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Silvercorp Reports Q3 Fiscal 2016 Financial and Operating Results and Fiscal 2017 Guidance Issued
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PR Newswire
VANCOUVER, Feb. 5, 2016
Trading Symbol: TSX: SVM
VANCOUVER, Feb. 5, 2016 /PRNewswire/ -Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) reported its financial and operating results for the third quarter ended December 31, 2015 ("Q3 Fiscal 2016"). All amounts are expressed in US Dollars.
THIRD QUARTER HIGHLIGHTS
- Cash flows from operations of $9.6 million, or $0.06 per share;
- Repurchased 684,700 common shares of the Company;
- Ended the quarter with $66.8 million in cash and short term investments;
- Net income attributable to equity shareholders of $3.3 million, or $0.02 per share;
- Silver and lead head grades improved by 13% and 14%, respectively, to 287 grams per tonne for silver and 4.1% for lead at the Ying Mining District, compared to the prior year quarter;
- Silver sales of 1.4 million ounces, lead sales of 15.1 million pounds, and zinc sales of 4.7 million pounds, down 15%, 9%, and 33%, respectively, from the prior year quarter;
- Realized selling price for silver, lead, and zinc dropped by 12%, 13%, and 35%, respectively, compared to the same prior year quarter;
- Sales of $29.1 million, down 28% from the prior year quarter;
- Gross margin of 33% compared with 38% in the prior year period;
- Cash cost per ounce of silver, net of by-product credits, of $0.90, compared to $0.53 in the prior year quarter; and
- All-in sustaining cost per ounce of silver, net of by-product credits1, of $7.72, compared to $10.91 in the prior year quarter.
FINANCIALS
Net income attributable to the shareholders of the Company in Q3 Fiscal 2016 was $3.3 million, or $0.02 per share compared to $5.5 million, or $0.03 per share for the three months ended December 31, 2014 ("Q3 Fiscal 2015").
In the current quarter, the Company's financial results were mainly impacted by the following: i) lower metal prices and increased smelter charges, as the realized selling price for silver, lead, and zinc dropped by 15%, 9%, and 33%, respectively, compared to the same prior year quarter; and ii) lower amount of metals sold resulting from lower production output.
Sales in Q3 Fiscal 2016 were $29.1 million, down 28%, compared to $40.2 million in Q3 Fiscal 2015. Silver and gold sales represented $16.8 million and $0.4 million, respectively, while base metals represented $11.9 million of total sales in this quarter compared to silver, gold and base metals of $22.4 million, $0.7 million, and $17.1 million, respectively, in Q3 Fiscal 2015.
Cost of sales in Q3 Fiscal 2016 was $19.5 million compared to $24.8 million in Q3 Fiscal 2015. The cost of sales included $13.6 million (Q3 Fiscal 2015 - $18.7 million) cash costs and $6.0 million (Q3 Fiscal 2015 - $6.1 million) depreciation, amortization and depletion charges. The decrease in cost of sales is mainly due to a lower amount of metals sold in the quarter, offset by the increase in the per tonne non cash mining costs.
Gross profit margin in Q3 Fiscal 2016 was 33% compared to 38% in Q3 Fiscal 2015. For the nine months ended December 31, 2015, gross profit was 34% compared to 46% in the same prior year period. The decrease in gross profit margin is mainly due to the decline of metal prices, increases in smelter charges, and increased per tonne production costs. This has been partially offset by the increase in head grades.
Cash flows provided by operating activities were $9.6 million or $0.06 per share in Q3 Fiscal 2016 compared to $15.4 million or $0.09 per share in Q3 Fiscal 2015.
OPERATIONS AND DEVELOPMENT
In Q3 Fiscal 2016, the Company sold 1.4 million ounces of silver, 15.1 million pounds of lead, and 4.7 million pounds of zinc, compared to 1.7 million ounces of silver, 16.7 million pounds of lead, and 7.0 million pounds of zinc, respectively, in Q3 Fiscal 2015. The decrease of metal sales is mainly due to less ore milled in the current quarter partially offset by the increase of head grade.
For the nine months ended December 31, 2015, the Company sold 4.1 million ounces of silver, 42.6 million pounds of lead, and 13.7 million pounds of zinc, compared to 4.2 million ounces of silver, 42.3 million pounds of lead, and 13.4 million pounds of zinc, respectively, in the same prior year period.
In reaction to the lower metal prices, the Company intentionally increased its inventory of concentrates. As at December 31, 2015, the Ying Mining District had 2,931 tonnes of lead concentrates and 240 tonnes of zinc concentrates in inventory, 2,631 and 90 tonnes higher, respectively, compared to 300 tonnes of lead concentrates and 150 tonnes of zinc concentrates in stock as at December 31, 2014. The estimated metals contained in concentrate inventory as at December 31, 2015 are approximately 0.3 million ounces of silver, 3.0 million pounds of lead, and 0.1 million pounds of zinc higher, respectively, compared to the metals contained in concentrate inventory as at December 31, 2014.
1. Ying Mining District, Henan Province, China
In Q3 Fiscal 2016, the total ore mined at the Ying Mining District was 152,230 tonnes compared to total ore production of 175,782 tonnes in Q3 Fiscal 2015. Total ore milled in Q3 Fiscal 2016 was 151,035 tonnes compared to 187,154 tonnes of ore milled in Q3 Fiscal 2015. Silver and lead head grades improved by 13% and 14%, respectively, to 287 grams per tonne ("g/t") for silver and 4.1% for lead from 253 g/t for silver and 3.6% for lead, respectively, in Q3 Fiscal 2015. The decrease in ore mined and the increase of silver and lead head grades at the Ying Mining District were mainly due to enhanced dilution control management at all mining stopes.
In Q3 Fiscal 2016, the Ying Mining District sold 1.2 million ounces of silver, 500 ounces of gold, 12.1 million pounds of lead, and 1.2 million pounds of zinc, compared to 1.4 million ounces of silver, 900 ounces of gold, 14.2 million pounds of lead, and 2.5 million pounds of zinc in Q3 Fiscal 2015. The decrease of metal sales is mainly due to less ore milled in the current quarter partially offset by the increase of head grade.
In Q3 Fiscal 2016, the total mining costs and cash mining costs at the Ying Mining District were $78.91 and $55.63 per tonne, compared to $73.28 and $57.79 per tonne, respectively, in Q3 Fiscal 2015. The decrease in cash mining costs was mainly due to improved management resulting in decrease in labour and material costs.
In Q3 Fiscal 2016, the total milling costs and cash milling costs were $14.15 and $11.67 per tonne, compared to $15.77 and $13.63 per tonne, respectively, in Q3 Fiscal 2015. The decrease in cash milling costs was mainly due to the decrease in material costs and utility costs.
All in sustaining costs and all in costs, net of by-product credits, at the Ying Mining District in Q3 2016 was $6.62 and $8.62 per ounce of silver compared to $8.91 and $10.32, respectively, in Q3 Fiscal 2015. The decrease in all in sustaining costs and all in costs was mainly due to improvement in cost and dilution control and less sustaining capital and investment capital incurred in the current quarter.
For the nine months ended December 31, 2015, the total ore mined at the Ying Mining District was 490,351 tonnes compared to 546,402 tonnes in the same prior year period. Correspondingly, total ore milled was 488,248 tonnes compared to 547,465 tonnes. Head grades were 260 g/t for silver and 3.8% for lead compared to 232 g/t for silver and 3.3% for lead, respectively.
During the same periods, the Ying Mining District sold 3.5 million ounces of silver, 2,000 ounces of gold, 35.6 million pounds of lead, and 4.0 million pounds of zinc, compared to 3.8 million ounces of silver, 2,500 ounces of gold, 38.4 million pounds of lead, and 5.7 million pounds of zinc in the prior year. The decrease of metal sales was mainly due to the Company intentionally increasing its inventory of concentrates in reaction to lower metal prices.
For the nine months ended December 31, 2015, the total mining costs and cash mining costs at the Ying Mining District were $80.15 and $58.25 per tonne, compared to $62.10 and $49.24 per tonne, respectively, in the same prior year period. The increase in cash mining costs per tonne was mainly due to: i) a $1.5 million or $3.1 per tonne increase arising from the mining contractor changeover interruption; ii) a $3.2 million or $8.2 per tonne increase in mining preparation costs as approximately 60,435 metre ("m") of underground diamond drilling and 16,460 m of preparation tunnelling were conducted in the current period; and iii) lower production output resulting in a higher per unit fixed costs allocation offset by $1.2 million, or $1.63 per tonne reduction in labour costs.
All in sustaining costs and all in costs, net of by-product credits, at the Ying Mining District for the nine months ended December 31, 2015 was $8.52 and $10.08 per ounce of silver compared to $8.62 and $15.00, respectively, in same prior year period.
In Q3 Fiscal 2016, in addition to approximately 21,223 m of underground diamond drilling and 4,231 m of preparation tunnelling, which were expensed and included in the mining preparation costs, Ying Mining District completed and capitalized approximately 13,893 m of horizontal tunnels, raises and declines. Total exploration and development expenditures capitalized for the Ying Mining District were $4.6 million compared to $8.8 million in Q3 Fiscal 2015.
For the nine months ended December 31, 2015, in addition to approximately 60,435 m of underground diamond drilling and 16,460 m of preparation tunnelling, which were expensed and included in the mining preparation costs, Ying Mining District completed and capitalized approximately 49,452 m of horizontal tunnel, raises, and declines. Total exploration and development expenditures capitalized for the Ying Mining District were $16.4 million in the nine months ended December 31, 2015 compared to $25.9 million in the same prior year period. In addition, total expenditures capitalized as plant and equipment were $6.7 million, including $4.9 million expenditures to construct a transportation tunnel and haul road, in the current period.
The operational results at the Ying Mining District for the past five quarters are summarized in the table below:
| Operational results - Ying Mining District | | | | | ||
| | | | | | ||
| | Q3 2016 31-Dec-15 | Q2 2016 30-Sep-15 | Q1 2016 30-Jun-15 | Q4 2015 31-Mar-15 | Q3 2015 31-Dec-14 | |
| | ||||||
| Ore Mined (tonne) | 152,230 | 171,014 | 167,107 | 112,327 | 175,782 | |
| Ore Milled(tonne) | 151,035 | 176,936 | 160,277 | 99,478 | 187,154 | |
| Head Grades | | | | | | |
| | Silver(gram/tonne) | 287 | 246 | 250 | 268 | 253 |
| | Lead (%) | 4.1 | 3.8 | 3.6 | 3.7 | 3.6 |
| | Zinc (%) | 0.8 | 0.7 | 0.8 | 0.8 | 1.0 |
| Recovery Rates | | | | | | |
| | Silver (%) | 95.4 | 94.8 | 94.7 | 94.8 | 94.7 |
| | Lead (%) | 96.6 | 95.0 | 94.9 | 95.3 | 95.9 |
| | Zinc(%) | 50.2 | 55.1 | 53.5 | 52.4 | 66.8 |
| Metal Sales | | | | | | |
| | Silver (in thousands of ounce) | 1,216 | 1,132 | 1,190 | 822 | 1,421 |
| | Gold(in thousands of ounce) | 0.5 | 0.7 Werbung Mehr Nachrichten zur Silvercorp Metals Aktie kostenlos abonnieren
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