Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, Aug. 13,
2024 /PRNewswire/ - Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (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
administrative 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. Income 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 an 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, the 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 decreases 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)
|
1,14698
|
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 growth
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: investor@silvercorp.ca
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, 2024, 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 description 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, but not always, using words or phrases such as
"expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategies",
"targets", "goals", "forecasts", "objectives", "budgets",
"schedules", "potential" or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements relate to, among other things: the price
of silver and other metals; the accuracy of mineral resource and
mineral reserve estimates at the Company's material properties; the
sufficiency of the Company's capital to finance the Company's
operations; estimates of the Company's revenues and capital
expenditures; estimated production from the Company's mines in the
Ying Mining District and the GC Mine; 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.
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 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; regulatory
investigations, claims and legal proceeding, foreign exchange rate
fluctuations; insurance; risks and hazards of mining operations;
key personnel; conflicts of interest; dependence on management;
internal control over financial reporting; and bringing actions and
enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking statements. Forward-looking
statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties and other factors, including, without limitation,
those referred to in the Company's Annual Information Form under
the heading "Risk Factors" and 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
reliance on forward-looking statements.
The Company's forward-looking statements are based on the
assumptions, beliefs, expectations and opinions of management as of
the date of this news release, and other than as required by
applicable securities laws, the Company does not assume any
obligation to update forward-looking statements if circumstances or
management's assumptions, beliefs, expectations or opinions should
change, or changes in any other events affecting such statements.
Assumptions may prove to be incorrect and actual results may differ
materially from those anticipated. Consequently, guidance cannot be
guaranteed. For the reasons set forth above, investors should not
place undue reliance on forward-looking statements.
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SOURCE Silvercorp Metals Inc