Silvermet Reports 2017 Q1 Results
SILVERMET REPORTS 2017 Q1 RESULTS
Toronto, May 26, 2017: Silvermet Inc. (“Silvermet” or the “Company”) (TSXV: SYI) is pleased to announce
financial and operating results for Q1, 2017.
HIGHLIGHTS
• The Iskenderun plant’s capacity utilization was 100% in Q1, 2017 compared to 38% in Q1, 2016.
• Higher plant utilization and zinc prices resulted in an increase in Silvermet’s equity income to $2,621,687
in Q1, 2017 from $209,908 in Q1, 2016, and net income in Q1, 2017 of $2,672,806 ($0.019/share)
compared to $81,862 ($0.001/share) in Q1, 2016.
• In 2017 Silvermet received $3.7 million from the BST joint venture in the form of dividends. Silvermet’s
current cash balance is $3.5 million.
• As outlined in the news release dated April 24, 2017, work on the proposed combination with Global Atomic
Fuels Corporation (“Global Atomic”) continues:
• Silvermet’s board has given management the mandate to proceed with due diligence related to
the proposed merger of Silvermet with Global Atomic and take any steps regarding such activities
necessary under stock exchange and/or securities rules and regulations.
• Global Atomic has retained the services of independent mining industry consultants to update its
NI 43-101 mineral resource estimate. The technical report is now completed.
• Management expects to announce the proposed deal structure and exchange ratio in late June.
• Silvermet will hold its special meeting of shareholders in September 2017 to consider the proposed
combination. As a result, the annual general meeting of shareholders has been postponed to
coincide with the special meeting.
About Silvermet:
Silvermet’s major investment is a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) joint venture, which
operates a Waelz kiln facility located in Iskenderun, Turkey through its wholly -owned subsidiary, Befesa
Silvermet Iskenderun Celik Tozu Geri Donusumu A.S. (“BSI”). BSI acquires electric arc furnace dust (“EAFD”)
from steel mills and recycles the EAFD through its Waelz kiln to produce a high- grade zinc oxide concentrate
which is sold to zinc smelters throughout the world.
Shares Outstanding: 142,104,716
Additional Information:
Stephen G. Roman Ian D. Atacan
Chairman, President & CEO Chief Financial Officer
[email protected] [email protected]
www.silvermet.ca
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable
securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those implied by the forward- looking information. Factors that may cause actual results to vary
include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political
instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the ri sks of obtaining
necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised
additional financing. Readers are cautioned not to place undue reliance on this forward- looking information. The Company does not
assume the obligation to revise or update this forward- looking information after the date of this release or to revise such information to
reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of this release.
8 King Street East, Suite 1700
Toronto, Ontario, Canada M5C 1B5
Telephone: (416) 203-8336
Facsimile: (416) 368-5146