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2
Sales in Q1 Fiscal 2019 were $45.1 million, up 14% compared to $39.7 million in the prior year quarter.
Silver and gold sales represented $19.8 million and $0.7 million, respectively, while base metals
represented $24.6 million of total sales compared to silver, gold and base metals sales of $20.2 million,
$1.0 million, and $18.6 million, respectively, in the prior year quarter.
The Company’s financial results in Q1 Fiscal 2019 were mainly impacted by the following: i) an increase of
2%, 34%, and 23% in the net realized selling price for silver, lead, and zinc, respectively; ii) slightly less
silver and lead sold; and iii) an 8% increase in consolidated cash production costs per tonne of ore
processed.
As at June 30, 2018, inventories of silver‐lead concentrate were 5,650 tonnes (containing approximately
0.5 million ounces of silver and 6.2 million pounds of lead), an increase of 39% and 37%, respectively,
compared to 4,070 tonnes and 4,111 tonnes of silver‐lead concentrate inventories as at March 31, 2018
and June 30, 2017, respectively.
Cost of sales in Q1 Fiscal 2019 was $20.3 million compared to $19.7 million in Q1 Fiscal 2018. The cost of
sales included $14.3 million cash production costs (Q1 Fiscal 2018 ‐ $14.1 million), $1.2 million mineral
resources tax (Q1 Fiscal 2018 ‐ $1.1 million), and $4.7 million depreciation and amortization charges (Q1
Fiscal 2018 ‐ $4.5 million). The cash production costs expensed in cost of sales represent approximately
206,800 tonnes of ore processed and expensed at costs of $69.05 per tonne (Q1 Fiscal 2018 –
approximately 221,500 tonnes at $63.70 per tonne)
Gross profit margin in Q1 Fiscal 2019 improved to 55%, compared to 50% in Q1 Fiscal 2018. Ying Mining
District’s gross profit margin was 59% compared to a 56% gross profit margin in the prior year quarter,
while GC Mine’s gross profit margin was 39% compared to a 30% gross profit margin in the prior year
quarter.
General and administrative expenses in Q1 Fiscal 2019 were $4.5 million, a slight decrease compared to
$4.6 million in Q1 Fiscal 2018.
Income tax expenses in Q1 Fiscal 2019 were $6.5 million compared to $4.0 million in Q1 Fiscal 2018. The
income tax expenses recorded in Q1 Fiscal 2019 included current income tax expenses of $5.9 million (Q1
Fiscal 2018 – $3.2million) and deferred income tax expenses of $0.5 million (Q1 Fiscal 2018 – $0.8
million).
Cash flows provided by operating activities in Q1 Fiscal 2019 were $21.1 million, an increase of $4.2
million or 25%, compared to $16.9 million in the prior year quarter. Before changes in non‐cash operating
working capital3, cash flows provided by operating activities in Q1 Fiscal 2019 were $23.5 million, an
increase of $8.8 million or 60%, compared to $14.7 million in the prior year quarter.
The Company ended the quarter with $114.8 million in cash and short‐term investments, an increase of
$8.7 million or 8% compared to $106.1 million as at March 31, 2018.
Working capital as at June 30, 2018 was $94.1 million, an increase of $3.6 million or 4%, compared to
$90.5 million working capital as at March 31, 2018.
OPERATIONS AND DEVELOPMENT
In Q1 Fiscal 2019, on a consolidated basis, the Company mined 236,697 tonnes of ore, an increase of 5%
compared to 225,273 tonnes in Q1 Fiscal 2018. The increase in ore mined was mainly due to an increase
of 23% or 15,102 tonnes at the GC Mine, offset by a decrease of 2% or 3,678 tonnes at the Ying Mining
District. Ore milled were 237,740 tonnes, up by 3% compared to 230,903 tonnes of ore milled in Q1 Fiscal
2018.
In Q1 Fiscal 2019, the Company sold 1.5 million ounces of silver, 700 ounces of gold, 14.9 million pounds
of lead, and 6.4 million pounds of zinc, compared to 1.5 million ounces of silver, 900 ounces of gold, 15.9
million pounds of lead, and 5.0 million pounds of zinc, respectively, in Q1 Fiscal 2018. As at June 30, 2018,
3 Non‐IFRS measure
3
inventories of silver‐lead concentrate were 5,650 tonnes (containing approximately 0.5 million ounces of
silver and 6.2 million pounds of lead), an increase of 39% and 37%, respectively, compared to 4,070
tonnes and 4,111 tonnes of silver‐lead concentrate inventories as at March 31, 2018 and June 30, 2017,
respectively.
In Q1 Fiscal 2019, the consolidated total mining costs and cash mining costs were $74.39 and $54.47 per
tonne, up 9% and 8% compared to $68.12 and $50.29 per tonne, respectively, in Q1 Fiscal 2018, but
below the annual guidance the Company announced in February 2018. The increase in cash mining costs
compared to Q1 Fiscal 2018 was mainly due to: i) a $0.3 million increase in mining contractor costs as ore
mined by the resuing mining method increased by 8% at the Ying Mining District; ii) a $0.4 million increase
in mining preparation costs resulting from more underground drilling and preparation tunnelling
expensed in the current quarter; iii) a $0.4 million increase in raw material supply costs; and iv) a $0.3
million increase in mining labour costs.
The consolidated total milling costs and cash milling costs in Q1 Fiscal 2019 were $14.16 and $11.73 per
tonne, compared to $12.88 and $10.54 per tonne, respectively, in Q1 Fiscal 2018. The increase in cash
milling costs was mainly due to a $0.2 million increase in raw material supply costs.
Correspondingly, the consolidated cash production costs per tonne of ore processed in Q1 Fiscal 2019
increased by 8% to $69.05 from $63.70 in the prior year quarter, but below the annual guidance the
Company provided in February 2018.
In Q1 Fiscal 2019, the consolidated total production costs and cash costs per ounce of silver, net of by‐
product credits, were negative $4.29 and negative $7.54 compared to negative $0.62 and negative $3.57
respectively, in the prior year quarter. The overall improvement in cash cost per ounce of silver, net of
by‐product credits, is mainly due to a 30% increase in by‐product credits, mainly arising from a 34% and
23% increase in lead and zinc net realized selling prices. Sales from lead and zinc accounted for 54% of the
total sales and amounted to $24.5 million, an increase of $6.4 million, compared to $18.1 million in the
prior year quarter.
The consolidated all‐in sustaining cost per ounce of silver, net of by‐product credits, is $0.41 compared to
$4.70 in Q1 Fiscal 2018.
1. Ying Mining District, Henan Province, China
Operational results ‐ Ying Mining District
Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
June 30, 2018 March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017
Ore Mined (tonne) 156,730 113,820 166,619 173,294 160,408
Ore Milled (tonne) 155,929 112,285 167,543 173,946 164,959
Head Grades
Silver (gram/tonne) 323 309 315 294 304
Lead (%) 4.5 4.3 4.5 4.3 4.6
Zinc (%) 1.1 1.0 1.0 0.8 0.8
Recoveries
Silver (%) 96.0 95.9 95.8 95.6 95.8
Lead (%) 96.3 96.5 96.4 96.2 96.3
Zinc (%) 54.5 54.5 57.3 50.7 45.8
Metal Sales
Silver (in thousands of ounce) 1,313 1,319 1,322 1,472 1,324
Gold (in thousands of ounce) 0.7 0.7 0.7 0.8 0.9
Lead (in thousands of pound) 13,313 12,649 13,487 15,279 13,765
Zinc (in thousands of pound) 2,133 1,106 2,006 2,269 755
Cash mining costs ($ per tonne) 63.49 65.88 66.71 59.67 54.78
Total mining costs ($ per tonne) 89.57 92.81 90.12 81.20 76.67
Cash milling costs ($ per tonne) 10.30 12.59 9.84 8.50 8.07
Total milling costs ($ per tonne) 12.60 15.80 11.87 10.45 10.10
Cash production costs ($ per tonne) 78.10 82.84 80.60 71.85 66.93
Cash costs per ounce of silver ($) (6.25) (3.41) (4.53) (4.27) (2.97)
All‐in sustaining costs per ounce of
silver ($) (0.28) 1.39 2.13 1.08 3.66
4
In Q1 Fiscal 2019, the total ore mined at the Ying Mining District was 156,730 tonnes, a decrease of 2%,
compared to 160,408 tonnes mined in the prior year quarter. The decrease was mainly due to a tailings
leak incident reported on April 16, 2018 resulting in operating activities at the Ying Mining District being
interrupted for more than fifteen days.
Head grades were 323 grams per ton (“g/t”) for silver, 4.5% for lead, and 1.1% for zinc, compared to 304
g/t for silver, 4.6% 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 and manage daily operations and the
higher grade justified more use of the resuing mining method.
In Q1 Fiscal 2019, the Ying Mining District sold approximately 1.3 million ounces silver, 13.3 million
pounds lead, and 2.1 million pounds zinc, compared to 1.3 million ounces silver, 13.8 million pounds lead,
and 0.8 million pounds of zinc in the prior year quarter.
As at June 30, 2018, silver‐lead concentrate inventories at the Ying Mining District were 5,250 tonnes
containing approximately 0.5 million ounces of silver and 6.0 million pounds of lead, an increase of 30%
compared to 4,050 tonnes silver‐lead concentrate inventories as at March 31, 2018 and June 30, 2017.
Total and cash mining costs per tonne at the Ying Mining District in Q1 Fiscal 2019 were $89.57 and
$63.49 per tonne, respectively, compared to $76.67 and $54.78 per tonne in the prior year quarter. The
increase in cash mining costs was mainly due to: i) a $0.3 million increase in mining contractor costs as ore
mined by the resuing mining method increased by 8%; ii) a $0.1 million increase in mining preparation
costs mainly resulting from 4% more preparation tunnelling expensed; iii) a $0.4 million increase in raw
material supply costs; and iv) a $0.2 million increase in mining labour costs.
Total and cash milling costs per tonne at the Ying Mining District in Q1 Fiscal 2019 were $12.60 and
$10.30, compared to $10.10 and $8.07 in Q1 Fiscal 2018. The increase in cash milling costs was mainly
due to: i) a $0.1 million increase in labour costs; ii) a $0.1 million increase in raw material costs; and iii)
higher per tonne fixed costs allocation resulting from lower ore milled and the leakage incident.
Correspondingly, cash production cost per tonne of ore processed in Q1 Fiscal 2019 at the Ying Mining
District was $78.10, compared to $66.93 in the prior year quarter.
Cash cost per ounce of silver, net of by‐product credits, in Q1 Fiscal 2019 at the Ying Mining District, was
negative $6.25 compared to negative $2.97 in the prior year quarter. The improvement was mainly due to
a $5.1 million or 37% increase in by‐product credits offset by the increase in the per tonne cash
production costs as discussed above.
All‐in sustaining costs per ounce of silver, net of by‐product credits, in Q1 Fiscal 2019 at the Ying Mining
District was negative $0.28 compared to $3.66 in the prior year quarter. The improvement was mainly
due to lower cash cost per ounce of silver as discussed above.
In Q1 Fiscal 2019, approximately 26,849 metres or $0.6 million worth of underground diamond drilling
(Q1 Fiscal 2018 – 31,064 metres or $0.7 million) and 5,541 metres or $1.6 million worth of preparation
tunnelling (Q1 Fiscal 2018 – 5,337 metres or $1.4 million) were completed and expensed as mining
preparation costs at the Ying Mining District. In addition, approximately 16,928 metres or $6.0 million
worth of horizontal tunnel, raises, ramps, and declines (Q1 Fiscal 2018 – 18,890 metres or $5.2 million)
were completed and capitalized.
5
2. GC Mine, Guangdong Province, China
In Q1 Fiscal 2019, the total ore mined at the GC Mine was 79,967 tonnes, an increase of 23% compared to
64,865 tonnes mined in the prior year quarter, while ore milled increased by 24% to 81,811 tonnes from
65,944 tonnes in the prior year quarter. Head grades were 87 g/t for silver, 1.3% for lead, and 2.9% for
zinc compared to 98 g/t for silver, 1.6% for lead, and 2.7% for zinc in the prior year quarter.
In Q1 Fiscal 2019, GC Mine sold approximately 150 thousand ounces of silver, 1.6 million pounds of lead,
and 4.2 million pounds of zinc, compared to 189 thousand ounces of silver, 2.1 million pounds of lead, and
4.2 million pounds of zinc sold in the prior year quarter.
Total and cash mining costs per tonne at the GC Mine in Q1 Fiscal 2019 were $44.62 and $36.78 per
tonne, a decrease of 5% and 6% respectively, compared to $46.99 and $39.20 per tonne in Q1 Fiscal 2018.
Total and cash milling costs per tonne at the GC Mine in Q1 Fiscal 2019 were $17.14 and $14.46,
compared to $19.85 and $16.73, respectively, in Q1 Fiscal 2018. The decrease in cash mining costs and
cash milling costs was mainly due to lower per tonne fixed costs allocation resulting from the increase in
ore mined and milled.
The cash production cost per tonne of ore processed in Q1 Fiscal 2019 at the GC Mine was $51.24, a
decrease of 8% compared to $55.93 in the prior year quarter.
Cash costs per ounce of silver, net of by‐product credits, at the GC Mine, was negative $18.81 compared
to negative $7.80 in the prior year quarter. The improvement was mainly due to the 8% improvement in
cash production costs per tonne as discussed above and an increase of $0.7 million in by‐product credits
at the GC Mine.
All in sustaining costs per ounce of silver, net of by‐product credits, in Q1 Fiscal 2019 at the GC Mine was
negative $11.36 compared to negative $2.48 in the prior year quarter, and the improvement was mainly
due to the improvement in the cash costs, per ounce of silver, net of by‐product credits as discussed
above.
In Q1 Fiscal 2019, approximately 7,999 metres or $0.4 million worth of underground diamond drilling (Q1
Fiscal 2018 – 4,972 metres or $0.3 million) and 5,241 metres or $1.6 million worth of tunnelling (Q1 Fiscal
2018 – 5,292 metres or $1.3 million) were completed and expensed as mining preparation costs at the GC
Mine. In addition, approximately 538 metres or $0.5 million worth of horizontal tunnel, raises, ramps and
declines (Q1 Fiscal 2018 –158 metres or $0.1 million) were completed and capitalized.
Operational results ‐ GC Mine Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
June 30, 2018 Ma rch 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017
Ore Mined (tonne) 79,967 29,442 85,665 65,812 64,865
Ore Milled (tonne) 81,811 26,252 88,494 63,648 65,944
Head Grades
Silver (gram/tonne) 87 96 97 102 98
Lead (%) 1.3 1.3 1.4 1.4 1.6
Zinc (%) 2.9 2.9 2.8 2.8 2.7
Recovery Rates
Silver (%) 75.3 76.3 73.6 74.4 81.2
Lead (%) 87.1 87.5 83.9 82.8 88.8
Zinc (%) 84.8 85.7 81.3 81.6 80.9
Metal Sales
Silver (in thousands of ounce) 150 63 196 155 189
Lead (in thousands of pound) 1,583 688 2,263 1,656 2,147
Zinc (in thousands of pound) 4,244 1,479 4,399 3,311 4,244
Cash mining cost ($ per tonne) 36.78 45.92 35.48 34.60 39.20
Total mining cost ($ per tonne) 44.62 57.47 43.10 42.62 46.99
Cash milling cost ($ per tonne) 14.46 25.07 14.09 14.63 16.73
Total milling cost ($ per tonne) 17.14 33.41 16.45 17.90 19.85
Cash production cost ($ per tonne) 51.24 70.99 49.57 49.23 55.93
Cash cost per ounce of silver ($) (18.81) (13.95) (15.34) (13.56) (7.80)
All‐in sustaining cost per ounce of silver ($) (11.36) (4.57) (4.52) (3.77) (2.48)
6
Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resource of the Company, 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 under the Company’s profile 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 underdeveloped
projects with resource potential and the ability to grow organically. For more information, please visit our
website at www.silvercorp.ca.
For further information
Silvercorp Metals Inc.
Lorne Waldman
Senior Vice President
Phone: (604) 669‐9397
Toll Free 1(888) 224‐1881
Email: [email protected]
Website: www.silvercorp.ca
CAUTIONARY DISCLAIMER ‐ FORWARD‐LOOKING STATEMENTS
Certain of the statements and information in this news release constitute “forward‐looking statements” within the
meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward‐looking information”
within the meaning of applicable Canadian provincial securities laws (collectively, “forward‐looking statements”). Any
statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases
such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”,
“strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or
stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may
be forward‐looking statements. Forward‐looking statements relate to, among other things: the price of silver and
other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties;
the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues
and capital expenditures; estimated production from the Company’s mines in the Ying Mining District; 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 are subject to a variety of known and unknown risks, uncertainties and other factors that
could cause actual events or results to differ from those reflected in the forward‐looking statements, including,
without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and
mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and
mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and
licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral
rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated
amount, capital and operating expenditures and economic returns of future production; integration of future
acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory
environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and
hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over
financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
7
This list is not exhaustive of the factors that may affect any of the Company’s forward‐looking statements. Forward‐
looking statements are statements about the future and are inherently uncertain, and actual achievements of the
Company or other future events or conditions may differ materially from those reflected in the forward‐looking
statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in
the Company’s Annual Information Form 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.
The Company’s forward‐looking statements are based on the assumptions, beliefs, expectations and opinions of
management as of the date of this news release, and other than as required by applicable securities laws, the
Company does not assume any obligation to update forward‐looking statements if circumstances or management’s
assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such
statements. For the reasons set forth above, investors should not place undue reliance on forward‐looking
statements.
SILVERCORP METALS INC.
Consolidated Statements of Financial Position
(Unaudited ‐ Expressed in thousands of U.S. dollars)
8
As at June 30, As at March 31,
2018 2018
ASSETS
Current Assets
Cash and cash equivalents 72,869$ 49,199$
Short‐term investments 41,949 56,910
Trade and other receivables 480 676
Inventories 13,304 11,018
Due from a related party 19 11
Income tax receivable ‐ 534
Prepaids and deposits 5,283 4,456
133,904 122,804
Non‐current Assets
Long‐term prepaids and deposits 1,015 954
Reclamation deposits 5,431 5,712
Investment in an associate 37,191 38,001
Other investments 6,108 6,132
Plant and equipment 68,105 71,211
Mineral rights and properties 222,862 232,080
TOTAL ASSETS 474,616 $ 476,894$
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities 30,044$ 25,198$
Bank loan 4,541 ‐
Deposits received 2,953 6,806
Income tax payable 2,215 303
39,753 32,307
Non‐current Liabilities
Deferred income tax liabilities 32,175 33,310
Environmental rehabilitation 12,563 13,098
Total Liabilities 84,491 78,715
Equity
Share capital 229,416 228,729
Share option reserve 14,961 14,690
Reserves 25,409 25,409
Accumulated other comprehensive loss (39,500) (25,875)
Retained earnings 95,109 86,283
Total equity attributable to the equity holders of the Company 325,395 329,236
Non‐controlling interests 64,730 68,943
Total Equity 390,125 398,179
TOTAL LIABILITIES AND EQUITY 474,616 $ 476,894$