Silvercorp Metals Inc. (Silvercorp or the Company) (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the fourth quarter and twelve months ended March 31, 2020 (Fiscal 2020). All amounts are expressed in US Dollars.
Despite the extended shut-down during the three months ended March 31, 2020 (Q4 Fiscal 2020) due to COVID-19, the Company was able to achieve full year production target, surpassing its Fiscal 2020 guidance. As reported in the Companys news release dated May 7, 2020, the Companys operations were ramped up to full capacity in March 2020 with no employee infection and the Company is in full compliance with government measures to prevent spread of COVID-19.
Fiscal Year 2020 Highlights
Silver, lead and zinc production surpassed annual guidance by 3%, 3% and 17%; respectively;
Ore mined down 2% to 885,830 tonnes compared to the prior year;
Sold approximately 6.3 million ounces of silver, 3,300 ounces of gold, 65.3 million pounds of lead, and 25.4 million pounds of zinc, representing a decrease of 2% and 6% in silver and gold sold and an increase of 1% and 12% in lead and zinc sold compared to the prior year;
Revenue of $158.8 million, down 7%, compared to $170.5 million in the prior year;
Net income attributable to equity shareholders of $34.3 million or $0.20 per share compared to $39.7 million or $0.23 per share in the prior year. Excluding the impairment reversal of $9.2 million recorded in Fiscal 2019, the net income to equity shareholders in Fiscal 2020 was up 6% compared to the adjusted net income attributable to equity shareholders1 of $32.2 million, or $0.19 per share, in the prior year. In Fiscal 2020, the Companys consolidated financial results were impacted mainly by operations in China being suspended for an extra month in Q4 Fiscal 2020 due to COVID-19;
Cash cost per ounce of silver , net of by-product credits, of negative $1.91 compared to negative $4.29 in the prior year;
All-in sustaining cost per ounce of silver1, net of by-product credits, of $6.86, compared to $3.52 in the prior year;
Cash flow from operations of $77.2 million, up 10% compared to $70.4 million in the prior year;
Paid $4.3 million of dividends to the Companys shareholders, compared to $4.2 million in the prior year;
Invested $7.0 million in New Pacific Metals Corp. (NUAG) to maintain the Companys ownership interest at 28.8%; and
Strong balance sheet with $142.5 million in cash and cash equivalents and short-term investments, an increase of $27.2 million or 24% compared to $115.3 million as at March 31, 2019
[1] Alternative performance (Non-IFRS) measure. Please refer to section 13 of the corresponding MD&A for reconciliation.
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