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Silvercorp Reports Q2 Fiscal 2016 Financial And Operating Results
VANCOUVER, British Columbia – November 12, 2015 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) reported its financial and operating results for the second quarter ended September 30, 2015 (“Q2 Fiscal 2016”). All amounts are expressed in US Dollars.
SECOND QUARTER HIGHLIGHTS
• Cash flows from operations of $4.6 million, or $0.03 per share;
• Repurchased 1,638,252 common shares of the Company;
• Ended the quarter with $70.7 million in cash and short term investments;
• Net income attributable to equity shareholders of $2.2 million, or $0.01 per share;
• Silver sales of 1.3 million ounces, lead sales of 13.2 million pounds, and zinc sales of 4.6 million pounds, down 7%, 7%, and 11%, respectively, from the prior year quarter;
• Realized selling price for silver, lead, and zinc at the Ying Mining District dropped by 26%, 8%, and 19%, respectively, compared to the same prior year quarter;
• Sales of $27.2 million, down 27% from the prior year quarter;
• Significant increase of silver-lead concentrate inventory from 430 tonnes to 2,228 tonnes (containing approximately 0.2 million ounces of silver and 2.0 million pounds of lead) at the Ying Mining District, compared to the prior year quarter;
• Gross margin of 32% compared with 49% in the prior year period;
• Cash cost per ounce of silver, net of by-product credits, of $1.52, compared to negative $0.98 in the prior year quarter; and
• All-in sustaining cost per ounce of silver, net of by-product credits, of $12.40, compared to $9.68 in the prior year quarter.
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