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2
FINANCIALS
Net income attributable to equity shareholders of the Company in Q1 Fiscal 2018 was $10.9 million, or
$0.07 per share, compared to $4.7 million, or $0.03 per share in Q1 Fiscal 2017.
The Company’s financial results in Q1 Fiscal 2018 were mainly impacted by the following: i) the increase
of metal prices, as the realized selling price for silver, lead, and zinc increased by 5%, 35%, and 65%,
compared to the prior year quarter; ii) a $4.3 million gain on disposal of Silvertip Mine’s NSR; offset by i) a
$1.6 million foreign exchange loss, ii) less metals sold, and iii) a 3% increase in per tonne cash production
costs.
Sales in Q1 Fiscal 2018 were $39.7 million, up 13% compared to $35.3 million in the same quarter last
year. Silver and gold sales represented $20.2 million and $1.0 million, respectively, while base metals
represented $18.5 million of total sales compared to silver, gold and base metals sales of $20.8 million,
$0.9 million, and $13.6 million, respectively, in the prior year quarter.
Cost of sales in Q1 Fiscal 2018 was $19.7 million compared to $19.5 million in Q1 Fiscal 2017. The cost of
sales included $14.1 million (Q1 Fiscal 2017 ‐ $14.2 million) production costs, $1.1 million mineral
resources tax (Q1 Fiscal 2017 ‐ $0.4 million), and $4.5 million (Q1 Fiscal 2017 ‐ $5.0 million) depreciation
and amortization charges. The increase of mineral resources tax was mainly because the mineral
resources tax was levied based on a certain percentage of sales in the current quarter while it was levied
based on the tonnage of ore milled in the prior year quarter. The decrease of depreciation and
amortization charges was mainly due to higher mineral reserves at the Ying Mining District as defined in
the NI43‐101 technical report released in February 2017, resulting in lower depreciation and amortization
charges per unit of metal production.
Gross profit margin in Q1 Fiscal 2018 improved to 50%, compared to 45% in Q1 Fiscal 2017. The
improvement of gross profit margin was mainly due to the increase of metal prices. Ying Mining District’s
gross margin was 56% compared to a 49% gross profit margin in the prior year quarter, while GC Mine’s
profit margin was 30% compared to a 17% gross profit margin in the prior year.
General and administrative expenses in Q1 Fiscal 2018 were $4.6 million, an increase of 4% or $0.2
million, compared to $4.4 million in Q1 Fiscal 2017.
Gain on disposal of mineral rights and properties in Q1 Fiscal 2018 was $4.3 million compared to $nil in
the prior year quarter, as the Company’s 2.5% NSR in the Silvertip mine was disposed in the current
quarter.
Income tax expenses in Q1 Fiscal 2018 were $4.0 million compared to $2.8 million in Q1 Fiscal 2017. The
income tax expenses recorded in Q1 Fiscal 2018 included current income tax expenses of $3.2 million (Q1
Fiscal 2017 – $0.7 million) and deferred income taxes expenses of $0.8 million (Q1 Fiscal 2017 – $2.1
million).
Cash flows provided by operating activities in Q1 Fiscal 2018 were $16.9 million, a decrease of $3.2
million or 16%, compared to $20.2 million in the prior year quarter. Before changes in non‐cash operating
working capital, cash flows provided by operating activities in Q1 Fiscal 2018 were $14.8 million, a
decrease of $0.7 million or 5%, compared to $15.5 million in the prior year quarter. The decrease in cash
flow provided by operating activities is mainly due to $4.1 million income tax paid in the current quarter
while net tax refunds of $0.1 million were received in the prior year quarter.
The Company also paid dividend of $1.7 million, or $0.01 per share to the equity shareholders, and ended
the quarter with $102.1 million in cash and short‐term investments, an increase of $5.6 million or 6%,
compared to $96.5 million as at March 31, 2017.
Working capital as at June 30, 2017 was $80.7 million, an increase of $10.0 million or 14%, compared to
$70.7 million working capital as at March 31, 2017.
3
OPERATIONS AND DEVELOPMENT
In Q1 Fiscal 2018, the Company sold 1.5 million ounces of silver, 900 ounces of gold, 15.9 million pounds
of lead, and 5.0 million pounds of zinc, compared to 1.6 million ounces of silver, 900 ounces of gold, 16.7
million pounds of lead, and 5.2 million pounds of zinc, respectively, in Q1 Fiscal 2017. The decrease of
metals sold was mainly due to not all metals produced in the quarter being sold in the same quarter as
the Company intentionally increased its concentrate inventory at the Ying Mining District. As at June 30,
2017, lead concentrate inventory at the Ying Mining District was 4,050 tonnes, an increase of 1,757
tonnes, compared to 2,293 tonnes of lead concentrate inventory as at March 31, 2017.
In Q1 Fiscal 2018, the consolidated total mining costs and cash mining costs were $68.12 and $50.29 per
tonne, compared to $68.70 and $47.24 per tonne, respectively, in Q1 Fiscal 2017. The increase in cash
mining costs were mainly due to a $0.7 million increase in mining preparation costs resulting from more
underground drilling and tunnelling expensed in the current quarter.
The consolidated total production costs and cash costs per ounce of silver, net of by‐product credits, were
negative $0.62 and negative $3.57 in Q1 Fiscal 2018 compared to $3.11 and $0.08 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 35% increase in by‐product credits, mainly arising from 35% and 65% increase in lead and
zinc net realized selling prices. Sales from lead and zinc accounted for 46% of the total sales and
amounted to $18.1 million, an increase of $4.7 million, compared to $13.5 million in the prior year
quarter.
In Q1 Fiscal 2018, the consolidated all‐in sustaining cost per ounce of silver, net of by‐product credits, is
$4.70 compared to $7.06 in Q1 Fiscal 2017, and the decrease is mainly due to the 35% increase in by‐
product credits.
1. Ying Mining District, Henan Province, China
In Q1 Fiscal 2018, the total ore mined at the Ying Mining District was 160,408 tonnes, a decrease of 8%,
compared to 173,508 tonnes mined in the prior year quarter. The decrease was mainly due to additional
downtime arising from several power down days due to power grid upgrade by State Grid Corporation of
China impacting the TLP, LMW and LME mines and hoist maintenance and cable steel replacement at the
SGX and HZG mines. Correspondingly, ore milled decreased by 2% to 164,959 tonnes from 167,747 tonnes
Operational results ‐ Ying Mining District
Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017
June 30, 2017 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016
Ore Mined (tonne) 160,408 112,755 171,303 179,194 173,508
Ore Milled (tonne) 164,959 108,051 182,259 180,154 167,747
Head Grades
Silver (gram/tonne) 304 298 303 302 308
Lead (%) 4.6 4.8 4.8 4.9 4.4
Zinc (%) 0.8 0.8 0.8 1.1 1.1
Recoveries
Silver (%) 95.8 96.6 95.1 95.5 95.7
Lead (%) 96.3 95.6 96.7 96.3 96.4
Zinc (%) 45.8 46.2 47.5 42.9 48.4
Metal Sales
Silver (in thousands of ounce) 1,324 1,255 1,555 1,630 1,490
Gold (in thousands of ounce) 0.9 0.7 0.7 1.0 0.9
Lead (in thousands of pound) 13,765 13,520 17,269 17,768 14,861
Zinc (in thousands of pound) 755 1,033 1,210 1,785 1,820
Cash mining costs ($ per tonne) 54.78 49.99 55.21 49.13 52.33
Total mining costs ($ per tonne) 76.67 53.50 80.53 76.30 78.64
Cash milling costs ($ per tonne) 8.07 10.43 9.09 8.85 10.07
Total milling costs ($ per tonne) 10.10 13.60 11.03 10.86 12.25
Cash production costs ($ per tonne) 66.93 64.34 68.22 61.79 66.27
Cash costs per ounce of silver ($) (2.97) (3.73) (4.60) (2.68) 0.12
All‐in sustaining costs per ounce of
silver ($) 3.66 0.74 1.34 2.33 5.80
* Figures may not add due to rounding
4
in the prior year quarter. Head grades were 304 grams per ton (“g/t”) for silver, 4.6% for lead, and 0.8%
for zinc, compared to 308 g/t for silver, 4.4% for lead and 1.1% for zinc in the prior year quarter.
In Q1 Fiscal 2018, the Ying Mining District sold approximately 1.3 million ounces silver, 13.8 million
pounds lead, and 0.7 million pounds zinc, compared to 1.5 million ounces silver, 14.9 million pounds lead,
and 1.8 million pounds of zinc in the prior year quarter. The decrease of metals sold at the Ying Mining
District was mainly due to: i) a 2% decrease of ore milled; and ii) not all metals produced were sold in the
same quarter as the Company intentionally increased its concentrate inventory at the Ying Mining District.
As at June 30, 2017, Ying Mining District had 4,050 tonnes of lead concentrate inventory and 980 tonnes
of zinc concentrate inventory, an increase of 1,759 and 500 tonnes, respectively, compared to 2,293
tonnes of lead concentrate and 480 tonnes of zinc concentrate held as at March 31, 2017.
Total and cash mining costs per tonne at the Ying Mining District in Q1 Fiscal 2018 were $76.67 and
$54.78 per tonne, respectively, compared to $78.64 and $52.33 per tonne in the prior year. The increase
in cash mining costs was mainly due to a $0.3 million increase in mining preparation costs resulting from
more underground drilling and tunnelling expensed in the current quarter. Total and cash milling costs per
tonne at the Ying Mining District in Q1 Fiscal 2018 were $10.10 and $8.07, a decrease of 18% and 20%,
respectively, compared to $12.25 and $10.07 in Q1 Fiscal 2017. The decrease in cash milling costs was
mainly due to the exclusion of mineral resources tax from milling costs.
Correspondingly, cash production cost per tonne of ore processed in Q1 Fiscal 2018 at the Ying Mining
District was $66.93, an 1% increase compared to $66.27 in the prior year due to the increase in per tonne
cash mining offset by the decrease in per tonne milling costs as discussed above.
Cash cost per ounce of silver, net of by‐product credits, in Q1 Fiscal 2018 at the Ying Mining District, was
negative $2.97 compared to $0.12 in the prior year quarter. The improvement was mainly due to a $2.2
million or 20% increase in by‐product credits offset by the 1% 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 2018 at the Ying Mining
District was $3.66 compared to $5.80 in the prior year quarter. The improvement was mainly due to lower
cash cost per ounce of silver as discussed above.
In Q1 Fiscal 2018, approximately 31,064 m or $0.7 million of underground diamond drilling (Fiscal Q1
2017 – 16,498 m or $0.4 million) and 5,337 m or $1.4 million of preparation tunnelling (Fiscal Q1 2017 –
4,836 m or $1.4 million) were completed and expensed as mining preparation costs at the Ying Mining
District. In addition, approximately 18,890 m or $5.2 million of horizontal tunnel, raises and declines (Q1
Fiscal 2017 – 16,685 m or $4.9 million) were completed and capitalized.
5
2. GC Mine, Guangdong Province, China
In Q1 Fiscal 2018, the total ore mined at the GC Mine was 64,865 tonnes, comparable to 64,349 tonnes of
mined in Q1 Fiscal 2017. Ore milled increased by 4% to 65,944 tonnes from 63,587 tonnes in the prior
year quarter. Head grades were 98 g/t for silver, 1.6% for lead, and 2.7% for zinc compared to 99 g/t for
silver, 1.5% for lead, and 2.9% for zinc in the prior year quarter.
In Q1 Fiscal 2018, GC Mine sold 189 thousand ounces of silver, 2.1 million pounds of lead, 4.2 million
pounds of zinc compared to 149 thousand ounces of silver, 1.9 million pounds of lead, and 3.4 million
pounds of zinc sold in the prior year.
Total and cash mining costs per tonne at the GC Mine in Q1 Fiscal 2018 were $46.99 and $39.20 per tonne,
compared to $41.91 and $33.50 per tonne in Q1 Fiscal 2017. The increase in cash mining costs was mainly
due to a 31% or $0.4 million increase in mining preparation costs resulting from more underground
drilling and tunnelling expensed in the current quarter.
Total and cash milling costs per tonne at the GC Mine in Q1 Fiscal 2018 were $19.85 and $16.73,
compared to $18.81 and $15.60, respectively, in Q1 Fiscal 2017. The slight increase in milling costs was
mainly due to additional efforts in improving the milling recovery rates resulting in additional labor costs
and material consumption.
The cash production costs per tonne of ore processed in Q1 Fiscal 2018 at the GC Mine increased to
$55.93 from $49.10 in the prior year quarter.
Cash costs per ounce of silver, net of by‐product credits, at the GC Mine, was negative $7.80 compared to
negative $0.28 in the prior year quarter. The decrease was mainly due to $2.8 million or 91% increase in
by‐product credits as a 40% and 66% increase in net realized lead and zinc selling prices and more lead
and zinc metals sold at the GC Mine.
All in sustaining costs per ounce of silver, net of by‐product credits, in Q1 Fiscal 2018 at the GC Mine was
negative $2.48 compared to $4.76 in the prior year quarter as a 40% and 66% increase in net realized lead
and zinc selling prices and more lead and zinc metals sold.
In Q1 Fiscal 2018, approximately 4,972 m or $0.3 million of underground diamond drilling (Q1 Fiscal 2017
– 3,309 m or $0.2 million) and 5,292 m or $1.3 million of tunnelling (Q1 Fiscal 2017 – 3,486 m or $1.0
million) were completed and expensed as mining preparation costs at the GC Mine. In addition,
approximately 158 m or $0.1 million of horizontal tunnel, raises and declines (Q1 Fiscal 2017 – 582 m or
Operational results ‐ GC Mine
Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017
June 30, 2017 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016
Ore Mined (tonne) 64,865 40,224 81,481 74,692 64,349
Ore Milled (tonne) 65,944 39,929 81,080 76,100 63,587
Head Grades
Silver (gram/tonne) 98 91 89 96 99
Lead (%) 1.6 1.3 1.4 1.6 1.5
Zinc (%) 2.7 2.6 2.8 2.8 2.9
Recovery Rates
Silver (%) 81.2 72.8 75.4 76.2 76.8
Lead (%) 88.8 82.4 85.5 86.6 86.9
Zinc (%) 80.9 74.8 86.5 86.4 85.8
Metal Sales
Silver (in thousands of ounce) 189 53 179 183 149
Lead (in thousands of pound) 2,147 818 2,214 2,163 1,860
Zinc (in thousands of pound) 4,244 455 4,478 4,106 3,407
Cash mining costs ($ per tonne) 39.20 37.91 31.34 28.61 33.50
Total mining costs ($ per tonne) 46.99 45.37 38.90 36.78 41.91
Cash milling costs ($ per tonne) 16.73 20.06 13.09 12.94 15.60
Total milling costs ($ per tonne) 19.85 24.99 15.50 15.57 18.81
Cash production costs ($ per tonne) 55.93 57.97 44.43 41.55 49.10
Cash costs per ounce of silver ($) (7.80) (1.72) (13.11) (6.39) (0.28)
All‐in sustaining costs per ounce of silver ($) (2.48) 14.55 (6.12) (1.49) 4.76
6
$0.2 million) were completed and capitalized.
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'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.
For further information
Silvercorp Metals Inc.
Gordon Neal
Vice President, Corporate Development
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 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.
7
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)
8
As at June 30, As at March 31,
2017 2017
ASSETS
Current Assets
Cash and cash equivalents 74,300$ 73,003$
Short‐term inve st m e nt s 27,751 23,466
Trade and other re ce ivable s 1,270 1,311
Inventories 9,344 8,710
Due from related parties 37 92
Prepaids and deposits 4,226 4,250
116,928 110,832
Non‐current Assets
Long‐term prepaids and deposits 868 959
Reclamation deposits 5,139 5,054
Investment in an associat e 8,486 8,517
Other inve st m e nt s 5,520 1,207
Plant and equi pment 65,536 65,201
Mineral rights and properti es 211,418 206,200
TOTAL ASSETS 413,895 $ 397,970$
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrue d liabilit ie s 26,383$ 30,374$
Deposits received 7,754 6,798
Income tax payable 2,138 2,985
36,275 40,157
Non‐current Liabilities
Deferred incom e tax liabilit ie s 28,938 27,692
Envi ronmental re habilit at ion 12,486 12,186
Total Liabilities 77,699 80,035
Equity
Share capital 232,159 232,155
Share option reserve 13,727 13,325
Reserves 25,409 25,409
Accumulated other comprehensive loss (45,222) (50,419)
Retained ea rni ngs 51,909 42,651
Total equity attributable to the equity holders of the Company 277,982 263,121
Non‐controlling interests 58,214 54,814
Total Equity 336,196 317,935
TOTAL LIABILITIES AND EQUITY 413,895 $ 397,970$