Trading Symbol:
TSX: SVM
NYSE: SVM
VANCOUVER, May 21, 2015 /PRNewswire/ - Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE:
SVM) today reported its financial and operating results for the
fourth quarter and fiscal year ended March
31, 2015 ("Fiscal 2015").
The Company is pleased that management enhancements and
operational improvements enacted in Fiscal 2015 to address the
lower commodity price environment have favourably impacted all
aspects of operations, with improvements in head grade and mining
tonnage, resulting in improved cash flow and adjusted net income.
FISCAL YEAR 2015 HIGHLIGHTS
- Silver sales of 5.1 million ounces, lead sales of 51.5 million
pounds and zinc sales of 15.9 million pounds, up 33%, 39%, and 89%
from the prior year;
- Silver and lead head grades at the Ying Mining District
improved 16% and 24% compared to the prior year period;
- Sales of $128.5 million, up 19%
from the prior year;
- Gross margin of 43% compared with 45% in the prior year,
relatively steady despite a 13% decline in the average selling
price of silver from the prior year;
- Cash flow from operations up 50.0% to $54.1 million, or $0.32 per share, compared to $36.1 million or $0.21 per share in the prior year period;
- Adjusted net income attributable to equity shareholders of
$15.2 million, or $0.09 per share, compared to adjusted net income
attributable to equity shareholders of $7.6
million, or $0.04 per share in
the prior year period;
- Cash cost per ounce of silver, net of by-product credits, of
$0.22, compared to $2.16 in the prior year;
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $11.75, compared to
$16.33 in the prior year;
- General and administrative costs decreased by 16% to
$20.6 million compared to
$24.4 million in the prior year;
and
- GC mine obtained its safety production permit and ramped up to
commercial production, producing 204,925 tonnes of ore with metal
sales of 501,000 ounces of silver, 4.8 million pounds of lead, and
9.4 million pounds of zinc; and,
- Ended the fiscal year with $69.5
million in cash and short term investments.
FOURTH QUARTER HIGHLIGHTS
- Silver sales of 0.9 million ounces, an increase of 58% compared
to the same prior year period;
- Lead sales of 9.2 million pounds and zinc sales of 2.5 million
pounds, up 78% and 188%, respectively, compared to the same prior
year period;
- Sales of $20.3 million, an
increase of 26% compared to the same prior year period;
- Gross margin of 26% down from 43%, impacted by the decline of
metal prices and the inclusion of lower profit margin operations at
the GC mine;
- Cash flow from operations of $4.8
million, or $0.03 per share
;
- Adjusted net loss of $0.2
million, or $0.00 per
share;
- Cash cost per ounce of silver, net of by-product credits, of
$0.89; and,
- All in sustaining cost per ounce of silver, net of by-product
credits, of $13.37.
FINANCIALS
1. Fiscal 2015 vs.
Fiscal 2014
For the year ended March 31, 2015,
net loss in Fiscal 2015 was $108.7
million compared to $48.4
million in Fiscal 2014. Net loss in the current fiscal
year includes non-cash impairment charges of $130.3 million, which reduced the carrying value
of the GC mine and XHP project to reflect lower metal prices.
Net loss attributable to equity holders of the Company was
$103.1 million, or $0.60 per share compared to $41.0 million, or $0.24 per share in Fiscal 2014. Excluding
the non-cash impairment charges, adjusted net income attributable
to shareholders was $15.2 million, or
$0.09 per share, compared to
$7.6 million, or $0.04 per share, in Fiscal 2014. Adjusted
net income acts as a supplemental financial measure that provides a
more complete assessment of the Company's operations for the
year.
In the current fiscal year, the Company's financial results were
mainly impacted by the following: (i) increase in silver, lead, and
zinc production of 33%, 39%, and 89%, respectively, compared to the
prior fiscal year, (ii) increased metal sales of $20.1 million, or 19%, compared to the prior
fiscal year, of which $16.1 million
was added from the new commercial production at the GC mine, (iii)
a 16% decrease in general and administrative spending compared to
the prior year, (iv) lower metal prices, as the realized selling
price for silver and lead at the Ying Mining District dropped by
11% and 4%, respectively, and (v) lower gold production and sales,
as the BYP mine was placed on care and maintenance in the current
year.
In Fiscal 2015, the Company realized sales of $128.5 million compared to $108.4 million in Fiscal 2014.
Cost of sales in Fiscal 2015 was $73.7
million compared to $60.0
million in Fiscal 2014 and included cash costs of
$53.0 million compared to
$47.9 million in Fiscal 2014.
The 23% increase in cost of sales is mainly due to 28% increase in
ore production along with a 43% increase in per tonne non cash
production cost to include GC mine's production results. Per tonne
cash production cost in Fiscal 2015 was $65.91 compared to $65.59 per tonne cash production cost in Fiscal
2014.
In Fiscal 2015, the gross profit margin was 43% compared to 45%
in Fiscal 2014. The inclusion of the 5% gross profit margin from GC
mine reduced the average gross profit margin. Ying Mining
District's gross profit margin achieved 48% in the current year.
The decrease in overall gross profit margin was also due to lower
realized metal prices for silver and increased per tonne production
costs.
The non-cash impairment charge of $130.3
million recognized in Fiscal 2015, of which $101.0 million related to the GC mine and
$29.4 million related to the XHP
project, was based on the discounted cash flows for each of the two
properties. The discounted cash flows used estimated silver prices
of $16.43 per ounce in 2015,
increasing to $18.75 per ounce from
2016 to 2019 and long-term silver prices of $20.24 from 2020 onwards. The discount
rates used for the GC Mine and the XHP Project were 13.5% and 15%
respectively, which reflects the weighted average cost of capital
of a market participant, adjusted for asset specific risks, in
particular the size, stage of development, and the commodity for
each property.
Cash flow from operations in Fiscal 2015 was $54.1 million or $0.32 per share, compared to $36.1million, or $0.21 per share, in Fiscal 2014. The
Company ended the fiscal year with $69.5
million in cash, cash equivalents and short-term
investments.
2. Q4 Fiscal 2015
vs. Q4 Fiscal 2014
For the quarter ended March 31,
2015 ("Q4 Fiscal 2015"), net loss was $130.1 million compared to $4.7 million in the three months ended
March 31, 2014 ("Q4 Fiscal
2014"). Net loss in the current quarter includes a
$130.3 million non-cash impairment
charges on the carrying value of mineral rights and properties,
plant at GC mine and XHP project to reflect lower metal prices.
Net loss attributable to equity holders of the Company was
$118.5 million or $0.69 per share compared to $4.5 million or $0.03 per share in the quarter ended March 31, 2014 ("Q4 Fiscal 2014").
Excluding the non-cash impairment charges, adjusted net loss
attributable to the equity holders in the quarter was $0.2 million or $0.00 per share (Q4 Fiscal 2014 - adjusted net
income of $1.1 million, or
$0.01 per share).
The loss incurred in the current quarter was mainly due to: (i)
a 16% decrease in the realized price for silver, from $16.13 in Q4 Fiscal 2014 to $13.48 in Q4 Fiscal 2015 in the Ying Mining
District, (ii) higher mining and milling costs in the fourth
quarter resulting from the allocation of fixed costs, to a reduced
tonnage of ore mined and milled in the fourth quarter, (iii)
reduced tonnage of ore mined due to the Chinese New Year which results in mine operations
of only two months in the quarter; (iv) reduced tonnage at the SGX
mine as a result of work interruptions related to the non-renewal
of a contract with a one of eight mining contractors, and,
iv) a $0.7 million write down
of inventories at the GC mine.
In Q4 Fiscal 2015, the Company realized sales of $20.3 million compared to $16.1 million in the same quarter last year. The
increase in sales was mainly due to the increase of metals produced
offset by the decline of metal prices.
Cost of sales in Q4 Fiscal 2015 was $15.0
million compared to $9.2
million in Q4 Fiscal 2014. The cost of sales included
$8.2 million (Q4 Fiscal 2014 -
$7.8 million) cash costs,
$6.1 million (Q4 Fiscal 2014 -
$1.4 million) depreciation,
amortization and depletion charges, and a $0.7 million write down of inventories at the GC
mine (Q4 Fiscal 2014 - $nil). The increase in cost of sales
is mainly due to a 43% increase in ore production along with higher
per tonne production costs arising from i) higher cash mining cost
at the Ying Ming District as more in-stope drilling and higher cost
re-suing mining methods were used to achieve better grade control,
and ii) the inclusion of GC mine's production results. Benefiting
from the improved head grades, cash cost per ounce of silver at the
Ying Ming District reduced to $1.58
in Q4 Fiscal 2015 compared to $2.82
in Q4 Fiscal 2014.
The gross profit margin in Q4 Fiscal 2015 was 26%, compared to
43% in Q4 Fiscal 2014, and the decrease was mainly due to the
decrease of metal prices and the inclusion of lower gross profit
margins from the GC mine operations.
Cash flow from operations in Q4 Fiscal 2015 was $4.8 million or $0.03 per share, compared to $3.1 million, or $0.02 per share, in Q4 Fiscal 2014.
OPERATIONS AND DEVELOPMENT
1. Fiscal 2015 vs.
Fiscal 2014
In Fiscal 2015, on a consolidated basis, the Company sold 5.1
million ounces of silver, 5,900 ounces of gold, 51.5 million pounds
of lead and 15.9 million pounds of zinc, compared to 3.9 million
ounces of silver, 11,124 ounces of gold, 37.2 million pounds of
lead and 8.4 million pounds of zinc in Fiscal 2014.
Ying Mining District, Henan
Province, China
Operational
results - Ying Mining District
|
|
|
|
|
|
|
|
|
|
Q4
2015
|
Q3
2015
|
Q2
2015
|
Q1
2015
|
Q4
2014
|
|
Fiscal
2015*
|
Fiscal
2014
|
|
31/Mar/15
|
31/Dec/14
|
30/Sep/14
|
30/Jun/14
|
31/Mar/14
|
|
31/Mar/15
|
31/Mar/14
|
Ore Mined
(tonne)
|
112,327
|
175,782
|
197,135
|
173,485
|
90,057
|
|
658,729
|
625,266
|
Ore Milled
(tonne)
|
99,478
|
187,154
|
190,831
|
169,480
|
91,272
|
|
646,943
|
634,493
|
Metal
Sales
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounce)
|
822
|
1,421
|
1,251
|
1,126
|
582
|
|
4,620
|
3,850
|
|
Gold (in thousands
of ounce)
|
0.6
|
0.9
|
0.8
|
0.8
|
0.4
|
|
3.2
|
3.5
|
|
Lead (in thousands
of pound)
|
8,312
|
14,168
|
12,665
|
11,529
|
5,165
|
|
46,675
|
36,562
|
|
Zinc (in thousands
of pound)
|
875
|
2,531
|
1,944
|
1,211
|
883
|
|
6,561
|
7,580
|
Head
Grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
268
|
253
|
223
|
227
|
216
|
|
240
|
207
|
|
Lead
(%)
|
3.7
|
3.6
|
3.3
|
3.3
|
2.7
|
|
3.5
|
2.8
|
|
Zinc
(%)
|
0.8
|
1.0
|
0.7
|
0.7
|
0.6
|
|
0.8
|
0.8
|
Recoveries
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
94.8
|
94.7
|
94.4
|
93.6
|
92.9
|
|
94.4
|
92.7
|
|
Lead
(%)
|
95.3
|
95.9
|
95.2
|
95.8
|
95.3
|
|
95.6
|
95.0
|
|
Zinc
(%)
|
52.4
|
66.8
|
56.7
|
56.8
|
62.4
|
|
59.7
|
66.9
|
Cash mining cost
($ per tonne)
|
53.25
|
57.79
|
43.62
|
46.96
|
49.04
|
|
49.92
|
50.73
|
Total mining cost
($ per tonne)
|
74.84
|
73.28
|
55.41
|
58.35
|
60.85
|
|
64.27
|
61.33
|
Cash milling cost
($ per tonne)
|
16.20
|
13.63
|
12.77
|
12.16
|
15.08
|
|
13.39
|
14.14
|
Total milling cost
($ per tonne)
|
20.09
|
15.77
|
14.85
|
14.48
|
19.93
|
|
15.83
|
16.63
|
Cash Cost per Ounce
of Silver ($)
|
1.58
|
0.83
|
(0.16)
|
0.46
|
2.82
|
|
0.61
|
2.16
|
|
|
|
|
|
|
|
|
|
Total Production Cost
per Ounce of Silver ($)
|
5.96
|
3.48
|
2.35
|
2.92
|
5.86
|
|
3.48
|
4.68
|
* Annual figures may
not add due to rounding
|
|
|
|
|
|
|
|
|
In Fiscal 2015, the total ore mined at the Ying Mining District
was 658,729 tonnes, an increase of 5% compared to total ore
production of 625,266 tonnes in Fiscal 2014. Silver and lead head
grades improved by 16% and 24%, respectively, to 240 gram per tonne
("g/t") for silver and 3.5% for lead from 207 g/t for silver and
2.8% for lead in Fiscal 2014.
In Fiscal 2015, the Ying Mining District sold 4.6 million ounces
of silver, 3,200 ounces of gold, 46.7 million pounds of lead, and
6.6 million pounds of zinc, compared to 3.9 million ounces of
silver, 3,527 ounces of gold, 36.6 million pounds of lead, and 7.6
million pounds of zinc in Fiscal 2014. The increase in metals sold
is mainly due to the higher ore output and improved head grades in
Fiscal 2015.
Total and cash mining costs per tonne were $64.27 and $49.92,
respectively, compared to $61.33 and
$50.73, respectively, in Fiscal 2014.
The overall decrease in cash mining costs per tonne was a result of
the improvement in dilution and cost control.
In Fiscal 2015, total ore milled at Ying Mining District was
646,943 tonnes, an increase of 2% compared to 634,493 tonnes in
Fiscal 2014. Cash milling costs were $13.39 per tonne of ore milled compared to
$14.14 in Fiscal 2014. The decrease
in per tonne milling costs is due to higher tonnage processed and
better cost control.
During the year, the Company completed approximately 78,018
metres ("m") of horizontal tunnels, raises and declines and 63,880
m diamond drilling. Excluding the capitalization of the
mineral right fee of $17.4 million
related to the renewal of SGX mine for another ten years, total
capitalized exploration and development expenditures for the Ying
Mining District were $30.4 million
compared to $30.4 million in Fiscal
2014.
GC Mine, Guangdong Province,
China
|
Year ended March
31, 2015
|
Production results
- GC Mine
|
Commercial
production
|
Commercial
|
Pre-commercial
production
|
Total
|
|
Q4 2015
31/Mar/15
|
Q3 2015
31/Dec/14
|
Q2 2015
30/Sep/14
|
production
sub-total
|
Q1 2015
30/Jun/14
|
production
in Fiscal
2015
|
Ore Mined
(tonne)
|
46,111
|
87,916
|
70,898
|
204,925
|
48,396
|
253,321
|
Ore Milled
(tonne)
|
46,100
|
90,287
|
69,144
|
205,531
|
55,784
|
261,315
|
|
|
|
|
|
|
|
Total mining
cost ($ per tonne)
|
132.41
|
55.20
|
51.69
|
71.34
|
|
|
|
Cash mining
cost ($ per tonne)
|
86.35
|
33.11
|
29.25
|
43.75
|
|
|
|
Non cash
mining ($ per tonne)
|
46.06
|
22.09
|
22.44
|
27.59
|
|
|
|
|
|
|
|
|
|
Total milling
cost ($ per tonne)
|
58.58
|
19.88
|
22.81
|
29.54
|
|
|
|
Cash milling
cost ($ per tonne)
|
42.70
|
15.82
|
17.59
|
22.44
|
|
|
|
Non cash milling
cost ($ per tonne)
|
15.88
|
4.06
|
5.22
|
7.10
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
107
|
104
|
107
|
106
|
110
|
107
|
|
Lead
(%)
|
1.2
|
1.3
|
1.4
|
1.3
|
1.4
|
1.3
|
|
Zinc
(%)
|
2.6
|
2.6
|
2.8
|
2.7
|
2.5
|
2.7
|
|
|
|
|
|
|
|
Recovery
|
|
|
|
|
|
|
|
Silver
(%)
|
76.1
|
75.9
|
79.4
|
76.9
|
76.3
|
76.8
|
|
Lead
(%)
|
84.9
|
85.9
|
88.1
|
86.4
|
85.4
|
86.2
|
|
Zinc
(%)
|
80.0
|
80.6
|
81.0
|
80.7
|
80.2
|
80.6
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of ounce)
|
99
|
251
|
151
|
501
|
145
|
646
|
|
Lead (in
thousands of pound)
|
867
|
2,500
|
1,428
|
4,795
|
1,461
|
6,256
|
|
Zinc (in
thousands of pound)
|
1,668
|
4,452
|
3,259
|
9,379
|
2,314
|
11,693
|
Total ore mined at GC mine in Fiscal 2015 was 253,321 tonnes, of
which 204,925 tonnes were mined since commercial production at a
total mining cost and a cash mining cost of $71.34 and $43.75,
respectively, while 48,396 tonnes were mined during the
pre-commercial period in the first quarter of fiscal
2015.
Total ore milled at GC mine in Fiscal 2015 was 261,315 tonnes,
of which 205,531 tonnes were milled after commercial production was
declared at a total milling cost and a cash milling cost of
$29.54 and $22.44, while 55,784 tonnes were milled during
the pre-commercial period in the first quarter of fiscal
2015. Higher mining and milling costs in the fourth quarter
resulted from the allocation of fixed costs to a reduced tonnage of
ore mined and milled in the fourth quarter due to the Chinese New Year, which reduced mine operations
to only two months during the quarter.
The head grades at GC mine were 107 g/t for silver, 1.3% for
lead, and 2.7% for Zinc while the recovery rates were 76.8% for
silver, 86.2% for lead, and 80.6% for zinc in Fiscal 2015. As
Fiscal 2015 was the first production year at GC mine, comparable
information was not available.
In Fiscal 2015, the Company sold 0.6 million ounces of silver,
6.3 million pounds of lead, and 11.7 pounds of zinc. Revenue
realized before commercial production was treated as a credit and
directly offset the development expenditures incurred at the GC
mine. Revenue contributed by GC mine since commercial production
commenced in July 2014 was
$16.1 million.
During the year, the Company completed approximately 12,970 m of
horizontal tunnels, raises and declines and 21,381 m of diamond
drilling. Total capitalized exploration and development
expenditures for the GC mine was $3.3
million compared to $15.9
million in Fiscal 2014.
BYP Mine, Hunan Province,
China
Certain capital upgrades are necessary at the BYP mine in order
to sustain ongoing production, however, in consideration of the
required expenditures and the current market environment, the
Company has decided to defer such capital investments until a later
time. As such, in August 2014, the
Company suspended mining activities and put the BYP mine into care
and maintenance. The BYP mine is not a core asset and the Company
is considering various strategic alternatives for this project.
In Fiscal 2015, the BYP mine processed 48,844 tonnes of ore
compared to 88,297 tonnes in the same prior year period. During the
same time periods, the Company sold 2,711 ounces of gold compared
to 7,416 ounces of gold in the prior year. Gold head grade was 2.7
g/t compared to 3.4 g/t in prior year.
2. Q4 Fiscal 2015
vs. Q4 Fiscal 2014
In Q4 Fiscal 2015, on a consolidated basis, the Company sold 0.9
million ounces of silver, 600 ounces of gold, 9.2 million pounds of
lead, and 2.5 million of zinc, compared to 0.6 million ounces of
silver, 2,300 ounce of gold, 5.2 million of lead, and 0.9 million
of zinc. The increase was mainly due to the improved dilution
controls at the Ying Mining District and higher metal production
contributed by the GC mine.
Ying Mining District, Henan
Province, China
In Q4 Fiscal 2015, the Company mined 112,327 tonnes of ore at
the Ying Mining District compared to 90,057 tonnes in Q4 Fiscal
2014. During the quarter, metals sold totaled 0.8 million
ounces of silver, 600 ounces of gold, 8.3 million pounds of lead
and 0.9 million pounds of zinc, compared to 0.6 million ounces of
silver, 461 ounces of gold, 5.2 million pounds of lead, and 0.9
million pounds of zinc in Q4 Fiscal 2014. The increase in
metals sold is mainly due to the higher ore output and improved
head grades in the current quarter.
Head grades were 268 grams per tonne ("g/t") for silver, 3.7%
for lead and 0.8% for zinc, compared to 216 g/t for silver, 2.7%
for lead and 0.6% for zinc in the same quarter last year,
benefiting from ongoing dilution and operation improvement in
Fiscal 2015.
During the quarter, the Company renewed mining contracts with
seven out of eight of its mining contractors for a further two-year
term and terminated one mining contractor upon the expiration of
its contract at the end of February, 2015. The Company
also entered into contracts with three new mining contractors to
replace the terminated contractor who previously worked out of
three portals at the SGX Mine. Regrettably, the changeover process
for the terminated contractor was slow as the Company and the
terminated contractor have had disagreements and protracted
negotiations regarding the final bill payment. The changeover
difficulties impacted March's production at the SGX mine and the
Ying Mining District by 40% and 15% respectively. At the end of
March 2015, the terminated contractor
departed from two of the three occupied portals, which subsequently
returned to normal operations. The Company is still negotiating for
the withdrawal from the last portal, and at this time, it does not
anticipate that this disruption will materially impact the
production guidance for fiscal 2016.
In Q4 Fiscal 2015, total and cash mining costs per tonne were
$74.84 and $53.25, respectively, compared to $60.85 and $49.04
in Q4 Fiscal 2014, respectively. The increase of cash
mining costs was due to using (i) more in-stope diamond drilling
and (ii) greater use of higher cost re-suing mining method to
achieve better grade and dilution control in the current
quarter.
In Q4 Fiscal 2015, a total of 99,478 tonnes of ore were milled
compared to 91,272 tonnes in Q4 Fiscal 2014. The cash milling
cost per tonne was $16.20 in Q4
Fiscal 2015 compared to $15.08 in Q4
Fiscal 2014.
Total and cash costs per ounce of silver in Q4 Fiscal 2015 for
the Ying Mining District were $5.96
and $1.58 respectively, compared to
$5.86 and $2.82, in Q4 Fiscal 2014, respectively.
GC Mine, Guangdong Province,
China
In Q4 2015, 46,111 tonnes of ore were mined at the GC mine at a
total mining cost and cash mining cost of $132.41 and $86.35,
respectively, while 46,100 tonnes of ore were milled at a total
milling cost and cash milling cost of $58.58 and $42.70.
The mining cost and milling cost per tonne in Q4 2015 was
substantial higher than the annual average cost because of the
allocation of fixed costs to a reduced tonnage of ore mined and
milled in the fourth quarter due to the Chinese New Year, which results in mine
operations of only two months in the quarter.
Head grades were 107 grams per tonne ("g/t") for silver, 1.2%
for lead and 2.6% for zinc with recovery rates of 76.1% for silver,
84.9% for lead, and 80.0% for zinc in Q4 2015. The head grades and
recovery rates are comparable to the annual average at the GC
mine.
Total and cash costs per ounce of silver in Q4 Fiscal 2015 for
the GC Mine were $21.19 and negative
$4.81 respectively.
Changes to Senior Management
Mr. Alex Zhang, M. Eng., M.Sci.,
P. Geo., has joined Silvercorp as Vice-President of
Exploration. Mr. Zhang has 20 years of experience and has
worked with Eldorado Gold, Afcan Mining, Sino Gold, and most recently with the Company's
affiliate, New Pacific Metals Corp. Mr. Zhang has supervised the
exploration activities of two major gold projects from exploration
through development to production, and brings a full range of
technical and managerial skills related to exploration and mining
projects. Mr. Zhang will also act as the Qualified Person for
Silvercorp under NI 43-101, replacing Ruijin Jiang who is retiring at the end of
June.
Mr. Luke Liu, M. Eng. PhD
(Mining Eng.), has joined Silvercorp as Vice President China
Operations. Mr. Liu has over 20 years mining industry
experience in Australia and
internationally, including China. He has held a diverse range
of technical and engineering positions in mining companies and
consulting firms and has demonstrated abilities running a modern
mining operation. Based out of the Beijing office, Mr. Liu's duties include
leading strategic mine planning, improving mine operation
processes, and ensuring that mining operations match or exceed
production goals and budgets.
Mr. Myles Gao, President,
Corporate Development and a director, will be resigning effective
May 31, 2015. The Company thanks Mr.
Gao for his contributions to the Company in his various capacities
during his 12 years of service with the Company and wishes him
continued success in his future plans.
Dividend Announcement
Silvercorp's Board of Directors has declared a quarterly
dividend of CAD$0.005 per share
(CAD$0.02 per share on an annual
basis) to be paid on or before July 21,
2015, to shareholders of record at the close of business on
June 30, 2015. The dividends are
considered eligible dividends for Canadian tax purposes.
Alex Zhang, P.Geo., Vice
President, Exploration, 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 is currently developing the
GC project in southern China which
it expects will become its next operating mine. 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, 2014 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
Balance Sheets
|
|
(Expressed in
thousands of U.S. dollars)
|
|
|
|
|
As at March
31,
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
60,179
|
|
$
|
60,614
|
|
Short-term
investments
|
9,343
|
|
12,864
|
|
Trade and other
receivables
|
1,278
|
|
4,004
|
|
Inventories
|
6,899
|
|
5,362
|
|
Due from related
parties
|
33
|
|
68
|
|
Prepaids and
deposits
|
5,745
|
|
6,165
|
|
83,477
|
|
89,077
|
Non-current
Assets
|
|
|
|
|
Long-term prepaids
and deposits
|
2,945
|
|
3,006
|
|
Reclamation
deposits
|
2,112
|
|
994
|
|
Investment in an
associate
|
3,449
|
|
3,715
|
|
Other
investments
|
892
|
|
2,393
|
|
Plant and
equipment
|
64,779
|
|
101,876
|
|
Mineral rights and
properties
|
214,792
|
|
266,258
|
TOTAL
ASSETS
|
$
|
372,446
|
|
$
|
467,319
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
21,768
|
|
$
|
23,802
|
|
Mine right fee
payable
|
4,292
|
|
-
|
|
Deposits
received
|
8,303
|
|
7,031
|
|
Dividends
payable
|
674
|
|
773
|
|
Income tax
payable
|
662
|
|
515
|
|
Due to related
parties
|
-
|
|
281
|
|
35,699
|
|
32,402
|
Non-current
Liabilities
|
|
|
|
|
Mine right fee
payable
|
9,746
|
|
-
|
|
Deferred income tax
liabilities
|
21,592
|
|
16,536
|
|
Environmental
rehabilitation
|
12,898
|
|
5,819
|
Total
Liabilities
|
79,935
|
|
54,757
|
|
|
|
|
Equity
|
|
|
|
|
Share
capital
|
233,513
|
|
233,513
|
|
Share option
reserve
|
11,741
|
|
10,492
|
|
Reserves
|
25,409
|
|
25,409
|
|
Accumulated other
comprehensive loss
|
(26,697)
|
|
(20,141)
|
|
(Deficit) Retained
earnings
|
(5,089)
|
|
100,993
|
Total equity
attributable to the equity holders of the Company
|
238,877
|
|
350,266
|
|
|
|
|
Non-controlling
interests
|
53,634
|
|
62,296
|
Total
Equity
|
292,511
|
|
412,562
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
372,446
|
|
$
|
467,319
|
SILVERCORP METALS
INC.
|
Consolidated
Statements of Income
|
(Expressed in
thousands of U.S. dollars, except for per share
figures)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Years Ended March
31,
|
|
2015
|
2014
|
|
2015
|
2014
|
|
|
|
|
|
|
Sales
|
$
|
20,269
|
$
|
16,135
|
|
$
|
128,465
|
$
|
108,400
|
Cost of
sales
|
15,046
|
9,190
|
|
73,747
|
59,996
|
Gross
profit
|
5,223
|
6,945
|
|
54,718
|
48,404
|
|
|
|
|
|
|
General and
administrative
|
4,370
|
3,531
|
|
20,603
|
24,424
|
Government fees and
other taxes
|
1,148
|
607
|
|
5,946
|
4,648
|
Foreign exchange
gain
|
(3,295)
|
(421)
|
|
(4,722)
|
(3,171)
|
(Gain) loss on
disposal of plant and equipment
|
112
|
10
|
|
(6)
|
154
|
Loss on disposal of
mineral rights and properties
|
-
|
4,295
|
|
-
|
4,476
|
Share of (gain) loss
in associate
|
(225)
|
(66)
|
|
(235)
|
87
|
Impairment on
associate
|
-
|
2,304
|
|
-
|
2,304
|
Impairment of plant
and equipment and mineral rights and properties
|
130,349
|
-
|
|
130,349
|
66,573
|
Loss on
investments
|
-
|
(19)
|
|
15
|
589
|
Other
income
|
(106)
|
(20)
|
|
(1,086)
|
(137)
|
Loss from
operations
|
(127,130)
|
(3,276)
|
|
(96,146)
|
(51,543)
|
|
|
|
|
|
|
Finance
income
|
117
|
232
|
|
841
|
3,185
|
Finance
costs
|
(244)
|
(33)
|
|
(468)
|
(132)
|
Loss before income
taxes
|
(127,257)
|
(3,077)
|
|
(95,773)
|
(48,490)
|
|
|
|
|
|
|
Income tax expense
(recovery)
|
2,812
|
1,600
|
|
12,967
|
(134)
|
Net
loss
|
$
|
(130,069)
|
$
|
(4,677)
|
|
$
|
(108,740)
|
$
|
(48,356)
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity holders of the
Company
|
$
|
(118,549)
|
$
|
(4,541)
|
|
$
|
(103,109)
|
$
|
(41,017)
|
|
Non-controlling
interests
|
(11,520)
|
(136)
|
|
(5,631)
|
(7,339)
|
|
$
|
(130,069)
|
$
|
(4,677)
|
|
$
|
(108,740)
|
$
|
(48,356)
|
|
|
|
|
|
|
Loss per share
attributable to the equity holders of the Company
|
|
|
|
|
|
Loss per share -
basic and diluted
|
$
|
(0.69)
|
$
|
(0.03)
|
|
$
|
(0.60)
|
$
|
(0.24)
|
Weighted Average
Number of Shares Outstanding
|
170,883,808
|
170,881,836
|
|
170,883,808
|
170,830,620
|
SILVERCORP METALS
INC.
|
Consolidated
Statements of Cash Flow
|
(Expressed in
thousands of U.S. dollars)
|
|
|
Three Months Ended
March 31,
|
|
Years Ended March
31,
|
|
2015
|
2014
|
|
2015
|
2014
|
Cash provided
by
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
|
|
Net loss
|
$
|
(130,069)
|
$
|
(4,677)
|
|
$
|
(108,740)
|
$
|
(48,356)
|
|
Add (deduct) items
not affecting cash:
|
|
|
|
|
|
|
|
Unwinding of discount
of environmental rehabilitation
|
39
|
33
|
|
148
|
132
|
|
|
Depreciation,
amortization and depletion
|
6,809
|
2,118
|
|
22,276
|
13,536
|
|
|
Share of (gain) loss
in associate
|
(225)
|
(66)
|
|
(235)
|
87
|
|
|
Impairment on
associate
|
-
|
2,304
|
|
-
|
2,304
|
|
|
Impairment of plant
and equipment and mineral rights and properties
|
130,349
|
-
|
|
130,349
|
66,573
|
|
|
Write down of
inventories
|
693
|
-
|
|
693
|
-
|
|
|
Income tax expense
(recovery)
|
2,812
|
1,600
|
|
12,967
|
(134)
|
|
|
Interest
income
|
|
|
|
(841)
|
(3,185)
|
|
|
Loss on
investments
|
-
|
(19)
|
|
15
|
589
|
|
|
(Gain) loss on
disposal of plant and equipment
|
112
|
10
|
|
(6)
|
154
|
|
|
Loss on disposal of
mineral rights and properties
|
-
|
4,295
|
|
-
|
4,476
|
|
|
Share-based
compensation
|
113
|
444
|
|
1,249
|
2,322
|
|
Income taxes
paid
|
(1,440)
|
(1,110)
|
|
(8,096)
|
(6,571)
|
|
Interest
received
|
|
|
|
841
|
3,185
|
|
Changes in non-cash
operating working capital
|
(4,366)
|
(1,824)
|
|
3,525
|
1,006
|
Net cash provided
by operating activities
|
4,827
|
3,108
|
|
54,145
|
36,118
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
Mineral rights and
properties
|
|
|
|
|
|
|
|
Capital
expenditures
|
(11,243)
|
(14,270)
|
|
(37,219)
|
(56,797)
|
|
|
Proceeds on
disposals
|
-
|
-
|
|
-
|
13,349
|
|
Plant and
equipment
|
|
|
|
|
|
|
|
Additions
|
(2,879)
|
(5,339)
|
|
(8,864)
|
(18,370)
|
|
|
Proceeds on
disposals
|
394
|
-
|
|
394
|
1,418
|
|
Reclamation deposit
paid
|
(794)
|
-
|
|
(794)
|
-
|
|
Net redemptions of
short-term investments
|
(5,474)
|
4,856
|
|
2,194
|
31,750
|
|
Deposit received for
sale of subsidiaries
|
-
|
-
|
|
-
|
8,160
|
Net cash used in
investing activities
|
(19,996)
|
(14,753)
|
|
(44,289)
|
(20,490)
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
Related
parties
|
|
|
|
|
|
|
|
Payments
made
|
-
|
-
|
|
-
|
(1,207)
|
|
Non-controlling
interests
|
|
|
|
|
|
|
|
Distribution
|
-
|
(1,353)
|
|
(3,214)
|
(6,521)
|
|
Cash dividends
distributed
|
(673)
|
(3,893)
|
|
(3,004)
|
(16,331)
|
|
Proceeds from
issuance of common shares
|
-
|
7
|
|
-
|
287
|
Net cash used in
financing activities
|
(673)
|
(5,239)
|
|
(6,218)
|
(23,772)
|
Effect of exchange
rate changes on cash and cash equivalents
|
(2,731)
|
(2,063)
|
|
(4,073)
|
(3,525)
|
|
|
|
|
|
|
Decrease in cash
and cash equivalents
|
(18,573)
|
(18,947)
|
|
(435)
|
(11,669)
|
Cash and cash
equivalents, beginning of the year
|
78,752
|
79,561
|
|
60,614
|
72,283
|
Cash and cash
equivalents, end of the year
|
$
|
60,179
|
$
|
60,614
|
|
$
|
60,179
|
$
|
60,614
|
SILVERCORP METALS
INC.
|
|
Mining
Data
|
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
|
|
|
Three months ended
March 31, 2015
|
|
|
|
Ying Mining
District1
|
BYP
|
GC
|
Total
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
112,327
|
-
|
46,111
|
158,438
|
|
|
Run of Mine
Ore (tonne)
|
99,478
|
-
|
46,100
|
145,578
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
74.84
|
-
|
132.41
|
91.59
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
53.25
|
-
|
86.35
|
62.88
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
21.59
|
-
|
46.06
|
28.71
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs($)
|
3.81
|
-
|
-
|
2.70
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
20.09
|
-
|
58.58
|
32.28
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
16.20
|
-
|
42.70
|
24.59
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
3.89
|
-
|
15.88
|
7.69
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
Silver($
per ounce)
|
8.41
|
-
|
15.17
|
9.61
|
|
|
|
Gold ($ per
ounce)
|
523
|
-
|
543
|
598
|
|
|
|
Lead
($ per pound)
|
0.39
|
-
|
0.81
|
0.45
|
|
|
|
Zinc ($ per
pound)
|
0.38
|
-
|
0.87
|
0.46
|
|
|
|
Sulphur ($
per pound)
|
-
|
-
|
0.03
|
0.02
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
5.96
|
-
|
21.19
|
7.59
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
1.58
|
-
|
(4.81)
|
0.89
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)2
|
6.10
|
-
|
48.33
|
13.37
|
|
+
|
All-in cost per
ounce of Silver ($)2
|
6.34
|
-
|
48.34
|
13.59
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
Silver
(%) 3
|
94.8
|
|
76.1
|
88.9
|
|
|
|
Gold
(%)
|
|
89.5
|
|
89.5
|
|
|
|
Lead
(%)
|
95.3
|
|
84.9
|
92.0
|
|
|
|
Zinc
(%)
|
52.4
|
|
80.0
|
61.1
|
|
|
|
Sulphur
(%)
|
|
|
22.5
|
22.5
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
268
|
|
107
|
217
|
|
|
|
Gold
(gram/tonne)
|
-
|
2.3
|
-
|
2.3
|
|
|
|
Lead
(%)
|
3.7
|
|
1.2
|
2.9
|
|
|
|
Zinc
(%)
|
0.8
|
|
2.6
|
1.4
|
|
|
|
Sulphur
(%)
|
-
|
|
8.9
|
8.9
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of ounce)
|
822
|
-
|
99
|
921
|
|
|
Gold (in
thousands of ounce)
|
0.6
|
-
|
-
|
0.6
|
|
|
Lead (in
thousands of pound)
|
8,312
|
-
|
867
|
9,179
|
|
|
Zinc (in
thousands of pound)
|
875
|
-
|
1,668
|
2,543
|
|
|
Sulphur (in
thousands of pound)
|
-
|
-
|
5,646
|
5,646
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
11,087
|
-
|
1,130
|
12,217
|
|
|
Gold (in
thousands of $)
|
535
|
-
|
9
|
544
|
|
|
Lead (in
thousands of $)
|
5,232
|
-
|
523
|
5,755
|
|
|
Zinc (in
thousands of $)
|
538
|
-
|
1,082
|
1,611
|
|
|
Sulphur (in
thousands of $)
|
-
|
-
|
142
|
142
|
|
|
|
17,392
|
-
|
2,886
|
20,269
|
|
Average Selling
Price,Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
Silver ($
per ounce)4
|
13.48
|
-
|
11.36
|
13.26
|
|
|
Gold ($ per
ounce)
|
838
|
-
|
407
|
825
|
|
|
Lead ($ per
pound)
|
0.63
|
-
|
0.60
|
0.63
|
|
|
Zinc ($ per
pound)
|
0.61
|
-
|
0.65
|
0.64
|
|
|
Sulphur ($
per pound)
|
-
|
-
|
0.03
|
0.03
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG&LM.
|
|
|
|
|
2 BYP gold
ounces converted to silver equivalent using a ratio of
50:1.
|
|
|
|
3 GC
silver recovery rate consist of 52.34% from lead concentrate and
23.77% from zinc concentrate.
|
|
4 GC's
silver sold in zinc concentrate is subjected to higher smelter and
refining charges, resulted in lower silver selling
price.
|
+Non-IFRS
measures
|
|
|
|
|
SILVERCORP METALS
INC.
|
Mining
Data
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
Three months ended
March 31,2014
|
|
|
|
Ying Mining
District1
|
X
Mines2
|
BYP
|
Total
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
90,057
|
-
|
|
20,791
|
110,848
|
|
|
Run of Mine
Ore (tonne)
|
91,272
|
-
|
*
|
18,675
|
109,947
|
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
60.85
|
-
|
|
33.62
|
55.74
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
49.04
|
-
|
|
22.29
|
44.02
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
11.81
|
-
|
|
11.33
|
11.72
|
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs($)
|
6.99
|
-
|
|
-
|
5.68
|
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
19.93
|
-
|
|
16.15
|
19.28
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
15.08
|
-
|
|
14.40
|
14.96
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
4.85
|
-
|
|
1.75
|
4.32
|
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
|
Silver ($
per ounce)
|
9.35
|
-
|
|
-
|
9.63
|
|
|
|
Gold ($ per
ounce)
|
534
|
-
|
|
736
|
595
|
|
|
|
Lead ($ per
pound)
|
0.44
|
-
|
|
-
|
0.45
|
|
|
|
Zinc ($ per
pound)
|
0.32
|
-
|
|
-
|
0.33
|
|
|
|
Sulphur ($
per pound)
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
5.86
|
-
|
|
|
5.86
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
2.82
|
-
|
|
|
2.82
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Gold ($)
|
|
|
|
736
|
736
|
|
+
|
Total cash cost
per ounce of Gold ($)
|
|
|
|
531
|
531
|
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)3
|
10.40
|
-
|
|
17.41
|
14.46
|
|
+
|
All-in cost per
ounce of Silver ($)3
|
12.90
|
-
|
|
2,180.00
|
21.70
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
Silver
(%)
|
92.9
|
-
|
|
|
92.9
|
|
|
|
Gold
(%)
|
|
|
|
93.7
|
93.7
|
|
|
|
Lead
(%)
|
95.3
|
-
|
|
|
95.3
|
|
|
|
Zinc
(%)
|
62.4
|
-
|
|
|
62.4
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
216
|
-
|
|
|
216
|
|
|
|
Gold
(gram/tonne)
|
|
|
|
3.5
|
3.5
|
|
|
|
Lead
(%)
|
2.7
|
-
|
|
|
2.7
|
|
|
|
Zinc
(%)
|
0.6
|
-
|
|
|
0.6
|
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
582
|
-
|
*
|
-
|
582
|
|
|
Gold (in
thousands of ounces)
|
0.4
|
-
|
*
|
1.9
|
2.3
|
|
|
Lead (in
thousands of pounds)
|
5,165
|
-
|
*
|
-
|
5,165
|
|
|
Zinc (in
thousands of pounds)
|
883
|
-
|
*
|
-
|
883
|
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
9,389
|
-
|
|
-
|
9,389
|
|
|
Gold (in
thousands of $)
|
425
|
-
|
|
1,918
|
2,343
|
|
|
Lead (in
thousands of $)
|
3,921
|
-
|
|
-
|
3,921
|
|
|
Zinc (in
thousands of $)
|
482
|
-
|
|
-
|
482
|
|
|
|
14,217
|
-
|
|
1,918
|
16,135
|
|
Average Selling
Price,Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
|
Silver ($
per ounce)
|
16.13
|
-
|
|
-
|
16.13
|
|
|
Gold ($ per
ounce)
|
921
|
-
|
|
1,016
|
997
|
|
|
Lead ($ per
pound)
|
0.76
|
-
|
|
-
|
0.76
|
|
|
Zinc ($ per
pound)
|
0.55
|
-
|
|
-
|
0.55
|
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG&LM.
|
|
|
|
|
|
2 X Mines
includes the XBG project and XHP project.
|
|
|
|
|
|
3 BYP gold
ounces converted to silver equivalent using a ratio of
50:1.
|
|
|
|
|
* Represents
development tunnelling ore at the X mines.
|
|
|
|
|
|
+Non-IFRS
measures
|
|
|
|
|
|
SILVERCORP METALS
INC.
|
Mining
Data
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
Year ended March
31, 2015
|
|
|
|
Ying Mining
District1
|
BYP2
|
GC3
|
Total
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
658,729
|
46,547
|
204,925
|
910,201
|
|
|
Ore Milled
(tonne)
|
646,943
|
48,844
|
205,531
|
901,318
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
64.27
|
30.55
|
71.34
|
64.13
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
49.92
|
22.92
|
43.75
|
47.15
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
14.35
|
7.63
|
27.59
|
16.98
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs($)
|
4.66
|
-
|
-
|
3.37
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
15.83
|
13.40
|
29.54
|
18.82
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
13.39
|
12.31
|
22.44
|
15.39
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
2.44
|
1.09
|
7.10
|
3.43
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
Silver ($
per ounce)
|
7.69
|
-
|
10.76
|
8.34
|
|
|
|
Gold ($ per
ounce)
|
433
|
564
|
535
|
530
|
|
|
|
Lead ($ per
pound)
|
0.38
|
-
|
0.67
|
0.43
|
|
|
|
Zinc ($ per
pound)
|
0.35
|
-
|
0.66
|
0.40
|
|
|
|
Other ($
per pound)
|
-
|
-
|
0.01
|
0.01
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
3.48
|
|
9.64
|
4.08
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
0.61
|
|
(3.32)
|
0.22
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Gold ($)
|
|
565
|
|
565
|
|
+
|
Total cash cost
per ounce of Gold ($)
|
|
454
|
|
454
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)2
|
8.39
|
28.58
|
19.03
|
11.75
|
|
+
|
All-in cost per
ounce of Silver ($)2
|
13.56
|
29.08
|
21.01
|
16.50
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
Silver
(%)
|
94.4
|
-
|
76.9
|
90.2
|
|
|
|
Gold
(%)
|
-
|
89.1
|
-
|
89.1
|
|
|
|
Lead
(%)
|
95.6
|
-
|
86.4
|
93.4
|
|
|
|
Zinc
(%)
|
59.7
|
-
|
80.7
|
64.7
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
240
|
|
106
|
208
|
|
|
|
Gold
(gram/tonne)
|
-
|
2.7
|
-
|
2.7
|
|
|
|
Lead
(%)
|
3.5
|
|
1.3
|
3.0
|
|
|
|
Zinc
(%)
|
0.8
|
|
2.7
|
1.2
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of ounce)
|
4,620
|
-
|
501
|
5,121
|
|
|
Gold (in
thousands of ounce)
|
3.2
|
2.7
|
-
|
5.9
|
|
|
Lead (in
thousands of pound)
|
46,675
|
-
|
4,795
|
51,470
|
|
|
Zinc (in
thousands of pound)
|
6,561
|
-
|
9,379
|
15,940
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
68,685
|
-
|
5,699
|
74,384
|
|
|
Gold (in
thousands of $)
|
2,656
|
2,775
|
19
|
5,450
|
|
|
Lead (in
thousands of $)
|
33,861
|
-
|
3,389
|
37,250
|
|
|
Zinc (in
thousands of $)
|
4,435
|
-
|
6,536
|
10,971
|
|
|
Other (in
thousands of $)
|
-
|
-
|
410
|
410
|
|
|
|
109,637
|
2,775
|
16,053
|
128,465
|
|
Average Selling
Price, Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
|
Silver ($
per ounce)
|
14.87
|
-
|
11.37
|
14.52
|
|
|
Gold ($ per
ounce)
|
838
|
1,024
|
566
|
921
|
|
|
Lead ($ per
pound)
|
0.73
|
-
|
0.71
|
0.70
|
|
|
Zinc ($ per
pound)
|
0.68
|
-
|
0.70
|
0.69
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG, LM, PCG,and
HZG.
|
|
|
|
2 BYP gold
ounces converted to silver equivalent using a ratio of 50:1 and BYP
was placed on care and maintenance during the year.
|
3
Pre-commercial production results at GC mine excluded from this
table
|
|
|
|
GC silver recovery rate
consist of 53.63% from lead concentrate and 23.3% from zinc
concentrate.
|
|
|
GC's silver sold in zinc concentrate is subjected to higher smelter
and refining charges, resulted in lower net silver selling
price.
|
+ Non-IFRS
measures
|
|
|
|
|
SILVERCORP METALS
INC.
|
Mining
Data
|
(Expressed in
thousands of U.S. dollars, except for mining data
figures)
|
|
|
|
|
Year ended March
31, 2014
|
|
|
|
Ying
Mining
District1
|
X
Mines2
|
BYP
|
Total
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
Mine
Data
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
625,266
|
-
|
|
88,210
|
713,476
|
|
|
Ore Milled
(tonne)
|
634,493
|
10,425
|
*
|
88,297
|
733,215
|
|
|
|
|
|
|
|
|
|
+
|
Mining cost per
tonne of ore mined ($)
|
61.33
|
-
|
|
44.48
|
59.25
|
|
|
|
Cash mining cost
per tonne of ore mined ($)
|
50.73
|
-
|
|
23.20
|
47.33
|
|
|
|
Non cash mining
cost per tonne of ore mined ($)
|
10.60
|
-
|
|
21.28
|
11.92
|
|
|
|
|
|
|
|
|
|
+
|
Unit shipping
costs($)
|
4.72
|
-
|
|
-
|
4.13
|
|
|
|
|
|
|
|
|
|
+
|
Milling cost per
tonne of ore milled ($)
|
16.63
|
-
|
|
15.51
|
16.49
|
|
|
|
Cash milling cost
per tonne of ore milled ($)
|
14.14
|
-
|
|
14.12
|
14.13
|
|
|
|
Non cash milling
cost per tonne of ore milled ($)
|
2.49
|
-
|
|
1.39
|
2.36
|
|
|
|
|
|
|
|
|
|
+
|
Average Production
Cost
|
|
|
|
|
|
|
|
|
Silver ($
per ounce)
|
9.00
|
-
|
|
-
|
9.27
|
|
|
|
Gold ($ per
ounce)
|
508
|
-
|
|
803
|
569
|
|
|
|
Lead ($ per
pound)
|
0.41
|
-
|
|
-
|
0.42
|
|
|
|
Zinc ($ per
pound)
|
0.33
|
-
|
|
0.41
|
0.34
|
|
|
|
Sulphur ($
per pound)
|
-
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Silver ($)
|
4.68
|
-
|
|
|
4.68
|
|
+
|
Total cash cost
per ounce of Silver ($)
|
2.16
|
-
|
|
|
2.16
|
|
|
|
|
|
|
|
|
|
+
|
Total production
cost per ounce of Gold ($)
|
|
|
|
798
|
798
|
|
+
|
Total cash cost
per ounce of Gold ($)
|
|
|
|
488
|
488
|
|
|
|
|
|
|
|
|
|
+
|
All-in sustaining
cost per ounce of Silver ($)3
|
12.34
|
-
|
|
22.13
|
16.33
|
|
+
|
All-in cost per
ounce of Silver ($)3
|
15.65
|
-
|
|
23.61
|
24.57
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
Silver
(%)
|
92.7
|
-
|
|
|
92.7
|
|
|
|
Gold
(%)
|
|
|
|
92.8
|
92.8
|
|
|
|
Lead
(%)
|
95.0
|
-
|
|
|
95.0
|
|
|
|
Zinc
(%)
|
66.9
|
-
|
|
|
66.9
|
|
|
|
|
|
|
|
|
|
|
Head
grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
207
|
-
|
|
|
207
|
|
|
|
Gold
(gram/tonne)
|
|
|
|
3.4
|
3.4
|
|
|
|
Lead
(%)
|
2.8
|
-
|
|
|
2.8
|
|
|
|
Zinc
(%)
|
0.8
|
-
|
|
|
0.8
|
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
3,850
|
12
|
*
|
-
|
3,862
|
|
|
Gold (in
thousands of ounces)
|
3.5
|
0.2
|
*
|
7.4
|
11.1
|
|
|
Lead (in
thousands of pounds)
|
36,562
|
590
|
*
|
-
|
37,152
|
|
|
Zinc (in
thousands of pounds)
|
7,580
|
584
|
*
|
282
|
8,446
|
|
|
|
|
|
|
|
|
|
Metal
Sales
|
|
|
|
|
|
|
|
Silver (in
thousands of $)
|
64,453
|
-
|
|
-
|
64,453
|
|
|
Gold (in
thousands of $)
|
3,334
|
-
|
|
7,909
|
11,243
|
|
|
Lead (in
thousands of $)
|
27,927
|
-
|
|
-
|
27,927
|
|
|
Zinc (in
thousands of $)
|
4,623
|
-
|
|
154
|
4,777
|
|
|
|
100,337
|
-
|
|
8,063
|
108,400
|
|
Average Selling
Price,Net of Value Added Tax and Smelter Charges
|
|
|
|
|
|
|
Silver ($
per ounce)
|
16.74
|
-
|
|
-
|
16.74
|
|
|
Gold ($ per
ounce)
|
945
|
-
|
|
1,066
|
1,027
|
|
|
Lead ($ per
pound)
|
0.76
|
-
|
|
-
|
0.76
|
|
|
Zinc ($ per
pound)
|
0.61
|
-
|
|
0.55
|
0.61
|
|
|
|
|
|
|
|
|
1 Ying
Mining District includes mines: SGX, TLP, HPG&LM.
|
|
|
|
|
|
2 X Mines
includes the XBG project and XHP project.
|
|
|
|
|
|
3 BYP gold
ounces converted to silver equivalent using a ratio of
50:1.
|
|
|
|
|
* Represents
development tunnelling ore at the X mines.
|
|
|
|
|
|
+Non-IFRS
measures
|
|
|
|
|
|
SOURCE Silvercorp Metals Inc