Silvercorp Reports Adjusted Net Income of $75.1 Million, $0.37 PER Share, and Cash Flow from Operations of $138.6 Million FOR Fiscal 2025
NEWS RELEASE
Trading Symbol: TSX/NYSE AMERICAN: SVM
SILVERCORP REPORTS ADJUSTED NET INCOME OF $75.1 MILLION, $0.37 PER SHARE,
AND CASH FLOW FROM OPERATIONS OF $138.6 MILLION FOR FISCAL 2025
VANCOUVER, British Columbia – May 22, 2025 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM)
reported its financial and operating results for the three months (“Q4 Fiscal 2025”) and twelve months (“Fiscal 2025”) ended March
31, 2025. All amounts are expressed in US dollars, and figures may not add due to rounding.
HIGHLIGHTS FOR Q4 FISCAL 2025
• Processed 345,984 tonnes of ore, and produced approximately 3,110 ounces (“oz”) of gold, 1.630 million oz of silver, or
approximately 1.917 million oz of silver equivalent1, 16.262 million pounds (“lb”) of lead and 4.404 million lb of zinc;
• Sold approximately 3,465 oz of gold, 1.599 million oz of silver, 16.263 million lb of lead, and 4.488 million lb of zinc, for revenue
of $75.1 million;
• Loss attributable to equity shareholders of $7.6 million, or $0.03 per share;
• Adjusted net income attributable to equity shareholders 1 of $14.7 million, or $0.07 per share, after excluding a $ 20.6 million
charge on the fair value of derivative liabilities related to convertible notes and warrants, and other non -cash or non-routine
items;
• Cash costs per oz of silver, net of by-product credits1, of $2.49;
• All-in sustaining costs per oz of silver, net of by-product credits1, of $14.31;
• Generated cash flow from operating activities of $30.7 million;
• Spent and capitalized $9.9 million on exploration, development, and equipment and facilities for the China operations;
• Spent and capitalized $3.1 million for the El Domo project;
• Ended the period with cash and cash equivalents and short -term investments of $369.1 million, an increase of $14.5 million
from the previous quarter, and a portfolio of equity investment with a total market value of $70.9 million. The Company also
has a stream financing credit of $175 million available for the El Domo project construction.
1 Non-GAAP measures, please refer to section 15 of the corresponding MD&A for the year ended March 31, 2025 for reconciliation.
HIGHLIGHTS FOR FISCAL 2025
• Processed 1,312,695 tonnes of ore, and produced approximately 7,495 oz of gold, 6.948 million oz of silver, or approximately
7.589 million oz of silver equivalent1, plus 62.170 million lb of lead and 23.317 million lb of zinc;
• Sold approximately 7,577 oz of gold, 6.930 million oz of silver, or approximately 7.589 million oz of silver equivalent, plus 62.256
million lb of lead, and 23.469 million lb of zinc, for revenue of $298.9 million;
• Net income attributable to equity shareholders of $58.2 million, or $0.29 per share;
• Adjusted net income attributable to equity shareholders of $ 75.1 million, or $0.37 per share, after excluding $9.0 million loss
on the fair value of derivative liabilities, $8.9 million one-time mineral right royalty to renew a mining permit, $15.1 million other
non-cash or non-routine expenses, and $12.5 million gain on mark to market investments;
• Cash costs per oz of silver, net of by-product credits, of negative $0.54;
• All-in sustaining costs per oz of silver, net of by-product credits, of $12.12;
• Generated cash flow from operating activities of $138.6 million;
• Completed the acquisition of Adventus Mining Corporation (“Adventus”) on July 31, 2024 at a total cost of $181.3 million,
including $150.5 million in shares, $27.0 million cash investments and advances, and $3.8 million in cash transaction costs;
• Spent and capitalized $77.8 million to complete the construction of the No. 3 tailings storage facility and the new 1,500 ton ne
per day flotation mill, plus exploration and developments for the China operations;
• Spent and capitalized $7.5 million on the El Domo project and $1.3 million on the Condor project;
• Raised $143.3 million net proceeds through an issue of $150.0 million unsecured senior convertible notes;
• Repaid $13.3 million to Wheaton Precious Metals International Ltd. ("Wheaton") to eliminate obligations to deliver 92.3 oz of
gold per month to Wheaton; and
• Spent $5.9 million on dividends to the shareholders of the Company and for share buy backs.
CONSOLIDATED FINANCIAL AND OPERATIONAL RESULTS
Three months ended March 31, Years ended March 31,
2025 2024 Changes 2025 2024 Changes
Financial Results
Revenue (in thousands of $) $ 75,113 $ 42,681 76 % 298,895 215,187 39 %
Mine operating earnings (in thousands of $) 26,146 13,038 101 % 123,551 80,589 53 %
Net income (loss) attributable to equity holders (in thousands of $) (7,585) 5,529 (237) % 58,190 36,306 60 %
Earnings (loss) per share - basic ($/share) (0.03) 0.03 (212) % 0.29 0.21 36 %
Adjusted earnings attributable to equity holders (in thousands of $) 14,747 3,824 286 % 75,089 39,322 91 %
Adjusted earnings per share - basic ($/share) 0.07 0.02 214 % 0.37 0.22 66 %
Net cash generated from operating activities (in thousands of $) 30,701 10,238 200 % 138,631 91,570 51 %
Capitalized expenditures (in thousands of $) 13,589 13,432 1 % 86,557 64,041 35 %
Production Data
Ore Processed (tonnes)
Gold Ore 39,025 21,843 79 % 86,488 58,262 48 %
Silver Ore 306,959 215,650 42 % 1,226,207 1,047,933 17 %
345,984 237,493 46 % 1,312,695 1,106,195 19 %
Metal Production
Gold (oz) 3,110 1,916 62 % 7,495 7,268 3 %
Silver (Koz) 1,630 1,150 42 % 6,948 6,204 12 %
Silver equivalent (Koz) 1,917 1,324 45 % 7,589 6,844 11 %
Lead (Klb) 16,262 12,527 30 % 62,170 63,171 (2) %
Zinc (Klb) 4,404 4,559 (3) % 23,317 23,385 — %
Cost Data
Cash cost ($/tonne) 83.36 84.31 (1) % 80.86 78.86 3 %
AISC ($/tonne) 132.50 143.38 (8) % 142.09 140.40 1 %
Cash cost, net of by-product credits ($/oz of silver) 2.49 1.22 104 % (0.54) (0.38) (42) %
AISC, net of by-product credits ($/oz of silver) 14.31 14.36 — % 12.12 11.38 7 %
Average Selling Price, Net of Value Added Tax and Smelter Charges
Gold ($/oz) 2,533 1,899 33 % 2,351 1,792 31 %
Silver ($/oz) 27.78 20.74 34 % 26.95 19.93 35 %
Lead ($/lb) 0.93 0.88 6 % 0.96 0.86 12 %
Zinc ($/lb) 1.06 0.86 23 % 1.11 0.82 35 %
Financial Position as at
March 31,
2025
December
31, 2024 Changes
March 31,
2025
March 31,
2024 Changes
Cash and cash equivalents and short-term investments (in thousands of $) $ 369,056 $ 354,647 4 % $ 369,056 184,891 100 %
Working capital (in thousands of $) 310,359 300,211 3 % 310,359 154,744 101 %
CONSOLIDATED FINANCIAL RESULTS
1. Q4 Fiscal 2025 Financial Results
Net loss attributable to equity shareholders of the Company in Q4 Fiscal 2025 was $7.6 million or $0.03 per share, compared to
net income of $5.5 million or $0.03 per share in the three months ended March 31, 2024 ("Q4 Fiscal 2024").
The adjusted net income to equity shareholders was $14.7 million or $0.07 per share, after excluding the $ 20.6 million charge on
the fair value of derivative liabilities related to convertible notes and warrants, $6.7 million non -cash expenses or non -routine
expenses, including stock base compensation, foreign exchange loss, share of loss in associates, and non -cash portion of interest
accrual related to convertible notes, and $4.9 million gain on mark to market investments, compared to $ 3.8 million or $ 0.02 per
share in Q4 Fiscal 2024.
Revenue in Q4 Fiscal 2025 was $75.1 million, up 76% compared to $42.7 million in Q4 Fiscal 2024. The increase is due to 81%, 40%,
37% and 1% respectively more gold, silver, lead and zinc metal produced and sold, coupled with increases of 33%, 34%, 6% and 23%,
respectively, in the selling prices for gold, silver, lead and zinc , generating an increase of $ 20.9 million arising from the increase of
metals produced and sold plus a $10.7 million increase arising from higher selling prices.
Income from mine operations in Q4 Fiscal 2025 was $26.1 million, up 101% compared to $13.0 million in Q4 Fiscal 2024. The increase
was mainly due to the increase in revenue arising from the increases in the net realized metal selling prices and more metals
produced and sold.
Cash flow provided by operating activities in Q4 Fiscal 2025 was $30.7 million, up $20.5 million, compared to $10.2 million in Q4
Fiscal 2024. The increase was due to:
• $29.2 million cash flow from operations before changes in non -cash operating working capital, up $ 15.0 million compared to
$14.2 million in Q4 Fiscal 2024; and
• $1.5 million cash from changes in non-cash working capital, compared to $4.0 million used in Q4 Fiscal 2024.
Compared to Q4 Fiscal 2024, other items that impacted this quarter’s consolidated financial results were:
i) an increase of $2.5 million for mining preparation tunnels were expensed as mining cost;
ii) an increase of $3.9 million gain on investments;
iii) an increase of $1.0 million in mineral right royalty payment; and
iv) a $20.6 million charge on the fair value of derivative liabilities related to convertible notes and warrants,
Cash, cash equivalents and short term investments at the end of the quarter was $369.1 million, up 100% or $ 184.2 million
compared to $184.9 million as at March 31, 2024, and up 4% or $14.5 million compared to $354.6 million as at December 31, 2024.
The Company holds a further portfolio of equity investments with a total market value of $70.9 million as at March 31, 2025.
2. Fiscal 2025 Financial Results
Net income attributable to equity shareholders of the Company in Fiscal 2025 was $58.2 million or $0.29 per share, compared to
net income of $36.3 million or $0.21 per share in Fiscal 2024.
The adjusted basic earnings to equity shareholders were $75.1 million or $0.37 per share, after excluding a $9.0 million charge on
the fair value of derivative liabilities, an $8.9 million one-time mineral rights royalty to renew a mining permit, $15.1 million in other
non-cash or non-routine expenses, and $12.5 million gain on mark to market investments, compared to $ 39.3 million or $0.22 per
share in the prior year quarter.
Revenue in Fiscal 2025 was $298.9 million, up 39% compared to $215.2 million in Fiscal 2024. Th is was mainly due to increases of
4%,11%, 3%, and 1%, respectively, in gold, silver, lead, and zinc produced and sold; coupled with increases of 31%, 35%, 12% and
35%, respectively, in the selling prices for gold, silver, lead and zinc, generating an increase of $21.5 million as a result of more metals
produced and sold, and an increase of $60.7 million from the higher selling prices.
Income from mine operations in Fiscal 2025 was $123.6 million, up 53% compared to $80.6 million in Fiscal 2024. The increase was
mainly due to more metals produced and sold and the increases in the net realized metal selling prices. Income from mine operations
at the Ying Mining District was $ 114.1 million, compared to $77.9 million in Fiscal 2024. Income from mine operations at the GC
Mine was $11.3 million, compared to $3.1 million in Fiscal 2024.
Cash flow provided by operating activities in Fiscal 2025 was $138.6 million, up $ 47.1 million compared to $ 91.6 million in Fiscal
2024. The increase was due to:
• $131.0 million cash flow from operations before changes in non-cash operating working capital, up $43.6 million compared
to $87.5 million in Fiscal 2024; and
• $7.6 million cash from changes in non-cash working capital, compared to $4.1 million provided in Fiscal 2024.
Compared to Fiscal 2024, other items that impacted the Company’s consolidated financial results were:
i) an increase of $12.1 million for mining preparation tunnels that were expensed as mining cost;
ii) an increase of $4.8 million in gain on investments;
iii) a $12.8 million mineral rights royalty resulting from a one-time payment to renew the SGX mining permit and a new mining
rights regulation implemented in China in 2024;
iv) a $9.0 million charge on the fair value of derivative liabilities related to convertible notes and warrants,
v) an increase of $3.5 million in corporate administrative expenses related to the acquisition of Adventus; and
vi) an increase of $2.5 million in business development expenditures.
CONSOLIDATED OPERATIONAL RESULTS
1. Q4 Fiscal 2025 Operational Results
In Q4 Fiscal 2025, on a consolidated basis, the Company processed 345,984 tonnes of ore, up 46% compared to 237,493 tonnes of
ore in Q4 Fiscal 2024.
Approximately 3,110 oz of gold, 1.630 million oz of silver, or approximately 1.917 million oz of silver equivalent, plus 16.262 million
of lb of lead and 4.404 million lb of zinc were produced in Q4 Fiscal 2025, representing increases of 62%, 42%, 45% and 30% in gold,
silver, silver equivalent, and lead, and a decrease of 3% in zinc over Q4 Fiscal 2024.
In Q4 Fiscal 2025 , the consolidated production cost ("cash cost") was $ 83.36 per tonne of ore processed, effectively the same
compared to $84.31 per tonne in Q4 Fiscal 2024, while the AISC was $ 132.50 per tonne, down 8% compared to $143.38 per tonne
in Q4 Fiscal 2024.
The consolidated cash cost per ounce of silver, net of by -product credits, was $2.49, compared to $1.22 in Q4 Fiscal 2024. The
increase was mainly due to an increase of $3.74 in cash cost per oz of silver, offset by an increase of $2.47 in by-product credits per
oz as revenue from other metals increased. The consolidated AISC per oz of silver, net of by-product credits, was $14.31, down 0.3%
compared to $14.36 in Q4 Fiscal 2024.
2. Fiscal 2025 Operational Results
For Fiscal 2025, on a consolidated basis, the Company processed 1,312,695 tonnes of ore, up 19% compared to 1,106,195 tonnes in
Fiscal 2024. A total of 86,488 tonnes of gold ore were processed in Fiscal 2025, up 48% compared to 58,262 tonnes in Fiscal 2024.
Approximately 7,495 oz of gold, 6.948 million oz of silver, or approximately 7.589 million oz of silver equivalent, plus 62.170 million
lb of lead and 23.317 lb of zinc were produced in Fiscal 2025, representing increases of 3%, 12% and 11%, respectively, in gold, silver
and silver equivalent production, and decreases of 2%, and 0.3%, respectively, in lead and zinc production over Fiscal 2024.
The consolidated cash cost was $ 80.86 per tonne of ore processed, up 3% compared to $78.86 per tonne in Fiscal 2024, while the
AISC was $142.09 per tonne of ore processed, up 1% compared to $140.40 per tonne in Fiscal 2024. The slight increase was due to
more tunneling developments.
The consolidated cash cost per oz of silver, net of by-product credits, was negative $0.54, compared to negative $0.38 in Fiscal 2024.
The decrease in cash cost was due to an increase in by-product credits as revenue from other metals increased.
The consolidated all-in sustaining cost for silver, net of by -product credits, was $ 12.12 per oz, up 7% compared to $11.38 in Fiscal
2024. The increase was mainly due to i) an increase of $2.1 million in mineral resources tax; and ii) an increase of $ 4.5 million in
mineral rights royalty due to the new regulation of 2.3% mineral right royalty on unpaid mineral resources in China.
EXPLORATION AND DEVELOPMENT
Capitalized expenditures
Plant and
equipment
Total Capital
expenditures
Expensed
Ramp, Development
Tunneling, and other Exploration Tunneling Exploration Drilling
Mining
Preparation
Tunnels Drilling
(Metres) ($ Thousand) (Metres) ($ Thousand) (Metres) ($ Thousand) ($ Thousand) ($ Thousand) (Metres) (Metres)
Year ended March 31, 2025
Ying Mining District 34,486 $ 23,764 62,035 $ 22,504 60,804 $ 1,942 $ 22,045 $ 70,255 61,466 163,061
GC Mine 2,607 1,664 9,559 3,570 41,335 889 606 6,729 10,355 14,076
El Domo — 7,166 — — — — 305 7,471 — —
Condor — 1,275 — — — — — 1,275 — —
Other — 543 — — — — 284 827 — —
Consolidated 37,092 34,412 71,594 26,074 102,139 2,831 23,240 86,557 71,821 177,137
Year ended March 31, 2024
Ying Mining District 12,659 $ 9,419 75,201 $ 30,660 130,293 $ 4,554 $ 11,368 $ 56,001 33,436 90,868
GC Mine 540 592 11,264 4,293 28,157 1,317 517 6,719 7,787 46,702
Other — — — — — 290 1,031 1,321 — —
Consolidated 13,199 10,011 86,465 34,953 158,450 6,161 12,916 64,041 41,223 137,570
Total capital expenditures in Fiscal 2025 were $ 86.6 million, up 35% compared to $ 64.0 million in Fiscal 2024 as the Company
completed construction and commissioning of the No. 3 tailings storage facility (“TSF”) and a new 1,500 t/d flotation mill line at the
Ying Mining District, plus the Company incurred an additional $7.5 million capital expenditures at the newly acquired El Domo Project
and $1.3 million at the Condor Project.
For underground exploration drilling:
i) 177,137 metres drilled were in-fill drilling and $4.7 million was booked as mining costs (Fiscal 2024 – 137,570 metres or
$2.9 million ); and
ii) 102,139 metres drilled were growth drilling and $2.8 million was capitalized (Fiscal 2024 – 158,450 metres or $6.2 million).
For underground development and tunneling:
i) 71,821 metres completed were mining preparation tunnels and $27.3 million was booked as mining costs (Fiscal 2024 –
41,223 metres or $15.2 million), $12.1 million more than Fiscal 2024; and
ii) 108,686 metres completed were growth tunnels, raises, ramps and declines and $51.5 million was capitalized (Fiscal 2024
– 99,664 metres or $45.0 million).
The Kuanping Project has received all required permits and licenses and the Company worked on a construction plan in Q4 Fiscal
2025.
INDIVIDUAL MINE OPERATING PERFORMANCE
Ying Mining District Q4 F2025 Q3 F2025 Q2 F2025 Q1 F2025 Q4 F2024 Years ended March 31,
March 31,
2025
December
31, 2024
September
30, 2024 June 30, 2024 March 31,
2024 2025 2024
Ore processed (tonne)
Gold ore 39,025 21,912 17,075 8,476 21,843 86,488 58,262
Silver ore 265,199 255,783 193,423 212,766 158,424 927,171 757,883
304,224 277,695 210,498 221,242 180,267 1,013,659 816,145
Head grades
Silver (grams/tonne) 172 214 240 235.00 197.00 212 231
Lead (%) 2.6 2.7 2.8 3.1 3.1 2.8 3.4
Zinc (%) 0.5 0.5 0.6 0.7 0.6 0.6 0.7
Recovery rates
Silver (%) 94.2 94.7 94.9 95.0 94.4 94.7 94.9
Lead (%) 92.3 94.0 94.0 94.4 95.0 93.6 95.1
Zinc (%) 67.3 68.9 70.4 72.3 70.2 69.7 70.6
Cash Costs
Cash cost ($/tonne) 84.90 84.92 92.86 90.46 91.09 88.46 85.66
AISC ($/tonne) 120.62 150.87 146.90 140.25 148.24 139.33 141.82
Cash cost, net of by-product credits ($/oz of silver) 3.05 (0.30) 0.62 (0.68) 1.71 0.62 —
AISC, net of by-product credits ($/oz of silver) 11.35 11.05 9.05 7.14 12.28 9.68 8.82
Metal Production
Gold (oz) 3,110 2,056 1,183 1,146 1,916 7,495 7,268
Silver (Koz) 1,563 1,778 1,518 1,572 1,063 6,431 5,677
Silver equivalent (Koz) 1,850 1,951 1,614 1,657 1,237 7,072 6,317
Lead (Klb) 15,563 15,234 11,970 14,080 11,317 56,847 56,269
Zinc (Klb) 2,039 2,250 1,795 2,468 1,750 8,552 8,213
In Q4 Fiscal 2025 , a total of 304,224 tonnes of ore with head grades of 172 g/t for silver, 2.6% for lead, and 0.5% for zinc were
processed at the Ying Mining District, up 69% compared to 180,267 tonnes with head grades of 197 g/t for silver, 3.1% for lead, and
0.6% for zinc. Approximately 3,110 oz of gold, 1.563 million oz of silver, or 1.850 million oz of silver equivalent, plus 15.563 million
lb of lead, and 2.039 million lb of zinc were produced, an increase of 62%, 47%, 50%, 38%, and 17%, in gold, silver, silver equivalent,
lead and zinc, respectively, compared to Q4 Fiscal 2024.
In Fiscal 2025, a total of 1,013,659 tonnes of ore with head grades of 212 g/t for silver, 2.8% for lead, and 0.6% for zinc were processed
at the Ying Mining District, up 24% compared to 816,145 tonnes with head grades of 231 g/t for silver, 3.4% for lead, and 0.7% for
zinc milled in Fiscal 2024. Approximately 7,495 oz of gold, 6.431 million oz of silver, or 7.072 million oz of silver equivalent, 56.847
million lb of lead and 8.552 million lb of zinc were produced, an increase of 3%, 13%, 12%, 1% and 4%, in gold, silver, silver equivalent,
lead, and zinc, respectively, compared to Fiscal 2024.
GC Mine Q4 F2025 Q3 F2025 Q2 F2025 Q1 F2025 Q4 F2024 Years ended March 31,
March 31,
2025
December
31, 2024
September
30, 2024 June 30, 2024 March 31, 2024 2025 2024
Ore processed (tonne) 41,760 84,115 86,707 86,454 57,226 299,036 290,050
Head grades
Silver (grams/tonne) 61 77 61 64 57 67 69
Lead (%) 0.9 1.1 0.8 0.9 1.1 0.9 1.2
Zinc (%) 2.9 2.7 2.4 2.4 2.5 2.5 2.6
Recovery rates
Silver (%) 83.7 82.8 82.2 84.1 83.2 83.1 82.0
Lead (%) 87.4 90.3 87.9 90.2 89.8 89.3 90.5
Zinc (%) 90.3 90.3 90.2 90.4 89.3 90.3 90.0
Costs
Cash cost ($/tonne) 77.46 53.69 50.08 50.49 63.12 54.97 59.35
AISC ($/tonne) 117.83 75.55 74.53 83.42 78.32 83.36 85.17
Cash cost, net of by-product credits ($/oz of silver) (8.53) (19.14) (15.67) (12.19) (4.79) (14.71) (4.70)
AISC, net of by-product credits ($/oz of silver) 15.05 (6.13) 1.62 8.45 6.63 3.12 11.08
Metal Production
Silver (Koz) 67 168 137 145 87 517 527
Lead (Klb) 699 1,853 1,232 1,539 1,210 5,323 6,902
Zinc (Klb) 2,365 4,418 4,016 3,966 2,809 14,765 15,172
In Q4 Fiscal 2025, a total of 41,760 tonnes of ore with head grades of 61 g/t for silver, 0.9% for lead, and 2.9% for zinc were processed
at the GC Mine, down 27% compared to 57,226 tonnes with head grades of 57 g/t for silver, 1.1% for lead, and 2.5% for zinc in Q4
Fiscal 2024. Metals produced at the GC Mine were approximately 67,000 oz of silver, 0.699 million lb of lead, and 2.365 million lb of
zinc, a decrease of 23%, 42%, and 16%, in silver, lead and zinc production, respectively, compared to Q4 Fiscal 2024.
In Fiscal 2025, a total of 299,036 tonnes with head grades of 67 g/t for silver, 0.9% for lead, and 2.5% for zinc were processed at the
GC Mine, up 3% compared to 290,050 tonnes with head grades of 69 g/t for silver, 1.2% for lead, and 2.6% for zinc milled in Fiscal
2024. Metals produced at the GC Mine were approximately 0.517 million oz of silver, 5.323 million lb of lead, and 14.765 million lb
of zinc, compared to 0.527 million oz of silver, 6.902 million lb of lead, and 15.172 million lb of zinc in Fiscal 2024.
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held on Friday, May 23, at 9:00 am PDT (12:00 pm EDT). To participate in t he
conference call, please dial the numbers below.
Canada/USA TF: 888-510-2154
International/Local Toll: 437-900-0527
Conference ID: 40810
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.silvercorpmetals.com.
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.