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Silvercorp Metals highlights strong balance sheet in full-year results

Published 2023-05-26, 09:14 a/m
Silvercorp Metals highlights strong balance sheet in full-year results
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Proactive Investors - Silvercorp Metals Inc (TSX:SVM) has reported net income attributable to equity shareholders of $20.6 million, or $0.12 per share for its fiscal year ended March 31, 2023.

During the financial year, the company generated cash flow from operating activities of $85.6 million and realized adjusted earnings attributable to equity shareholders of $37.0 million, or $0.21 per share.

The Canada-based company reported a strong balance sheet of $203.3 million in cash and cash equivalents and short-term investments during the period. The company holds a further equity investment portfolio in associates and other companies with a total market value of $141.9 million as of March 31, 2023.

Also during fiscal 2023, it paid $4.4 million in dividends to shareholders and spent $2.1 million to buy back 838,237 common shares of the company.

It 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 the construction of the new mill and tailings storage facility.

Silvercorp 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, during the year.

Sales hit 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. The cash cost per ounce of silver, net of by-product credits, was negative $0.42; while the all-in sustaining cost per ounce of silver, net of by-product credits, was $9.73.

4Q results

In the final quarter, the company reported net income attributable to equity holders of $0.2 million, or $0.00 per share with realized adjusted earnings attributable to equity holders of $5.0 million, or $0.03 per share.

Also in the quarter, cash costs per ounce of silver, net of by-product credits, was $0.92 while the all-in sustaining costs per ounce of silver, net of by-product credits, of $13.85.

Cash flow generated from operating activities was $5.7 million.

Silvercorp Metals is a Canadian-based, China-focused precious metals company engaged in the acquisition, exploration, and development of silver-containing properties. It is China's largest primary silver producer.

Read more on Proactive Investors CA

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