Business
Silvercorp Metals Reports Net Income of $46.4 Million, $0.27 per Share, and Cash Flow From Operations of $85.9 Million for Fiscal 2021
VANCOUVER, BC, May 20, 2021 /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 20, 2021 /CNW/ - 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, 2021 (\"Fiscal 2021). All amounts are expressed in US Dollars, and figures may not add due to rounding. FISCAL YEAR 2021 HIGHLIGHTS Mined 964,925 tonnes of ore and milled 967,581 tonnes of ore, up 9% and 8%, respectively, compared to the prior year, with silver and lead production meeting the production guidance and zinc production beating the production guidance; Sold approximately 6.3 million ounces of silver, 4,700 ounces of gold, 67.1 million pounds of lead, and 27.9 million pounds of zinc, up 1%, 42%, 3%, and 10%, respectively, compared to the prior year; Revenue of $192.1 million, up 21% or $33.3 million compared to $158.8 million in the prior year; Net income attributable to equity shareholders of $46.4 million, or $0.27 per share, up 35% compared to $34.3 million, or $0.20 per share in the prior year; Cash cost per ounce of silver, net of by-product credits, of negative $1.80 compared to negative $1.91 in the prior year; All-in sustaining cost per ounce of silver, net of by-product credits, of $7.49, compared to $6.86 in the prior year; Cash flow from operations of $85.9 million, up 11% or $8.7 million compared to $77.2 million in the prior year; Received $6.5 million (CAD$9.0 million) break fee from Guyana Goldfields Inc. (\"Guyana Goldfields\") and realized a gain of $15.4 million on disposal of the shares of Guyana Goldfields; Paid $4.4 million of dividends to the Company's shareholders; Invested $5.8 million in a private placement of New Pacific Metals Corp. (\"NUAG\") to maintain the Company's ownership interest; Acquired a 26.99% interest in Whitehorse Gold Corp. (\"WHG\"), having a fair market value of $15.1 million as at March 31, 2021, as a result of (a) receiving 5,740,285 WHG common shares under a spin-out transaction completed by NUAG, and (b) subscribing for 5,774,000 WHG common shares at total cost of $1.3 million under a private placement; Won an online auction to acquire the exploration rights to the Zhonghe Silver Project from the Henan provincial government of China, with the mineral rights transfer contract pending the national security clearance by the related authoritie...