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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. (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.
Silvercorp Metals Inc. (SVM) announced its operational results for Q1 Fiscal 2023, ending June 30, 2022. The company reported production of about 1.9 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and 6.9 million pounds of zinc. Notable increases in production were observed: silver (26%), gold (10%), and lead (20%), while zinc production fell by 4%. The company aims to produce between 7.0 to 7.3 million ounces of silver and 6,300 to 7,900 ounces of gold for Fiscal 2023. Q1 sales increased overall by 17%. Unaudited financial results will be released on August 11, 2022.
Silvercorp Metals Inc. (SVM) has declared a semi-annual dividend of US$0.0125 per share, payable to shareholders of record by June 6, 2022. The dividend payment date is set for on or before June 24, 2022. The dividends qualify as eligible dividends for Canadian tax purposes. Future dividends will be determined by the Board, considering factors like commodity prices, market conditions, and cash flow. Silvercorp is engaged in silver, gold, lead, and zinc mining, focusing on creating shareholder value through profitable operations and responsible mining practices.
Silvercorp Metals (SVM) reported its Q4 and fiscal 2022 results, showing a 13% increase in revenue to $217.9 million, driven by higher metal prices. However, net income fell by 34% to $30.6 million or $0.17 per share, down from $46.4 million in fiscal 2021. Operational highlights include the sale of 6.3 million ounces of silver and cash flow from operations rising 25% to $107.4 million. Despite increased mining and production costs, the cash cost per ounce of silver was negative $1.29. The company ended with $212.9 million in cash and equivalents, up 7%.
Silvercorp Metals Inc. (TSX: SVM, NYSE American: SVM) reported production results for Fiscal 2022, highlighting a total output of approximately 6.1 million ounces of silver, 3,400 ounces of gold, 64.4 million pounds of lead, and 26.8 million pounds of zinc. This fell short of the expected silver guidance of 6.3 to 6.6 million ounces. The company maintained its Fiscal 2023 guidance with anticipated production increases of up to 19% in silver and 132% in gold compared to Fiscal 2022.
Silvercorp Metals Inc. (SVM) has announced significant updates on its new 3,000 tonne per day flotation mill and tailings storage facility in Henan Province, China. Key progress includes land lease agreements for 123.46 hectares and completion of environmental and safety assessments. The estimated budget stands at US$29.8 million for the mill and US$38 million for the storage facility, with completion expected by late 2023 and late 2024, respectively. The new mill aims to enhance operational capacity while facilitating growth and resource consolidation.
Silvercorp Metals reported Q3 Fiscal 2022 results, showcasing a revenue increase of 11% to $59.1 million. Despite increased ore production of 5% and sales of gold rising by 38%, net income dropped 40% to $5.1 million, primarily due to an $8.5 million mark-to-market charge. Adjusted earnings remained stable at $0.08 per share. The company maintains a strong cash position of $211.6 million. For Fiscal 2023, production guidance has been raised, indicating 9-21% growth across metals. Significant drilling efforts in prior years support this optimistic outlook.
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