Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reported its financial and operating results for the first quarter ended June 30, 2020 (“Q1 Fiscal 2021”). All amounts are expressed in US Dollars.
Q1 Fiscal Year 2021 Highlights
• Mined 254,555 tonnes of ore, down 1% compared to the prior year quarter;
• Sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 20.9 million pounds of lead, and 7.0 million pounds of zinc, representing an increase of 1%, 10%, and 17% in silver, gold and lead sold, and a decrease of 5% in zinc sold, compared to the prior year quarter;
• Revenue of $46.7 million, up 2% or $1.1 million compared to $45.6 million in the prior year quarter;
• Net income attributable to equity shareholders of $15.5 million, or $0.09 per share, compared to $12.6 million or $0.07 per share in the prior year quarter;
• Cash cost per ounce of silver , net of by-product credits, of negative $1.48, compared to negative $2.17 in the prior year quarter;
• All-in sustaining cost per ounce of silver1, net of by-product credits, of $5.61, compared to $5.69 in the prior year quarter;
• Cash flow from operations of $30.1 million, compared to $19.9 million in the prior year quarter;
• Gain of $16.4 million on equity investments;
• Receipt of $6.5 million (CAD$9.0 million) break fee from Guyana Goldfields Inc.;
• Paid dividends of $2.2 million, or $0.0125 per share, to equity shareholders;
• Invested $5.8 million in New Pacific Metals Corp. (“NUAG”) to maintain the Company’s ownership interest at 28.8%;
• Strong balance sheet with $178.4 million in cash and cash equivalents and short-term investments, an increase of $35.9 million or 25% compared to March 31, 2020; and,
• Investment in NUAG with market value of $178.2 million and other investments of $7.4 million.
 Alternative performance (non-IFRS) measure. Please refer to section 10 of the corresponding MD&A for reconciliation.
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.