Business
Silvercorp Metals Reports Adjusted Net Income of $12.4 Million, $0.07 Per Share, and Cash Flow From Operation of $28.9 Million for Q1 Fiscal 2024
VANCOUVER, BC, Aug. 10, 2023 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, Aug. 10, 2023 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the three months ended June 30, 2023 (\"Q1 Fiscal 2024\"). All amounts are expressed in US dollars, and figures may not add due to rounding. HIGHLIGHTS FOR Q1 FISCAL 2024 Mined 303,220 tonnes of ore, milled 295,095 tonnes of ore, and produced approximately 1.8 million ounces of silver, 1,552 ounces of gold, or approximately 1.9 million ounces of silver equivalent, plus 17.8 million pounds of lead, and 6.8 million pounds of zinc; Sold approximately 1.8 million ounces of silver, 1,495 ounces of gold, 17.3 million pounds of lead, and 6.9 million pounds of zinc, for revenue of $60.0 million; Reported net income attributable to equity shareholders of $9.2 million, or $0.05 per share; Realized adjusted earnings attributable to equity shareholders of $12.4 million, or $0.07 per share; Generated cash flow from operating activities of $28.9 million; Cash cost per ounce of silver, net of by-product credits, of negative $0.31; All-in sustaining cost per ounce of silver, net of by-product credits, of $9.46; Paid $2.2 million of dividends to the Company's shareholders; Spent and capitalized $1.7 million on exploration drilling, $10.8 million on underground development, and $3.5 million on equipment and facilities, including $2.4 million on construction of the new tailings storage facility; and Strong balance sheet with $200.6 million in cash and cash equivalents and short-term investments. The Company holds a further equity investment portfolio in associates and other companies with a total market value of $121.5 million as at June 30, 2023. CONSOLIDATED FINANCIAL RESULTS Three months ended June 30, 2023 2022 Changes Financial Results Revenue (in thousands of $) $ 60,006 $ 63,592 -6 % Mine operating earnings (in thousands of $) 23,301 24,902 -6 % Net income (loss) attributable to equity holders (in thousands of $) 9,217 10,169 -9 % Earnings (loss) per share - basic ($/share) 0....