Business
Silvercorp Metals Reports Net Income of $8.4 Million, $0.05 Per Share, and Cash Flow from Operations of $23.9 Million for Q3 Fiscal 2021
VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reported its fina
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reported its financial and operating results for the third quarter ended December 31, 2020 (“Q3 Fiscal 2021”). All amounts are expressed in US Dollars. Q3 FISCAL YEAR 2021 HIGHLIGHTS Mined 279,445 tonnes of ore, up 6% compared to the prior year quarter, with ore milled of 260,648 tonnes, a decrease of 2% compared to the prior year quarter; Sold approximately 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead, and 9.0 million pounds of zinc, representing increases of 14% and 7% in gold and zinc sold and decreases of 4% and 11% in silver and lead sold compared to the prior year quarter; Revenue of $53.3 million, up 20% or $8.8 million compared to $44.5 million in the prior year quarter; Net income attributable to equity shareholders of $8.4 million or $0.05 per share, up 33% compared to $6.3 million or $0.04 per share in the prior year quarter; Cash cost per ounce of silver, net of by-product credits, of negative $2.76, compared to negative $1.21 in the prior year quarter; All-in sustaining cost per ounce of silver, net of by-product credits, of $6.92, compared to $7.21 in the prior year quarter; Gain on equity investments of $0.6 million; Cash flow from operations of $23.9 million compared to $24.9 million in the prior year quarter; Paid dividends of $2.2 million, or $0.0125 per share, to equity shareholders; Acquired a 26.99% interest in Whitehorse Gold Corp. (“WHG”) at total cost of $1.3 million, having a fair market value of $35.5 million as at December 31, 2020, as result of (a) receiving 5,740,286 WHG common shares under a spin-out transaction completed by New Pacific Metals Corp. (“NUAG”), and (b) subscribing for 5,774,000 WHG common shares 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 clearance of the project area as not being in a military area by the related authorities; Acquired a 45% interest in the La Yesca Silver Project in Mexico for approximately $7.6 million as announced on February 2, 2021; Investment in NUAG with a carrying value of $50.8 million and market value of $...