Silvercorp Metals Inc. SVM

Net Income of $15.8 Million, $0.09 Per Share

[Betteryear2]

VANCOUVER, BC, Aug. 5, 2021 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the first quarter ended June 30, 2021 ("Q1 Fiscal 2022"). All amounts are expressed in US Dollars, and figures may not add due to rounding.

Q1 FISCAL 2022 HIGHLIGHTS  

• Mined 231,235 tonnes of ore and milled 243,077 tonnes of ore, down 9% and 7% compared to the prior year quarter due primarily to slow downs during contract renewal negotiations with mining contractors, which were successfully completed as announced July 13, 2021;
• Sold approximately 1.6 million ounces of silver, 1,000 ounces of gold, 16.8 million pounds of lead, and 7.3 million pounds of zinc, representing decreases of 12%, 9%, and 20% in silver, gold and lead sold, and an increase of 4% in zinc sold, compared to the prior year quarter;
• Revenue of $58.8 million, up 26% compared to $46.7 million in the prior year quarter;
• Net income attributable to equity shareholders of $12.2 million, or $0.07 per share, compared to $15.5 million, or $0.09 per share in the prior year quarter;
• Adjusted earnings attributable to equity shareholders of $15.8 million, or $0.09 per share, compared to $9.6 million, or $0.05 per share in the prior year quarter. The adjustments were made to remove the impacts from non-recurring items, share-based compensation, foreign exchange, mark-to-market equity investments, and the share of associates' operating results.
• Income from mine operations in Q1 Fiscal 2022 was $25.5 million, up 32% compared to $19.3 million in prior year quarter.
• Cash flow from operations of $36.5 million, up 21% or $6.4 million compared to $30.1 million in the prior year quarter;
• Cash cost per ounce of silver, net of by-product credits, of negative $1.43 compared to negative $1.48 in the prior year quarter;
• All-in sustaining cost per ounce of silver, net of by-product credits, of $7.46, compared to $5.61 in the prior year quarter;
• Paid $2.2 million of dividends to the Company's shareholders;
• Invested $5.0 million in Whitehorse Gold Corp. ("WHG") to increase the Company's ownership interest in WHG by 2.5% to 29.5%; and,
• Strong balance sheet with $214.4 million in cash and cash equivalents and short-term investments, up $15.3 million or 8% compared to $199.1 million as at March 31, 2021. This does not include the investments in associates and equity investment in other companies, having a total market value of $243.2 million as at June 30, 2021.

https://www.newswire.ca/news-releases/silvercorp-reports-adjusted-net-income-of-15-8-million-0-09-per-share-and-cash-flow-from-operations-of-36-5-million-for-q1-fiscal-2022-802569379.html