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Silvercorp Metals Inc. (TSX: SVM; NYSE AMEX: SVM) is a leading Canadian mining company engaged in the acquisition, exploration, development, and mining of precious and base metals. The company primarily operates in China and Mexico, producing silver, gold, lead, and zinc from its multiple mines. Silvercorp places a strong emphasis on generating shareholder value through free cash flow from long-life mines, organic growth via extensive drilling and discovery, and strategic mergers and acquisitions. The company is also committed to responsible mining and maintains high standards for environmental, social, and governance (ESG) practices.
Business Operations
Silvercorp's core business revolves around its producing mines in China, notably within the Ying Mining District and the GC Mine. The company has also expanded its exploration and development projects to Mexico. By leveraging its low-cost production model, Silvercorp remains profitable while focusing on discovering new resources through extensive drilling programs. The company continuously invests in infrastructure and operational efficiencies to enhance production capacity and reduce costs.
Recent Achievements and Projects
Silvercorp has reported notable financial and operational successes. For Q3 Fiscal 2024, the company generated $58.5 million in revenue and achieved a net income of $10.5 million. The company's balance sheet is robust, with $198.3 million in cash, cash equivalents, and short-term investments, and an equity investment portfolio valued at $124.0 million. Recent drilling programs at the TLP mine have yielded high-grade silver and lead intercepts, positioning the company for further resource expansion.
Strategic Initiatives
In its strategic initiatives, Silvercorp focuses on value creation through ongoing mergers and acquisitions. Recently, the company has announced an off-market takeover offer for OreCorp Limited, which has received conditional approval from both the Toronto Stock Exchange and the NYSE American. Additionally, Silvercorp has entered into a definitive arrangement agreement to acquire Adventus Mining Corporation, aiming to create a globally diversified green metals producer.
Commitment to Responsible Mining
Silvercorp is dedicated to responsible mining practices, emphasizing sustainable development, environmental stewardship, and community engagement. The company maintains rigorous quality assurance and quality control (QA/QC) programs to ensure the highest standards in sample preparation and analysis.
For more information, please visit the company’s website at www.silvercorpmetals.com.
Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) has announced the renewal of the SGX Mine permit in the Ying Mining District for an additional 11 years, extending until September 24, 2035. The renewed Yuelianggou Mining License, which includes the SGX and HZG silver-lead-zinc mines, now has an increased production capacity of 500,000 tonnes per year.
To secure the renewal, Silvercorp completed various studies and reports, including a Mineral Resource estimate, mine development plan, and environmental impact assessments. The company is currently awaiting the final assessment of historical government investment in the License area, which may result in certain payments before the official paper certificate is issued.
The SGX and HZG mines are operating normally, and Silvercorp is working on a mine optimization plan to achieve the newly allowed production capacity.
Altius Minerals (ALS:TSX) (ATUSF: OTCQX) has provided an update on its Project Generation business activities and public junior equities portfolio. As of September 30, 2024, the market value of equities in the portfolio was $65.3 million, up from $55.8 million on June 30, 2024. The company generated $6.5 million in net cash proceeds from portfolio sales during the quarter, bringing the total net proceeds for 2024 to $18 million.
The update highlights significant developments from portfolio companies, including Orogen Royalties Inc.'s record royalty revenue, Silvercorp Metals Inc.'s acquisition of Adventus Mining Corp., and progress on various mining projects where Altius holds royalty interests. These include the El Domo copper-gold mine, the Golden Rose project, and the Taylor Brook nickel property.
Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) reported the results of its annual general meeting (AGM) held on September 27, 2024. All matters submitted for shareholder approval were approved by the requisite majority. A total of 98,611,116 common shares, representing 45.55% of the votes attached to all outstanding shares, were represented at the AGM.
The voting results for the election of directors were as follows:
- Dr. Rui Feng: 92.97% votes for
- Paul Simpson: 89.32% votes for
- Yikang Liu: 98.98% votes for
- Marina Katusa: 98.01% votes for
- Ken Robertson: 98.39% votes for
- Helen Cai: 99.10% votes for
Final results for all matters voted on at the AGM will be filed on SEDAR+ and on the Company's website.
Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) has announced a new normal course issuer bid (NCIB) to repurchase up to 8,670,700 common shares, representing about 4% of its outstanding shares. The program will run from September 19, 2024, to September 18, 2025. This NCIB aims to provide flexibility if market conditions result in undervalued shares. Purchases will be made at prevailing market prices through various trading systems, with all acquired shares to be cancelled. The maximum daily purchase limit on the TSX is set at 101,257 shares. This program continues the 2023 NCIB, under which 191,770 shares were repurchased at an average price of CAD$3.16.
Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) has published its Fiscal 2024 Sustainability Report, highlighting significant progress in environmental, social, and governance (ESG) initiatives. Key achievements include:
Environmental: 85% water recycling rate at processing plants, implementation of XRT intelligent waste rock screening technology, deployment of 10 electric mining trucks, and zero significant environmental incidents.
Social: $3.2 million invested in local community initiatives, 74% local employment rate, and conducted first gender pay equity survey.
Governance: 33% female representation and 83% independence on the Board, addition of new corporate policies, and formalization of Supplier's Code of Conduct.
The report aligns with various international reporting frameworks, demonstrating Silvercorp's commitment to sustainable mining practices and long-term value creation for all stakeholders.
Silvercorp Metals Inc. (TSX/NYSE American: SVM) has filed an updated technical report for its Gaocheng Mine in Guangdong Province, China. The report, titled 'Technical Report on Gaocheng Silver-Lead-Zinc Project in Guangdong Province, China,' is effective as of June 30, 2024, and was prepared by SRK Consulting China This filing follows the company's news release dated August 27, 2024.
The technical report complies with National Instrument 43-101 Standards of Disclosure for Mineral Projects and is available on Silvercorp's website and on SEDAR+. Importantly, the company states that there are no material differences between the information in the technical report and the previously released news.
Silvercorp Metals Inc. (TSX/NYSE American: SVM) has filed an updated technical report for its Ying Mining District, titled "NI 43-101 Technical Report Update on the Ying Ag-Pb-Zn Property in Henan Province, People's Republic of China". The report, effective July 16, 2024, was independently prepared by AMC Mining Consultants (Canada) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. This filing follows the company's news release dated August 19, 2024. Importantly, there are no material differences between the information in the technical report and the previous release. The report is available on Silvercorp's website and on SEDAR+.
Silvercorp Metals Inc. (TSX/NYSE American: SVM) has released an updated NI 43-101 Technical Report for its Gaocheng (GC) underground mine in Guangdong Province, China, effective June 30, 2024. Key highlights include:
- Increased Mineral Resources: Measured and Indicated Resources increased by 15% to 11.5 million tonnes, containing 31 million oz silver, 136,000 tonnes lead, and 327,000 tonnes zinc.
- Expanded Mineral Reserves: Proven and Probable Reserves increased by 20% to 5.0 million tonnes, containing 13 million oz silver, 60,000 tonnes lead, and 141,000 tonnes zinc.
- Extended Mine Life: Production planned to increase from 326,000 tonnes per annum in FY2025 to 362,000-363,000 tpa from FY2026 to FY2037, with potential to extend beyond 2037.
- Positive Economics: Post-tax NPV (8% discount) of $63.1 million, with $62.5 million attributable to Silvercorp's 99% interest.
Silvercorp Metals Inc. (TSX/NYSE American: SVM) has initiated construction of the El Domo copper-gold project in Ecuador, aiming for production in 2026. The company has hired Jaymes Dircks as General Manager of Curimining to lead the project. Silvercorp is focusing on several priority areas, including:
- Metallurgical testing to improve metal recoveries
- Advancing power supply and infrastructure
- Completing Detailed Engineering Design
- Selecting suitable vendors for construction and equipment
The company plans to conduct further metallurgical testing, potentially improving project economics by optimizing the flotation process for higher gold and silver recoveries in copper concentrate.
Silvercorp Metals Inc. (TSX: SVM, NYSE American: SVM) has released an updated Technical Report for its Ying Mining District in Henan Province, China. The report, prepared by AMC Mining Consultants, outlines approximately 89 million ounces (Moz) of silver to be mined in a 14-year life of mine (LOM). Significant replenishment of mined metals was noted, with 14.3 Moz of silver, 13.3 thousand ounces of gold, 64 thousand tonnes of lead, and 8.7 thousand tonnes of zinc produced between January 2022 and June 2024.
Annual production through FY2031 is projected to be 7.1-8.7 Moz of silver and 3.1-13.0 thousand ounces of gold. The total LOM production is estimated at 86.3 Moz of silver, 63.0 thousand ounces of gold, 395 thousand tonnes of lead, and 75.7 thousand tonnes of zinc. The report also highlights an 18% increase in Measured and Indicated Mineral Resource tonnes compared to the 2022 report, but with a decrease of up to 37% in contained metals for certain categories.
The production rate is planned to increase to 1.0 million tonnes per year (Mtpa) in FY2025 and 1.2 Mtpa in subsequent years. Pre-tax and post-tax NPVs are projected at $896M and $699M, respectively.
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