Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
FISCAL YEAR 2022 HIGHLIGHTS
- Mined 996,280 tonnes of ore and milled 1,002,335 tonnes of ore, up 3% and 4% compared to the prior year.
- Sold approximately 6.3 million ounces of silver, 3,400 ounces of gold, 63.6 million pounds of lead, and 26.8 million pounds of zinc, representing decreases of 1%, 28%, 5% and 4% in silver, gold, lead and zinc sold, compared to the prior year. Gold sales in the prior year included one-time sales of 1,200 ounces from the remaining concentrate inventory produced at the BYP mine before it was placed on care and maintenance in 2014.
- Revenue of
$217.9 million , up 13% compared to$192.1 million in the prior year. - Net income attributable to equity holders of
$30.6 million , or$0.17 per share, compared to$46.4 million , or$0.27 per share in the prior year. - Adjusted earnings attributable to equity holders of
$52.4 million , or$0.30 per share, compared to$49.8 million , or$0.28 per share in the prior year. The adjustments were made to remove impacts from non-recurring items, share-based compensation, foreign exchange gain/loss, impairment adjustments and reversals, gain/loss on equity investments and the share of associates' operating results. - Cash flow from operations of
$107.4 million , up 25% or$21.5 million compared to$85.9 million in the prior year. - Cash cost per ounce of silver, net of by-product credits, of negative
$1.29 compared to negative$1.80 in the prior year. - All-in sustaining cost per ounce of silver, net of by-product credits, of
$8.77 , compared to$7.49 in the prior year. - Paid
$4.4 million of dividends to the Company's shareholders. - Acquired the Kuanping silver-lead-zinc-gold project in
China for$13.1 million . - Strong balance sheet with
$212.9 million in cash and cash equivalents and short-term investments, up$13.8 million or 7% compared to$199.1 million as atMarch 31, 2021 . This does not include the investments in associates and equity investment in other companies, having a total market value of$164.3 million as atMarch 31, 2022 ($212.1 million as atMarch 31 , 2021).
HIGHLIGHTS FOR Q4 FISCAL 2022
- Mined 180,505 tonnes of ore and milled 182,670 tonnes of ore, up 11% and 1%, respectively, compared to the prior year quarter.
- Sold approximately 1.2 million ounces of silver, 500 ounces of gold, 12.3 million pounds of lead, and 4.3 million pounds of zinc, up 11% and 13%, respectively, in silver and lead sold compared to the prior year quarter, and down 29% and 5%, respectively, in gold and zinc sold compared to the prior year quarter.
- Revenue of
$41.6 million , up 16% or$5.9 million compared to$35.7 million in the prior year quarter. - Net income attributable to equity holders of
$4.0 million , or$0.02 per share, compared to$7.0 million , or$0.04 per share, in the prior year quarter. - Adjusted earnings attributable to equity holders of
$9.5 million , or$0.05 per share, compared to$11.0 million , or$0.06 per share, in the prior year quarter. - Cash flow from operations of
$11.4 million , up 411% or$9.2 million compared to$2.2 million in the prior year quarter. - Cash cost per ounces of silver, net of by-product credits, of negative
$0.54 compared to negative$0.39 in the prior year quarter. - All-in sustaining cost per ounce of silver, net of by-product credits, of
$12.60 , compared to$12.55 in the prior year quarter.
CONSOLIDATED FINANCIAL RESULTS
Three months ended | Year ended | ||||||
2022 | 2021 | Changes | 2022 | 2021 | Changes | ||
Financial | |||||||
Revenue (in thousands of $) | $ 41,590 | $ 35,732 | 16% | $ 217,923 | $ 192,105 | 13% | |
Mine operating earnings (in thousands of $) | 13,709 | 13,404 | 2% | 84,301 | 84,162 | 0% | |
Net income attributable to equity holders | 3,966 | 7,021 | -44% | 30,634 | 46,376 | -34% | |
Earnings per share - basic ($/share) | 0.02 | 0.04 | -50% | 0.17 | 0.27 | -37% | |
Adjusted earnings attributable to equity holders | 9,496 | 10,960 | -13% | 52,427 | 49,798 | 5% | |
Adjusted earning per share - basic ($/share) | 0.05 | 0.06 | -17% | 0.30 | 0.28 | 7% | |
Net cash generated from operating activities (in thousands of $) | 11,406 | 2,231 | 411% | 107,378 | 85,912 | 25% | |
Capitalized expenditures (in thousands of $) | 9,831 | 6,996 | 41% | 53,991 | 45,556 | 19% | |
Cash and cash equivalents and short-term investments (in thousands of $) | 212,925 | 199,092 | 7% | 212,925 | 199,092 | 7% | |
Working capital (in thousands of $) | 186,270 | 184,014 | 1% | 186,270 | 184,014 | 1% | |
Metals sold | |||||||
Silver (in thousands of ounces) | 1,173 | 1,056 | 11% | 6,265 | 6,315 | -1% | |
Gold (in thousands of ounces) | 0.5 | 0.7 | -29% | 3.4 | 4.7 | -28% | |
Lead (in thousands of pounds) | 12,279 | 10,876 | 13% | 63,563 | 67,118 | -5% | |
Zinc (in thousands of pounds) | 4,340 | 4,580 | -5% | 26,809 | 27,914 | -4% | |
Average Selling Price, Net of Value Added Tax and Smelter Charges | |||||||
Silver ($/ounce) | 19.38 | 20.11 | -4% | 19.36 | 17.61 | 10% | |
Gold ($/ounce) | 1,475 | 1,437 | 3% | 1,495 | 1,430 | 5% | |
Lead ($/pound) | 0.93 | 0.81 | 15% | 0.90 | 0.75 | 20% | |
Zinc ($/pound) | 1.22 | 0.98 | 24% | 1.08 | 0.78 | 38% |
1. Fiscal 2022 Financial Results
Net income attributable to equity holders of the Company in Fiscal 2022 was
In Fiscal 2022, the Company's consolidated financial results were mainly impacted by i) an increase of 10%, 5%, 20% and 38%, respectively, in the realized selling prices for silver, gold, lead and zinc; offset by ii) a 1%, 28%, 5% and 4% decrease in silver, gold, lead and zinc sold; iii) a 17% increase in cash production costs per tonne, and iv) an impairment charge of
Revenue in Fiscal 2022 was
Income from mine operations in Fiscal 2022 was
Cash flow provided by operating activities in Fiscal 2022 was
The Company ended the fiscal year with
Working capital as at
2. Q4 Fiscal 2022 Financial Results
Net income attributable to equity holders of the Company in Q4 Fiscal 2022 was
Compared to the prior year quarter, the Company's consolidated financial results in Q4 Fiscal 2022 were mainly impacted by i) an increase of 3%, 15%, and 24%, respectively, in the realized selling prices for gold, lead and zinc; ii) an 11% and 13% increase in silver and lead sold; offset by iii) a 4% decrease in the realized selling price for silver; iv) a 29% and 5% decrease in gold and zinc sold; v) an 8% increase in cash production costs per tonne; and vi) a foreign exchange loss of
Revenue in Q4 Fiscal 2022 was
Income from mine operations in Q4 Fiscal 2022 was
Cash flows provided by operating activities in Q4 Fiscal 2022 were
CONSOLIDATED OPERATIONAL RESULTS
Three months ended | Year ended | ||||||
2022 | 2021 | Changes | 2022 | 2021 | Changes | ||
Ore Production (tonne) | |||||||
Ore mined | 180,505 | 163,072 | 11% | 996,280 | 964,925 | 3% | |
Ore milled | 182,670 | 180,674 | 1% | 1,002,335 | 967,581 | 4% | |
Metal Production | |||||||
Silver (in thousands of ounces) | 1,146 | 1,195 | -4% | 6,149 | 6,331 | -3% | |
Gold (in thousands of ounces) | 0.5 | 0.3 | 67% | 3.4 | 3.5 | -3% | |
Lead (in thousands of pounds) | 11,962 | 12,156 | -2% | 64,431 | 68,430 | -6% | |
Zinc (in thousands of pounds) | 4,101 | 4,672 | -12% | 26,812 | 28,011 | -4% | |
Cash Costs | |||||||
Cash cost per ounce of silver, net of by-product credits ($) | (0.54) | (0.39) | -38% | (1.29) | (1.80) | 28% | |
All-in sustaining cost per ounce of silver, net of by-product credits ($) | 12.60 | 12.55 | 0% | 8.77 | 7.49 | 17% | |
Cash production cost per tonne of ore processed ($) | 92.78 | 85.70 | 8% | 84.85 | 72.71 | 17% | |
All-in sustaining cost per tonne of ore processed ($) | 171.56 | 156.36 | 10% | 141.54 | 128.20 | 10% |
1. Fiscal 2022 Operational Results
In Fiscal 2022, on a consolidated basis, the Company mined 996,280 tonnes of ore, up 3% or 31,355 tonnes, compared to 964,925 tonnes in Fiscal 2021. Ore milled in Fiscal 2022 was 1,002,335 tonnes, up 4% or 34,754 tonnes, compared to 967,581 tonnes in Fiscal 2021.
In Fiscal 2022, the Company sold approximately 6.3 million ounces of silver, 3,400 ounces of gold, 63.6 million pounds of lead, and 26.8 million pounds of zinc, representing decreases of 1%, 28%, 5% and 4% respectively, in silver, gold, lead and zinc sold. Gold sold in Fiscal 2021 included one-time sales of 1,200 ounces from pre 2014 concentrate inventories at the
Compared to Fiscal 2021, the Company's production costs in Fiscal 2022 were mainly impacted by i) an overall 14.5% increase in mining contractors' fee rate at the
In Fiscal 2022, the consolidated cash production cost per tonne of ore processed was
In Fiscal 2022, the consolidated all-in sustaining production cost per tonne of ore processed was
In Fiscal 2022, the consolidated cash cost per ounce of silver, net of by-product credits, was negative
In Fiscal 2022, on a consolidated basis, a total of 426,128 metres or
2. Q4 Fiscal 2022 Operational Results
In Q4 Fiscal 2022, the Company mined 180,505 tonnes of ore, up 11% or 17,433 tonnes, compared to 163,072 tonnes in Q4 Fiscal 2021. Ore milled in Q4 Fiscal 2022 was 182,670 tonnes, up 1% or 1,996 tonnes, compared to 180,674 tonnes in Q4 Fiscal 2021.
In Q4 Fiscal 2022, the Company sold approximately 1.2 million ounces of silver, 500 ounces of gold, 12.3 million pounds of lead, and 4.3 million pounds of zinc, representing increases of 11% and 13%, respectively, in silver and lead sold, and decreases of 29% and 5%, respectively, in gold and zinc sold, compared to approximately 1.1 million ounces of silver, 700 ounces of gold, 10.9 million pounds of lead, and 4.6 million pounds of zinc sold in Q4 Fiscal 2021.
In Q4 Fiscal 2022, the consolidated cash mining cost was
Correspondingly, the consolidated cash production cost per tonne of ore processed for Q4 Fiscal 2022 was
In Q4 Fiscal 2022, the consolidated cash cost per ounce of silver, net of by-product credits, was negative
In Q4 Fiscal 2022, on a consolidated basis, approximately 66,139 metres or
INDIVIDAL MINE OPERATING PERFORMANCE
Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Year ended | ||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | 2022 | 2021 | |||
Ore Production (tonne) | |||||||||
Ore mined | 130,612 | 200,946 | 206,933 | 142,907 | 112,561 | 681,398 | 650,025 | ||
Ore milled | 131,731 | 214,982 | 182,173 | 155,407 | 131,725 | 684,293 | 651,402 | ||
Head grades | |||||||||
Silver (gram/tonne) | 271 | 258 | 283 | 279 | 280 | 272 | 290 | ||
Lead (%) | 3.9 | 3.7 | 4.0 | 4.2 | 3.9 | 3.9 | 4.3 | ||
Zinc (%) | 0.8 | 0.8 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | ||
Recovery rates | |||||||||
Silver (%) | 95.2 | 95.1 | 95.4 | 94.7 | 93.7 | 95.1 | 94.2 | ||
Lead (%) | 96.1 | 95.2 | 95.5 | 95.7 | 95.1 | 95.6 | 96.0 | ||
Zinc (%) | 57.4 | 64.0 | 56.0 | 59.7 | 65.0 | 59.7 | 62.4 | ||
Cash Costs | |||||||||
Cash cost per ounce of Silver, net of by-product credits ($) | 1.21 | 1.19 | 0.71 | 0.80 | 1.20 | 0.96 | (0.39) | ||
All-in sustaining cost per ounce of silver, net of by-product credits ($) | 10.76 | 8.36 | 6.88 | 6.54 | 10.00 | 7.93 | 6.09 | ||
Cash production cost per tonne of ore processed ($) | 102.49 | 99.24 | 96.59 | 92.79 | 98.13 | 97.76 | 83.01 | ||
All-in sustaining cost per tonne of ore processed ($) | 172.63 | 143.72 | 141.26 | 138.55 | 155.14 | 147.52 | 132.54 | ||
Metal Production | |||||||||
Silver (in thousands of ounces) | 1,062 | 1,647 | 1,517 | 1,283 | 1,083 | 5,509 | 5,615 | ||
Gold (in thousands of ounces) | 0.5 | 1.1 | 0.8 | 1.0 | 0.3 | 3.4 | 3.5 | ||
Lead (in thousands of pounds) | 10,542 | 16,392 | 14,671 | 13,278 | 10,504 | 54,883 | 57,886 | ||
Zinc (in thousands of pounds) | 1,317 | 2,347 | 1,584 | 1,519 | 1,496 | 6,767 | 6,916 |
In Fiscal 2022, a total of 351,458 metres or
Q4 2022 | Q3 2022 | Q2 2022 | Q1 2021 | Q4 2021 | Year ended | ||||
March 31, 2021 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | 2022 | 2021 | |||
Ore Production (tonne) | |||||||||
Ore mined | 49,893 | 91,126 | 85,535 | 88,328 | 50,511 | 314,882 | 314,900 | ||
Ore milled | 50,939 | 89,790 | 89,643 | 87,670 | 48,949 | 318,042 | 316,179 | ||
Head grades | |||||||||
Silver (gram/tonne) | 62 | 78 | 73 | 80 | 87 | 75 | 85 | ||
Lead (%) | 1.4 | 1.5 | 1.7 | 1.5 | 1.7 | 1.5 | 1.7 | ||
Zinc (%) | 2.8 | 3.2 | 3.3 | 3.3 | 3.3 | 3.2 | 3.4 | ||
Recovery rates | |||||||||
Silver (%) | 82.4 | 83.5 | 84.4 | 84.1 | 81.9 | 83.8 | 82.5 | ||
Lead (%) | 88.7 | 89.0 | 89.5 | 89.3 | 89.7 | 89.2 | 89.6 | ||
Zinc (%) | 89.8 | 89.8 | 89.6 | 89.3 | 88.2 | 89.6 | 88.2 | ||
Cash Costs | |||||||||
Cash cost per ounce of Silver, net of by-product credits ($) | (16.59) | (25.84) | (22.51) | (17.96) | (12.80) | (20.91) | (11.48) | ||
All-in sustaining cost per ounce of silver, net of by-product credits ($) | (0.39) | (9.81) | (11.61) | (7.98) | 0.52 | (8.07) | - | ||
Cash production cost per tonne of ore processed ($) | 67.33 | 56.10 | 55.81 | 52.90 | 58.56 | 56.90 | 51.44 | ||
All-in sustaining cost per tonne of ore processed ($) | 100.13 | 81.50 | 73.76 | 71.67 | 87.69 | 79.56 | 74.09 | ||
Metal Production | |||||||||
Silver (in thousands of ounces) | 84 | 187 | 179 | 190 | 112 | 640 | 716 | ||
Lead (in thousands of pounds) | 1,420 | 2,586 | 2,942 | 2,600 | 1,652 | 9,548 | 10,544 | ||
Zinc (in thousands of pounds) | 2,784 | 5,683 | 5,899 | 5,679 | 3,176 | 20,045 | 21,095 |
In Fiscal 2022, a total of 66,699 metres or
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held tomorrow,
International Toll: 416-764-8650
Conference ID: 70727987
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.
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) equity investments in potential world class opportunities; 4) ongoing merger and acquisition efforts to unlock value; and 5) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorp.ca.
For further information
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorp.ca
ALTERNATIVE PERFORMANCE (NON-IFRS) MEAUSRES
This earnings release should be read in conjunction with the Company's Management Discussion & Analysis ("MD&A"), Financial Statements and Notes to Financial Statements for year ended
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 provincial 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
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 COVID-19; 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
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
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. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
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