TSX: SVM
NYSE AMERICAN:
SVM
VANCOUVER, BC, Nov. 4, 2021
/CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the
"Company") (TSX: SVM) (NYSE American: SVM) reported its financial
and operating results for the second quarter ended September 30, 2021 ("Q2 Fiscal 2022). All amounts
are expressed in US Dollars, and figures may not add due to
rounding.
Q2 FISCAL 2022 HIGHLIGHTS
- Mined 292,468 tonnes of ore and milled 271,816 tonnes of ore,
up 9% and 3% compared to the prior year quarter.
- Sold approximately 1.7 million ounces of silver, 800 ounces of
gold, 17.3 million pounds of lead, and 7.6 million pounds of zinc,
representing decreases of 1%, 64%, and 7% in silver, gold and lead
sold, and an increase of 3% in zinc sold, compared to the prior
year quarter.
- Revenue of $58.4 million, up 4%
compared to $56.4 million in the
prior year quarter.
- Net income attributable to equity shareholders of $9.4 million, or $0.05 per share, compared to $15.5 million, or $0.09 per share in the prior year quarter. The
decrease was mainly due to an unrealized loss of $4.1 million on investments in the current
quarter compared to a gain of $2.8
million in the prior year quarter.
- Adjusted earnings attributable to equity shareholders of
$13.6 million, or $0.08 per share, compared to $15.4 million, or $0.09 per share in the prior year quarter. The
adjustments were made to remove impacts from non-recurring items,
share-based compensation, foreign exchange gain/loss, gain/loss on
investments, and the share of associates' operating results.
- Cash flow from operations of $30.9
million, up 4% or $1.3 million
compared to $29.6 million in the
prior year quarter.
- Cash cost per ounce of silver, net of by-product credits, of
negative $1.65 compared to negative
$2.09 in the prior year quarter.
- All-in sustaining cost per ounce of silver, net of by-product
credits, of $7.35, compared to
$6.99 in the prior year quarter.
- Strong balance sheet with $221.1
million in cash and cash equivalents and short-term
investments, up $6.7 million or 3%
compared to $214.4 million as at
June 30, 2021 and up $22.0 million or 11% 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 $172.8 million as at
September 30, 2021 ($243.2 million as at June
30, 2021).
CONSOLIDATED FINANCIAL RESULTS
|
Three months ended
September 30,
|
|
Six months ended
September 30,
|
|
2021
|
2020
|
Changes
|
|
2021
|
2020
|
Changes
|
Financial
|
|
|
|
|
|
|
|
Revenue (in
thousands of $)
|
$
|
58,435
|
$
|
56,372
|
4%
|
|
$
|
117,254
|
$
|
103,077
|
14%
|
Mine operating
earnings (in thousands of $)
|
23,612
|
26,672
|
-11%
|
|
49,116
|
45,957
|
7%
|
Net income
attributable to equity shareholders
|
9,393
|
15,472
|
-39%
|
|
21,605
|
30,963
|
-30%
|
Earnings per
share - basic ($/share)
|
0.05
|
0.09
|
-44%
|
|
0.12
|
0.18
|
-33%
|
Adjusted earnings
attributable to equity shareholders
|
13,609
|
15,385
|
-12%
|
|
29,380
|
24,951
|
18%
|
Adjusted earning
per share - basic ($/share)
|
0.08
|
0.09
|
-11%
|
|
0.17
|
0.14
|
21%
|
Net cash generated
from operating activities (in thousands of $)
|
30,854
|
29,601
|
4%
|
|
67,306
|
59,743
|
13%
|
Capitalized
expenditures (in thousands of $)
|
14,151
|
11,098
|
28%
|
|
25,323
|
21,318
|
19%
|
Cash and cash
equivalents and short-term investments (in thousands of
$)
|
221,050
|
200,056
|
10%
|
|
221,050
|
200,056
|
10%
|
Working capital
(in thousands of $)
|
193,306
|
169,336
|
14%
|
|
193,306
|
169,336
|
14%
|
Metals
sold
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,729
|
1,740
|
-1%
|
|
3,371
|
3,612
|
-7%
|
Gold (in
thousands of ounces)
|
0.8
|
2.2
|
-64%
|
|
1.8
|
3.3
|
-45%
|
Lead (in
thousands of pounds)
|
17,319
|
18,551
|
-7%
|
|
34,129
|
39,436
|
-13%
|
Zinc (in
thousands of pounds)
|
7,626
|
7,411
|
3%
|
|
14,881
|
14,369
|
4%
|
Average
Selling Price, Net of Value Added Tax and Smelter
Charges
|
|
|
|
|
|
|
|
Silver
($/ounce)
|
18.97
|
18.99
|
0%
|
|
19.82
|
16.40
|
21%
|
Gold
($/ounce)
|
1,483
|
1,371
|
8%
|
|
1,497
|
1,362
|
10%
|
Lead
($/pound)
|
0.89
|
0.78
|
14%
|
|
0.87
|
0.73
|
19%
|
Zinc
($/pound)
|
1.03
|
0.71
|
45%
|
|
1.02
|
0.65
|
57%
|
Net income attributable to equity shareholders of the
Company in Q2 Fiscal 2022 was $9.4
million or $0.05 per share,
compared to $15.5 million or
$0.09 per share in the three months
ended September 30, 2020 ("Q2 Fiscal
2021").
Adjusted earnings attributable to equity shareholders of the
Company in Q2 Fiscal 2022 was $13.6
million, or $0.08 per share,
compared to $15.4 million, or
$0.09 per share Q2 Fiscal 2021. The
adjustments were made to remove the impacts from non-cash and
unusual items, including elimination of share-based compensation,
foreign exchange loss, share of loss in associates, gain or loss on
investments, and one-time items.
Compared to Q2 Fiscal 2021, the Company's consolidated financial
results in the current quarter were mainly impacted by i) an
increase of 8%, 14%, and 45%, respectively, in the realized selling
prices for gold, lead and zinc; offset by ii) a decrease of 1%,
64%, and 7%, respectively, in silver, gold, and lead sold; iii) a
loss of $4.1 million on investments
reported in profit; iv) an average 8% appreciation of the Chinese
yuan against the US dollar, resulting in higher costs presented in
US dollar; v) an overall 14.5% increase in mining contractors' fee
rate at the Ying Mining District as previously reported in the
Company's news release on May 20,
2021; and vi) an average 7% increase in employees' pay rate
and the contribution rate to employees' social welfare funds in
China returned to the normal rate
from a reduced rate granted by the Chinese government in Fiscal
2021 due to Covid-19.
Revenue in Q2 Fiscal 2022 was $58.4 million, up 4% or $2.0 million compared to $56.4 million in Q2 Fiscal 2021. The increase was
mainly due to an increase of $4.7
million arising from the increase in the gold, lead and zinc
net realized selling metal prices; offset by a decrease of
$3.3 million arising from the
decrease in the quantities of silver, gold, and lead sold. Revenues
from silver, gold, and base metal were $32.8
million, $1.2 million, and
$24.4 million, respectively, compared
to $33.0 million, $3.0 million, and $20.3
million in Q2 Fiscal 2021. Revenue from the Ying Mining
District was $47.1 million, up 3%,
compared to $45.7 million in Q2
Fiscal 2021. Revenue from the GC Mine was $11.3 million, up 24%, compared to $9.2 million in Q2 Fiscal 2021. Revenue from the
BYP Mine was $nil, compared to $1.5
million in Q2 Fiscal 2021 as the Company sold all remaining
gold concentrate inventories produced by the mine before it was
placed on care and maintenance in 2014 in prior year quarter.
Income from mine operations in Q2 Fiscal 2022 was
$23.6 million, down 11% compared to
$26.7 million in Q2 Fiscal 2021.
Income from mine operations at the Ying Mining District was
$19.3 million, down 16% compared to
$23.1 million in Q2 Fiscal 2021.
Income from mine operations at the GC Mine was $4.5 million, up 55% compared to $2.9 million in Q2 Fiscal 2021.
Cash flow provided by operating activities in Q2 Fiscal
2022 was $30.9 million, up 4% or
$1.3 million, compared to
$29.6 million in Q2 Fiscal 2021.
The Company ended the quarter with $221.1
million in cash, cash equivalents and short-term
investments, up $6.7 million or 3%
compared to $214.4 million as at
June 30, 2021 and up 11% or
$22.0 million, compared to
$199.1 million as at March 31, 2021.
Working capital as at September 30,
2021 was $193.3 million, up 5%
or $9.3 million, compared to
$184.0 million as at March 31, 2021.
CONSOLIDATED OPERATIONAL RESULTS
|
Three months ended
September 30,
|
|
Six months ended
September 30,
|
|
2021
|
2020
|
Changes
|
|
2021
|
2020
|
Changes
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
Ore
mined
|
292,468
|
267,853
|
9%
|
|
523,703
|
522,408
|
0%
|
Ore
milled
|
271,816
|
263,933
|
3%
|
|
514,893
|
526,259
|
-2%
|
Metal
Production
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,696
|
1,707
|
-1%
|
|
3,169
|
3,459
|
-8%
|
Gold (in
thousands of ounces)
|
0.8
|
1.1
|
-27%
|
|
1.8
|
2.2
|
-18%
|
Lead (in
thousands of pounds)
|
17,613
|
19,086
|
-8%
|
|
33,491
|
39,163
|
-14%
|
Zinc (in
thousands of pounds)
|
7,483
|
7,133
|
5%
|
|
14,681
|
14,666
|
0%
|
Cash
Costs
|
|
|
|
|
|
|
|
Cash cost per
ounce of Silver, net of by-product credits($)
|
(1.65)
|
(2.09)
|
21%
|
|
(1.54)
|
(1.77)
|
13%
|
All-in sustaining
cost per ounce of silver, net of by-product credits
($)
|
7.35
|
6.99
|
5%
|
|
7.41
|
6.28
|
18%
|
Cash production
cost per tonne of ore processed ($)
|
84.75
|
69.82
|
21%
|
|
81.60
|
68.47
|
19%
|
All-in sustaining
cost per tonne of ore processed ($)
|
135.76
|
124.24
|
9%
|
|
133.90
|
118.46
|
13%
|
In Q2 Fiscal 2022, on a consolidated basis, the Company mined
292,468 tonnes of ore, up 9% or 24,615 tonnes, compared to 267,853
tonnes in Q2 Fiscal 2021. Ore milled in Q2 Fiscal 2022 was 271,816
tonnes, up 3% or 7,883 tonnes, compared to 263,933 tonnes in Q2
Fiscal 2021, but 20,832 tonnes lower than mined as a result of
transportation interruptions caused by lengthy heavy rains at Ying
Mining District in Q2 Fiscal 2022.
In Q2 Fiscal 2022, the Company sold approximately 1.7 million
ounces of silver, 800 ounces of gold, 17.3 million pounds of lead,
and 7.6 million pounds of zinc, representing decreases of 1%, 64%,
and 7% in silver, gold and lead sold, respectively, and an increase
of 3% in zinc sold, compared to approximately 1.7 million ounces of
silver, 2,200 ounces of gold, 18.6 million pounds of lead, and 7.4
million pounds of zinc sold in Q2 Fiscal 2021. Gold sold in Q2
Fiscal 2021 included 1,200 ounces from the BYP Mine.
In Q2 Fiscal 2022, the consolidated cash production
costs per tonne of ore processed was $84.75, up 21% compared to $69.82 in Q2 Fiscal 2021. The consolidated all-in
sustaining production cost per tonne of ore processed was
$135.76, up 9%, compared to
$124.24 in Q2 Fiscal 2021, but within
the Company's current annual cost guidance.
In Q2 Fiscal 2022, the consolidated cash cost per ounce of
silver, net of by-product credits, was negative $1.65, compared to negative $2.09 in the prior year quarter. The increase was
mainly due to the increase in per tonne cash production costs,
offset by an increase of $1.42 in
by-product credits per ounce of silver. Sales from lead and zinc in
Q2 Fiscal 2022 amounted to $23.2
million, up $3.6 million,
compared to $19.6 million in Q2
Fiscal 2021.
The consolidated all-in sustaining cost per ounce of silver, net
of by-product credits, was $7.35,
compared to $6.99 in Q2 Fiscal
2021. The increase was mainly due to the increase of cash
cost per ounce of silver, net of by-product credits, offset by
a decrease of $2.0 million in
sustaining capital expenditures, mainly resulting from less
tunneling development.
In Q2 Fiscal 2022, on a consolidated basis, a total of 124,544
metres or $6.2 million worth of
diamond drilling were completed (Q2 Fiscal 2021 – 71,274 metres or
$2.5 million), of which approximately
91,970 metres or $2.4 million worth
of underground drilling were expensed as part of mining costs (Q2
Fiscal 2021 – 71,274 metres or $2.5
million) and approximately 32,574 metres or $3.8 million worth of drilling were capitalized
(Q2 Fiscal 2021 – nil). In addition, approximately 9,953 metres or
$3.4 million worth of preparation
tunnelling were completed and expensed as part of mining costs (Q2
Fiscal 2021 – 7,693 metres or $1.9
million), and approximately 20,501 metres or $8.3 million worth of tunnels, raises, ramps and
declines were completed and capitalized (Q2 Fiscal 2021 – 25,678
metres or $8.5 million).
INDIVIDUAL MINE OPERATING PERFORMANCE
Ying Mining
District
|
Q2
2022
|
Q1 2022
|
Q4 2021
|
Q3 2021
|
Q2 2021
|
|
Six months ended
September 30,
|
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
September 30,
2020
|
|
2021
|
2020
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
Ore
mined
|
206,933
|
142,907
|
112,561
|
182,268
|
181,020
|
|
349,840
|
355,196
|
Ore
milled
|
182,173
|
155,407
|
131,725
|
162,905
|
179,083
|
|
337,580
|
356,772
|
Head
grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
283
|
279
|
280
|
297
|
288
|
|
281
|
290
|
Lead
(%)
|
4.0
|
4.2
|
3.9
|
4.3
|
4.4
|
|
4.1
|
4.5
|
Zinc
(%)
|
0.7
|
0.8
|
0.8
|
0.8
|
0.7
|
|
0.8
|
0.8
|
Recovery
rates
|
|
|
|
|
|
|
|
|
Silver
(%)
|
95.4
|
94.7
|
93.7
|
93.9
|
94.4
|
|
95.1
|
94.6
|
Lead
(%)
|
95.5
|
95.7
|
95.1
|
96.4
|
96.1
|
|
95.6
|
96.1
|
Zinc
(%)
|
56.0
|
59.7
|
65.0
|
63.3
|
57.9
|
|
57.8
|
60.9
|
Cash
Costs
|
|
|
|
|
|
|
|
|
Cash cost per
ounce of Silver, net of by-product credits($)
|
0.71
|
0.80
|
1.20
|
(1.12)
|
(0.14)
|
|
0.75
|
(0.52)
|
All-in sustaining
cost per ounce of silver, net of by-product credits
($)
|
6.88
|
6.54
|
10.00
|
5.24
|
6.63
|
|
6.71
|
5.34
|
Cash production
cost per tonne of ore processed ($)
|
96.59
|
92.79
|
98.13
|
83.09
|
80.06
|
|
95.10
|
78.18
|
All-in sustaining
cost per tonne of ore processed ($)
|
141.26
|
138.55
|
155.14
|
133.07
|
132.36
|
|
140.27
|
124.74
|
Metal
Production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,517
|
1,283
|
1,083
|
1,464
|
1,525
|
|
2,800
|
3,068
|
Gold (in
thousands of ounces)
|
0.8
|
1.0
|
0.3
|
0.9
|
1.1
|
|
1.8
|
2.2
|
Lead (in
thousands of pounds)
|
14,671
|
13,278
|
10,504
|
14,361
|
16,080
|
|
27,949
|
33,021
|
Zinc (in
thousands of pounds)
|
1,584
|
1,519
|
1,496
|
1,857
|
1,643
|
|
3,103
|
3,563
|
In Q2 Fiscal 2022, a total of 102,905 metres or $5.0 million worth of diamond drilling were
completed (Q2 Fiscal 2021 – 59,540 metres or $2.0 million) at the Ying Mining District, of
which approximately 72,844 metres or $2.2
million worth of underground drilling were expensed as part
of mining costs (Q2 Fiscal 2021 – 59,540 metres or $2.0 million) and approximately 30,061 metres or
$2.8 million worth of drilling were
capitalized (Q2 Fiscal 2021 – nil). In addition, approximately
7,528 metres or $2.9 million worth of
preparation tunnelling were completed and expensed as part of
mining costs (Q2 Fiscal 2021 – 5,316 metres or $1.6 million), and approximately 16,676 metres or
$7.1 million worth of horizontal
tunnels, raises, ramps, and declines were completed and capitalized
(Q2 Fiscal 2021 – 21,278 metres or $7.5
million).
GC
Mine
|
Q2
2022
|
Q1 2021
|
Q4 2021
|
Q3
2021
|
Q2
2021
|
|
Six months ended
September 30,
|
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
September
30, 2020
|
|
2021
|
2020
|
Ore Production
(tonne)
|
|
|
|
|
|
|
|
|
Ore
mined
|
85,535
|
88,328
|
50,511
|
97,177
|
86,833
|
|
173,863
|
167,212
|
Ore
milled
|
89,643
|
87,670
|
48,949
|
97,743
|
84,850
|
|
177,313
|
169,487
|
Head
grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
73
|
80
|
87
|
82
|
81
|
|
77
|
87
|
Lead
(%)
|
1.7
|
1.5
|
1.7
|
1.4
|
1.8
|
|
1.6
|
1.8
|
Zinc
(%)
|
3.3
|
3.3
|
3.3
|
3.5
|
3.4
|
|
3.3
|
3.4
|
Recovery
rates
|
|
|
|
|
|
|
|
|
Silver
(%)
|
84.4
|
84.1
|
81.9
|
82.6
|
82.5
|
|
84.2
|
82.7
|
Lead
(%)
|
89.5
|
89.3
|
89.7
|
89.6
|
89.2
|
|
89.4
|
89.5
|
Zinc
(%)
|
89.6
|
89.3
|
88.2
|
89.7
|
87.3
|
|
89.5
|
87.3
|
Cash
Costs
|
|
|
|
|
|
|
|
|
Cash cost per
ounce of Silver, net of by-product credits($)
|
(22.51)
|
(17.96)
|
(12.80)
|
(14.43)
|
(12.70)
|
|
(20.12)
|
(9.52)
|
All-in sustaining
cost per ounce of silver, net of by-product credits
($)
|
(11.61)
|
(7.98)
|
0.52
|
(1.05)
|
(1.78)
|
|
(9.70)
|
0.40
|
Cash production
cost per tonne of ore processed ($)
|
55.81
|
52.90
|
58.56
|
54.07
|
48.47
|
|
54.33
|
47.80
|
All-in sustaining
cost per tonne of ore processed ($)
|
73.76
|
71.67
|
87.69
|
78.63
|
69.07
|
|
72.69
|
67.49
|
Metal
Production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
179
|
190
|
112
|
212
|
182
|
|
369
|
384
|
Lead (in
thousands of pounds)
|
2,942
|
2,600
|
1,652
|
2,750
|
3,006
|
|
5,542
|
6,072
|
Zinc (in
thousands of pounds)
|
5,899
|
5,679
|
3,176
|
6,816
|
5,490
|
|
11,578
|
10,948
|
In Q2 Fiscal 2022, approximately 19,126 metres or $0.7 million worth of underground diamond
drilling (Q2 Fiscal 2021 – 11,734 metres or $0.5 million) and 2,425 metres or $0.4 million of tunnelling (Q2 Fiscal 2021 –
2,377 metres or $0.3 million) were
completed and expensed as mining preparation costs at the GC Mine.
In addition, approximately 3,825 metres or $1.2 million of horizontal tunnels, raises, and
declines were completed and capitalized (Q2 Fiscal 2021 – 4,400
metres or $1.0 million).
Updates
In October 2021, the SGX Mine at
the Ying Mining District suspended production temporarily as a
precautionary measure due to the heavy rainfall experienced in the
Yellow River region. The water level at the nearby reservoir that
discharges into the Yellow River reached an all time high, causing
the operations at the SGX Mine to be suspended for ten days,
impacting production and ore head grades. Despite this
interruption, the Company expects to maintain a similar mining
production rate as achieved in Q2 Fiscal 2022 and increase the
milling tonnage at the Ying Mining District in the third quarter of
Fiscal 2022.
As announced on October 13, 2021,
the Company, through a 100% owned subsidiary of Henan Found, won an online auction to acquire
the Kuanping Project for a total of $13.5
million (RMB¥86.8 million) (the "Consideration"). The
acquisition is not subject to the national security clearance as
Henan Found's subsidiary is
considered as a domestic company in China. The Company paid the consideration in
October 2021 and expects to complete
the acquisition in November 2021.
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held
tomorrow, Friday, November 5, at
9:00 am PDT (12:00 pm EDT). To participate in the conference
call, please dial the numbers below.
Canada/USA TF: 888-664-6383
International Toll: 416-764-8650
Conference ID: 03881964
Participants should dial-in 10 – 15 minutes prior to the start
time. A replay of the conference call and transcript will be
available on the Company's website at www.silvercorp.ca.
Mr. Guoliang Ma, P.Geo., Manager
of Exploration and Resources of the Company, is the Qualified
Person as defined by National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") and has reviewed and
consented to the technical information contained in this news
release.
This earnings release should be read in conjunction with the
Company's Management Discussion & Analysis ("MD&A"),
Financial Statements and Notes to Financial Statements for the
three and six months ended September 30,
2021, 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 under the Investor
section. This earnings release refers to various alternative
performance (non-IFRS) measures, such as adjusted earnings and
adjusted earnings per share, cash cost and all-in sustaining cost
per ounce of silver, net of by-product credits, cash production
cost and all-in sustaining production cost per tonne of ore
processed and working capital. These measures are widely used in
the mining industry as a benchmark for performance, but do not have
standardized meanings under IFRS as an indicator of performance and
may differ from methods used by other companies with similar
description. The detailed description and reconciliation of
these alternative performance (non-IFRS) measures have been
incorporated by reference and can be found on page 24, section 11 –
Alternative Performance (Non-IFRS) Measures in the MD&A for the
three and six months ended September 30,
2021.
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.
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: global economic and social impact of COVID-19;
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.
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SOURCE Silvercorp Metals Inc