Silvercorp Reports Net Income of $12.2 Million, $0.07 Per Share, an Increase of 52% Compared to the Prior Year Quarter

Thursday, 07. November 2019 22:46

VANCOUVER, British Columbia, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reported its financial and operating results for the second quarter ended September 30, 2019 (“Q2 Fiscal 2020”).  All amounts are expressed in US Dollars.

Q2 FISCAL YEAR 2020 HIGHLIGHTS

  • Ore milled up 11% compared to the prior year quarter;
  • Produced and sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and 6.7 million pounds of zinc, compared to 1.9 million ounces of silver, 1,000 ounces of gold, 19.4 million pounds of lead, and 4.9 million pounds of zinc in the prior year quarter;
  • Revenue up 4% to $49.9 million compared to the prior year quarter;
  • Net income attributable to equity shareholders of $12.2 million, or $0.07 per share, up 52% compared to $8.0 million, or $0.05 per share in the prior year quarter;
  • Cash production cost per tonne of ore processed1 of $65.73, down 1%, compared to $66.33 in the prior year quarter; 
  • Cash cost per ounce of silver1, net of by-product credits, of negative $2.72, up 20% compared to negative $3.37 in the prior year quarter;
  • All-in sustaining cost per ounce of silver1, net of by-product credits, of $4.15, up 63% compared to $2.54 in the prior year quarter;
  • Cash flow from operations of $26.2 million, up 24% compared to $21.1 million in the prior year quarter;
  • Strong balance sheet with $135.2 million in cash and cash equivalents and short-term investments, an increase of $19.9 million or 17%, compared to $115.3 million as at March 31, 2019; and,
  • Ended the quarter with inventories of 4,176 tonnes of silver-lead concentrate and 586 tonnes of zinc concentrate, up 28% and 59%, respectively, compared to 3,248 tonnes of silver-lead concentrate and 586 tonnes of zinc concentrate as at March 31, 2019.

1 Non-IFRS measure. Please refer to section 10 of the corresponding MD&A for reconciliation.

FINANCIALS

Net income attributable to equity shareholders of the Company in Q2 Fiscal 2020 was $12.2 million, or $0.07 per share, an increase of $4.2 million, compared to $8.0 million, or $0.05 per share in the three months ended September 30, 2018 (“Q2 Fiscal 2019”).

Compared to Q2 Fiscal 2019, the Company’s financial results in Q2 Fiscal 2020 were mainly impacted by i) increases of 18% and 17% in the average realized selling prices for silver and gold; ii) increases of 10% and 36% in gold and zinc sold; offset by iii) decreases of 12% and 31% in the average realized selling prices for lead and zinc, and iv) a decrease of 2% in lead sold.

Sales in Q2 Fiscal 2020 were $49.9 million, up 4% or $1.8 million, compared to $48.1 million in Q2 Fiscal 2019. Silver, gold, and base metals sales represented $27.4 million, $1.3 million, and $21.1 million, respectively, compared to silver, gold and base metals sales of $23.4 million, $1.0 million, and $23.6 million, respectively, in Q2 Fiscal 2019.

Cost of sales in Q2 Fiscal 2020 was $24.5 million, a decrease of $0.9 million or 4%, compared to $25.4 million in Q2 Fiscal 2019.  The cost of sales included $17.3 million (Q2 Fiscal 2019 - $18.2 million) cash production costs, $1.4 million mineral resources tax (Q2 Fiscal 2019 - $1.4 million), and $5.8 million (Q2 Fiscal 2019 - $5.8 million) depreciation and amortization charges. The decrease in cash production costs expensed was mainly due to a decrease of 1% in cash production costs per tonne of ore processed and less silver and lead sold.

Gross profit margin in Q2 Fiscal 2020 was 51%, compared to 47% in Q2 Fiscal 2019. Ying Mining District’s gross profit margin was 53% compared to 50% in Q2 Fiscal 2019. GC Mine’s gross profit margin was 37% compared to 29% in Q2 Fiscal 2019.

General and administrative expenses in Q2 Fiscal 2020 were $4.9 million, an increase of $0.3 million, compared to $4.6 million in Q2 Fiscal 2019. The increase was mainly due to higher labour costs resulting from an increase in employees’ pay-rates and non-cash share-based compensation expenses.

Share of loss in an associate in Q2 Fiscal 2020 was $0.2 million, compared to $0.1 million in Q2 Fiscal 2019. The loss represents the Company’s equity pickup in New Pacific Metals Corp.(“NUAG”).

Income tax expenses in Q2 Fiscal 2020 were $5.1 million compared to $5.8 million in Q2 Fiscal 2019.  The income tax expense recorded in Q2 Fiscal 2020 included current income tax expense of $1.0 million (Q2 Fiscal 2019 – $5.1 million) and deferred income tax expense of $4.1 million (Q2 Fiscal 2019 – $0.7 million).

Cash flow provided by operating activities in Q2 Fiscal 2020 was $26.2 million, an increase of $5.1 million, compared to $21.1 million in Q2 Fiscal 2019. 

For the six months ended September 30, 2019, net income attributable to equity shareholders of the Company was $24.8 million or $0.14 per share, an increase of $5.8 million, compared to $19.0 million or $0.11 per share in the same prior year period; sales were $95.5 million, up 2% from $93.2 million in the same prior year period; share of loss in NUAG was $0.5 million, compared to $0.4 million in the same prior year period; and cash flow from operating activities was $46.1 million, up 9% from $42.2 million in the same prior year period.

The Company ended the period with $135.2 million in cash and short-term investments, an increase of $19.9 million or 17%, compared to $115.3 million as at March 31, 2019.

Working capital as at September 30, 2019 was $125.0 million, an increase of $28.0 million or 29%, compared to $97.0 million as at March 31, 2019.

OPERATIONS AND DEVELOPMENT

(i)   Q2 Fiscal 2020 vs. Q2 Fiscal 2019

In Q2 Fiscal 2020, on a consolidated basis, the Company mined 259,257 tonnes of ore, an increase of 4% or 10,838 tonnes, compared to 248,419 tonnes in Q2 Fiscal 2019.  Ore mined at the GC Mine increased by 23% or 15,415 tonnes, while the ore mined at the Ying Mining District decreased by 3% or 4,577 tonnes.  Ore milled was 265,281 tonnes, up 11% compared to 239,728 tonnes in Q2 Fiscal 2019.

In Q2 Fiscal 2020, the Company sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and 6.7 million pounds of zinc, compared to 1.9 million ounces of silver, 1,000 ounces of gold, 19.4 million pounds of lead, and 4.9 million pounds of zinc in Q2 Fiscal 2019. As at September 30, 2019, the Company had inventories of 4,176 tonnes of silver-lead concentrate and 586 tonnes of zinc concentrate, up 28% and 59%, respectively, compared to 3,248 tonnes of silver-lead concentrate and 368 tonnes of zinc concentrate as at March 31, 2019.

In Q2 Fiscal 2020, the consolidated total mining costs and cash mining costs were $72.85 and $52.37 per tonne, compared to $72.71 and $53.90 per tonne, respectively, in Q2 Fiscal 2019.  The consolidated total milling costs and cash milling costs in Q2 Fiscal 2020 were $12.46 and $10.76 per tonne, compared to $11.60 and $9.36 per tonne, respectively, in Q2 Fiscal 2019. The increase in the cash milling cost was mainly due to an increase of $0.3 million in material costs resulting from the timing difference of maintenance and prevention work performed at the mills.

The consolidated cash production cost per tonne of ore processed in Q2 Fiscal 2020 were $65.73, down 1% compared to $66.33 in Q2 Fiscal 2019, and below the Company’s Fiscal 2020 annual guidance of $71.80. The consolidated all-in sustaining production cost per tonne of ore processed was $109.51, an increase of 2% compared to $107.51 in Q2 Fiscal 2019, but below the Company’s Fiscal 2020 annual guidance of $125.50. The increase was primarily due to an increase of $1.7 million in sustaining capital expenditures.

In Q2 Fiscal 2020, the consolidated cash cost per ounce of silver, net of by-product credits, was negative $2.72, compared to negative $3.37 in the prior year quarter. The increase was mainly due to a decrease of $1.11 in by-product credits per ounce of silver mainly resulting from the decrease in the realized selling prices for lead and zinc. Sales from lead and zinc in the current quarter amounted to $20.2 million, a decrease of $2.9 million, compared to $23.2 million in the prior year quarter.   In Q2 Fiscal 2020, the consolidated all-in sustaining costs per ounce of silver, net of by-product credits, was $4.15 compared to $2.54 in Q2 Fiscal 2019.  The increase was mainly due to the decrease in by-product credits and the increase in sustaining capital expenditures as discussed above.

In Q2 Fiscal 2020, on a consolidated basis, approximately 32,948 metres or $1.1 million worth of diamond drilling (Q2 Fiscal 2019 – 30,027 metres or $0.8 million) and 11,656 metres or $3.1 million worth of preparation tunnelling (Q2 Fiscal 2019 – 10,619 metres or $3.1 million) were completed and expensed as mining preparation costs. In addition, approximately 20,107 metres or $7.1 million worth of horizontal tunnels, raises, ramps and declines (Q2 Fiscal 2019 – 18,875 metres or $6.2 million) were completed and capitalized.

(ii)   Six months ended September 30, 2019 vs. six months ended September 30, 2018

For the six months ended September 30, 2019, on a consolidated basis, the Company mined 516,649 tonnes of ore, an increase of 6% or 31,532 tonnes, compared to 485,117 tonnes mined in the same prior year period. Ore milled was 524,824 tonnes, up 10% compared to 477,468 tonnes in the same prior year period.

The Company sold approximately 3.7 million ounces of silver, 2,100 ounces of gold, 36.9 million pounds of lead, and 14.0 million pounds of zinc, increases of 11%, 24%, 8%, and 24%, respectively, compared to 3.4 million ounces of silver, 1,700 ounces of gold, 34.3 million pounds of lead, and 11.3 million pounds of zinc sold in the same prior year period.

For the six months ended September 30, 2019, the consolidated total mining costs and cash mining costs were $75.12 and $53.91 per tonne, respectively, compared to $74.40 and $55.05 per tonne in the same prior year period. The consolidated total milling costs and cash milling costs were $12.47 and $10.69, respectively, compared to $12.87 and $10.54 per tonne in the same prior year period.

Correspondingly, the consolidated cash production costs per tonne of ore processed for the six months ended September 30, 2019 were $67.29, down 2% compared to $68.55 in the same prior year period. The all-in sustaining production costs per tonne of ore processed were $114.89, up 4% compared to $110.91 in the same prior year period mainly due to an increase of $4.7 million in sustaining capital expenditures. However, both the cash production costs and all-in sustaining production costs per tonne were lower than the Company’s Fiscal 2020 annual guidance

For the six months ended September 30, 2019, the consolidated cash cost per ounce of silver, net of by-product credits, was negative $2.45, compared to negative $5.18 in the same prior year period. The increase was mainly due to a decrease of $2.99 in by-product credits per ounce of silver mainly resulting from decreases in realized selling prices for lead and zinc. Sales from lead and zinc for the six months ended September 30, 2019 amounted to $40.6 million, a decrease of $7.0 million, compared to $47.6 million in the same period year period.   The consolidated all-in sustaining costs per ounce of silver, net of by-product credits, was $4.91 compared to $1.61 in the same prior year period. The increase was mainly due to the decrease in by-product credits and the increase in sustaining capital expenditures.  

For the six months ended September 30, 2019, on a consolidated basis, approximately 64,566 metres or $2.0 million worth of diamond drilling (same prior year period – 64,295 metres or $1.8 million) and 24,312 metres or $6.2 million worth of preparation tunnelling (same prior year period – 21,401 metres or $6.3 million) were completed and expensed as mining preparation costs. In addition, approximately 41,499 metres or $14.5 million worth of horizontal tunnels, raises, ramps and declines (same prior year period – 36,341 metres or $13.2 million) were completed and capitalized. 

1. Ying Mining District, Henan Province, China

Ying Mining DistrictQ2 2020Q1 2020Q4 2019Q3 2019Q2 2019 Six months ended September 30,
 September 30, 2019June 30, 2019March 31, 2019December 31, 2018September 30, 2018 2019 2018 
Ore Mined (tonne) 176,085 176,584 111,032 174,152 180,662  352,669 337,393 
Ore Milled (tonne) 179,147 177,681 107,039 184,684 172,200  356,828 328,129 
Head Grades         
Silver (gram/tonne)306 330 324 296 308  318 315 
Lead (%)4.5 4.6 4.5 4.1 4.6  4.5 4.6 
Zinc (%)0.8 0.9 0.9 0.8 0.9  0.9 1.0 
Recoveries        
Silver (%) 96.2 95.8 95.5 95.6 96.1  96.0 96.1 
Lead (%)95.7 95.9 96.1 95.2 95.6  95.7 95.8 
Zinc (%)58.6 58.3 63.7 50.2 51.2  58.5 52.9 
Metal Sales         
Silver (in thousands of ounce)1,711 1,662 1,141 1,545 1,765  3,373 3,078 
Gold (in thousands of ounce)1.1 1.0 0.7 1.1 1.0  2.1 1.7 
Lead (in thousands of pound)16,389 14,835 10,310 15,156 17,359  31,225 30,672 
Zinc (in thousands of pound)1,428 2,090 2,464 381 1,648  3,518 3,781 
Cash mining costs ($ per tonne) 59.26 63.05 65.24 63.04 58.65  61.16 62.15 
Shipping costs ($ per tonne) 3.82 4.04 3.97 4.27 4.26  3.82 4.28 
Cash milling costs ($ per tonne) 9.81 9.15 12.57 10.49 8.54  9.48 9.37 
Cash production costs ($ per tonne)72.89 76.24 81.78 77.80 71.45  74.46 75.80 
All-in sustaining production costs ($/tonne)117.37 129.14 141.63 135.47 108.75  123.24 116.17 
         
Cash costs per ounce of silver ($)(1.95)(1.44)(3.02)(1.74)(2.80) (1.70)(4.27)
All-in sustaining costs per ounce of silver ($)3.40 4.82 3.28 5.80 1.52  4.10 0.75 
         

(i)   Q2 Fiscal 2020 vs. Q2 Fiscal 2019

In Q2 Fiscal 2020, the total ore mined at the Ying Mining District was 176,085 tonnes, down by 3% or 4,577 tonnes, compared to 180,662 tonnes mined in Q2 Fiscal 2019.  Ore milled was 179,147 tonnes, up by 4% or 6,947 tonnes, compared to 172,200 tonnes in Q2 Fiscal 2019.

Head grades of ore milled at the Ying Mining District in Q2 Fiscal 2020 were 306 grams per tonne (“g/t”) for silver, 4.5% for lead, and 0.8% for zinc, compared to 308 g/t for silver, 4.6% for lead and 0.9% for zinc in Q2 Fiscal 2019. The Company continues to achieve good dilution control using its “Enterprise Blog” to assist and manage daily operations.    

In Q2 Fiscal 2020, the Ying Mining District sold approximately 1.7 million ounces of silver, 16.4 million pounds of lead, and 1.4 million pounds of zinc, compared to 1.8 million ounces of silver, 17.4 million pounds of lead, and 1.6 million pounds of zinc in Q2 Fiscal 2019. As at September 30, 2019, the Ying Mining District had inventories of 3,580 tonnes of silver-lead concentrate and 550 tonnes 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 Mining District in Q2 Fiscal 2020 were $85.63 and $59.26 per tonne, respectively, compared to $81.50 and $58.65 per tonne in Q2 Fiscal 2019. The increase was due mainly to an overall 3% increase in the mining contractors’ rate.

Total and cash milling costs per tonne at the Ying Mining District in Q2 Fiscal 2020 were $11.53 and $9.81, respectively, compared to $10.47 and $8.54 in Q2 Fiscal 2019. The increase in per tonne cash milling costs was mainly due to an increase of $0.2 million in material costs rising from the timing difference of maintenance and prevention work performed at the mill.   

Correspondingly, the cash production cost per tonne of ore processed was $72.89, up 2% compared to $71.45 in the prior year quarter, but below the Fiscal 2020 annual guidance of $78.20. The all-in sustaining cash production cost per tonne of ore processed were $117.37, up 8% compared to $108.75 in the prior year quarter. The increase was mainly due to an increase of $1.3 million in sustaining capital expenditures. The all-in sustaining cash production costs per tonne at the Ying Mining District were also below the Fiscal 2020 annual guidance of $130.20.  

Cash cost per ounce of silver, net of by-product credits, in Q2 Fiscal 2020 at the Ying Mining District, was negative $1.95 compared to negative $2.80 in Q2 Fiscal 2019. The increase was mainly due to a decrease of $1.28 in by-product credits per ounce of silver resulting from the decrease of lead and zinc realized selling prices. Sales from lead and zinc at the Ying Mining District in Q2 Fiscal 2020 were $14.9 million, a decrease of $3.4million, compared to $18.3 million in Q2 Fiscal 2019. All-in sustaining cost per ounce of silver, net of by-product credits, was $3.40 compared to $1.52 in the prior year quarter. The increase was mainly due to the decrease in by-product credits and the increase in sustaining capital expenditures.

In Q2 Fiscal 2020, approximately 27,007 metres or $0.8 million worth of underground diamond drilling (Q2 Fiscal 2019 – 22,672 metres or $0.5 million) and 5,554 metres or $1.6 million worth of preparation tunnelling (Q2 Fiscal 2019 – 5,376 metres or $1.7 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 19,661 metres or $6.7 million worth of horizontal tunnels, raises, ramps and declines (Q2 Fiscal 2019 – 18,634 metres or $6.0 million) were completed and capitalized.     

(ii)   Six months ended September 30, 2019 vs. six months ended September 30, 2018

For the six months ended September 30, 2019, a total of 352,669 tonnes of ore were mined at the Ying Mining District, an increase of 5% or 15,276 tonnes compared to 337,393 tonnes in the same prior year period. Ore milled was 356,828 tonnes, up by 9% or 28,669 tonnes compared to 328,129 tonnes in the same prior year period. Average head grades of ore processed were 318 g/t for silver, 4.5% for lead, and 0.9% for zinc compared to 315 g/t for silver, 4.6% for lead, and 1.0% for zinc, in the same prior year period.

During the same time period, the Ying Mining District sold approximately 3.4 million ounces of silver, 2,100 ounces of gold, 31.2 million pounds of lead, and 3.5 million pounds of zinc, compared to 3.1 million ounces of silver, 1,700 ounces of gold, 30.7 million pounds of lead, and 3.8 million pounds of zinc in the same prior year period.

For the six months ended September 30, 2019, the cash mining costs at the Ying Mining District were $61.16 per tonne, down 2% compared to $62.15 in the prior year period while the cash milling costs were $9.48 per tonne, a slight increase of 1% compared to $9.37 in the prior year period. Correspondingly, the cash production costs per tonne of ore processed were $74.57, down 2% compared to $75.80 in the prior year period. The all-in sustaining cash production costs per tonne of ore processed were $123.24, up 6%, compared to $116.17. The increase was mainly due to an increase of $3.8 million in sustaining capital expenditures. 

Cash cost per ounce of silver and all-in sustaining costs per ounce of silver, net of by‐product credits, at the Ying Mining District, for the six months ended September 30, 2019, were negative $1.70 and $4.10 respectively, compared to negative $4.27 and $0.75 in the same prior year period. The increase was mainly due to the decrease in by-product credits per ounce of silver and the increase in sustaining capital expenditures. Sales from lead and zinc at the Ying Mining District for the six months ended September 30, 2019 were $29.3 million, a decrease of $6.8 million, compared to $36.1 million in the same prior year period.

For the six months ended September 30, 2019, approximately 50,655 metres or $1.4 million worth of underground diamond drilling (same prior year period – 49,521 metres or $1.1 million) and 11,949 metres or $3.3 million worth of preparation tunnelling (same prior year period – 10,917 metres or $3.3 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 40,556 metres or $13.8 million worth of horizontal tunnels, raises, and declines (same prior year period – 35,562 metres or $12.5 million) were completed and capitalized.

2.  GC Mine, Guangdong Province, China

GC MineQ2 2020Q1 2020Q4 2019Q3 2019Q2 2019 Six months ended September 30,
 September 30, 2019June 30, 2019March 31, 2019December 31, 2018September 30, 2018 2019 2018 
Ore Mined (tonne) 83,172 80,808 50,368 86,126 67,757  163,980 147,724 
Ore Milled (tonne) 86,134 81,861 52,865 86,792 67,528  167,996 149,339 
Head Grades         
Silver (gram/tonne)100 95 101 84 78  97 83 
Lead (%)2.0 1.9 1.8 1.6 1.4  1.9 1.3 
Zinc (%)3.2 3.4 3.3 3.1 2.8  3.3 2.8 
Recovery Rates        
Silver (%) 75.9 76.8 81.3 80.5 76.7  76.4 75.9 
Lead (%)88.3 88.7 91.5 91.6 91.2  88.5 89.1 
Zinc (%)86.1 85.7 85.7 85.5 83.3  85.9 84.1 
Metal Sales         
Silver (in thousands of ounce)183 193 173 167 136  376 286 
Lead (in thousands of pound)2,680 3,007 2,360 2,644 2,063  5,686 3,646 
Zinc (in thousands of pound)5,227 5,244 4,874 3,730 3,240  10,471 7,484 
Cash mining cost ($ per tonne) 37.80 38.83 40.58 34.17 41.25  38.31 38.83 
Cash milling cost ($ per tonne) 12.72 13.85 18.52 14.08 11.45  13.27 13.10 
Cash production cost ($ per tonne)50.52 52.68 59.10 48.25 52.70  51.58 51.93 
All-in sustaining production costs ($/tonne)62.94 67.33 72.11 56.88 67.58  65.09 64.51 
         
Cash cost per ounce of silver ($)(9.98)(8.38)(10.23)(12.32)(10.81) (9.16)(15.01)
All-in sustaining cost per ounce of silver ($)(2.89)(0.96)(4.97)(6.54)(2.03) (1.90)(6.92)
         

(i)   Q2 Fiscal 2020 vs. Q2 Fiscal 2019

In Q2 Fiscal 2020, the total ore mined at the GC Mine was 83,172 tonnes, an increase of 23% or 15,415 tonnes, compared to 67,757 tonnes in Q2 Fiscal 2019, while ore milled was 86,134 tonnes, an increase of 28% or 18,606 tonnes compared to 67,528 tonnes in Q2 Fiscal 2019.  Average head grades of ore processed at the GC Mine were 100 g/t for silver, 2.0% for lead, and 3.2% for zinc compared to 78 g/t for silver, 1.4% for lead, and 2.8% for zinc in Q2 Fiscal 2019. 

In Q2 Fiscal 2020, the GC Mine sold 183,000 ounces of silver, 2.7 million pounds of lead, and 5.2 million pounds of zinc, compared to 136,000 ounces of silver, 2.1 million pounds of lead, and 3.2 million pounds of zinc in Q2 Fiscal 2019.  

Total and cash mining costs per tonne at the GC Mine in Q2 Fiscal 2020 were $45.81 and $37.80 per tonne, respectively, a decrease of 7% and 8%, compared to $49.29 and $41.25 per tonne in Q2 Fiscal 2019. The decrease was mainly due to higher production output resulting in lower per tonne fixed costs allocation. Total and cash milling costs per tonne at the GC Mine in Q2 Fiscal 2020 were $14.38 and $12.72, respectively, compared to $14.47 and $11.45 in Q2 Fiscal 2019.

Correspondingly, cash production costs per tonne of ore processed were $50.52, down 4% compared to $52.70 in Q2 Fiscal 2019, and all-in sustaining costs per tonne of ore processed were $62.94, down 7% compared to $67.58 in Q2 Fiscal 2019.

Cash costs per ounce of silver, net of by-product credits, at the GC Mine, was negative $9.98 compared to negative $10.81 in Q2 Fiscal 2019. The increase was mainly due to the decrease in by-product credits per ounce of silver resulting from more silver sold and the decrease in lead and zinc realized selling prices. All-in sustaining costs per ounce of silver, net of by-product credits, in Q2 Fiscal 2020 at the GC Mine was negative $2.89 compared to negative $2.03 in Q2 Fiscal 2019.

In Q2 Fiscal 2020, approximately 5,941 metres or $0.3 million worth of underground diamond drilling (Q2 Fiscal 2019 – 7,355 metres or $0.3 million) and 6,102 metres or $1.5 million worth of tunnelling (Q2 Fiscal 2019 – 5,243 metres or $1.4 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 446 metres or $0.4 million of horizontal tunnels, raises and declines (Q2 Fiscal 2019 – 241 metres or $0.2 million) were completed and capitalized.


(ii)   Six months ended September 30, 2019 vs. six months ended September 30, 2018

For the six months ended September 30, 2019, a total of 163,980 tonnes of ore were mined and 167,996 tonnes were milled at the GC Mine, an increase of 11% and 12%, respectively, compared to 147,724 tonnes mined and 149,339 tonnes milled in the same prior year period. Average head grades of ore milled were 97 g/t for silver, 1.9% for lead, and 3.3% for zinc compared to 83 g/t for silver, 1.3% for lead, and 2.8% for zinc, in the same prior year period.  

During the same time period, the GC Mine sold approximately 376,000 ounces of silver, 5.7 million pounds of lead, and 10.5 million pounds of zinc, compared to 286,000 ounces of silver, 3.6 million pounds of lead, and 7.5 million pounds of zinc in the same prior year period.  

For the six months ended September 30, 2019, the cash mining cost at the GC Mine was $38.31 per tonne, a slight decrease of 1% compared to $38.83 per tonne in the same prior year period. The cash milling cost was $13.27 per tonne, a slight increase of 1% compared to $13.10 in the same prior year period.   Correspondingly, the cash production costs per tonne of ore processed at the GC Mine were $51.58, a slight decrease compared to $51.93 in the same prior year period. The all-in sustaining cash production cost per tonne of ore processed was $65.09 compared to $64.51 in the same prior year period.

Cash costs per ounce of silver and all-in sustaining costs per ounce of silver, net of by‐product credits, at the GC Mine, for the six months ended September 30, 2019, were negative $9.16 and negative $1.90 respectively, compared to negative $15.01 and negative $6.92 in the same prior year period. 

For the six months ended September 30, 2019, approximately 13,911 metres or $0.6 million worth of underground diamond drilling (same prior year period – 14,774 metres or $0.7 million) and 12,363 m or $2.9 million of tunnelling (same prior year period – 10,484 metres or $3.0 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 943 metres or $0.7 million of horizontal tunnels, raise, and declines (same prior year period – 779 metres or $0.7 million) were completed and capitalized.

OUTLOOK

The Company expects its consolidated production in Fiscal 2020 will exceed its annual guidance and that production costs will be within the budget. Due to soft demand for lead battery arising from weak automobile market and the winter season environmental control measures in China, smelters are reducing their silver-lead concentrates purchase and increasing their smelter charges from last quarter’s RMB 2,200 per tonne lead metal to RMB 2,700 per tonne lead metal currently. Accordingly, the Company plans to build up its silver-lead concentrate inventories over the next two quarters for better price.  

Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, is the Qualified Person for Silvercorp under 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 concentrates from mines in China. The Company’s goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, 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
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorp.ca

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 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.

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, 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; 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”.  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. 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)

 As at September 30, As at March 31,
  2019  2019
ASSETS   
Current Assets   
Cash and cash equivalents$ 56,092  $67,441 
Short-term investments 79,103   47,836 
Trade and other receivables 1,917   467 
Current portion of lease receivable 198   - 
Inventories 9,580   10,836 
Due from a related party 2,941   3,022 
Income tax receivable 3,778   1,301 
Prepaids and deposits 5,148   3,958 
  158,757   134,861 
Non-current Assets   
Long-term prepaids and deposits 520   769 
Long-term portion lease receivable 468   - 
Reclamation deposits 8,969   7,953 
Investment in an associate 43,413   38,703 
Other investments 10,785   9,253 
Plant and equipment 67,044   68,617 
Mineral rights and properties 221,792   238,920 
TOTAL ASSETS$ 511,748  $499,076 
    
LIABILITIES AND EQUITY   
Current Liabilities   
Accounts payable and accrued liabilities$ 29,009  $29,856 
Current portion of lease obligation 599   - 
Bank Loan -   4,475 
Deposits received 1,252   3,040 
Income tax payable 2,895   502 
  33,755   37,873 
Non-current Liabilities   
Long-term portion of lease obligation 1,887   - 
Deferred income tax liabilities 34,121   34,334 
Environmental rehabilitation 12,713   13,688 
Total Liabilities 82,476   85,895 
    
Equity   
Share capital 238,251   231,269 
Share option reserve 16,146   15,898 
Reserves 25,409   25,409 
Accumulated other comprehensive loss (56,066)  (41,864)
Retained earnings 138,614   116,734 
Total equity attributable to the equity holders of the Company 362,354   347,446 
    
Non-controlling interests 66,918   65,735 
Total Equity 429,272   413,181 
    
TOTAL LIABILITIES AND EQUITY$ 511,748  $499,076 
    


SILVERCORP METALS INC.
Consolidated Statements of Income
(Unaudited - Expressed in thousands of U.S. dollars, except for per share figures)

  Three Months Ended September 30, Six Months Ended September 30,
   2019 2018  2019 2018
       
Sales $ 49,886 $48,091  $ 95,462 $93,216 
Cost of sales      
Production costs  17,290  18,238   35,290  32,515 
Mineral resource taxes  1,408  1,392   2,659  2,641 
Depreciation and amortization  5,814  5,761   11,683  10,509 
   24,512  25,391   49,632  45,665 
Gross profit  25,374  22,700   45,830  47,551 
       
General and administrative  4,901  4,605   9,449  9,077 
Government fees and other taxes  496  767   1,090  1,569 
Foreign exchange loss (gain)  (797) 708   57  (80)
Loss on disposal of plant and equipment  121  124   263  134 
Gain on disposal of mineral rights and properties  -  -   (1,477) - 
Share of loss in associate  244  105   525  384 
Dilution gain on investment in associate  -  -   (723) - 
Reclassification of other comprehensive loss upon      
ownership dilution of investment in associate  -  -   (21) - 
Other expense (income)  291  213   490  276 
Income from operations  20,118  16,178   36,177  36,191 
       
Finance income  818  825   1,747  1,621 
Finance costs  (136) (163)  (311) (297)
Income before income taxes  20,800  16,840   37,613  37,515 
       
Income tax expense  5,139  5,763   4,651  12,261 
Net income $ 15,661 $11,077  $ 32,962 $25,254 
       
Attributable to:      
Equity holders of the Company $ 12,221 $8,037  $ 24,828 $18,958 
Non-controlling interests  3,440  3,040   8,134  6,296 
  $ 15,661 $11,077  $ 32,962 $25,254 
       
Earnings per share attributable to the equity holders of the Company    
Basic earnings per share $ 0.07 $0.05  $ 0.15 $0.11 
Diluted earnings per share $ 0.07 $0.05  $ 0.14 $0.11 
Weighted Average Number of Shares Outstanding - Basic 170,842,478  168,105,986   170,419,199  167,687,266 
Weighted Average Number of Shares Outstanding - Diluted  171,904,531  170,312,229   171,261,945  169,773,955 
       


SILVERCORP METALS INC.
Consolidated Statements of Cash Flow
(Unaudited - Expressed in thousands of U.S. dollars)

 Three Months Ended June 30, Six Months Ended September 30,
  2019 2018  2019 2018
Cash provided by     
Operating activities     
Net income$ 15,661 $11,077  $ 32,962 $25,254 
Add (deduct) items not affecting cash:     
Finance costs 136  163   311  297 
Depreciation, amortization and depletion 6,203  6,048   12,423  11,101 
Share of (income) loss in associate 244  105   525  384 
Dilution gain on investment in associate -  -   (723) - 
Reclassification of other comprehensive loss upon ownership    
dilution of investment in associate -  -   (21) - 
Income tax expense 5,139  5,763   4,651  12,261 
Finance income (818) (825)  (1,747) (1,621)
Loss on disposal of plant and equipment 121  124   263  134 
Gain on disposal of mineral rights and properties -  -   (1,477) - 
Share-based compensation 701  456   1,026  912 
Reclamation expenditures and deposits (63) (21)  (74) (21)
Income taxes paid (1,011) (5,388)  (2,930) (8,476)
Interest received 818  825   1,747  1,621 
Interest paid (32) (48)  (105) (48)
Changes in non-cash operating working capital (870) 2,808   (715) 441 
Net cash provided by operating activities 26,229  21,087   46,116  42,239 
      
Investing activities     
Mineral rights and properties     
Capital expenditures (7,239) (6,064)  (14,009) (11,793)
Proceeds on disposals 1,455  -   6,146  - 
Plant and equipment     
Additions (2,158) (422)  (4,329) (1,643)
Proceeds on disposals 2  2   3  29 
Reclamation deposits     
Paid (1,543) (41)  (1,549) (45)
Other investments     
Acquisition (1,726) -   (1,726) - 
Proceeds on disposals 1,266  -   1,266  - 
Investment in associate (187) -   (3,210) - 
Net redemption (purchases) of short-term investments (9,543) (30,481)  (33,618) (17,219)
Principal received on lease receivable 9  -   36  - 
Net cash provided by (used in) investing activities (19,664) (37,006)  (50,990) (30,671)
      
Financing activities     
Bank loan     
Proceeds -  -   -  4,527 
Repayment -  -   (4,369) - 
Principal payments on lease obligation (187) -   (288) - 
Non-controlling interests     
Distribution (3,259) (3,305)  (3,259) (6,634)
Cash dividends distributed -  -   (2,125) (2,095)
Proceeds from issuance of common shares 4,857  518   5,077  1,020 
Net cash used in financing activities 1,411  (2,787)  (4,964) (3,182)
Effect of exchange rate changes on cash and cash equivalents (1,207) (641)  (1,511) (4,063)
      
Increase in cash and cash equivalents 6,769  (19,347)  (11,349) 4,323 
Cash and cash equivalents, beginning of the period 49,323  72,869   67,441  49,199 
Cash and cash equivalents, end of the period$ 56,092 $53,522  $ 56,092 $53,522 
      


SILVERCORP METALS INC.
Mining Data
(Expressed in thousands of U.S. dollars, except for mining data figures)

ConsolidatedThree months ended September 30,  Six months ended September 30,
   20192018Changes 20192018Changes
          
Production Data       
 Mine Data       
  Ore Mined (tonne)259,257 248,419 4% 516,649 485,117 6%
  Ore Milled (tonne)265,281 239,728 11% 524,824 477,468 10%
          
          
  Head Grades       
  Silver (gram/tonne) 238 243 -2% 246 242 2%
  Lead (%) 3.6 3.7 -2% 3.7 3.5 5%
  Zinc (%) 1.6 1.4 13% 1.6 1.5 10%
          
  Recovery Rates       
  Silver (%) 93.4 94.3 -1% 93.5 93.9 0%
  Lead (%) 94.4 95.1 -1% 94.5 95.0 -1%
  Zinc (%) 76.9 69.0 11% 76.3 70.8 8%
          
Cost Data       
  +Mining cost per tonne of ore mined ($) 72.85 72.71 0% 75.12 74.40 1%
  Cash mining cost per tonne of ore mined ($) 52.37 53.90 -3% 53.91 55.05 -2%
  Depreciation and amoritzation charges per tonne of ore mined ($) 20.48 18.81 9% 21.21 19.35 10%
          
  +Unit shipping costs ($)2.60 3.07 -15% 2.69 2.96 -9%
          
  +Mining cost per tonne of ore milled ($) 12.46 11.60 7% 12.47 12.87 -3%
  Cash milling cost per tonne of ore milled ($) 10.76 9.36 15% 10.69 10.54 1%
  Depreciation and amoritzation charges per tonne of ore milled ($) 1.70 2.24 -24% 1.78 2.33 -24%
          
  +Cash production cost per tonne of ore processed ($)65.73 66.33 -1% 67.90 68.55 -2%
  +All-in sustaining cost per tonne of ore processed ($)109.51 107.45 2% 114.80 110.91 4%
          
  +Cash cost per ounce of Silver, net of by-product credits ($)(2.72)(3.37)19% (2.45)(5.18)53%
  +All-in sustaining cost per tonne of ore processed ($)4.15 2.54 63% 4.91 1.61 205%
          
Concentrate inventory       
  Lead concentrate (tonne)4,176 3,732 12% 4,176 3,732 12%
  Zinc concentrate (tonne)586 598 -2% 586 598 -2%
          
Sales Data       
 Metal Sales       
  Silver (in thousands of ounces)1,894 1,901 0% 3,749 3,364 11%
  Gold (in thousands of ounces)1.1 1.0 10% 2.1 1.7 24%
  Lead (in thousands of pounds)19,069 19,422 -2% 36,911 34,318 8%
  Zinc (in thousands of pounds)6,655 4,888 36% 13,989 11,265 24%
          
 Revenue       
  Silver (in thousands of $)27,439 23,439 17% 50,997 43,262 18%
  Gold (in thousands of $)1,314 1,024 28% 2,396 1,716 40%
  Lead (in thousands of $)16,202 18,789 -14% 31,380 35,840 -12%
  Zinc (in thousands of $)4,045 4,361 -7% 9,197 11,773 -22%
  Other (in thousands of $)886 478 85% 1,492 625 139%
   49,886 48,091 4% 95,462 93,216 2%
 Average Selling Price, Net of Value Added Tax and Smelter Charges       
  Silver ($ per ounce) 14.49 12.33 18% 13.60 12.86 6%
  Gold ($ per ounce) 1,195.00 1,024 17% 1,141.00 1,009 13%
  Lead ($ per pound) 0.85 0.97 -12% 0.85 1.04 -18%
  Zinc ($ per pound) 0.61 0.89 -31% 0.66 1.05 -37%
          


SILVERCORP METALS INC.
Mining Data
(Expressed in thousands of U.S. dollars, except for mining data figures)

Ying Mining DistrictThree months ended September 30,  Six months ended September 30,
   20192018Changes 20192018Changes
          
Production Data       
 Mine Data       
  Ore Mined (tonne)176,085 180,662 -3% 352,669 337,393 5%
  Ore Milled (tonne)179,147 172,200 4% 356,828 328,129 9%
          
  Head Grades       
  Silver (gram/tonne) 306 308 -1% 318 315 1%
  Lead (%) 4.5 4.6 -3% 4.5 4.6 -1%
  Zinc (%) 0.8 0.9 -11% 0.9 1.0 -14%
          
  Recovery Rates       
  Silver (%) 96.2 96.1 0% 96.0 96.1 0%
  Lead (%) 95.7 95.6 0% 95.7 95.8 0%
  Zinc (%) 58.6 51.2 15% 58.5 52.9 11%
          
Cost Data       
  +Mining cost per tonne of ore mined ($) 85.63 81.50 5% 88.55 86.50 2%
  Cash mining cost per tonne of ore mined ($) 59.26 58.65 1% 61.16 62.15 -2%
  Depreciation and amoritzation charges per tonne of ore mined ($) 26.37 22.85 15% 27.39 24.35 12%
          
  +Unit shipping costs ($)3.82 4.26 -10% 3.82 4.28 -11%
          
  +Mining cost per tonne of ore milled ($) 11.53 10.47 10% 11.23 11.48 -2%
  Cash milling cost per tonne of ore milled ($) 9.81 8.54 15% 9.48 9.37 1%
  Depreciation and amoritzation charges per tonne of ore milled ($) 1.72 1.93 -11% 1.75 2.11 -17%
          
  +Cash production cost per tonne of ore processed ($)72.89 71.45 2% 74.57 75.80 -2%
  +All-in sustaining cost per tonne of ore processed ($)117.37 108.75 8% 123.24 116.17 6%
          
  +Cash cost per ounce of Silver, net of by-product credits ($)(1.95)(2.80)30% (1.70)(4.27)60%
  +All-in sustaining cost per tonne of ore processed ($)3.40 1.52 124% 4.10 0.75 447%
          
Concentrate inventory       
  Lead concentrate (tonne)3,580 3,452 4% 3,580 3,452 4%
  Zinc concentrate (tonne)550 230 139% 550 230 139%
          
Sales Data       
 Metal Sales       
  Silver (in thousands of ounces)1,711 1,765 -3% 3,373 3,078 10%
  Gold (in thousands of ounces)1.1 1.0 10% 2.1 1.7 24%
  Lead (in thousands of pounds)16,389 17,359 -6% 31,225 30,672 2%
  Zinc (in thousands of pounds)1,428 1,648 -13% 3,518 3,781 -7%
          
 Revenue       
  Silver (in thousands of $)25,481 22,140 15% 47,211 40,490 17%
  Gold (in thousands of $)1,314 1,024 28
% 2,396 1,716 40%
  Lead (in thousands of $)13,945 16,822 -17% 26,638 32,097 -17%
  Zinc (in thousands of $)960 1,464 -34% 2,624 3,980 -34%
  Other (in thousands of $)598 296 102% 1,203 430 180%
   42,298
 41,746
 1
% 80,072 78,713 2%
 Average Selling Price, Net of Value Added Tax and Smelter Charges       
  Silver ($ per ounce) 14.89 12.54 19% 14.00 13.15 6%
  Gold ($ per ounce) 1,195 1,024 17% 1,141 1,009 13%
  Lead ($ per pound) 0.85 0.97 -12% 0.85 1.05 -19%
  Zinc ($ per pound) 0.67 0.89 -25% 0.75 1.05 -29%
          


SILVERCORP METALS INC.
Mining Data
(Expressed in thousands of U.S. dollars, except for mining data figures)

GC MineThree months ended September 30,  Six months ended September 30,
   20192018Changes 20192018Changes
          
Production Data       
 Mine Data       
  Ore Mined (tonne)83,172 67,757 23% 163,980 147,724 11%
  Ore Milled (tonne)86,134 67,528 28% 167,996 149,339 12%
          
          
  Head Grades       
  Silver (gram/tonne) 100 78 28% 97 83 17%
  Lead (%) 2.0 1.4 39% 1.9 1.3 46%
  Zinc (%) 3.2 2.8 14% 3.3 2.8 17%
          
  Recovery Rates       
  Silver (%) *75.9 76.7 -1% 76.4 75.9 1%
  Lead (%) 88.3 91.2 -3% 88.5 89.1 -1%
  Zinc (%) 86.1 83.3 3% 85.9 84.1 2%
          
Cost Data       
  +Mining cost per tonne of ore mined ($) 45.81 49.29 -7% 46.22 46.76 -1%
  Cash mining cost per tonne of ore mined ($) 37.80 41.25 -8% 38.31 38.83 -1%
  Depreciation and amoritzation charges per tonne of ore mined ($) 8.01 8.04 0% 7.91 7.93 0%
          
  +Mining cost per tonne of ore milled ($) 14.38 14.47 -1% 15.12 15.93 -5%
  Cash milling cost per tonne of ore milled ($) 12.72 11.45 11% 13.27 13.10 100%
  Depreciation and amoritzation charges per tonne of ore milled ($) 1.66 3.02 -45% 1.85 2.83 -35%
          
  +Cash production cost per tonne of ore processed ($)50.52 52.70 -4% 51.58 51.93 -1%
  +All-in sustaining cost per tonne of ore processed ($)62.94 67.58 -7% 65.09 64.51 1%
          
  +Cash cost per ounce of Silver, net of by-product credits ($)(9.98)(10.81)8% (9.16)(15.01)39%
  +All-in sustaining cost per tonne of ore processed ($)(2.89)(2.03)-42% (1.90)(6.92)73%
          
Concentrate inventory       
  Lead concentrate (tonne)596 280 113% 596 280 113%
  Zinc concentrate (tonne)36 368 -90% 36 368 -90%
          
Sales Data       
 Metal Sales       
  Silver (in thousands of ounces)183 136 35% 376 286 31%
  Lead (in thousands of pounds)2,680 2,063 30% 5,686 3,646 56%
  Zinc (in thousands of pounds)5,227 3,240 61% 10,471 7,484 40%
          
 Revenue       
  Silver (in thousands of $)1,958 1,299 51% 3,786 2,772 37%
  Lead (in thousands of $)2,257 1,967 15% 4,742 3,743 27%
  Zinc (in thousands of $)3,085 2,897 6% 6,573 7,793 -16%
  Other (in thousands of $)288 182 58% 289 195 48%
   7,588
 6,345
 20% 15,390 14,503 6%
 Average Selling Price, Net of Value Added Tax and Smelter Charges       
  Silver ($ per ounce) **10.70 9.55 12% 10.07 9.69 4%
  Lead ($ per pound) 0.84 0.95 -12% 0.83 1.03 -19%
  Zinc ($ per pound) 0.59 0.89 -34% 0.63 1.04 -39%
          
 * Silver recovery rate includes silver recovered in lead concentrate and silver recovered in zinc concentrate.      
 ** Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.     
          

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