希尔威金属矿业有限公司 希尔威金属矿业有限公司 希尔威金属矿业有限公司 希尔威金属矿业有限公司
Silvercorp Metals Inc.
希尔威金属矿业有限公司 希尔威金属矿业有限公司 希尔威金属矿业有限公司 希尔威金属矿业有限公司
Suite 1750 – 1066 West Hastings St.
Vancouver, BC, Canada V6E 3X1
Tel: 604-669-9397
Fax: 604-669-9387
NEWS RELEASE
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
SILVERCORP REPORTS NET INCOME OF $12.6 MILLION, $0.07 PER SHARE,
AND $19.9 MILLION CASH FLOW FROM OPERATIONS FOR Q1 FISCAL 2020
VANCOUVER, British Columbia – August 7, 2019 – Silvercorp Metals Inc. (“Silvercorp” or the “Compan y”)
(TSX/NYSE American: SVM) reported its financial and operating results for the first quarter ended June 30,
2019 (“Q1 Fiscal 2020”). All amounts are expressed in US Dollars.
Q1 FISCAL YEAR 2020 HIGHLIGHTS
• Ore production up 9% compared to the prior year quarter;
• Silver produced and sold up 27% to approximately 1. 9 million ounces, gold produced and sold up
43% to 1,000 ounces, lead produced and sold up 20% to 17.8 million pounds, and zinc produced and
sold up 15% to 7.3 million pounds, compared to the prior year quarter;
• Revenue up 1% to $45.6 million compared to $45.1 mi llion in the prior year quarter, primarily due to
the increase in metals sold and offset by 6% decrea se in silver, 25% decrease in lead, and 40%
decrease in zinc realized selling prices;
• Net income attributable to equity shareholders of $ 12.6 million, or $0.07 per share, compared to
$10.9 million or $0.06 per share in the prior year quarter;
• Cash production cost per tonne of ore processed 1 of $68.85, compared to $69.05 in the prior year
quarter;
• Cash cost per ounce of silver 1, net of by-product credits, of negative $2.17, com pared to negative
$7.54 in the prior year quarter;
• All-in sustaining cost per ounce of silver 1, net of by-product credits, of $5.69, compared to $0.41 in
the prior year quarter;
• Cash flow from operations of $19.9 million, compared to $21.1 million in the prior year quarter;
• Paid dividend of $2.1 million, or $0.0125 per share, to equity shareholders; and,
• Strong balance sheet with $121.0 million in cash an d cash equivalents and short-term investments,
an increase of $5.7 million or 5% compared to March 31, 2019.
FINANCIALS
Net income attributable to equity shareholders of t he Company in Q1 Fiscal 2020 was $12.6 million, or
$0.07 per share, compared to $10.9 million, or $0.0 6 per share in the three months ended June 30, 2018
(“Q1 Fiscal 2019”).
In Q1 Fiscal 2020, the Company’s financial results were mainly impacted by the following: i) an increase of
27%, 20%, and 15% in amount of silver, lead, and z inc metals sold, respectively; offset by ii) a decrease of
6%, 25% and 40% in the net realized selling price for silver, lead and zinc.
1 Non-IFRS measure. Please refer to section 10 of the corresponding MD&A for reconciliation.
2
Sales in Q1 Fiscal 2020 were $45.6 million, up 1% compare d to $45.1 million in the prior year quarter.
Silver, gold and base metal sales represented $23.6 million, $1.1 million, and $20.9 million, respecti vely,
compared to silver, gold and base metals sales of $ 19.8 million, $0.7 million, and $24.6 million,
respectively, in the prior year quarter. The increa se of volume of metals sold resulted in an increase of
approximately $8.9 million in revenue, while the de crease of net realized selling prices resulted in a
decrease of approximately $8.4 million in revenue in the current quarter.
Cost of sales in Q1 Fiscal 2020 was $25.1 million compared to $2 0.3 million in Q1 Fiscal 2019. The cost of
sales included $18.0 million cash production costs (Q1 Fiscal 2019 - $14.3 million), $1.3 million mine ral
resources tax (Q1 Fiscal 2019 - $1.2 million), and $5.9 million depreciation and amortization charges (Q1
Fiscal 2019 - $4.7 million). The increases in cash production costs and depreciation and amortization
expensed were mainly due to more metals sold. The increase in mineral resources tax was associated with
the increase in revenue.
Gross profit margin in Q1 Fiscal 2020 of 45%, compared to 55% in Q1 Fis cal 2019. Ying Mining District’s
gross profit margin was 48% compared to 59% in the prior year quarter, while GC Mine’s gross profit
margin was 31% compared to 39% in the prior year qu arter. The decrease of gross margin was mainly due
to the decrease in metal prices.
General and administrative expenses in Q1 Fiscal 2020 were $4.5 million, compared to $ 4.5 million in Q1
Fiscal 2019.
Income tax recovery in Q1 Fiscal 2020 was $0.5 million compared to an income tax expense of $6.5
million in Q1 Fiscal 2019. In Q1 Fiscal 2020, the C ompany recorded current income tax expenses of $1.8
million (Q1 Fiscal 2019 – $5.9 million), and a defe rred income tax recovery of $2.2 million (Q1 Fiscal 2019
– expense of $0.5 million). The deferred income tax recovery was mainly related to the tax benefit
recognized arising from the disposal of the XHP Project.
Cash flows provided by operating activities in Q1 Fiscal 2020 were $19.9 million, slightly low er than the
$21.1 million in Q1 Fiscal 2019.
The Company ended the quarter with $121.0 million i n cash and cash equivalents and short-term
investments, an increase of $5.7 million or 5% compared to $115.3 million as at March 31, 2019.
Working capital as at June 30, 2019 was $110.8 mill ion, an increase of $13.8 million or 14%, compared to
$96.9 million working capital as at March 31, 2019.
OPERATIONS AND DEVELOPMENT
In Q1 Fiscal 2020, on a consolidated basis, the Com pany mined 257,392 tonnes of ore, an increase of 9%
compared to 236,697 tonnes in Q1 Fiscal 2019. The increase in ore mined was mainly due to an increase
of 13% or 19,854 tonnes of ore mined at the Ying Mi ning District. Correspondingly, ore milled also
increased by 9% to 259,542 tonnes, compared to 237,740 tonnes in Q1 Fiscal 2019.
In Q1 Fiscal 2020, the Company sold 1.9 million ounces of silver, 1,000 ounces of gold, 17.8 million pounds
of lead, and 7.3 million pounds of zinc, up 27%, 43 %, 20%, and 15%, respectively, compared to 1.5 mill ion
ounces of silver, 700 ounces of gold, 14.9 million pounds of lead, and 6.3 million pounds of zinc in Q 1
Fiscal 2019. As at June 30, 2019, the Company had inventories of 4,247 tonnes of silver-lead concentr ate
and 285 tonnes of zinc concentrate, compared to 3,2 48 tonnes of silver-lead concentrate and 368 tonnes
of zinc concentrate as at March 31, 2019.
In Q1 Fiscal 2020, the consolidated total mining and cash mining costs were $77.40 and $55.45 per tonn e,
up 4% and 2% compared to $74.39 and $54.47 per tonn e, respectively in Q1 Fiscal 2019. The increase in
cash mining costs was mainly due to i) an overall 3 % increase in the mining contractors’ rate when two -
year term mining contracts renewed at the Ying Mini ng District in the current quarter, and ii) more or e
mined using resuing mining method at the GC Mine. T he consolidated total milling and cash milling cost s
in Q1 Fiscal 2020 were $12.49 and $10.63 per tonne, down by 12% and 9% compared to $14.16 and
$11.73 per tonne, respectively, in Q1 Fiscal 2019.
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Correspondingly, the consolidated cash production c ost per tonne of ore processed in Q1 Fiscal 2020 wa s
$68.85, a slight decrease compared to $69.05 in the prior year quarter, and below the Company’s Fiscal
2020 annual guidance of $$71.80.
In Q1 Fiscal 2020, the consolidated cash cost per o unce of silver, net of by-product credits, was nega tive
$2.17, compared to negative $7.54, in the prior yea r quarter. The increase in cash cost per ounce of
silver, net of by-product credits, was mainly due t o a decrease of $5.42 per ounce of silver in by-pro duct
credits resulting from lower by-product metal price s and more volume of silver sold. The consolidated all-
in sustaining cost per ounce of silver, net of by-p roduct credits, was $5.69 compared to $0.41 in Q1 F iscal
2019. The increase was mainly due to i) the increa se of cash cost per ounce of silver, net of by-prod uct
credits as discussed above, and ii) a $3.0 million increase in sustaining capital expenditures.
In Q1 Fiscal 2020, on a consolidated basis, approxi mately 31,618 metres or $0.9 million worth of diamo nd
drilling (Q1 Fiscal 2019 – 34,848 metres or $1.0 mi llion) and 12,656 metres or $3.1 million worth of
preparation tunnelling (Q1 Fiscal 2019 – 10,782 met res or $3.2 million) were completed and expensed as
mining preparation costs. In addition, approximatel y 21,392 metres or $7.4 million worth of horizontal
tunnels, raises, ramps and declines (Q1 Fiscal 2019 – 17,466 metres or $6.5 million) were completed an d
capitalized.
1. Ying Mining District, Henan Province, China
In Q1 Fiscal 2020, the total ore mined at the Ying Mining District was 176,584 tonnes, up 13% compared
to 156,730 tonnes mined in the prior year quarter. Ore milled was 177,681 tonnes, up 14% compared to
155,929 tonnes in Q1 Fiscal 2019.
Head grades were 330 grams per ton (“g/t”) for silv er, 4.6% for lead, and 0.9% for zinc, compared to 3 23
g/t for silver, 4.5% for lead, and 1.1% 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.
In Q1 Fiscal 2020, the Ying Mining District sold ap proximately 1.7 million ounces of silver, 14.8 mill ion
pounds of lead, and 2.1 million pounds of zinc, com pared to 1.3 million ounces of silver, 13.3 million
pounds of lead, and 2.1 million pounds of zinc in t he prior year quarter. As at June 30, 2019, Ying Mi ning
District had inventories of 4,208 tonnes of silver- lead concentrate and 200 tonnes of zinc concentrate ,
compared to 3,150 tonnes of silver-lead concentrate and 250 tonnes of zinc concentrate as at March 31,
2019.
Total and cash mining costs per tonne at the Ying M ining District in Q1 Fiscal 2020 were $91.47 and
$63.05 per tonne, respectively, compared to $89.57 and $63.49 per tonne in the prior year quarter. The
Ying Mining District Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019
June 30, 2019 March 31, 2019 December 31, 2018 Septemb er 30, 2018 June 30, 2018
Ore Mined (tonne) 176,584 111,032 174,152 180,662 156,730
Ore Milled (tonne) 177,681 107,039 184,684 172,200 155,929
Head Grades
Silver (gram/tonne) 330 324 296 308 323
Lead (%) 4.6 4.5 4.1 4.6 4.5
Zinc (%) 0.9 0.9 0.8 0.9 1.1
Recoveries
Silver (%) 95.8 95.5 95.6 96.1 96.0
Lead (%) 95.9 96.1 95.2 95.6 96.3
Zinc (%) 58.3 63.7 50.2 51.2 54.5
Metal Sales
Silver (in thousands of ounce) 1,662 1,141 1,545 1,765 1,313
Gold (in thousands of ounce) 1.0 0.7 1.1 1.0 0.7
Lead (in thousands of pound) 14,835 10,310 15,156 17,359 13,313
Zinc (in thousands of pound) 2,090 2,464 381 1,648 2,133
Cash mining costs ($ per tonne) 63.05 65.24 63.04 58.65 63.49
Shipping costs ($ per tonne) 4.04 3.97 4.27 4.26 4.31
Cash milling costs ($ per tonne) 9.15 12.57 10.49 8.54 10.30
Cash production costs ($ per tonne) 76.24 81.78 77.80 71.45 78.10
All-in sustaining production costs ($/tonne) 129.14 141.63 135.47 108.75 121.87
Cash costs per ounce of silver ($) (1.44) (3.02) (1.74) (2.80) (6.25)
All-in sustaining costs per ounce of silver ($) 4.82 3.28 5.80 1.52 (0.28)
4
decrease in the per tonne cash mining cost was main ly due to i) lower per tonne fixed costs allocation
resulting from the increase in ore mined, offset by ii) an overall 3% increase in mining contractors’ rate
when the two-year term mining contracts were renewed in the current quarter.
Total and cash milling costs per tonne at the Ying Mining District in Q1 Fiscal 2020 were $10.93 and $9.15,
compared to $12.60 and $10.30 in Q1 Fiscal 2019. The decrease of per tonne milling costs was mainly due
to lower per tonne fixed costs allocation resulting from the increase in ore milled.
Correspondingly, the cash production cost per tonne of ore processed in Q1 Fiscal 2020 at the Ying Mining
District was $76.24, compared to $78.10 in the prior year quarter.
Cash cost per ounce of silver, net of by-product cr edits, in Q1 Fiscal 2020 at the Ying Mining Distric t, was
negative $1.44 compared to negative $6.25 in the pr ior year quarter. The increase was mainly due to a
decrease of $4.53 per ounce of silver in by-product credits resulting from the decrease in metal prices and
more silver sold. All-in sustaining cost per ounce of silver, net of by-product credits, in Q1 Fiscal 2020 at
the Ying Mining District was $4.82 compared to negative $0.28 in the prior year quarter. The increase was
mainly due to higher cash cost per ounce of silver, net of by-product credits and an increase of $2.5
million in sustaining capital expenditures.
In Q1 Fiscal 2020, approximately 23,648 metres or $0.6 million worth of diamond drilling (Q1 Fiscal 2019 –
26,849 metres or $0.6 million) and 6,395 metres or $1.7 million worth of preparation tunnelling (Q1 Fiscal
2019 – 5,541 metres or $1.6 million) were completed and expensed as mining preparation costs at the
Ying Mining District. In addition, approximately 20 ,895 metres or $7.1 million worth of horizontal tun nels,
raises, ramps and declines (Q1 Fiscal 2019 – 16,928 metres or $6.0 million) were completed and
capitalized.
2. GC Mine, Guangdong Province, China
In Q1 Fiscal 2020, the total ore mined at the GC Mi ne was 80,808 tonnes compared to 79,967 tonnes in
the prior year quarter. Ore milled was 81,861 tonne s compared to 81,811 tonnes in the prior year
quarter.
Average head grades of ore processed at the GC Mine were 95 g/t for silver, 1.9% for lead, and 3.4% fo r
zinc, compared to 87 g/t for silver, 1.3% for lead, and 2.9% for zinc in the prior year quarter. Reco very
rates of ore processed were 76.8% for silver, 88.7% for lead, and 85.7% for zinc, compared to 75.3% fo r
silver, 87.1% for lead, and 84.8% for zinc in Q1 Fiscal 2019.
GC Mine Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019
June 30, 2019 December 31, 2018 December 31, 2018 Sept ember 30, 2018 June 30, 2018
Ore Mined (tonne) 80,808 50,368 86,126 67,757 79,967
Ore Milled (tonne) 81,861 52,865 86,792 67,528 81,811
Head Grades
Silver (gram/tonne) 95 101 84 78 87
Lead (%) 1.9 1.8 1.6 1.4 1.3
Zinc (%) 3.4 3.3 3.1 2.8 2.9
Recovery Rates
Silver (%) 76.8 81.3 80.5 76.7 75.3
Lead (%) 88.7 91.5 916.0 91.2 87.1
Zinc (%) 85.7 85.7 85.5 83.3 84.8
Metal Sales
Silver (in thousands of ounce) 193 173 167 136 150
Lead (in thousands of pound) 3,007 2,360 2,644 2,063 1,583
Zinc (in thousands of pound) 5,244 4,874 3,730 3,240 4,244
Cash mining cost ($ per tonne) 38.83 40.58 34.17 41.25 36.78
Cash milling cost ($ per tonne) 13.85 18.52 14.08 11.45 14.46
Cash production cost ($ per tonne) 52.68 59.10 48.25 52.70 51.24
All-in sustaining production costs ($/tonne) 67.33 72.11 56.88 67.58 61.91
Cash cost per ounce of silver ($) (8.38) (10.23) (12.32) (10.81) (18.81)
All-in sustaining cost per ounce of silver ($) (0.96 ) (4.97) (6.54) (2.03) (11.36)
5
In Q1 Fiscal 2020, GC Mine sold approximately 193,0 00 ounces of silver, 3.0 million pounds of lead, an d
5.2 million pounds of zinc, compared to 150,000 thousand ounces of silver, 1.6 million pounds of lead, and
4.2 million pounds of zinc in the prior year quarter.
Total and cash mining costs per tonne at the GC Min e in Q1 Fiscal 2020 were $46.64 and $38.83 per
tonne, an increase of 5% and 6% respectively, compa red to $44.62 and $36.78 per tonne, respectively, i n
Q1 Fiscal 2019. The increase in the cash mining cos t was mainly due to an increase of $2.63 per tonne in
mining contractors’ cost resulting from more ore mi ned using re-suing mining method. Total and cash
milling cost per tonne at the GC Mine in Q1 Fiscal 2020 were $15.88 and $13.85, a decrease of 7% and 4%,
respectively, compared to $17.14 and $14.46, respectively, in Q1 Fiscal 2019.
Correspondingly, the cash production cost per tonne of ore processed in Q1 Fiscal 2020 at the GC Mine
was $52.68, an increase of 3% compared to $51.24 in the prior year quarter.
Cash cost per ounce of silver, net of by-product cr edits, at the GC Mine, was negative $8.38 compared to
negative $18.81 in the prior year quarter. The incr ease was mainly due to a decrease of $13.61 per oun ce
of silver in by-product credits resulting from the decrease in metal prices and more silver sold. All- in
sustaining cost per ounce of silver, net of by-prod uct credits, in Q1 Fiscal 2020 at the GC Mine was
negative $0.96 compared to negative $11.36 in the prior year quarter. The increase was mainly due to the
increase in the cash cost per ounce of silver, net of by-product credits, as discussed above.
In Q1 Fiscal 2020, approximately 7,970 metres or $0 .3 million worth of underground diamond drilling (Q 1
Fiscal 2019 – 7,999 metres or $0.4 million) and 6,2 61 metres or $1.4 million worth of tunnelling (Q1 F iscal
2019 – 5,241 metres or $1.6 million) were completed and expensed as mining preparation costs at the GC
Mine. In addition, approximately 497 metres or $0.3 million worth of horizontal tunnels, raises, ramps and
declines (Q1 Fiscal 2019 – 538 metres or $0.5 million) were completed and capitalized.
3. XHP Project, Henan Province, China
In April 2019, Henan Found, the Company’s 77.5% own ed subsidiary, entered into a share transfer
agreement (the “Agreement”) with an arm’s-length pr ivate Chinese company to dispose of the XHP
Project. Pursuant to the Agreement, Henan Found sol d its 100% equity interest in SX Gold, the holding
company of the XHP Project, for $7.3 million (RMB ¥5 0 million), and forgave the amount of $1.1 million
(RMB ¥7.5 million ) SX Gold owes to Henan Found. Th e transaction was completed and a gain of $1.5
million was recognized in Q1 Fiscal 2020.
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.
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.
About Silvercorp
Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentra tes
from mines in China. The Company’s goal is to conti nuously create healthy returns to shareholders
through efficient management, organic growth and th e acquisition of profitable projects. Silvercorp
balances profitability, social and environmental re lationships, employees’ wellbeing, and sustainable
development. For more information, please visit our website at www.silvercorp.ca .
For further information
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
6
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 n ews release constitute “forward-looking statements” within the
meaning of the United States Private Securities Lit igation Reform Act of 1995 and “forward-looking inf ormation”
within the meaning of applicable Canadian provincial securities laws (collectively, “forward-looking statements”). Any
statements or information that express or involve d iscussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future even ts or performance (often, but not always, using wor ds or phrases
such as “expects”, “is expected”, “anticipates”, “b elieves”, “plans”, “projects”, “estimates”, “assume s”, “intends”,
“strategies”, “targets”, “goals”, “forecasts”, “obj ectives”, “budgets”, “schedules”, “potential” or va riations thereof or
stating that certain actions, events or results “ma y”, “could”, “would”, “might” or “will” be taken, o ccur 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 sta tements 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 and the GC
Mine; timing of receipt of permits and regulatory ap provals; availability of funds from production to f inance the
Company’s operations; and access to and availabilit y of funding for future construction, use of procee ds 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, reserve s and
mineralization and precious and base metal recovery ; interpretations and assumptions of mineral resour ce and
mineral reserve estimates; exploration and developm ent 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 conditi ons; economic factors affecting the Company; timing , estimated
amount, capital and operating expenditures and econ omic returns of future production; integration of f uture
acquisitions into the Company’s existing operations ; competition; operations and political conditions; regulatory
environment in China and Canada; environmental risk s; foreign exchange rate fluctuations; insurance; r isks and
hazards of mining operations; key personnel; confli cts of 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 statem ents. Forward-
looking statements are statements about the future and are inherently uncertain, and actual achievemen ts of the
Company or other future events or conditions may di ffer 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 hea ding “Risk Factors”. Although the Company has atte mpted to
identify important factors that could cause actual results to differ materially, there may be other fa ctors that cause
results not to be as anticipated, estimated, descri bed or intended. Accordingly, readers should not p lace undue
reliance on forward-looking statements.
The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opini ons of
management as of the date of this news release, and other than as required by applicable securities la ws, the
Company does not assume any obligation to update fo rward-looking statements if circumstances or manage ment’s
assumptions, beliefs, expectations or opinions shou ld 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)
7
As at June 30, As at March 31,
2019 2019
ASSETS
Current Assets
Cash and cash equivalents 49,323 $ 67,441 $
Short-term investments 71,712 47,836
Trade and other receivables 3,345 467
Current portion of lease receivable 120 -
Inventories 10,409 10,836
Due from related parties 3,022 3,022
Income tax receivable 5,222 1,301
Prepaids and deposits 2,755 3,958
145,908 134,861
Non-current Assets
Long-term prepaids and deposits 567 769
Long-term portion lease receivable 310 -
Reclamation deposits 7,781 7,953
Investment in an associate 42,706 38,703
Other investments 10,720 9,253
Plant and equipment 69,323 68,617
Mineral rights and properties 228,386 238,920
TOTAL ASSETS 505,701 $ 499,076 $
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities 27,293 $ 29,856 $
Current portion of lease obligation 603 -
Bank loan - 4,475
Deposits received 2,889 3,040
Income tax payable 4,343 502
35,128 37,873
Non-current Liabilities
Long-term portion of lease obligation 2,048 -
Deferred income tax liabilities 31,336 34,334
Environmental rehabilitation 13,189 13,688
Total Liabilities 81,701 85,895
Equity
Share capital 231,563 231,269
Share option reserve 16,149 15,898
Reserves 25,409 25,409
Accumulated other comprehensive loss (44,542) (41,864)
Retained earnings 126,393 116,734
Total equity attributable to the equity holders of the Company 354,972 347,446
Non-controlling interests 69,028 65,735
Total Equity 424,000 413,181
TOTAL LIABILITIES AND EQUITY 505,701 $ 499,076 $
SILVERCORP METALS INC.
Consolidated Statements of Income
(Unaudited - Expressed in thousands of U.S. dollars, except for per share figures)
8
Notes 2019 2018
Sales 18(c) 45,576 $ 45,125 $
Cost of sales
Production costs 18,000 14,277
Mineral resource taxes 1,251 1,249
Depreciation and amortization 5,869 4,748
25,120 20,274
Gross profit 20,456 24,851
General and administrative 13 4,548 4,472
Government fees and other taxes 14 594 802
Foreign exchange loss (gain) 854 (788)
Loss on disposal of plant and equipment 5 142 10
Gain on disposal of mineral rights and properties 6 (1,477) -
Share of loss in associate 3 281 279
Dilution gain on investment in associate 3 (723) -
Reclassification of other comprehensive income upon
ownership dilution of investment in associate 3 (21) -
Other expense 199 63
Income from operations 16,059 20,013
Finance income 15 929 796
Finance costs 15 (175) (134)
Income before income taxes 16,813 20,675
Income tax (recovery) expense 16 (488) 6,498
Net income 17,301 $ 14,177 $
Attributable to:
Equity holders of the Company 12,607 $ 10,921 $
Non-controlling interests 11 4,694 3,256
17,301 $ 14,177 $
Earnings per share attributable to the equity holders of the Company
Basic earnings per share 0.07 $ 0.07 $
Diluted earnings per share 0.07 $ 0.06 $
Weighted Average Number of Shares Outstanding - Basic 169,991,268 167,263,945
Weighted Average Number of Shares Outstanding - Diluted 170,753,967 170,230,705
Three Months Ended June 30,