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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. reported production and sales results for fiscal year 2023, ending March 31, 2023. The company produced approximately 6.6 million ounces of silver, 4,400 ounces of gold, 68.1 million pounds of lead, and 23.5 million pounds of zinc. Production increased by 8% for silver, 29% for gold, and 6% for lead while zinc production decreased by 12% year-over-year. For fiscal year 2024, Silvercorp anticipates silver production between 6.8 to 7.2 million ounces, gold production of 4,400 to 5,500 ounces, lead production of 70.5 to 73.8 million pounds, and zinc production of 27.7 to 29.7 million pounds, indicating potential increases across all metals except gold, which shows 0% to 25% growth.
Silvercorp Metals Inc. (TSX: SVM, NYSE American: SVM) reported its Q3 Fiscal 2023 results, highlighting a net income of $11.9 million or $0.07 per share, a significant increase from $5.1 million in Q3 Fiscal 2022. Revenue reached $58.7 million, reflecting a 1% decrease year-over-year due to lower selling prices for silver, lead, and zinc. The company produced 1.9 million ounces of silver and 20.1 million pounds of lead, with cash costs per ounce of silver at negative $1.15. For Fiscal 2024, production guidance includes mining 1,100,000 to 1,170,000 tonnes of ore, projecting increases in output for key metals.
Silvercorp Metals Inc. (SVM) has reported its production figures for the third quarter of fiscal 2023, indicating a total silver production of approximately 1.9 million ounces, alongside 1,100 ounces of gold, 20.1 million pounds of lead, and 7.0 million pounds of zinc. Compared to Q3 Fiscal 2022, silver production rose by 1%, gold remained unchanged, lead increased by 6%, while zinc saw a 13% decline. For the first nine months of Fiscal 2023, production figures showed a 10% increase in silver, a 17% rise in gold, and a 9% growth in lead, but a 12% decrease in zinc. The company plans to release complete Q3 financial results on February 9, 2023.
Silvercorp Metals has declared a semi-annual dividend of US$0.0125 per share, payable to shareholders on record by November 25, 2022, with a payment date set for on or before December 16, 2022. The dividends qualify as eligible dividends for Canadian tax purposes. The company has also filed an updated NI 43-101 Technical Report for the Ying Mining District, covering multiple underground mines in Henan Province, China. Future dividend payments will be determined by the Board based on various financial factors.
Silvercorp Metals reported its Q2 Fiscal 2023 results, revealing a net loss of $1.7 million or $0.01 per share, impacted by a $20.2 million impairment charge. Revenue declined 11% to $51.7 million from $58.4 million in Q2 Fiscal 2022, primarily due to decreased selling prices for silver, gold, and lead. However, adjusted earnings were $6.8 million or $0.04 per share. The company maintained a strong cash position of $201 million and generated operating cash flow of $14.1 million. Production metrics showed mixed results with increases in silver and gold output but a decrease in zinc production.
Silvercorp Metals Inc. (SVM) reported Q2 Fiscal 2023 operational results. The company produced approximately 1.8 million ounces of silver, 1,200 ounces of gold, 18 million pounds of lead, and 6 million pounds of zinc. Notable increases were 6% in silver, 50% in gold, and 2% in lead, while zinc production decreased by 20%. For the first half of Fiscal 2023, silver production rose by 15% year-over-year. Operations at the GC Mine were affected due to new safety regulations. The Q2 Fiscal 2023 financial results are set for release on November 3, 2022.
Silvercorp Metals Inc. (SVM) announced the results of its 2022 annual general meeting (AGM) held on September 30, where all proposed matters were approved by shareholders. A total of 101,907,093 common shares, representing 57.58% of the votes, were cast. Shareholders elected directors including Dr. Rui Feng and welcomed Ken Robertson to the board. The meeting also saw approval for the share-based compensation plan and the re-appointment of Deloitte LLP as the company's auditors. Silvercorp continues to focus on generating shareholder value through free cash flow and strategic growth initiatives.
Silvercorp Metals Inc. (SVM) announced an updated NI 43-101 Technical Report on the Ying Property, revealing a strong mineral resource profile as of December 31, 2021. The report estimates 18.7 million tonnes of mineral resources, including 146 million ounces of silver and significant increases in gold. Annual silver production is projected at approximately 7 million ounces for 2023-2025, with potential for further exploration to extend the mine life beyond 2037. This report highlights the first mineral reserves for the DCG mine and a notable increase in gold reserves.
Silvercorp Metals Inc. (SVM) announced the release of its annual Sustainability Report for Fiscal 2022, highlighting its commitment to environmental, social, and governance (ESG) practices. The report showcases major achievements, including ISO certifications across various management systems, a record of zero work-related fatalities, and investments totaling $2.1 million in environmental protection and $1.1 million in employee accommodation upgrades. The company emphasizes its long-term strategy focused on safety, sustainability, and community collaboration.
Silvercorp Metals Inc. has announced a normal course issuer bid (NCIB) effective August 29, 2022, to repurchase up to 7,079,407 common shares, approximately 4% of its outstanding shares. The buyback program is aimed at enhancing shareholder value, as the company believes its shares are undervalued. As of June 30, 2022, Silvercorp reported US$363 million in corporate assets, including US$215.8 million in cash and equivalents. The NCIB will expire on August 28, 2023, and all repurchased shares will be canceled.
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