Business
Silvercorp Metals Reports Adjusted Net Income Of $37.0 Million, $0.21 Per Share, And Cash Flow From Operation Of $85.6 Million For Fiscal 2023
VANCOUVER, BC, May 25, 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, May 25, 2023 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the three months (\"Q4 Fiscal 2023\") and twelve months ended March 31, 2023 (\"Fiscal 2023\"). All amounts are expressed in US dollars, and figures may not add due to rounding. HIGHLIGHTS FOR FISCAL 2023 Mined 1,068,983 tonnes of ore, milled 1,072,654 tonnes of ore, and produced approximately 6.6 million ounces of silver, 4,400 ounces of gold, or approximately 7.0 million ounces of silver equivalent, plus 68.1 million pounds of lead, and 23.5 million pounds of zinc ; Sold approximately 6.6 million ounces of silver, 4,400 ounces of gold, 65.7 million pounds of lead, and 23.4 million pounds of zinc, for revenue of $208.1 million; Reported net income attributable to equity shareholders of $20.6 million, or $0.12 per share; Realized adjusted earnings attributable to equity shareholders of $37.0 million, or $0.21 per share. The adjustments were made to remove impacts from non-recurring items, share-based compensation, foreign exchange gain/loss, impairment adjustments and reversals, gain/loss on equity investments, dilution gain/loss, and the share of associates' operating results; Generated cash flow from operating activities of $85.6 million; Cash cost per ounce of silver, net of by-product credits, of negative $0.42; All-in sustaining cost per ounce of silver, net of by-product credits, of $9.73; Paid $4.4 million of dividends to the Company's shareholders; Spent $2.1 million to buy back 838,237 common shares of the Company under its Normal Course Issuer Bid; Spent and capitalized $8.3 million on exploration drilling, $34.0 million on underground development and exploration tunneling, and $15.6 million on equipment and facilities, including $4.8 million on construction of the new mill and tailings storage facility; and Strong balance sheet with $203.3 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 $141.9 million as at March 31, 2023. HIGHLIGHTS FOR Q4 FISCAL 2023 Mined 181,848 tonnes of ore, milled 179,393 tonnes of ore, and produced approximately 1.1 million ounces of silver, 1,000 ounces of gold, 10.9 millio...