresponding MD&A for reconciliation

 

FINANCIALS

Net income attributable to equity shareholders of the Company in Q3 Fiscal 2018 was $12.7 million or basic earnings per share of $0.08, compared to $13.1 million, or $0.08 per share in Q3 Fiscal 2017. 

Sales in Q3 Fiscal 2018 were $44.4 million, down 7% compared to $47.8 million in the same quarter last year. Silver and gold sales represented $19.8 million and $0.6 million, respectively, while base metals represented $23.9 million of total sales, compared to silver, gold and base metals sales of $23.4 million, $0.7 million, and $23.7 million, respectively, in the prior year quarter.

The Company's financial results in Q3 Fiscal 2018 were mainly impacted by the following: i) an increase of 8% and 37% in the realized selling prices for lead and zinc, compared to the prior year quarter, ii) a 3% decrease in the realized selling price for silver, iii) less metals sold as inventory built up; and iv) higher per tonne production costs.

As at December 31, 2017, silver-lead concentrate inventories were 6,234 tonnes containing approximately 0.7 million ounces of silver and 6.9 million pounds of lead, an increase of 34% or 1,568 tonnes, compared to 4,666 tonnes silver-lead concentrate inventories containing approximately 0.5 million ounces of silver and 5.4 million pounds of lead held as at December 31, 2016.

Cost of sales in Q3 Fiscal 2018 was $21.2 million, comparable to $21.5 million in Q3 Fiscal 2017.  The cost of sales included $15.6 million (Q3 Fiscal 2017 - $14.9 million) cash production costs, $1.3 million mineral resources tax (Q3 Fiscal 2017 - $1.4 million), and $4.4 million (Q3 Fiscal 2017 - $5.2 million) depreciation and amortization charges.

Gross profit margin in Q3 Fiscal 2018 was 52%, compared to 55% in Q3 Fiscal 2017. Ying Mining District's gross margin was 55% compared to a 58% gross profit margin in the prior year quarter. GC Mine's profit margin was 41% compared to a 39% gross profit margin in the prior year quarter.

General and administrative expenses in Q3 Fiscal 2018 and the nine months ended December 31, 2017 were $4.9 million and $14.0 million (Q3 Fiscal 2017 - $4.0 million, nine months ended December 31, 2016 - $12.5 million). The increase was mainly due to the resumption of activities at the XHP Project to review alternatives and activities carried at the BYP Mine to renew its mining license, resulting in additional office and administrative expenses and labour costs.

Income tax expenses in Q3 Fiscal 2018 were $4.3 million compared to $5.4 million in Q3 Fiscal 2017.  The income tax expense recorded in Q3 Fiscal 2017 included current income tax expense of $3.7 million (Q3 Fiscal 2016 – $4.7 million) and deferred income tax expense of $0.6 million (Q3 Fiscal 2016 – $0.6 million).

Cash flows provided by operating activities in Q3 Fiscal 2018 were $27.5 million, compared to $28.3 million in the prior year quarter.  Before changes in non-cash operating working capital, cash flows provided by operating activities in Q3 Fiscal 2018 were $23.0 million, a decrease of $3.4 million or 13%, compared to $26.4 million in the prior year quarter.

For the nine months ended December 31, 2017, net income attributable to equity shareholders of the Company was $34.8 million or $0.21 per share, up 15% compared to $30.2 million or $0.18 per share in the same prior year period; sales were $131.6 million, up 2% from $129.4 million in the same prior year period; and cash flow from operating activities was $65.1 million, down 14% from $75.6 million in the same prior year period.

Working capital as at December 31, 2017 was $84.9 million, an increase of $14.2 million or 20%, compared to $70.7 million working capital as at March 31, 2017.

OPERATIONS AND DEVELOPMENT

(i)   Q3 Fiscal 2018 vs. Q3 Fiscal 2017

On a consolidated basis, the Company mined 252,284 tonnes of ore in Q3 Fiscal 2018, comparable to 252,784 tonnes in Q3 Fiscal 2017.  Ore milled were 256,037 tonnes, compared to 263,339 tonnes of ore milled in Q3 Fiscal 2017.

In Q3 Fiscal 2018, the Company sold approximately 1.5 million ounces of silver, 700 ounces of gold, 15.8 million pounds of lead, and 6.4 million pounds of zinc, compared to 1.7 million ounces of silver, 700 ounces of gold, 19.5 million pounds of lead, and 5.7 million pounds of zinc, respectively, in Q3 Fiscal 2017.  Sales from lead and zinc accounted for 54% of the total sales and amounted to $23.8 million, an increase of $0.3 million, compared to $23.5 million in the prior year quarter.  

The consolidated total mining costs and cash mining costs were $74.16 and $56.11 per tonne, compared to $67.12 and $47.52 per tonne, respectively, in Q3 Fiscal 2017.  The increase in cash mining costs were mainly due to: i) a $0.9 million increase in raw material supply costs, ii) a $0.4 million increase in mining preparation costs resulting from more underground tunnelling expensed in the current quarter, and iii) a $0.5 million increase in mining labor costs due to additional bonus accrued as per the Company's profit sharing plan in China.

The consolidated total milling costs and cash milling costs in Q3 Fiscal 2018 were $13.45 and $11.31 per tonne, compared to $12.40 and $10.32 per tonne, respectively, in Q3 Fiscal 2017. The increase in cash milling costs were mainly due to $0.2 million increase in raw material supply costs.

The consolidated total production costs and cash costs per ounce of silver, net of by-product credits, were negative $3.04 and negative $5.92 compared to negative $2.50 and negative $5.48 respectively, in the prior year quarter.  The overall decrease in cash cost per ounce of silver, net of by-product credits, is mainly due to a 1% increase in by-product credits, mainly arising from 8% and 37% increase in lead and zinc net realized selling prices.

The consolidated all-in sustaining costs per ounce of silver, net of by-product credits, is $3.16 compared to $1.87 in Q3 Fiscal 2017. 

(ii)  Nine months ended December 31, 2017 vs Nine months ended December 31, 2016

For the nine months ended December 31, 2017, approximately 4.7 million ounces of silver, 2,400 ounces of gold, 48.6 million pounds of lead, and 17.0 million pounds of zinc were sold compared to 5.2 million ounces of silver, 2,600 ounces of gold, 56.1 million of lead, and 16.8 million pounds of zinc sold in the same prior year period.

The consolidated total mining and cash mining costs were $71.07 and $53.17 per tonne, 6% and 16% increase compared to $66.79 and $45.92 per tonne in the same prior year period while the consolidated total milling costs and cash milling costs were $12.81 and $10.55, comparable to $12.86 and $10.62 per tonne in the same prior year period.

The consolidated cash production costs and all-in sustaining costs per ounce of silver, net of by-product credits, were negative $4.97 and $3.35 compared to negative $2.95 and $3.96, respectively, in the same prior year period.

1. Ying Mining District, Henan Province, China

Operational results - Ying Mining District


Q3 2018

Q2 2018

Q1 2018

Q4 2017

Q3 2017


Nine months ended December 31,


 December 31, 2017 

 September 30, 2017 

 June 30, 2017 

 March 31, 2017 

 December 31, 2016 


2017

2016

Ore Mined (tonne)  

166,619

173,294

160,408

112,755

171,303


500,321

524,005

Ore Milled (tonne)  

167,543

173,946

164,959

108,051

182,259


506,448

530,160

Head Grades  










Silver (gram/tonne) 

315

294

304

298

303


304

305


Lead (%) 

4.5

4.3

4.6

4.8

4.8


4.5

4.7


Zinc (%) 

1.0

0.8

0.8

0.8

0.8


0.9

1.0

Recoveries 










Silver (%)  

95.8

95.6

95.8

96.6

95.1


95.7

95.4


Lead (%) 

96.4

96.2

96.3

95.6

96.7


96.3

96.4


Zinc (%) 

57.3

50.7

45.8

46.2

47.5


51.7

46.0

Metal Sales  










Silver (in thousands of ounces) 

1,322

1,472

1,324

1,255

1,555


4,118

4,675


Gold (in thousands of ounces) 

0.7

0.8

0.9

0.7

0.7


2.4

2.6


Lead (in thousands of pounds) 

13,487

15,279

13,765

13,520

17,269


42,531

49,898


Zinc (in thousands of pounds) 

2,006

2,269

755

1,033

1,210


5,030

4,815

Cash mining cost ($ per tonne)  

66.71

59.67

54.78

49.99

55.21


60.45

52.18

Total mining cost ($ per tonne)  

90.12

81.20

76.67

53.50

80.53


82.72

78.46

Cash milling cost ($ per tonne)  

9.84

8.50

8.07

10.43

9.09


8.80

9.31

Total milling cost ($ per tonne)  

11.87

10.45

10.10

13.60

11.03


10.80

11.35

Cash production cost ($ per tonne) 

80.60

71.85

66.93

64.34

68.22


73.18

65.35










Cash cost per ounce of silver ($) 

(4.53)

(4.27)

(2.97)

(3.73)

(4.60)


(4.03)

(2.50)

All-in sustaining cost per ounce of silver ($) 

2.13

1.08

3.66

0.74

1.34


2.25

3.11

 

(i)   Q3 Fiscal 2018 vs. Q3 Fiscal 2017

In Q3 Fiscal 2018, the total ore mined at the Ying Mining District was 166,619 tonnes, a decrease of 3% or 4,684 tonnes, compared to 171,303 tonnes mined in the prior year quarter. Correspondingly, ore milled in Q3 Fiscal 2018 decreased by 8% to 167,543 tonnes from 182,259 tonnes in the prior year quarter.

Head grades were 315 grams per ton ("g/t") for silver, 4.5% for lead, and 1.0% for zinc, compared to 303 g/t for silver, 4.8% for lead and 0.8% for zinc in the prior year quarter. The Company continues to achieve improvements in dilution control using its "Enterprise Blog" to assist manage daily operations.   

Metals sold were approximately 1.3 million ounces silver, 13.5 million pounds lead, and 2.0 million pounds zinc, compared to 1.6 million ounces silver, 17.3 million pounds lead, and 1.2 million pounds of zinc in the prior year quarter. The decrease of silver and lead sold was mainly due to silver-lead concentrate inventory built up.

Silver-lead concentrate inventories were 6,200 tonnes containing approximately 0.7 million ounces of silver and 6.8 million pounds of lead, an increase of 33% or 1,544 tonnes, compared to 4,656 tonnes silver-lead concentrate inventories held as at December 31, 2016.

Total and cash mining costs per tonne at the Ying Mining District in Q3 Fiscal 2018 were $90.12 and $66.71 per tonne, respectively, compared to $80.53 and $55.21 per tonne in the prior year quarter. The increase in cash mining costs were mainly due to: i) a $0.9 million increase in raw material supply costs, and ii) a $0.4 million increase in mining labor costs due to additional bonus accrued as per the Company's profit sharing plan in China.

Total and cash milling costs per tonne at the Ying Mining District in Q3 Fiscal 2018 were $11.87 and $9.84, compared to $11.03 and $9.09 in Q3 Fiscal 2017. The increase in cash milling costs was mainly due to a 15% increase in per tonne raw material supply costs.

Cash cost per ounce of silver, net of by-product credits, in Q3 Fiscal 2018 at the Ying Mining District, was negative $4.53, comparable to negative $4.60 in the prior year quarter.

All in sustaining costs per ounce of silver, net of by-product credits, in Q3 Fiscal 2018 at the Ying Mining District was $2.13 compared to $1.34 in the prior year quarter.

Approximately 25,109 m or $0.4 million of underground diamond drilling (Fiscal Q3 2017 – 36,756 m or $0.6 million) and 5,187 m or $1.6 million of preparation tunnelling (Fiscal Q3 2017 – 4,900 m or $1.4 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 16,326 m or $6.0 million of horizontal tunnel, raises and declines (Q3 Fiscal 2017 – 17,823 m or $5.5 million) were completed and capitalized.  

(ii)  Nine months ended December 31, 2017 vs Nine months ended December 31, 2016

For the nine months ended December 31, 2017, a total of 500,321 tonnes of ore were mined and 506,448 tonnes milled at the Ying Mining District, down by 5% and 4%, compared to 524,005 tonnes mined and 530,160 tonnes milled in the same prior year period.

Average head grades were 304 g/t for silver, 4.5% for lead, and 0.9% for zinc compared to 305 g/t for silver, 4.7% for lead, and 1.0% for zinc, respectively, in the same prior year period.

Metals sold were approximately 4.1 million ounces of silver, 2,400 ounces of gold, 42.5 million pounds of lead, and 5.0 million pounds of zinc, compared to 4.7 million ounces of silver, 2,600 ounces of gold, 49.9 million pounds of lead, and 4.8 million pounds of zinc in prior year period.

The cash mining costs was $60.45 per tonne, an increase of 16% compared to $52.18 in the same prior year period. The increase was mainly due to more underground drilling and tunneling being expensed as mining preparation costs as well as the increase of raw material supply prices. The cash milling cost was $8.80 per tonne, a decrease of 5% compared to $9.31 in the same prior year period.

Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, were negative $4.03 and $2.25 respectively, compared to negative $2.50 and $3.11 in the same prior year period.

Approximately 86,007 m or $1.7 million of underground diamond drilling (same prior year period – 71,794 m or $1.7 million) and 16,914 or $4.9 million of preparation tunnelling (same prior year period – 15,069 m or $4.2 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 52,174 m or $16.2 million of horizontal tunnel, raises, and declines (same prior year period – 50,500 m or $15.2 million) were completed and capitalized.

2. GC Mine, Guangdong Province, China

Operational results - GC Mine

Q3 2018

Q2 2018

Q1 2018

Q4 2017

Q3 2017


Nine months ended December 31,


December 31, 2017

September 30, 2017

June 30, 2017

March 31, 2017

December 31, 2016


2017

2016

Ore Mined (tonne)  

85,665

65,812

64,865

40,224

81,481


216,341

220,522

Ore Milled (tonne)  

88,494

63,648

65,944

39,929

81,080


218,086

220,767

Head Grades  










Silver (gram/tonne) 

97

102

98

91

89


99

94


Lead (%) 

1.4

1.4

1.6

1.3

1.4


1.5

1.5


Zinc (%) 

2.8

2.8

2.7

2.6

2.8


2.8

2.9

Recovery Rates 










Silver (%)  

73.6

74.4

81.2

72.8

75.4


76.1

76.2


Lead (%) 

83.9

82.8

88.8

82.4

85.5


85.2

86.3


Zinc (%) 

81.3

81.6

80.9

74.8

86.5


81.2

86.3

Metal Sales  










Silver (in thousands of ounces) 

196

155

189

53

179


540

511


Lead (in thousands of pounds) 

2,263

1,656

2,147

818

2,214


6,066

6,237


Zinc (in thousands of pounds) 

4,399

3,311

4,244

455

4,478


11,954

11,991

Cash mining cost ($ per tonne)  

35.48

34.60

39.20

37.91

31.34


36.33

31.04

Total mining cost ($ per tonne)  

43.10

42.62

46.99

45.37

38.90


44.12

39.05

Cash milling cost ($ per tonne)  

14.09

14.63

16.73

20.06

13.09


14.60

13.76

Total milling cost ($ per tonne)  

16.45

17.90

19.85

24.99

15.50


17.46

16.47

Cash production cost ($ per tonne) 

49.57

49.23

55.93

57.97

44.43


50.93

44.80










Cash cost per ounce of silver ($) 

(15.34)

(13.56)

(7.80)

(1.72)

(13.11)


(12.19)

(7.15)

All-in sustaining cost per ounce of silver ($) 

(4.52)

(3.77)

(2.48)

14.55

(6.12)


(3.59)

(1.29)

 

(i)   Q3 Fiscal 2018 vs. Q3 Fiscal 2017

In Q3 Fiscal 2018, the total ore mined at the GC Mine was 85,665 tonnes, an increase of 4,184 tonnes or 5%, compared to 81,481 tonnes mined in Q3 Fiscal 2017, while ore milled increased by 9% to 88,494 tonnes from 81,080 tonnes in the prior year quarter.

Head grades were 97 g/t for silver, 1.4% for lead, and 2.8% for zinc compared to 89 g/t for silver, 1.4% for lead, and 2.8% for zinc in the prior year quarter. 

The GC Mine sold 196 thousand ounces of silver, 2.3 million pounds of lead, 4.4 million pounds of zinc, compared to 179 thousand ounces of silver, 2.2 million pounds of lead, and 4.5 million pounds of zinc sold in the prior year quarter.  

Total and cash mining costs per tonne at the GC Mine in Q3 Fiscal 2018 were $43.10 and $35.48 per tonne, compared to $38.90 and $31.34 per tonne in Q3 Fiscal 2017. The increase in cash mining costs was mainly due to: i) a $0.2 million increase in mining preparation costs resulting from more underground drilling expensed in the current quarter, and ii) a $0.2 million increase in mining contractor fees.

Total and cash milling costs per tonne at the GC Mine in Q3 Fiscal 2018 were $16.45 and $14.09, compared to $15.50 and $13.09, respectively, in Q3 Fiscal 2017. The increase in milling costs was mainly due to a $0.2 million increase in raw material supply costs.

Correspondingly, the cash production costs per tonne of ore processed in Q3 Fiscal 2018 at the GC Mine increased to $49.57 from $44.43 in the prior year quarter. 

Cash costs per ounce of silver, net of by-product credits, at the GC Mine, was negative $15.34 compared to negative $13.11 in the prior year quarter. The improvement was mainly due to a $1.4 million or 23% increase in by-product credits resulting from a 12% and 37% increase in net realized lead and zinc selling prices at the GC Mine.

All in sustaining costs per ounce of silver, net of by-product credits, in Q3 Fiscal 2018 at the GC Mine was negative $4.52 compared to negative $6.12 in the prior year quarter.

Approximately 7,770 m or $0.4 million of underground diamond drilling (Q3 Fiscal 2017 – 3,935 m or $0.2 million) and 5,053 m or $1.2 million of tunnelling (Q3 Fiscal 2017 – 4,640 m or $1.3 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 17 m or $0.1 million of horizontal tunnel, raises and declines (Q3 Fiscal 2017 – 554 m or $0.3 million) were completed and capitalized.  

(ii)  Nine months ended December 31, 2017 vs Nine months ended December 31, 2016

For the nine months ended December 31, 2017, a total of 216,341 tonnes of ore were mined and 218,086 tonnes were milled at the GC Mine compared to 220,522 tonnes mined and 220,767 tonnes milled in the same prior year period.

Average head grades were 99 g/t for silver, 1.5% for lead, and 2.8% for zinc compared to 94 g/t for silver, 1.5% for lead, and 2.9% for zinc, respectively, in the same prior year period.  

Metals sold were 540 thousand ounces of silver, 6.1 million pounds of lead, and 12.0 million pounds of zinc, compared to 511 thousand ounces of silver, 6.2 million pounds of lead, and 12.0 million pounds of zinc in the same prior year period.  

The cash mining costs at the GC Mine was $36.33 per tonne, an increase of 17% compared to $31.04 per tonne in the same prior year period. The increase in cash mining costs was mainly due to a $0.9 million increase in mining preparation costs as more underground drilling and tunnelling was expensed in the current period.

The cash milling costs was $14.60 per tonne, an increase of 6% compared to $13.76 in the same prior year period.  

Cash costs per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, were negative $12.19 and negative $3.59 respectively, compared to negative $7.15 and $1.29 in the same prior year period. The improvement is mainly due to higher by-product credits achieved arising from a 12% and 37% increase, respectively, in lead and zinc realized selling prices.

Approximately 18,253 m or $0.9 million of underground diamond drilling (same prior year period – 9,489 m or $0.6 million) and 14,285 m or $3.8 million of tunnelling (same prior year period – 11,976 m or $3.2 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 280 m or $0.2 million of horizontal tunnel, raise, and declines (same prior year period – 1,685 m or $0.7 million) were completed and capitalized.

FISCAL 2019 PRODUCTION AND CASH COST GUIDANCE


Ore processed

Silver

Lead

Zinc



(tonnes)

(g/t)

(%)

(%)


Ying Mining District

630,000

285

4.3

0.9


GC Mine

250,000

98

1.6

3.0









 Silver

 Lead

 Zinc

 Cash cost*

 AISC*


 (Moz)

 (Mlbs)

 (Mlbs)

 ($/t)

 ($/t)

Ying Mining District

5.4

56.1

6.2

75.4

123.7

GC Mine

0.6

7.5

13.6

57.2

75.5

Consolidated

6.0

63.6

19.8

70.2

122.2

(*) Both AISC and cash cost are non-IFRS measures.  AISC refers to all-in sustaining cost per tonne of ore processed. Cash cost refers to cash production costs per tonne of ore processed. Foreign exchange rates assumptions used are: US$1 = CAD$1.25, US$1 = RMB¥6.50.

 

In Fiscal 2019, the Company expects to process approximately 880,000 tonnes of ore, yielding 6.0 million ounces of silver, 63.6 million pounds of lead, and 19.8 million pounds of zinc. Fiscal 2019 production guidance represents an increase of approximately 4% in silver production, 1% in lead production, and 8% in zinc production compared to the prior year's guidance released on February 2, 2017.

1. Ying Mining District, Henan Province, China

In Fiscal 2019, Ying Mining District plans to mine and process 630,000 tonnes of ore averaging 285 g/t silver, 4.3% lead, and 0.9% zinc with expected metal production of 5.4 million ounces of silver, 56.1 million pounds of lead, and 6.2 million pounds of zinc. Fiscal 2019 production guidance at the Ying Mining District represents an increase of approximately 4% in silver head grade and 2% in lead head grade compared to prior year's guidance. Metal production is comparable to prior year's guidance.

The cash production costs is expected to be $75.4 per tonne of ore, and the all-in sustaining costs is estimated at $123.7 per tonne of ore processed. 

Capital expenditures at the Ying Mining District in Fiscal 2019 are budgeted at $31.8 million, including $23.2 million for mine tunnelling and ramp development and $8.6 million for equipment and infrastructure.   

2. GC Mine, Guangdong Province, China

In Fiscal 2019, GC Mine plans to mine and process 250,000 tonnes of ore averaging 98 g/t silver, 1.6% lead, and 3.0% zinc with expected metal production of 0.6 million ounces of silver, 7.5 million pounds of lead and 13.6 million pounds of zinc. Fiscal 2019 represents an increase of approximately 50% in silver production, 6% in lead production, and 11% in zinc production.

The cash production costs is expected to be $57.2 per tonne of ore, and the all-in sustaining costs would be $57.2 per tonne of ore processed.   

Capital expenditures at GC Mine in Fiscal 2019 are budgeted at $3.0 million, including $1.7 million for mine tunnelling and ramp development and $1.3 million for equipment and infrastructure.  

Mr. JianZhao Yin, P.Geo., is the Qualified Person for Silvercorp under 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 at www.sedar.com and are also available on the Company's website at www.silvercorp.ca.  All figures are in United States dollars unless otherwise stated.

About Silvercorp

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. The Company's vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

Certain of the statements and information in this press 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. 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 or information.  Forward-looking statements or information 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; 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 or information 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 or information, 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 as per the requirements of the Sarbanes-Oxley Act; 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 or information. Forward-looking statements or information 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 or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended March 31, 2017 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 or information.  

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

SILVERCORP METALS INC.

Consolidated Statements of Financial Position

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








As at December 31,


As at March 31,



2017


2017

ASSETS





Current Assets






Cash and cash equivalents


$

66,274


$

73,003


Short-term investments 


46,986


23,466


Trade and other receivables


1,205


1,311


Inventories


13,631


8,710


Due from a related party


25


92


Prepaids and deposits


3,972


4,250



132,093


110,832

Non-current Assets






Long-term prepaids and deposits


962


959


Reclamation deposits


5,363


5,054


Investment in an associate


33,902


8,517


Other investments


6,800


1,207


Plant and equipment 


68,814


65,201


Mineral rights and properties


223,935


206,200

TOTAL ASSETS


$

471,869


$

397,970






LIABILITIES AND EQUITY





Current Liabilities






Accounts payable and accrued liabilities 


$

34,799


$

30,374


Deposits received


7,351


6,798


Income tax payable


5,037


2,985



47,187


40,157

Non-current Liabilities






Deferred income tax liabilities


31,516


27,692


Environmental rehabilitation


13,215


12,186

Total Liabilities


91,918


80,035






Equity






Share capital


230,844


232,155


Share option reserve


14,343


13,325


Reserves


25,409


25,409


Accumulated other comprehensive loss


(32,164)


(50,419)


Retained earnings


74,089


42,651

Total equity attributable to the equity holders of the Company

312,521


263,121






Non-controlling interests


67,430


54,814

Total Equity


379,951


317,935






TOTAL LIABILITIES AND EQUITY


$

471,869


$

397,970

 

SILVERCORP METALS INC.

Consolidated Statements of Income

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








Three Months Ended December 31,


Nine Months Ended December 31,



2017

2016


2017

2016








Sales


$

44,352

$

47,838


$

131,590

$

129,407

Cost of sales








Production costs


15,553

14,921


45,839

42,863


Mineral resource taxes


1,255

1,361


3,683

2,802


Depreciation and amortization


4,378

5,178


13,291

15,861



21,186

21,460


62,813

61,526

Gross profit


23,166

26,378


68,777

67,881








General and administrative


4,915

3,950


13,958

12,462

Government fees and other taxes


902

1,050


2,433

3,476

Foreign exchange (gain) loss


(236)

(444)


2,490

(536)

Loss on disposal of plant and equipment


148

392


324

457

Gain on disposal of NSR


-

-


(4,320)

-

Share of loss (income) in associate


142

126


511

(160)

Dilution gain on investment in associate


(822)

-


(822)

-

Reclassification of other comprehensive loss upon ownership dilution







of investment in associate


18

-


18

-

Impairment of plant and equipment and mineral rights and properties


-

-


-

181

Other income


(1,560)

(201)


(1,867)

(324)

Income from operations


19,659

21,505


56,052

52,325








Finance income


822

647


2,046

1,615

Finance costs


(112)

(161)


(329)

(685)

Income before income taxes


20,369

21,991


57,769

53,255








Income tax expense


4,302

5,353


13,586

14,091

Net income


$

16,067

$

16,638


$

44,183

$

39,164








Attributable to:








Equity holders of the Company


$

12,718

$

13,115


$

34,800

$

30,167


Non-controlling interests                                                           


3,349

3,523


9,383

8,997



$

16,067

$

16,638


$

44,183

$

39,164








Earnings per share attributable to the equity holders of the Company







Basic earnings per share


$

0.08

$

0.08


$

0.21

$

0.18

Diluted earnings per share


$

0.07

$

0.08


$

0.20

$

0.18

Weighted Average Number of Shares Outstanding - Basic


168,077,624

167,192,640


168,003,035

167,048,582

Weighted Average Number of Shares Outstanding - Diluted


169,782,024

171,284,390


169,992,421

171,115,860

 

SILVERCORP METALS INC.

Consolidated Statements of Cash Flow

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






Three Months Ended December 31,


Nine Months Ended December 31,


2017

2016


2017

2016

Cash provided by






Operating activities







Net income

$

16,067

$

16,638


$

44,183

$

39,164


Add (deduct) items not affecting cash:








Finance costs

112

161


329

685



Depreciation, amortization and depletion

4,683

5,463


14,176

16,812



Share of loss (income) in associate

142

126


511

(160)



Dilution gain on investment in associate

(822)

-


(822)

-



Reclassification of other comprehensive loss upon ownership dilution








of investment in associate

18

-


18

-



Gain on disposal of NSR

-

-


(4,320)

-



Impairment of plant and equipment and mineral rights and properties

-

-


-

181



Income tax expense

4,302

5,353


13,586

14,091



Finance income

(822)

(647)


(2,046)

(1,615)



Loss on disposal of plant and equipment

148

392


324

457



Share-based compensation

458

214


1,144

654


Income taxes paid

(2,065)

(1,115)


(9,647)

(4,030)


Interest received

822

647


2,046

1,615


Interest paid

-

(853)


-

(954)


Changes in non-cash operating working capital 

4,431

1,955


5,598

8,656

Net cash provided by operating activities

27,474

28,334


65,080

75,556







Investing activities







Mineral rights and properties








Capital expenditures

(5,705)

(14,897)


(16,638)

(25,605)


Plant and equipment








Additions

(1,724)

(1,433)


(4,455)

(4,556)



Proceeds on disposals

-

19


19

51


Other investments








Acquisition

-

(782)


-

(782)



Proceeds on disposals

-

-


-

33


Reclamation 

(17)

(1,775)


(36)

(2,160)


Investment in associate

(3,836)

-


(23,861)

-


Net purchases of short-term investments

10,422

(5,542)


(21,345)

(11,518)

Net cash used in investing activities

(860)

(24,410)


(66,316)

(44,537)







Financing activities







Non-controlling interests








Distribution

-

-


(4,891)

(1,460)


Cash dividends distributed

(1,683)

(1,585)


(3,362)

(1,585)


Proceeds from issuance of common shares

174

192


342

489


Common shares repurchased as part of normal course issuer bid

(1,779)

-


(1,779)

-

Net cash used in financing activities

(3,288)

(1,393)


(9,690)

(2,556)







Effect of exchange rate changes on cash and cash equivalents

1,579

(2,041)


4,197

(3,452)







Increase (decrease) in cash and cash equivalents

24,905

490


(6,729)

25,011







Cash and cash equivalents, beginning of the period

41,369

66,484


73,003

41,963

Cash and cash equivalents, end of the period

$

66,274

$

66,974


$

66,274

$

66,974

 

SILVERCORP METALS INC.

Mining Data

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








 Three months ended December 31, 2017 




Ying Mining District1

GC2

 Total 







 Production Data 





 Mine Data 






Ore Mined (tonne)  

166,619

85,665

252,284



Ore Milled (tonne) 

167,543

88,494

256,037








 + 

Mining cost per tonne of ore mined ($) 

90.12

43.10

74.16




Cash mining cost per tonne of ore mined ($) 

66.71

35.48

56.11




Non cash mining cost per tonne of ore mined ($) 

23.41

7.62

18.05








 + 

Unit shipping costs ($) 

4.05

-

2.69








 + 

Milling cost per tonne of ore milled ($)  

11.87

16.45

13.45




Cash milling cost per tonne of ore milled ($)  

9.84

14.09

11.31




Non cash milling cost per tonne of ore milled ($) 

2.03

2.36

2.14








 + 

Average Production Cost 







Silver ($ per ounce)  

5.64

5.91

5.86




Gold ($ per ounce) 

380

-

406




Lead ($ per pound)

0.44

0.58

0.47




Zinc ($ per pound) 

0.49

0.64

0.52




Other ($ per pound) 

0.45

-

0.01








 + 

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

(1.87)

(10.95)

(3.04)


 + 

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

(4.53)

(15.34)

(5.92)








 + 

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

2.13

(4.52)

3.16


 + 

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

2.97

(7.23)

3.50









Recovery Rates 







Silver (%)  

95.8

73.6

92.7




Lead (%) 

96.4

83.9

94.6




Zinc (%) 

57.3

81.3

71.7









Head Grades 







Silver(gram/tonne) 

315

97

240




Lead (%) 

4.5

1.4

3.4




Zinc (%) 

1.0

2.8

1.6








 Concentrate in stock  






Lead concentrate (tonne)  

6,200

34

6,234



Zinc concentate (tonne) 

230

60

290







 Sales Data  





 Metal Sales  






Silver (in thousands of ounces) 

1,322

196

1,518



Gold (in thousands of ounces) 

0.7

-

0.7



Lead (in thousands of pounds) 

13,487

2,263

15,750



Zinc (in thousands of pounds) 

2,006

4,399

6,405








 Metal Sales  






Silver (in thousands of $)  

17,718

2,088

19,806



Gold (in thousands of $)   

632

-

632



Lead (in thousands of $)  

14,045

2,378

16,423



Zinc (in thousands of $)  

2,337

5,048

7,385



Other (in thousands of $)  

100

6

106




34,832

9,520

44,352


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






Silver ($ per ounce)   

13.40

10.65

13.05



Gold ($ per ounce)  

903

-

903



Lead ($ per pound)  

1.04

1.05

1.04



Zinc ($ per pound)  

1.17

1.15

1.15

 1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. 

 2 GC Silver recovery rate consists of 52.5% from lead concentrates and 21.1% 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 December 31, 2016




Ying Mining District1

GC2

Total







Production Data





Mine Data






Ore Mined (tonne)

171,303

81,481

252,784



Ore Milled(tonne)

182,259

81,080

263,339








+

Mining cost per tonne of ore mined ($)

80.53

38.90

67.12




Cash mining cost per tonne of ore mined ($) 

55.21

31.34

47.52




Non cash mining cost per tonne of ore mined ($)

25.32

7.56

19.60








+

Unit shipping costs ($)

3.92

-

2.67








+

Milling cost per tonne of ore milled ($) 

11.03

15.50

12.40




Cash milling cost per tonne of ore milled ($) 

9.09

13.09

10.32




Non cash milling cost per tonne of ore milled ($)

1.94

2.41

2.08








+

Average Production Cost







Silver ($ per ounce)

5.41

5.68

5.67




Gold ($ per ounce)

401

-

434




Lead ($ per pound)

0.37

0.55

0.40




Zinc ($ per pound)

0.32

0.49

0.35




Other ($ per pound)

-

3.99

2.88








+

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

(1.81)

(8.45)

(2.50)


+

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

(4.60)

(13.11)

(5.48)








+

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

1.34

(6.12)

1.87


+

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

1.46

(4.77)

2.12









Recovery Rates







Silver (%)

95.1

75.4

92.8




Lead(%)

96.7

85.5

95.4




Zinc(%)

47.5

86.5

70.9









Head Grades







Silver (gram/tonne)

303

89

237




Lead (%)

4.8

1.4

3.7




Zinc (%)

0.8

2.8

1.5








Concentrate in stock 






Lead concentrate (tonne) 

4,656

10

4,666



Zinc concentate (tonne)

670

29

699







Sales Data 





Metal Sales 






Silver (in thousands of ounces)

1,555

179

1,734



Gold (in thousands of ounces)

0.7

-

0.7



Lead (in thousands of pounds)

17,269

2,214

19,483



Zinc (in thousands of pounds)

1,210

4,478

5,688



Other (in thousands of pounds)

-

28

28








Metal Sales 






Silver(in thousands of $)

21,664

1,746

23,410



Gold (in thousands of $)  

723

-

723



Lead (in thousands of $) 

16,658

2,085

18,743



Zinc (in thousands of $) 

995

3,775

4,770



Other (in thousands of $) 

-

192

192




40,040

7,798

47,838


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






Silver ($ per ounce) 

13.93

9.75

13.50



Gold ($ per ounce)

1,033

-

1,033



Lead ($ per pound)

0.96

0.94

0.96



Zinc ($ per pound)

0.82

0.84

0.84

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

2 GC Silver recovery rate consists of 51.0% from lead concentrates and 24.4% 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)








 Nine months ended December 31, 2017 




Ying Mining District1

GC2

 Consolidated 







 Production Data 





 Mine Data 






Ore Mined (tonne)  

500,321

216,341

716,662



Ore Milled (tonne) 

506,448

218,086

724,534








 + 

Mining cost per tonne of ore mined ($) 

82.72

44.12

71.07




Cash mining cost per tonne of ore mined ($) 

60.45

36.33

53.17




Non cash mining cost per tonne of ore mined ($) 

22.27

7.79

17.90








 + 

Unit shipping costs ($) 

3.93

-

2.75








 + 

Milling cost per tonne of ore milled ($)  

10.80

17.46

12.81




Cash milling cost per tonne of ore milled ($)  

8.80

14.60

10.55




Non cash milling cost per tonne of ore milled ($) 

2.00

2.86

2.26








 + 

Average Production Cost 







Silver ($ per ounce)  

5.74

6.35

6.04




Gold ($ per ounce) 

424

-

458




Lead ($ per pound) 

0.41

0.59

0.44




Zinc ($ per pound) 

0.46

0.63

0.48




Other ($ per pound) 

0.39

0.01

0.02








 + 

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

(1.40)

(7.60)

(2.12)


 + 

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

(4.03)

(12.19)

(4.97)








 + 

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

2.25

(3.59)

3.35


 + 

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

2.69

(3.53)

3.75









Recovery Rates 







Silver (%)  

95.7

76.1

93.3




Lead (%) 

96.3

85.2

94.9




Zinc (%) 

51.7

81.2

68.9









Head Grades 







Silver (gram/tonne) 

304

99

242




Lead (%) 

4.5

1.5

3.6




Zinc (%) 

0.9

2.8

1.4








 Concentrate in stock  






Lead concentrate (tonne)  

6,200

34

6,234



Zinc concentate (tonne) 

230

60

290







 Sales Data  





 Metal Sales  






Silver (in thousands of ounces) 

4,118

540

4,658



Gold (in thousands of ounces) 

2.4

-

2.4



Lead (in thousands of pounds) 

42,531

6,066

48,597



Zinc (in thousands of pounds) 

5,030

11,954

16,984



Other (in thousands of pounds) 

524

16,190

16,714








 Metal Sales  






Silver (in thousands of $)  

56,850

5,735

62,585



Gold (in thousands of $)   

2,448

-

2,448



Lead (in thousands of $)  

41,728

5,948

47,676



Zinc (in thousands of $)  

5,604

12,548

18,152



Other (in thousands of $)  

495

234

729




107,125

24,465

131,590


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






Silver ($ per ounce)   

13.81

10.62

13.44



Gold ($ per ounce)  

1,020

-

1,020



Lead ($ per pound)  

0.98

0.98

0.98



Zinc ($ per pound)  

1.11

1.05

1.07

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. 

2 GC Silver recovery rate consists of 55.4% from lead concentrates and 20.7% 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)








Nine months ended December 31, 2016




Ying Mining District1

GC2

Total







Production Data





Mine Data






Ore Mined (tonne)

524,005

220,522

744,527



Ore Milled (tonne)

530,160

220,767

750,927








+

Mining cost per tonne of ore mined ($)

78.46

39.05

66.79




Cash mining cost per tonne of ore mined ($) 

52.18

31.04

45.92




Non cash mining cost per tonne of ore mined ($)

26.28

8.01

20.87








+

Unit shipping costs ($)

3.86

-

2.72








+

Milling cost per tonne of ore milled ($) 

11.35

16.47

12.86




Cash milling cost per tonne of ore milled ($) 

9.31

13.76

10.62




Non cash milling cost per tonne of ore milled ($)

2.04

2.71

2.24








+

Average Production Cost







Silver ($ per ounce) 

5.93

6.70

6.23




Gold ($ per ounce)

434

-

468




Lead ($ per pound)

0.33

0.49

0.35




Zinc ($ per pound)

0.29

0.46

0.32




Other ($ per pound)

-

0.02

0.02








+

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

0.39

(2.52)

0.10


+

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

(2.50)

(7.15)

(2.95)








+

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

3.11

(1.29)

3.96


+

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

3.81

(0.63)

4.65









Recovery Rates







Silver (%) 

95.4

76.2

93.2




Lead (%)

96.4

86.3

95.2




Zinc (%)

46.0

86.3

68.0









Head Grades







Silver (gram/tonne)

305

94

243




Lead(%)

4.7

1.5

3.7




Zinc (%)

1.0

2.9

1.5








Concentrate in stock 






Lead concentrate (tonne) 

4,656

10

4,666



Zinc concentrate (tonne)

670

29

699







Sales Data 





Metal Sales 






Silver (in thousands of ounces)

4,675

511

5,186



Gold (in thousands of ounces)

2.6

-

2.6



Lead (in thousands of pounds)

49,898

6,237

56,135



Zinc (in thousands of pounds)

4,815

11,991

16,806



Other (in thousands of pound)

-

8,579

8,579








Metal Sales 






Silver (in thousands of $)

65,953

5,268

71,221



Gold (in thousands of $)  

2,682

-

2,682



Lead (in thousands of $) 

38,723

4,656

43,379



Zinc (in thousands of $) 

3,308

8,514

11,822



Other (in thousands of $) 

-

303

303




110,666

18,741

129,407


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






Silver ($ per ounce) 

14.11

10.31

13.73



Gold ($ per ounce)

1,032

-

1,032



Lead ($ per pound)

0.78

0.75

0.77



Zinc ($ per pound)

0.69

0.71

0.70

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

2 GC Silver recovery rate consists of 54.2% from lead concentrates and 22.0% 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. 

 

SOURCE Silvercorp Metals Inc

Copyright CNW Group 2018

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