Silvercorp Reports Adjusted Net Income of $20.6 Million, $0.12 PER Share, and Cash Flow from Operations of $40.0 Million FOR Q1 Fiscal 2025
NEWS RELEASE
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
SILVERCORP REPORTS ADJUSTED NET INCOME OF $20.6 MILLION, $0.12 PER SHARE,
AND CASH FLOW FROM OPERATIONS OF $40.0 MILLION FOR Q1 FISCAL 2025
VANCOUVER, British Columbia – August 13, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE
American: SVM) reported its financial and operating results for the three months ended June 30, 2024 (“Q1 Fiscal 2025”). All
amounts are expressed in US dollars, and figures may not add due to rounding.
HIGHLIGHTS FOR Q1 FISCAL 2025
• Mined 343,847 tonnes of ore, milled 307,696 tonnes of ore, and produced approximately 1,146 ounces of gold, 1.7
million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 15.6 million pounds of lead and 6.4
million pounds of zinc;
• Sold approximately 998 ounces of gold, 1.7 million ounces of silver, 15.7 million pounds of lead, and 6.5 million pounds of
zinc, for revenue of $72.2 million;
• Reported net income attributable to equity shareholders of $21.9 million, or $0.12 per share;
• Realized adjusted basic earnings attributable to equity shareholders of $20.6 million, or $0.12 per share;
• Generated cash flow from operating activities of $40.0 million;
• Cash cost per ounce of silver, net of by-product credits, of negative $1.67;
• All-in sustaining cost per ounce of silver, net of by-product credits, of $9.82;
• Spent and capitalized $1.0 million on exploration drilling, $13.9 million on underground exploration and development,
and $4.6 million on equipment and facilities, including $2.8 million on construction of the new tailing storage facility;
• Strong balance sheet with $215.7 million in cash and cash equivalents and short -term investments. This was after a $18.8
million private placement into Adventus Mining Corporation ("Adventus") in May 2024 to fund its operations as part of
the Company's acquisition of Adventus via a plan of arrangement. The Company also holds a further equity investment
portfolio in associates and other companies with a total market value of $108.2 million as at June 30, 2024;
• Inventory stockpile ore amounted to 59,293 tonnes not yet processed due to mill capacity constraints, with additional
ore to be added to the stockpile in the coming quarter. If the stockpile had been processed, the Company's metal
production would have aligned with its Fiscal 2025 annual guidance, and is anticipated to be processed when the 1,500
tonne per day new mill is in operation by November 2024; and
• Announced the completion of the acquisition of Adventus on July 31, 2024 to create geographically diversified mining
company by adding the advanced El Domo Project and the Condor Projects, both located in Ecuador.
CONSOLIDATED FINANCIAL RESULTS
Three months ended June 30,
2024 2023 Changes
Financial Results
Revenue (in thousands of $) $ 72,165 $ 60,006 20 %
Mine operating earnings (in thousands of $) 36,514 23,301 57 %
Net income (loss) attributable to equity holders (in thousands of $) 21,938 9,217 138 %
Earnings (loss) per share - basic ($/share) 0.12 0.05 137 %
Adjusted earnings attributable to equity holders (in thousands of $) 20,618 12,369 67 %
Adjusted earnings per share - basic ($/share) 0.12 0.07 71 %
Net cash generated from operating activities (in thousands of $) 39,955 28,881 38 %
Capitalized expenditures (in thousands of $) 19,656 15,916 23 %
Metals sold
Gold (ounces) 998 1,495 -33 %
Silver (in thousands of ounces) 1,739 1,815 -4 %
Lead (in thousands of pounds) 15,663 17,330 -10 %
Zinc (in thousands of pounds) 6,484 6,920 -6 %
Average Selling Price, Net of Value Added Tax and Smelter Charges
Gold ($/ounce) 1,990 1,682 18 %
Silver ($/ounce) 26.34 19.37 36 %
Lead ($/pound) 0.99 0.84 18 %
Zinc ($/pound) 1.01 0.82 23 %
Financial Position as at June 30, 2024 March 31, 2024
Cash and cash equivalents and short-term investments (in thousands of $) 215,739 184,891 17 %
Working capital (in thousands of $) 178,893 154,744 16 %
Net income attributable to equity shareholders of the Company in Q1 Fiscal 2025 was $21.9 million or $0.12 per share,
compared to net income of $9.2 million or $0.05 per share in the three months ended June 30, 2023 ("Q1 Fiscal 2024").
Compared to Q1 Fiscal 2024, the Company’s consolidated financial results were mainly impacted by i) increases of 18% 36%,
18% and 23%, respectively, in the realized selling prices for gold, silver, lead and zinc; ii) an increase of $1.1 million in gain on
investment, and iii) an increase of $4.0 million in the positive impact from foreign exchange, offset by iv) decreases of 33% ,
4%, 10%, and 6%, respectively, in gold, silver, lead and zinc sold; and v) an increase of $2.0 million in corporate administr ative
and business development expenditures.
Excluding certain non -cash, non -recurring, and non -routine items, the adjusted basic earnings to equity shareholders were
$20.6 million or $0.12 per share compared to $12.4 million or $0.07 per share in the prior year quarter.
Revenue in Q1 Fiscal 2025 was $72.2 million, up 20% compared to $60.0 million in Q1 Fiscal 2024. The increase is mainly due
to an increase of $17.3 million arising from the increase in the realized selling prices offset by a decrease of $5.1 million as a
result of less metals sold. Compared to Q1 Fiscal 2024, the average realized selling prices for silver and gold in Q1 Fiscal 2025
increased by 36% and 18%, respectively, while the average silver and gold prices quoted on the SME increased by 32% and
20%, and the average silver and gold prices quoted on the LME increased by 19% and 18%, respectively.
Income from mine operations in Q1 Fiscal 2025 was $36.5 million, up 57% compared to $23.3 million in Q1 Fiscal 2024. The
increase was mainly due to the increase in revenue arising from the increases in the net realized metal selling prices. Incom e
from mine operations at the Ying Mining District was $33.6 million, compared to $21.7 million in Q1 Fiscal 2024. Income from
mine operations at the GC Mine was $3.0 million, compared to $1.7 million in Q1 Fiscal 2024.
Cash flow provided by operating activities in Q1 Fiscal 2025 was $40.0 million, up $11.1 million, compared to $28.9 million in
Q1 Fiscal 2024.
The Company ended the quarter with $215.7 million in cash and cash equivalents and short -term investments, up 17% or
$30.8 million compared to $184.9 million as at March 31, 2024. This was after a $18.8 million private placement into Adventus
in April 2024 to fund its operations as part of the Company's acquisition of Adventus via a plan of arrangement. The Company
also holds a n equity investment portfolio in associates and other companies with a total market value of $108.2 million as at
June 30, 2024.
CONSOLIDATED OPERATIONAL RESULTS
Three months ended June 30,
2024 2023 Changes
Production Data
Ore Mined (tonnes) 343,847 303,220 13 %
Ore Milled (tonnes)
Gold Ore 8,476 10,893 -22 %
Silver Ore 299,220 284,202 5 %
307,696 295,095 4 %
Metal Production
Gold (ounces) 1,146 1,552 -26 %
Silver (in thousands of ounces) 1,717 1,780 -4 %
Silver equivalent (in thousands of ounces) 1,802 1,912 -6 %
Lead (in thousands of pounds) 15,619 17,816 -12 %
Zinc (in thousands of pounds) 6,434 6,821 -6 %
Cost Data
Production cost ($/tonne) 80.37 78.63 2 %
All-in sustaining production cost ($/tonne) 139.96 134.08 4 %
Cash cost per ounce of silver, net of by-product credits ($) (1.67) (0.31) -439 %
All-in sustaining cost per ounce of silver, net of by-product credits ($) 9.82 9.46 4 %
In Q1 Fiscal 2025, t he Company mined 343,847 tonnes of ore, up 13% compared to 303,220 tonnes in Q1 Fiscal 2024. Ore
milled was 307,696 tonnes, up 4% compared to 295,095 tonnes in Q1 Fiscal 2024. A total of 8,476 tonnes of gold ore were
processed in Q1 Fiscal 2025, down 22% compared to 10,893 tonnes in Q1 Fiscal 2024.
In Q1 Fiscal 2025, the Company produced approximately 1,146 ounces of gold, 1.7 million ounces of silver, or approximately
1.8 million ounces of silver equivalent, plus 15.6 million pounds of lead and 6.4 million pounds of zinc, representing decrea ses
of 26%, 4%, 6%, 12%, and 6%, respectively, in gold, silver, silver equivalent, lead, and zinc production over Q1 Fiscal 2024. The
decrease is mainly due to i) lower head grades realized as per the current mine plan and ii) a total of 59,293 tonnes of
stockpile ore not yet processed. The Company expects that the stockpiled ore will be processed in the third and fourth
quarter, once the No. 2 mill capacity expansion of 1,500 tonnes per day at the Ying Mining District is achieved in the third
quarter of Fiscal 2025.
In Q1 Fiscal 2025, the consolidated mining cost was $ 66.06 per tonne, up 4% compared to $63.74 per tonne in Q1 Fiscal 2024.
The increase was mainly due to more mining preparation tunnels and grade control drilling completed and expensed as part of
the mining cost in the current quarter. The consolidated milling cost was $ 11.94 per tonne, down 4% compared to $ 12.56 per
tonne in Q1 Fiscal 2024. Correspondingly, the consolidated production cost per tonne of ore processed was $ 80.37 per tonne,
up 2% compared to $ 78.63 per tonne in Q1 Fiscal 2024, while the all -in sustaining production cost per tonne ore processed
was $139.96 per tonne, up 4% compared to $134.08 per tonne in Q1 Fiscal 2024. The increase was mainly due to i) an increase
of $1.3 million in sustaining capital expenditures; ii) an increase of $0.8 million in corporate general administrative and
business development expenditures related to the Company's ongoing merger and acquisition ("M&A") activities; and iii) the
slight increase in per tonne production cost as discussed above.
In Q1 Fiscal 2025, the consolidated cash cost per ounce of silver, net of by -product credits, was negative $ 1.67, compared to
negative $ 0.31 in Q1 Fiscal 2024. The decrease was mainly due to an increase of $1.5 million in by -product credits. The
consolidated all-in sustaining cost per ounce of silver, net of by -product credits, was $ 9.82, up 10% compared to $ 9.46 in Q1
Fiscal 2024. The increase was mainly due to the increase in per tonne sustaining production cost, partially offset by the
decrease in cash cost per ounce of silver.
EXPLORATION AND DEVELOPMENT
Capitalized Development and Expenditures Expensed
Ramp Development
Exploration and
Development Tunnels Drilling and other
Equipment &
Mill and TSF Total
Mining
Preparation
Tunnels Drilling
(Metres) ($ Thousand) (Metres) ($ Thousand) (Metres) ($ Thousand) ($ Thousand) ($ Thousand) (Metres) (Metres)
Q1 Fiscal 2025
Ying Mining District 15,065 $ 7,681 15,090 $ 4,328 21,036 $ 663 $ 4,570 $ 17,242 11,830 44,823
GC Mine 1,781 697 3,106 1,247 15,921 345 41 2,330 2,465 5,533
Corporate and other — — — — — 76 8 84 — —
Consolidated 16,846 $ 8,378 18,196 $ 5,575 36,957 $ 1,084 $ 4,619 $ 19,656 14,295 50,356
Q1 Fiscal 2024
Ying Mining District 5,017 $ 3,016 17,439 $ 6,447 32,839 $ 1,151 $ 3,430 $ 14,044 8,443 25,937
GC Mine 896 494 2,917 800 7,926 518 — 1,812 3,055 17,897
Corporate and other — — — — — 51 9 60 — —
Consolidated 5,913 $ 3,510 20,356 $ 7,247 40,765 $ 1,720 $ 3,439 $ 15,916 11,498 43,834
Changes (%)
Ying Mining District 200 % 155 % -13 % -33 % -36 % -42 % 33 % 23 % 40 % 73 %
GC Mine 99 % 41 % 6 % 56 % 101 % -33 % — 29 % -19 % -69 %
Corporate and other — — — — — 49 % -11 % 40 % — —
Consolidated 185 % 139 % -11 % -23 % -9 % -37 % 34 % 23 % 24 % 15 %
Total capital expenditures in Q1 Fiscal 2025 were $19.7 million, up 23% compared to $15.9 million in Q1 Fiscal 2024. The
increase was mainly due to more ramp and tunnel development as well as the construction of the new tailing storage facility
("TSF"). Total capital expenditures incurred to construct the TSF were approximately $2.8 million in Q1 Fiscal 2025 and $13.6
million since inception.
In Q1 Fiscal 2025, on a consolidated basis, a total of 87,313 metres or $2.3 million worth of diamond drilling were completed
(Q1 Fiscal 2024 – 84,599 metres or $2.7 million), of which approximately 50,356 metres or $1.2 million worth of diamond
drilling were expensed as part of mining costs (Q1 Fiscal 2024 – 43,834 metres or $1.0 million) and approximately 36,957
metres or $1.1 million worth of diamond drilling were capitalized (Q1 Fiscal 2024 – 40,765 metres or $1.7 million). In addition,
approximately 14,295 metres or $5.9 million worth of preparation tunneling were completed and expensed as part of mining
costs (Q1 Fiscal 2024 – 11,498 metres or $4.0 million), and approximately 35,042 metres or $14.0 million worth of tunnels,
raises, ramps and declines were completed and capitalized (Q1 Fiscal 2024 – 26,269 metres or $10.8 million).
INDIVIDUAL MINE OPERATING PERFORMANCE
Ying Mining District Q1 F2025 Q4 F2024 Q3 F2024 Q2 F2024 Q1 F2024
June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
Ore Production (tonnes)
Ore mined 256,079 147,122 245,606 220,636 213,748
Ore milled
Gold ore 8,476 21,843 12,726 12,800 10,893
Silver ore 212,766 158,424 201,475 200,068 197,916
221,242 180,267 214,201 212,868 208,809
Head grades
Silver (grams/tonne) 235 197 235 235 254
Lead (%) 3.1 3.1 3.5 3.5 3.6
Zinc (%) 0.7 0.6 0.7 0.7 0.7
Recovery rates
Silver (%) 95.0 94.4 94.9 95.0 95.1
Lead (%) 94.4 95.0 94.8 95.0 95.5
Zinc (%) 72.3 70.2 71.4 71.1 69.6
Cash Costs
Cash production cost per tonne of ore processed ($) 90.46 91.09 84.01 83.53 85.58
All-in sustaining cost per tonne of ore processed ($) 140.25 148.24 143.80 142.84 133.94
Cash cost per ounce of Silver, net of by-product credits ($) (0.68) 1.71 (0.09) (1.37) 0.26
All-in sustaining cost per ounce of silver, net of by-product
credits ($) 7.14 12.28 8.99 8.06 7.14
Metal Production
Gold (ounces) 1,1469
8
1,916 1,342 2,458 1,552
Silver (in thousands of ounces) 1,572 1,063 1,511 1,506 1,597
Lead (in thousands of pounds) 14,080 11,317 14,552 15,018 15,382
Zinc (in thousands of pounds) 2,468 1,750 2,153 2,197 2,113
In Q1 Fiscal 2025, a total of 256,079 tonnes of ore were mined at the Ying Mining District, up 20% compared to 213,748
tonnes in Q1 Fiscal 2024, and 221,242 tonnes of ore were milled, up 6% compared to 208,809 tonnes in Q1 Fiscal 2024. A total
of 8,476 tonnes of gold ore were processed in Q1 Fiscal 2025, down 22% compared to 10,893 tonnes in Q1 Fiscal 2024.
Approximately 1,916 ounces of gold, 1.1 million ounces of silver, or approximately 1,146 ounces of gold, 1.6 million ounces of
silver, or approximately 1.7 million ounces of silver equivalent, plus 14.1 million pounds of lead, and 2.5 million pounds of zinc
were produced, representing an increase of 17% in zinc, and decreases of 26%, 2%, 4% and 8%, in gold, silver, silver equivalent
and lead, respectively, compared to 1,552 ounces of gold, 1.6 million ounces of silver, or approximately 1.7 million silver
equivalent, plus 15.4 million pounds of lead, and 2.1 million pounds of zinc in Q1 Fiscal 2024. The decrease is mainly due to
milling capacity constraints resulting in over 59,000 tonnes of ore stockpiled not yet processed.
GC Mine Q1 F2025 Q4 F2024 Q3 F2024 Q2 F2024 Q1 F2024
June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
Ore Production (tonnes)
Ore mined 87,768 48,038 99,667 52,829 89,472
Ore milled 86,454 57,226 98,299 48,239 86,286
Head grades
Silver (grams/tonne) 64 57 68 66 80
Lead (%) 0.9 1.1 1.1 1.1 1.4
Zinc (%) 2.4 2.5 2.7 2.5 2.7
Recovery rates
Silver (%) 84.1 83.2 80.3 82.7 82.7
Lead (%) 90.2 89.8 90.9 90.2 90.7
Zinc (%) 90.4 89.3 90.1 89.8 90.4
Cash Costs
Cash production cost per tonne of ore processed ($) 50.49 63.12 50.38 68.18 62.02
All-in sustaining cost per tonne of ore processed ($) 83.42 78.32 76.84 99.75 90.94
Cash cost per ounce of Silver, net of by-product credits ($) (12.19) (4.79) (8.95) 5.64 (5.30)
All-in sustaining cost per ounce of silver, net of by-product
credits ($) 8.45 6.63 8.01 25.95 9.51
Metal Production
Silver (in thousands of ounces) 145 87 173 84 183
Lead (in thousands of pounds) 1,539 1,210 2,211 1,047 2,434
Zinc (in thousands of pounds) 3,966 2,809 5,251 2,404 4,708
In Q1 Fiscal 2025, a total of 87,768 tonnes of ore were mined at the GC Mine, down 2% compared to 89,472 tonnes in Q1
Fiscal 2024, while 86,454 tonnes were milled, effectively the same compared 86,286 tonnes in Q1 Fiscal 2024. A total of
10,620 tonnes of waste was removed through the XRT Ore Sorting System in Q1 Fiscal 2025.
Metals produced at the GC Mine were approximately 145 thousand ounces of silver, 1.6 million pounds of lead, and 4.0 million
pounds of zinc, representing decreases of 21%, 37%, and 16%, respectively, in silver, lead and zinc production, respectively,
compared to 183 thousand ounces of silver, 2.4 million pounds of lead, and 4.7 million pounds of zinc in Q1 Fiscal 2024. The
decrease was mainly due to lower head grades achieved.
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held tomorrow, Wednesday, August 14, at 9:00 am PDT (12:00 pm EDT). To
participate in the conference call, please dial the numbers below.
Canada/USA TF: 888-664-6383
International/Local Toll: 416-764-8650
Conference ID: 54868081
Participants should dial -in 10 – 15 minutes prior to the start time. A replay of the conference call and transcript will be
available on the Company’s website at www.silvercorp.ca.
Mr. Guoliang Ma, P .Geo., Manager of Exploration and Resources of the Company, is the Qualified Person as defined by
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) and has reviewed and given consent
to the technical information contained in this news release.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growt h
potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cashflow from long life
mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value;
and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at
www.silvercorp.ca.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: [email protected]
Website: www.silvercorp.ca
ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES
This news release should be read in conjunction with the Company's Management Discussion & Analysis (“MD&A”), the unaudited
condensed interim consolidated financial statements and related notes contains therein for the three months ended June 30, 20 24, which
have been posted on SEDAR+ under the Company’s profile at www.sedarplus.ca and on EDGAR at www.sec.gov, and are also available on
the Company's website at www.silvercorp.ca under the Investor section . This news release refers to various alternative performance (non -
IFRS) measures, such as adjusted earnings and adjusted earnings per share, cash cost and all -in sustaining cost per ounce of silver, net of by-
product credits, production cost and all -in sustaining production cost per tonne of ore processed, silver equivalent, and working capital.
These measures are widely used in the mining industry as a benchmark for performance, but do not have standardized meanings under IFRS
as an indicator of performance and may differ from methods used by other companies with similar description. The detailed de scription
and reconciliation of these alternative performance (non-IFRS) measures have been incorporated by reference and can be found on page 40,
section 12 – Alternative Performance (Non -IFRS) Measures in the MD&A for the three months ended June 30, 2024 filled on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov and which is incorporated by reference here in.
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 and US
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, bu t not always,
using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assume s”, “intends”,
“strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or sta ting 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 t he 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 and the GC Mine; timing of re ceipt of
permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to an d availability
of funding for future construction, use of proceeds from any financing and development of the Company’s properties.
Actual results may vary from forward-looking statements. 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: global economic and social impact of public health pandemic; fluctuating co mmodity prices;
calculation of resources, reserves and mineralization and precious and base metal recovery; in terpretations and assumptions of mineral
resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits an d licences;
title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financi ng; recent market
events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures a nd
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; regulatory investigations, claims and legal
proceeding, foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts o f interest;
dependence on management; internal control over financial reporting; 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. Forward-looking statements are
statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or co nditions
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 under the heading “Risk Factors” an d in the
Company’s Annual Report on Form 40 -F, and in the Company’s other filings with Canadian and U.S. securities regulators. 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 relian ce 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. Assumptions may prove to be incorrect and actual results may differ materially fr om those
anticipated. Consequently, guidance cannot be guaranteed. For the reasons set forth above, investors should not place undue r eliance on
forward-looking statements.