Business
Silvercorp Metals Reports Adjusted Net Income Of $20.6 Million, $0.12 Per Share, and Cash Flow From Operations Of $40.0 Million For Q1 Fiscal 2025
VANCOUVER, BC, Aug. 13, 2024 /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. 13, 2024 /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, 2024 (\"Q1 Fiscal 2025\"). All amounts are expressed in US dollars, and figures may not add due to rounding. HIGHLIGHTS FOR Q1 FISCAL 2025 Mined 343,847 tonnes of ore, milled 307,696 tonnes of ore, and produced approximately 1,146 ounces of gold, 1.7 million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 15.6 million pounds of lead and 6.4 million pounds of zinc; Sold approximately 998 ounces of gold, 1.7 million ounces of silver, 15.7 million pounds of lead, and 6.5 million pounds of zinc, for revenue of $72.2 million; Reported net income attributable to equity shareholders of $21.9 million, or $0.12 per share; Realized adjusted basic earnings attributable to equity shareholders of $20.6 million, or $0.12 per share; Generated cash flow from operating activities of $40.0 million; Cash cost per ounce of silver, net of by-product credits, of negative $1.67; All-in sustaining cost per ounce of silver, net of by-product credits, of $9.82; Spent and capitalized $1.0 million on exploration drilling, $13.9 million on underground exploration and development, and $4.6 million on equipment and facilities, including $2.8 million on construction of the new tailing storage facility; Strong balance sheet with $215.7 million in cash and cash equivalents and short-term investments. This was after a $18.8 million private placement into Adventus Mining Corporation (\"Adventus\") in May 2024 to fund its operations as part of the Company's acquisition of Adventus via a plan of arrangement. The Company also holds a further equity investment portfolio in associates and other companies with a total market value of $108.2 million as at June 30, 2024; Inventory stockpile ore amounted to 59,293 tonnes not yet processed due to mill capacity constraints, with additional ore to be added to the stockpile in the coming quarter. If the stockpile had been processed, the Company's metal production would have aligned with its Fiscal 2025 annual guidance, and is anticipated to be processed when the 1,500 tonne per day new mill is in operation by November 2024; and Announced the completion of the acquisition of Adventus...