Silvercorp Reports Adjusted Net Income of $11.7 Million, $0.07 per Share, and Cash Flow from Operations of $28.8 Million for Q2 Fiscal 2024

时间:2023-11-10

Trading Symbol:        TSX: SVM
NYSE AMERICAN: SVM

 

VANCOUVER, British Columbia – November 9, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports its financial and operating results for the three months ended September 30, 2023 (“Q2 Fiscal 2024”). All amounts are expressed in US dollars, and figures may not add due to rounding.
 

HIGHLIGHTS FOR Q2 FISCAL 2024

  • Mined 273,465 tonnes of ore, milled 261,107 tonnes of ore, and produced approximately 2,458 ounces of gold, 1.6 million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 16.1 million pounds of lead and 4.6 million pounds of zinc;
  • Sold approximately 2,515 ounces of gold, 1.6 million ounces of silver, 15.2 million pounds of lead, and 4.6 million pounds of zinc, for revenue of $54.0 million;
  • Reported net income attributable to equity shareholders of $11.1 million, or $0.06 per share;
  • Realized adjusted earnings attributable to equity shareholders of $11.7 million, or $0.07 per share;
  • Generated cash flow from operating activities of $28.8 million;
  • Cash costs per ounce of silver, net of by-product credits, of negative $1.00;
  • All-in sustaining costs per ounce of silver, net of by-product credits, of $11.50;
  • Spent and capitalized $2.0 million on exploration drilling, $10.6 million on underground development, and $2.5 million on equipment and facilities, including $1.7 million on construction of the new tailings storage facility;
  • Invested an additional $5.0 million in New Pacific Metals Corp. (TSX: NUAG) (“NUAG”), an associate of the Company;
  • Entered into a binding agreement to acquire all fully paid ordinary shares of OreCorp Limited (ASX: ORR) (“OreCorp”) and thereby its Nyanzaga gold project in Tanzania, and in conjunction therewith invested $18.5 million (A$28.0 million) in OreCorp to finance continued development. The acquisition has been approved by the Tanzanian government and is subject to final OreCorp shareholder approval expected in early December 2023;
  • Spent $0.6 million to buy back 196,554 common shares of the Company under its Normal Course Issuer Bid; and
  • Strong balance sheet with $189.1 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 $124.0 million as at September 30, 2023.