Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE
American: SVM) reported its financial and operating results for the
second quarter ended September 30, 2020 (“Q2 Fiscal
2021”). All amounts are expressed in US Dollars.
Q2
FISCAL YEAR 2021
HIGHLIGHTS
-
Mined 267,853 tonnes of ore, up 3% compared to the prior year
quarter;
-
Sold approximately 1.7 million ounces of silver, 2,200 ounces of
gold, 18.6 million pounds of lead, and 7.4 million pounds of zinc,
representing an increase of 100% and 11% in gold and zinc sold, and
a decrease of 8% and 3% in silver and lead sold, compared to the
prior year quarter;
-
Revenue of $56.4 million, up 13% or $6.5 million compared to $49.9
million in the prior year quarter;
-
Net income attributable to equity shareholders of the Company of
$15.5 million, or $0.09 per share, up 27% compared to $12.2 million
or $0.07 per share in the prior year quarter;
-
Cash cost per ounce of silver1, net of by-product credits, of
negative $2.09, compared to negative $2.72 in the prior year
quarter;
-
All-in sustaining cost per ounce of silver1, net of by-product
credits, of $6.99, compared to $4.15 in the prior year
quarter;
-
Cash flow from operations of $29.6 million, up 13% compared to
$26.2 million in the prior year quarter;
-
Gain of $2.8 million on equity investments;
-
Invested $5.6 million in two Canadian junior exploration
companies;
-
Investment in New Pacific Metals Corp. (“NUAG”) with market value
of $212.0 million and other investments of $16.4 million; and
-
Strong balance sheet with $200.1 million in cash and cash
equivalents and short-term investments, an increase of $21.7
million or 12% compared to $178.4 million as at June 30, 2020.
FINANCIALS
Net income attributable to equity
shareholders of the Company in Q2 Fiscal 2021 was $15.5
million, or $0.09 per share, compared to $12.2 million, or $0.07
per share in the three months ended September 30, 2019 (“Q2 Fiscal
2020”).
Compared to Q2 Fiscal 2020, the Company’s
financial results in Q2 Fiscal 2021 were mainly impacted by the
following: i) an increase of 31%, 15% and 16% in the net realized
selling prices for silver, gold and zinc, offset by a decrease of
8% in the net realized selling price for lead; ii) an increase of
100% and 11% in the amount of gold and zinc sold, offset by a
decrease of 8% and 3% in the amount of silver and lead sold; iii) a
gain of $2.8 million on equity investments reported in profit; and
offset by iv) $1.3 million in foreign exchange loss.
Revenue in Q2 Fiscal 2021 was
$56.4 million, up 13% or $6.5 million compared to $49.9 million in
Q2 Fiscal 2020. The increase was mainly due to i) an increase of
$9.4 million in revenue arising from the increase in the net
realized selling prices for silver, gold and lead; and ii) an
increase of $2.0 million in revenue arising from the increase in
the amount of gold and zinc sold; offset by iii) a decrease of $1.4
million arising from the decrease in the net realized selling price
for lead; iv) a decrease of $3.3 million arsing from the decrease
in the amount of silver and lead sold; and v) a decrease of $0.2
million in revenue from other metals. Silver, gold and base metal
sales represented $33.0 million, $3.0 million, and $20.3 million,
respectively, compared to silver, gold and base metals sales of
$27.4 million, $1.3 million, and $21.1 million, respectively, in Q2
Fiscal 2020. Revenue from the Ying Mining District in Q2 Fiscal
2021 was $45.7 million, up 8% compared to $42.3 million in Q2
Fiscal 2020. Revenue from the GC Mine in Q2 Fiscal 2021 was $9.2
million, up 21% compared to $7.6 million in Q2 Fiscal 2020. Revenue
from the BYP Mine was $1.5 million, compared to $nil in Q2 Fiscal
2020 as the Company sold all remaining gold concentrate inventories
produced by the mine before it was placed on care and maintenance
in 2014.
Production costs expensed in Q2
Fiscal 2021 were $19.7 million, an increase of $2.4 million,
compared to $17.3 million in Q2 Fiscal 2020. The production costs
expensed represent approximately 281,980 tonnes of ore processed
and expensed at a cost of $69.82 per tonne, compared to
approximately 263,050 tonnes at $65.73 per tonne in Q2 Fiscal
2020.
Income from mine operations in
Q2 Fiscal 2021 was $26.7 million or 47% of revenue, compared to
$22.7 million or 45% of revenue in Q2 Fiscal 2020. Income from mine
operations at the Ying Mining District was $23.1 million or 51% of
revenue, compared to $20.5 million or 49% of revenue in Q2 Fiscal
2020. Income from mine operations at the GC Mine was $2.9 million
or 32% of revenue, compared to $2.2 million or 29% of revenue in Q2
Fiscal 2020.
General and
administrative expenses in Q2 Fiscal 2021 were
$5.1 million, an increase of $0.3 million compared to $4.8 million
in Q2 Fiscal 2020. The increase was mainly due to an increase of
$0.3 million in share-based compensation. General and
administrative expenses included corporate administrative expenses
of $2.8 million (Q2 Fiscal 2020 - $2.6 million) and mine
administrative expenses of $2.3 million (Q2 Fiscal 2020 - $2.2
million).
Foreign exchange loss in Q2
Fiscal 2021 was $1.3 million compared to a gain of $0.8 million in
Q2 Fiscal 2020. The foreign exchange loss is mainly driven by the
appreciation of the Canadian dollar against the US dollar.
Share of loss in an associate
in Q2 Fiscal 2021 was $0.3 million (Q2 Fiscal 2020 – $0.2 million),
representing the Company’s equity share of the loss in NUAG.
Gain on equity investments
recorded in profit in Q2 Fiscal 2021 was $2.8 million, compared to
$nil in Q2 Fiscal 2020. A total gain of $4.8 million on equity
investments was reported in Q2 Fiscal 2021, of which $2.0 million
was recorded in other comprehensive income as the Company made
elections to account for equity investments on an
instrument-by-instrument basis.
Income tax expenses in Q2
Fiscal 2021 were $5.9 million, compared to $5.1 million in Q2
Fiscal 2020. The income tax expenses comprised of current income
tax expenses of $5.2 million (Q2 Fiscal 2020 - $1.0 million) and
deferred income tax expenses of $0.7 million (Q2 Fiscal 2020 - $4.2
million).
Cash flow provided by operating
activities in Q2 Fiscal 2021 was $29.6 million, an
increase of $3.4 million, compared to $26.2 million in Q2 Fiscal
2020.
For the six months ended September 30, 2020, net
income attributable to equity shareholders of the Company was $31.0
million or $0.18 per share, an increase of $6.2 million, compared
to $24.8 million or $0.14 per share in the same prior year period;
revenue was $103.1 million, up 8% or $7.6 million, compared to
$95.5 million in the same prior year period; income from mine
operations was $46.0 million or 45% of revenue, compared to $40.4
million or 42% of revenue in the same prior year period; gain on
equity recorded in profit was $8.2 million compared to $nil in the
same prior year period; foreign exchange loss was $4.0 million
compared to $0.1 million in the same prior year period; and cash
flow from operating activities was $59.7 million, up 30% from $46.1
million in the same prior year period.
The Company ended the period with $200.1 million
in cash and short-term investments, an increase of $21.7 million or
12% compared to $178.4 million as at June 30, 2020; and an increase
of $57.6 million or 40% compared to $142.5 million as at March 31,
2020.
Working capital as at September 30, 2020 was
$169.3 million, an increase of $15.6 million or 10% compared to
$153.7 million as at June 30, 2020; and an increase of $39.0
million or 30%, compared to $130.4 million as at March 31,
2020.
1 Alternative performance (non-IFRS) measure.
Please refer to section 10 of the corresponding MD&A for
reconciliation.
OPERATIONS AND
DEVELOPMENT
(i) Q2 Fiscal
2021 vs. Q2 Fiscal 2020
In Q2 Fiscal 2021, on a consolidated basis, the
Company mined 267,853 tonnes of ore, up 3% or 8,596 tonnes compared
to 259,257 tonnes in Q2 Fiscal 2020. Ore milled was 263,933 tonnes,
a slight decrease of 1% or 1,348 tonnes, compared to 265,281 tonnes
in Q2 Fiscal 2020.
In Q2 Fiscal 2021, the Company sold
approximately 1.7 million ounces of silver, 2,200 ounces of gold,
18.6 million pounds of lead, and 7.4 million pounds of zinc, an
increase of 100% and 11% in gold and zinc sold, and a decrease of
8% and 3% in silver and lead sold, compared to 1.9 million ounces
of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and
6.7 million pounds of zinc in Q2 Fiscal 2020.
In Q2 Fiscal 2021, the consolidated total mining
and cash mining costs were $76.95 and $57.61 per tonne, up 6% and
10% compared to $72.85 and $52.37 per tonne, respectively, in Q2
Fiscal 2020. The increase in per tonne cash mining costs was mainly
due to an increase of $1.4 million in drilling and related expenses
arising from an increase of 38,326 metres of diamond drilling.
The consolidated total milling and cash milling
costs were $11.11 and $9.64 per tonne, down 11% and 10% compared to
$12.46 and $10.76 per tonne, respectively, in Q2 Fiscal 2020. The
decrease in per tonne cash milling costs was mainly due to a
decrease of $0.2 million in raw material costs.
Correspondingly, the consolidated cash
production cost per tonne of ore processed in Q2 Fiscal 2021 was
$69.82, up 6% compared to $65.73 in Q2 Fiscal 2020. The
consolidated all-in sustaining production cost per tonne of ore
processed was $124.24, up 13% compared to $109.51 in Q2 Fiscal
2020, but within the Company’s annual cost guidance. The increase
was mainly due to the increase in cash mining costs and a $2.3
million increase in sustaining capital expenditures.
In Q2 Fiscal 2021, the consolidated cash cost
per ounce of silver, net of by-product credits, was negative $2.09,
compared to negative $2.72, in Q2 Fiscal 2020. The consolidated
all-in sustaining cost per ounce of silver, net of by-product
credits, was $6.99 compared to $4.15 in Q2 Fiscal 2020.
The increase was mainly due to i) an increase of 6% in per tonne
production costs; ii) a decrease of $0.9 million in by-product
sales; iii) a decrease of 8% in silver sold, and iv) an increase of
$2.3 million in sustaining capital expenditures.
In Q2 Fiscal 2021, on a consolidated basis,
approximately 71,274 metres or $2.5 million worth of diamond
drilling (Q2 Fiscal 2020 – 32,948 metres or $1.1 million) and 7,693
metres or $1.9 million worth of preparation tunnelling (Q2 Fiscal
2020 – 11,656 metres or $3.1 million) were completed and expensed
as mining preparation costs. In addition, approximately 25,678
metres or $8.5 million worth of horizontal tunnels, raises, ramps
and declines (Q2 Fiscal 2020 – 20,107 metres or $7.1 million) were
completed and capitalized.
(ii) Six
months ended September 30, 2020 vs. six months ended September 30,
2019
For the six months ended September 30, 2020, on
a consolidated basis, the Company mined 522,408 tonnes of ore, up
1% or 5,759 tonnes, compared to 516,649 tonnes mined in the same
prior year period. Ore milled was 526,259 tonnes, a slight increase
of 1,435 tonnes, compared to 524,824 tonnes in the same prior year
period.
The Company sold approximately 3.6 million
ounces of silver, 3,300 ounces of gold, 39.4 million pounds of
lead, and 14.4 million pounds of zinc, an increase of 57%, 7%, and
3% in gold, lead, and zinc sold, and a decrease of 4% in silver
sold, compared to 3.7 million ounces of silver, 2,100 ounces of
gold, 36.9 million pounds of lead, and 14.0 million pounds of zinc
sold in the same prior year period.
For the six months ended September 30, 2020, the
consolidated total mining cost and cash mining cost were $75.46 and
$56.32 per tonne, respectively, compared to $75.12 and $53.91 per
tonne in the same prior year period. The increase in per tonne cash
mining cost was mainly due to an increase of $2.5 million in
drilling and related expenses arising from an increase of 43,405
metres of diamond drilling.
The consolidated total milling cost and cash
milling cost were $11.08 and $9.61, respectively, compared to
$12.47 and $10.69 per tonne in the same prior year period.
Correspondingly, the consolidated cash
production cost per tonne of ore processed was $68.47, up 2%
compared to $67.29 in the same prior year period. The all-in
sustaining production cost per tonne of ore processed was $118.46,
up 3% compared to $114.80 in the same prior year period. The
increase was mainly due to the increase in per tonne cash mining
costs and an increase of $0.7 million in sustaining capital
expenditures.
For the six months ended September 30, 2020, the
consolidated cash cost per ounce of silver, net of by-product
credits, was negative $1.77, compared to negative $2.45 in the same
prior year period. The consolidated all-in sustaining cost per
ounce of silver, net of by-product credits was $6.28 compared to
$4.91 in the same prior year period. The increase was mainly due to
i) an increase of 2% in per tonne production costs; ii) a decrease
of $0.6 million in by-product sales; iii) an increase of $0.7
million in sustaining capital expenditures; and iv) a decrease of
4% in silver sold.
For the six months ended September 30, 2020, on
a consolidated basis, approximately 107,971 metres or $4.5 million
worth of diamond drilling (same prior year period – 64,566 metres
or $2.0 million) and 17,358 metres or $3.6 million worth of
preparation tunnelling (same prior year period – 24,312 metres or
$6.2 million) were completed and expensed as mining preparation
costs. In addition, approximately 52,053 metres or $17.5 million
worth of horizontal tunnels, raises, ramps and declines (same prior
year period – 41,499 metres or $14.5 million) were completed and
capitalized.
1. Ying Mining District,
Henan Province, China
Ying Mining District |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Six months ended September 30, |
|
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
December 31, 2019 |
September 30, 2019 |
|
2020 |
|
2019 |
|
Ore Mined
(tonne) |
181,020 |
|
174,176 |
|
69,379 |
176,149 |
|
176,085 |
|
|
355,196 |
|
352,669 |
|
Ore Milled
(tonne) |
179,083 |
|
177,689 |
|
69,188 |
175,488 |
|
179,147 |
|
|
356,772 |
|
356,828 |
|
Head
Grades |
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
288 |
|
293 |
|
297 |
296 |
|
306 |
|
|
290 |
|
318 |
|
Lead (%) |
4.4 |
|
4.6 |
|
4.6 |
4.6 |
|
4.5 |
|
|
4.5 |
|
4.5 |
|
Zinc (%) |
0.7 |
|
0.8 |
|
1.0 |
0.9 |
|
0.8 |
|
|
0.8 |
|
0.9 |
|
Recoveries |
|
|
|
|
|
|
|
|
Silver (%) |
94.4 |
|
94.7 |
|
95.3 |
96.1 |
|
96.2 |
|
|
94.6 |
|
96.0 |
|
Lead (%) |
96.1 |
|
96.2 |
|
95.7 |
96.3 |
|
95.7 |
|
|
96.1 |
|
95.7 |
|
Zinc (%) |
57.9 |
|
63.8 |
|
67.7 |
70.3 |
|
58.6 |
|
|
60.9 |
|
58.5 |
|
Metal
Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
1,556 |
|
1,672 |
|
711 |
1,475 |
|
1,711 |
|
|
3,228 |
|
3,373 |
|
Gold (in thousands of ounce) |
1.0 |
|
1.1 |
|
0.5 |
0.7 |
|
1.1 |
|
|
2.1 |
|
2.1 |
|
Lead (in thousands of pound) |
15,585 |
|
17,779 |
|
8,322 |
14,912 |
|
16,389 |
|
|
33,364 |
|
31,225 |
|
Zinc (in thousands of pound) |
1,384 |
|
2,037 |
|
865 |
2,882 |
|
1,428 |
|
|
3,421 |
|
3,518 |
|
Cash mining cost
($/tonne) |
67.77 |
|
64.12 |
|
68.10 |
64.69 |
|
59.26 |
|
|
65.98 |
|
61.16 |
|
Shipping costs
($/tonne) |
3.79 |
|
3.64 |
|
3.96 |
3.89 |
|
3.82 |
|
|
3.72 |
|
3.93 |
|
Cash milling costs
($/tonne) |
8.50 |
|
8.45 |
|
11.53 |
10.99 |
|
9.81 |
|
|
8.48 |
|
9.48 |
|
Cash production costs
($/tonne) |
80.06 |
|
76.21 |
|
83.59 |
79.57 |
|
72.89 |
|
|
78.18 |
|
74.57 |
|
All-in sustaining
production costs
($/tonne) |
132.36 |
|
116.99 |
|
195.78 |
126.43 |
|
117.37 |
|
|
124.74 |
|
123.24 |
|
|
|
|
|
|
|
|
|
|
Cash costs per ounce
of silver ($) |
(0.14 |
) |
(0.87 |
) |
0.30 |
(0.72 |
) |
(1.95 |
) |
|
(0.52 |
) |
(1.70 |
) |
All-in sustaining costs per ounce of silver
($) |
6.63 |
|
4.14 |
|
11.86 |
5.57 |
|
3.40 |
|
|
5.34 |
|
4.10 |
|
i) Q2
Fiscal 2021 vs. Q2 Fiscal 2020
In Q2 Fiscal 2021, the total ore mined at the
Ying Mining District was 181,020 tonnes, up 3% or 4,935 tonnes
compared to 176,085 tonnes mined in Q2 Fiscal 2020. Ore milled was
179,083 tonnes, a slight decrease compared to 179,147 tonnes in Q2
Fiscal 2020.
Head grades were 288 grams per tonne (“g/t”) for
silver, 4.4% for lead, and 0.7% for zinc, compared to 306 g/t for
silver, 4.5% for lead, and 0.8% for zinc in Q2 Fiscal 2020.
In Q2 Fiscal 2021, the Ying Mining District sold
approximately 1.6 million ounces of silver, 1,000 ounces of gold,
15.6 million pounds of lead, and 1.4 million pounds of zinc,
compared to 1.7 million ounces of silver, 1,100 ounces of gold,
16.4 million pounds of lead, and 1.4 million pounds of zinc in Q2
Fiscal 2020.
Total and cash mining costs per tonne at the
Ying Mining District in Q2 Fiscal 2021 were $92.30 and $67.77 per
tonne, respectively, compared to $85.63 and $59.26 per tonne in Q2
Fiscal 2020. The increase in the per tonne cash mining cost was
mainly due to an increase of $1.2 million in drilling and related
expenses arising from an increase of 32,533 metres of diamond
drilling.
Total and cash milling costs per tonne at the
Ying Mining District in Q2 Fiscal 2021 were $10.09 and $8.50,
respectively, compared to $11.53 and $9.81 in Q2 Fiscal 2020. The
decrease in per tonne milling costs was mainly due to a decrease of
$0.2 million in raw material costs.
Correspondingly, the cash production cost per
tonne of ore processed in Q2 Fiscal 2021 at the Ying Mining
District was $80.06, compared to $72.89 in Q2 Fiscal 2020. The
all-in sustaining production cost per tonne of ore processed was
$132.36, up 13% compared to $117.37 in Q2 Fiscal 2020, but below
the Company’s annual cost guidance. The increase was mainly due to
the increase in per tonne cash mining costs and a $1.9 million
increase in sustaining capital expenditures.
In Q2 Fiscal 2021, cash cost per ounce of
silver, net of by-product credits, at the Ying Mining District was
negative $0.14 compared to negative $1.95 in Q2 Fiscal 2020. All-in
sustaining cost per ounce of silver, net of by-product credits, was
$6.63 compared to $3.40 in Q2 Fiscal 2020. The increase was mainly
due to i) the increase in per tonne production costs as discussed
above; ii) a decrease of $1.7 million in by-product sales; iii) an
increase of $1.9 million in sustaining capital expenditures; and
iv) a decrease of 9% in silver sold.
In Q2 Fiscal 2021, approximately 59,540 metres
or $2.0 million worth of diamond drilling (Q2 Fiscal 2020 – 27,007
metres or $0.8 million) and 5,316 metres or $1.6 million worth of
preparation tunnelling (Q2 Fiscal 2020 – 5,554 metres or $1.6
million) were completed and expensed as mining preparation costs at
the Ying Mining District. In addition, approximately 21,278 metres
or $7.5 million worth of horizontal tunnels, raises, ramps and
declines (Q2 Fiscal 2020 – 19,661 metres or $6.7 million) were
completed and capitalized.
ii) Six months ended
September 30, 2020 vs. six months ended September 30,
2019
For the six months ended September 30, 2020, a
total of 355,196 tonnes of ore were mined at the Ying Mining
District, up 1% or 2,527 tonnes compared to 352,669 tonnes in the
same prior year period. Ore milled was 356,772 tonnes, comparable
to 356,828 tonnes in the same prior year period. Average head
grades of ore processed were 290 g/t for silver, 4.5% for lead, and
0.8% for zinc compared to 318 g/t for silver, 4.5% for lead, and
0.9% for zinc, in the same prior year period.
During the same time period, the Ying Mining
District sold approximately 3.2 million ounces of silver, 2,100
ounces of gold, 33.4 million pounds of lead, and 3.4 million pounds
of zinc, compared to 3.4 million ounces of silver, 2,100 ounces of
gold, 31.2 million pounds of lead, and 3.5 million pounds of zinc
in the same prior year period.
For the six months ended September 30, 2020, the
cash mining cost at the Ying Mining District was $65.98 per tonne,
up 8% compared to $61.16 in the same prior year period. The
increase was mainly due to an increase of $2.0 million in drilling
and related expenses arising from an increase of 37,370 metres of
diamond drilling. The cash milling cost was $8.48 per tonne, down
11% compared to $9.48 in the same prior year period.
Correspondingly, the cash production cost per
tonne of ore processed was $78.18, up 5% compared to $74.57 in the
prior year period. The all-in sustaining cash production costs per
tonne of ore processed were $124.74, up 1%, compared to $123.24 in
the same prior year period, but below the Company’s annual cost
guidance.
For the six months ended September 30, 2020, the
cash cost per ounce of silver and all-in sustaining cost per ounce
of silver, net of by-product credits, at the Ying Mining District,
were negative $0.52 and $5.34 respectively, compared to negative
$1.70 and $4.10 in the same prior year period. The increase was
mainly due to i) the increase in per tonne production costs; ii) a
decrease of $2.1 million in by-product credits; and iii) a decrease
of 4% in silver sold.
For the six months ended September 30, 2020,
approximately 88,025 metres or $3.4 million worth of underground
diamond drilling (same prior year period – 50,655 metres or $1.4
million) and 11,523 metres or $2.8 million worth of preparation
tunnelling (same prior year period – 11,949 metres or $3.3 million)
were completed and expensed as mining preparation costs at the Ying
Mining District. In addition, approximately 44,386 metres or $15.3
million worth of horizontal tunnels, raises, and declines (same
prior year period – 40,556 metres or $13.8 million) were completed
and capitalized.
2. GC Mine, Guangdong
Province, China
GC Mine |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Six months ended September 30, |
|
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
December 31, 2019 |
September 30, 2019 |
|
2020 |
|
2019 |
|
Ore Mined
(tonne) |
86,833 |
|
80,379 |
|
37,216 |
|
86,437 |
|
83,172 |
|
|
167,212 |
|
163,980 |
|
Ore Milled
(tonne) |
84,850 |
|
84,637 |
|
33,243 |
|
89,372 |
|
86,134 |
|
|
169,487 |
|
167,996 |
|
Head
Grades |
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
81 |
|
93 |
|
94 |
|
96 |
|
100 |
|
|
87 |
|
97 |
|
Lead (%) |
1.8 |
|
1.9 |
|
1.8 |
|
2.0 |
|
2.0 |
|
|
1.8 |
|
1.9 |
|
Zinc (%) |
3.4 |
|
3.4 |
|
3.5 |
|
3.3 |
|
3.2 |
|
|
3.4 |
|
3.3 |
|
Recovery
Rates |
|
|
|
|
|
|
|
|
Silver (%) * |
82.5 |
|
82.8 |
|
80.7 |
|
78.0 |
|
75.9 |
|
|
82.7 |
|
76.4 |
|
Lead (%) |
89.2 |
|
89.8 |
|
90.4 |
|
90.4 |
|
88.3 |
|
|
89.5 |
|
88.5 |
|
Zinc (%) |
87.3 |
|
87.3 |
|
87.7 |
|
85.5 |
|
86.1 |
|
|
87.3 |
|
85.9 |
|
Metal
Sales |
|
|
|
|
|
|
|
|
Silver (in thousands of ounce) |
184 |
|
200 |
|
89 |
|
234 |
|
183 |
|
|
384 |
|
376 |
|
Lead (in thousands of pound) |
2,966 |
|
3,106 |
|
1,332 |
|
3,867 |
|
2,680 |
|
|
6,072 |
|
5,686 |
|
Zinc (in thousands of pound) |
6,027 |
|
4,921 |
|
2,194 |
|
5,471 |
|
5,227 |
|
|
10,948 |
|
10,471 |
|
Cash mining cost
($/tonne) |
36.43 |
|
35.13 |
|
25.58 |
|
42.96 |
|
37.80 |
|
|
35.80 |
|
38.31 |
|
Cash milling cost
($/tonne) |
12.04 |
|
11.95 |
|
16.36 |
|
14.01 |
|
12.72 |
|
|
12.00 |
|
13.27 |
|
Cash production cost
($/tonne) |
48.47 |
|
47.08 |
|
41.94 |
|
56.97 |
|
50.52 |
|
|
47.80 |
|
51.58 |
|
All-in sustaining
production costs
($/tonne) |
69.07 |
|
65.84 |
|
88.18 |
|
71.03 |
|
62.94 |
|
|
67.49 |
|
65.09 |
|
|
|
|
|
|
|
|
|
|
Cash cost per ounce of
silver ($) |
(12.70 |
) |
(6.59 |
) |
(10.03 |
) |
(4.33 |
) |
(9.98 |
) |
|
(9.52 |
) |
(9.16 |
) |
All-in sustaining cost per ounce of silver
($) |
(1.78 |
) |
2.41 |
|
8.31 |
|
2.18 |
|
(2.89 |
) |
|
0.40 |
|
(1.90 |
) |
* Silver recovery
includes silver recovered in lead concentrate and silver recovered
in zinc concentrate. |
|
|
|
|
|
|
i) Q2
Fiscal 2021 vs. Q2 Fiscal 2020
In Q2 Fiscal 2021, the total ore mined at the GC
Mine was 86,833 tonnes, up 4% or 3,661 tonnes, compared to 83,172
tonnes in Q2 Fiscal 2020. Ore milled was 84,850 tonnes, a slight
decrease of 1% or 1,284 tonnes, compared to 86,134 tonnes in Q2
Fiscal 2020.
Average head grades of ore processed at the GC
Mine were 81 g/t for silver, 1.8% for lead, and 3.4% for zinc,
compared to 100 g/t for silver, 2.0% for lead, and 3.2% for zinc in
Q2 Fiscal 2020. Recovery rates of ore processed were 82.5% for
silver, 89.2% for lead, and 87.3% for zinc, compared to 75.9% for
silver, 88.3% for lead, and 86.1% for zinc in Q2 Fiscal 2020.
In Q2 Fiscal 2021, GC Mine sold approximately
184 thousand ounces of silver, 3.0 million pounds of lead, and 6.0
million pounds of zinc, compared to 183 thousand ounces of silver,
2.7 million pounds of lead, and 5.2 million pounds of zinc in Q2
Fiscal 2020.
Total and cash mining costs per tonne at the GC
Mine in Q2 Fiscal 2021 were $44.93 and $36.43 per tonne, a decrease
of 2% and 4%, respectively, compared to $45.81 and $37.80 per tonne
in Q2 Fiscal 2020. The decrease in the cash mining cost was mainly
due to a $0.3 million decrease in mining preparation costs. Total
and cash milling costs per tonne at the GC Mine in Q2 Fiscal 2021
were $13.27 and $12.04, a decrease of 8% and 5%, respectively,
compared to $14.38 and $12.72 in Q2 Fiscal 2020.
Correspondingly, the cash production cost per
tonne of ore processed at the GC Mine was $48.47, down 4% compared
to $50.52 in Q2 Fiscal 2020. The all-in sustaining production cost
per tonne of ore processed was $69.07, up 10% compared to $62.94 in
Q2 Fiscal 2020. The increase was mainly due to an increase of $0.5
million in sustaining capital expenditures.
In Q2 Fiscal 2021, the cash cost per ounce of
silver, net of by-product credits, at the GC Mine, was negative
$12.70 compared to negative $9.98 in Q2 Fiscal 2020. The decrease
was mainly due to the decrease in per tonne production costs and an
increase of $1.0 million in by-product sales.
All-in sustaining cost per ounce of silver, net
of by-product credits, at the GC Mine was negative $1.78 compared
to negative $2.89 in Q2 Fiscal 2020. The increase was mainly due to
an increase of $0.5 million in sustaining capital expenditures
offset by the decrease in cash cost per ounce of silver as
discussed above.
In Q2 Fiscal 2021, approximately 11,734 metres
or $0.5 million worth of underground diamond drilling (Q2 Fiscal
2020 – 5,941 metres or $0.3 million) and 2,377 metres or $0.3
million worth of tunnelling (Q2 Fiscal 2020 – 6,102 metres or $1.5
million) were completed and expensed as mining preparation costs at
the GC Mine. In addition, approximately 4,400 metres or $1.0
million worth of horizontal tunnels, raises, ramps and declines (Q2
Fiscal 2020 – 446 metres or $0.4 million) were completed and
capitalized.
ii) Six months ended
September 30, 2020 vs. six months ended September 30,
2019
For the six months ended September 30, 2020, a
total of 167,212 tonnes of ore were mined and 169,487 tonnes were
milled at the GC Mine, an increase of 2% and 1%, respectively,
compared to 163,980 tonnes mined and 167,996 tonnes milled in the
same prior year period. Average head grades of ore milled were 87
g/t for silver, 1.8% for lead, and 3.4% for zinc compared to 97 g/t
for silver, 1.9% for lead, and 3.3% for zinc, in the same prior
year period.
During the same time period, the GC Mine sold
approximately 384 thousand ounces of silver, 6.1 million pounds of
lead, and 10.9 million pounds of zinc, compared to 376 thousand
ounces of silver, 5.7 million pounds of lead, and 10.5 million
pounds of zinc in the same prior year period.
For the six months ended September 30, 2020, the
cash mining costs at the GC Mine was $35.80 per tonne, a decrease
of 7% compared to $38.31 per tonne in the same prior year period.
The cash milling costs was $12.00 per tonne, a decrease of 10%
compared to $13.27 in the same prior year period.
Correspondingly, the cash production costs per tonne of ore
processed at the GC Mine was $47.80, a decrease of 7% compared to
$51.58 in the same prior year period. The all-in sustaining cash
production costs per tonne of ore processed was $67.49, an increase
of 4% compared to $65.09 in the same prior year period.
For the six months ended September 30, 2020, the
cash cost per ounce of silver and all-in sustaining cost per ounce
of silver, net of by‐product credits, at the GC Mine, were negative
$9.52 and $0.40 respectively, compared to negative $9.16 and
negative $1.90 in the same prior year period.
For the six months ended September 30, 2020,
approximately 19,946 metres or $1.1 million worth of underground
diamond drilling (same prior year period – 13,911 metres or $0.6
million) and 5,835 metres or $0.8 million of tunnelling (same prior
year period – 12,363 metres or $2.9 million) were completed and
expensed as mining preparation costs at the GC Mine. In addition,
approximately 7,667 metres or $2.2 million of horizontal tunnels,
raise, and declines (same prior year period – 943 metres or $0.7
million) were completed and capitalized.
OUTLOOK
Based on the year-to-date production levels,
production costs, capital expenditures, and the expected production
and costs for the remainder of the year, the Company is on track to
meet its annual production and cost guidance.
Based on the year-to-date drilling completed,
the Company expects its Fiscal 2021 drilling program to exceed its
annual guidance. The Company is currently undertaking extensive
drill programs at the Ying Mining District and GC Mine with two
main objectives: i) areas with existing development and access are
being re-examined to potentially define additional resources and
reserves, which may lead to a substantial reduction in mining and
sustaining capital costs associated with the tonnes identified, and
ii) areas which may have been overlooked for potential gold
mineralization are being tested for different alteration styles
from the typical silver-lead zones.
Scientific and technical information contained
in this news release has been reviewed and approved by Mr. Guoliang
Ma, P.Geo., Manager of Exploration and Resources of the Company and
a Qualified Person as such the term is defined in National
Instrument 43-101 – Standards of Disclosure of Mineral
Projects.
This earnings release should be read in
conjunction with the Company's MD&A, Financial Statements and
Notes to Financial Statements for the corresponding period, which
have been posted on SEDAR under the Company’s profile at
www.sedar.com and are also available on the Company's website
at www.silvercorp.ca.
About
Silvercorp
Silvercorp is a profitable Canadian mining
company producing silver, lead and zinc metals in concentrates from
mines in China. The Company’s goal is to continuously create
healthy returns to shareholders through efficient management,
organic growth and the acquisition of profitable projects.
Silvercorp balances profitability, social and environmental
relationships, employees’ wellbeing, and sustainable development.
For more information, please visit our website at
www.silvercorp.ca.
For further informationSilvercorp Metals
Inc.Lon Shaver Vice PresidentPhone: (604) 669-9397Toll Free 1(888)
224-1881Email: investor@silvercorp.ca Website:
www.silvercorp.ca
CAUTIONARY DISCLAIMER - FORWARD-LOOKING
STATEMENTS
Certain of the statements and information in
this news release constitute “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and “forward-looking information” within the
meaning of applicable Canadian provincial securities laws
(collectively, “forward-looking statements”). Any forward-looking
statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as “expects”, “is expected”,
“anticipates”, “believes”, “plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategies”, “targets”, “goals”,
“forecasts”, “objectives”, “budgets”, “schedules”, “potential” or
variations thereof or stating that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur
or be achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be
forward-looking statements. Forward-looking statements relate to,
among other things: the price of silver and other metals; the
accuracy of mineral resource and mineral reserve estimates at the
Company’s material properties; the sufficiency of the Company’s
capital to finance the Company’s operations; estimates of the
Company’s revenues and capital expenditures; estimated production
from the Company’s mines in the Ying Mining District and the GC
Mine; projected cash operating costs and all-in sustaining costs,
and budgets, on a consolidated and mine-by-mine basis; projections
included in the Company’s annual cost guidance; timing of receipt
of permits and regulatory approvals; availability of funds from
production to finance the Company’s operations; and access to and
availability of funding for future construction, use of proceeds
from any financing and development of the Company’s properties.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
reflected in the forward-looking statements, including, without
limitation, risks relating to: global economic and social impact of
COVID-19; fluctuating commodity prices; calculation of resources,
reserves and mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral
reserve estimates; exploration and development programs;
feasibility and engineering reports; permits and licences; title to
properties; property interests; joint venture partners; acquisition
of commercially mineable mineral rights; financing; recent market
events and conditions; economic factors affecting the Company;
timing, estimated amount, capital and operating expenditures and
economic returns of future production; integration of future
acquisitions into the Company’s existing operations; competition;
operations and political conditions; regulatory environment in
China and Canada; environmental risks; foreign exchange rate
fluctuations; insurance; risks and hazards of mining operations;
key personnel; conflicts of interest; dependence on management;
internal control over financial reporting; and bringing actions and
enforcing judgments under U.S. securities laws, as well as those
risks and uncertainties discussed in the Company’s corresponding
MD&A and other public filings of the Company. This list is not
exhaustive of the factors that may affect any of the Company’s
forward-looking statements.
Forward-looking statements are statements about
the future and are inherently uncertain, and actual achievements of
the Company or other future events or conditions may differ
materially from those expressed or implied in the forward-looking
statements.
The Company’s forward-looking statements are
necessarily based on a number of estimates, assumptions, beliefs,
expectations and opinions of management as of the date of this news
release that while considered reasonable by management of the
Company, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. These estimates,
assumptions, beliefs, expectations and opinions include, but are
not limited to, those related to the Company’s ability to carry on
current and future operations, including: the duration and effects
of COVID-19 on our operations and workforce; development and
exploration activities; the timing, extent, duration and economic
viability of such operations; the accuracy and reliability of
estimates, projections, forecasts, studies and assessments; the
Company’s ability to meet or achieve estimates, projections and
forecasts; the availability and cost of inputs; the price and
market for outputs; foreign exchange rates; taxation levels; the
timely receipt of necessary approvals or permits; the ability to
meet current and future obligations; the ability to obtain timely
financing on reasonable terms when required; the current and future
social, economic and political conditions; and other assumptions
and factors generally associated with the mining industry. Other
than as required by applicable securities laws, the Company does
not assume any obligation to update forward-looking statements if
circumstances or management’s assumptions, beliefs, expectations or
opinions should change, or changes in any other events affecting
such statements. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated, described or intended. For the reasons
set forth above, investors should not place undue reliance on
forward-looking statements.
SILVERCORP METALS INC.Consolidated
Statements of Financial Position(Unaudited - Expressed in
thousands of U.S. dollars)
|
|
As at September 30, |
|
As at March 31, |
|
|
|
|
2020 |
|
|
2020 |
|
ASSETS |
|
|
|
|
Current
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
95,320 |
|
$ |
65,777 |
|
Short-term investments |
|
|
104,763 |
|
|
76,742 |
|
Trade and other receivables |
|
|
1,365 |
|
|
1,178 |
|
Current portion of lease receivable |
|
|
200 |
|
|
186 |
|
Inventories |
|
|
6,705 |
|
|
8,430 |
|
Due from related parties |
|
|
52 |
|
|
1,519 |
|
Income tax receivable |
|
|
- |
|
|
1,093 |
|
Prepaids and deposits |
|
|
4,954 |
|
|
3,254 |
|
|
|
|
213,359 |
|
|
158,179 |
|
|
|
|
|
|
Non-current
Assets |
|
|
|
|
Long-term prepaids and deposits |
|
|
647 |
|
|
390 |
|
Long-term portion lease receivable |
|
|
273 |
|
|
348 |
|
Reclamation deposits |
|
|
8,000 |
|
|
9,230 |
|
Investment in an associate |
|
|
51,587 |
|
|
44,555 |
|
Other investments |
|
|
16,425 |
|
|
8,750 |
|
Plant and equipment |
|
|
70,124 |
|
|
66,722 |
|
Mineral rights and properties |
|
|
243,470 |
|
|
224,586 |
|
TOTAL ASSETS |
|
$ |
603,885 |
|
$ |
512,760 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
Liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
34,983 |
|
$ |
23,129 |
|
Current portion of lease obligation |
|
|
611 |
|
|
567 |
|
Deposits received |
|
|
4,568 |
|
|
3,195 |
|
Income tax payable |
|
|
3,861 |
|
|
937 |
|
|
|
|
44,023 |
|
|
27,828 |
|
|
|
|
|
|
Non-current
Liabilities |
|
|
|
|
Long-term portion of lease obligation |
|
|
1,313 |
|
|
1,502 |
|
Deferred income tax liabilities |
|
|
38,872 |
|
|
35,758 |
|
Environmental rehabilitation |
|
|
9,098 |
|
|
8,700 |
|
Total Liabilities |
|
|
93,306 |
|
|
73,788 |
|
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
|
248,171 |
|
|
243,926 |
|
Equity reserves |
|
|
10,793 |
|
|
(21,142 |
) |
Retained earnings |
|
|
174,683 |
|
|
145,898 |
|
Total
equity attributable to the equity holders of the
Company |
|
433,647 |
|
|
368,682 |
|
|
|
|
|
|
Non-controlling
interests |
|
|
76,932 |
|
|
70,290 |
|
Total Equity |
|
|
510,579 |
|
|
438,972 |
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
603,885 |
|
$ |
512,760 |
|
|
|
|
|
|
SILVERCORP METALS INC.Consolidated
Statements of Income(Unaudited - Expressed in thousands of
U.S. dollars, except for per share figures)
|
|
Three Months Ended September 30, |
|
|
Six Months Ended September 30, |
|
|
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
56,372 |
|
$ |
49,886 |
|
|
$ |
103,077 |
|
$ |
95,462 |
|
Cost of mine
operations |
|
|
|
|
|
|
Production costs |
|
|
19,688 |
|
|
17,290 |
|
|
|
37,435 |
|
|
35,290 |
|
Depreciation and amortization |
|
|
5,592 |
|
|
5,814 |
|
|
|
11,332 |
|
|
11,683 |
|
Mineral resource taxes |
|
|
1,433 |
|
|
1,408 |
|
|
|
2,769 |
|
|
2,659 |
|
Government fees and other taxes |
|
|
648 |
|
|
496 |
|
|
|
1,188 |
|
|
1,090 |
|
General and administrative |
|
|
2,339 |
|
|
2,211 |
|
|
|
4,396 |
|
|
4,340 |
|
|
|
|
29,700 |
|
|
27,219 |
|
|
|
57,120 |
|
|
55,062 |
|
Income from mine
operations |
|
|
26,672 |
|
|
22,667 |
|
|
|
45,957 |
|
|
40,400 |
|
|
|
|
|
|
|
|
Corporate general and
administrative |
|
|
2,784 |
|
|
2,583 |
|
|
|
5,471 |
|
|
4,936 |
|
Property evaluation and
business development |
|
|
126 |
|
|
107 |
|
|
|
(3,659 |
) |
|
173 |
|
Foreign exchange loss
(gain) |
|
|
1,349 |
|
|
(797 |
) |
|
|
4,019 |
|
|
57 |
|
Loss on disposal of plant and
equipment |
|
|
19 |
|
|
121 |
|
|
|
211 |
|
|
263 |
|
Gain on disposal of mineral
rights and properties |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(1,477 |
) |
Share of loss in
associate |
|
|
319 |
|
|
244 |
|
|
|
480 |
|
|
525 |
|
Dilution gain on investment in
associate |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(723 |
) |
Reclassification of other
comprehensive income upon ownership dilution of investment in
associate |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(21 |
) |
Gain on equity investments
designated as FVTPL |
|
|
(2,771 |
) |
|
- |
|
|
|
(8,237 |
) |
|
- |
|
Other
expense (income) |
|
|
69 |
|
|
291 |
|
|
|
(179 |
) |
|
490 |
|
Income from
operations |
|
|
24,777 |
|
|
20,118 |
|
|
|
47,851 |
|
|
36,177 |
|
|
|
|
|
|
|
|
Finance income |
|
|
741 |
|
|
818 |
|
|
|
1,688 |
|
|
1,747 |
|
Finance
costs |
|
|
(84 |
) |
|
(136 |
) |
|
|
(231 |
) |
|
(311 |
) |
Income before income
taxes |
|
|
25,434 |
|
|
20,800 |
|
|
|
49,308 |
|
|
37,613 |
|
|
|
|
|
|
|
|
Income
tax expense |
|
|
5,877 |
|
|
5,139 |
|
|
|
11,259 |
|
|
4,651 |
|
Net income |
|
$ |
19,557 |
|
$ |
15,661 |
|
|
$ |
38,049 |
|
$ |
32,962 |
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
|
Equity holders of the Company |
|
$ |
15,472 |
|
$ |
12,221 |
|
|
$ |
30,963 |
|
$ |
24,828 |
|
Non-controlling interests |
|
|
4,085 |
|
|
3,440 |
|
|
|
7,086 |
|
|
8,134 |
|
|
|
$ |
19,557 |
|
$ |
15,661 |
|
|
$ |
38,049 |
|
$ |
32,962 |
|
|
|
|
|
|
|
|
Earnings
per share attributable to the equity holders of the
Company |
|
|
|
|
Basic earnings per share |
|
$ |
0.09 |
|
$ |
0.07 |
|
|
$ |
0.18 |
|
$ |
0.15 |
|
Diluted earnings per share |
|
$ |
0.09 |
|
$ |
0.07 |
|
|
$ |
0.18 |
|
$ |
0.14 |
|
Weighted Average Number of Shares Outstanding -
Basic |
|
174,688,227 |
|
|
170,842,478 |
|
|
|
174,344,733 |
|
|
170,419,199 |
|
Weighted Average Number of Shares Outstanding -
Diluted |
|
177,112,569 |
|
|
171,904,531 |
|
|
|
176,697,376 |
|
|
171,261,945 |
|
SILVERCORP METALS INC.Consolidated
Statements of Cash Flow(Unaudited - Expressed in thousands
of U.S. dollars)
|
Three Months Ended September 30, |
|
|
Six Months Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
Cash provided
by |
|
|
|
|
|
Operating
activities |
|
|
|
|
|
Net income |
$ |
19,557 |
|
$ |
15,661 |
|
|
$ |
38,049 |
|
$ |
32,962 |
|
Add (deduct) items not affecting cash: |
|
|
|
|
|
Finance costs |
|
84 |
|
|
136 |
|
|
|
231 |
|
|
311 |
|
Depreciation, amortization and depletion |
|
6,029 |
|
|
6,203 |
|
|
|
12,177 |
|
|
12,423 |
|
Share of loss in associate |
|
319 |
|
|
244 |
|
|
|
480 |
|
|
525 |
|
Dilution gain on investment in associate |
|
- |
|
|
- |
|
|
|
- |
|
|
(723 |
) |
Reclassification of other comprehensive loss upon ownership
dilution of investment in associate |
|
- |
|
|
- |
|
|
|
- |
|
|
(21 |
) |
Income tax expense (recovery) |
|
5,877 |
|
|
5,139 |
|
|
|
11,259 |
|
|
4,651 |
|
Gain on equity investments designated as FVTPL |
|
(2,771 |
) |
|
- |
|
|
|
(8,237 |
) |
|
- |
|
Loss on disposal of plant and equipment |
|
19 |
|
|
121 |
|
|
|
211 |
|
|
263 |
|
Gain on disposal of mineral rights and properties |
|
- |
|
|
- |
|
|
|
- |
|
|
(1,477 |
) |
Share-based compensation |
|
1,032 |
|
|
701 |
|
|
|
1,755 |
|
|
1,026 |
|
Reclamation expenditures |
|
- |
|
|
(63 |
) |
|
|
(68 |
) |
|
(74 |
) |
Income taxes paid |
|
(3,074 |
) |
|
(1,011 |
) |
|
|
(5,823 |
) |
|
(2,930 |
) |
Interest paid |
|
(25 |
) |
|
(32 |
) |
|
|
(50 |
) |
|
(105 |
) |
Changes in non-cash operating working capital |
|
2,544 |
|
|
(870 |
) |
|
|
9,759 |
|
|
(715 |
) |
Net cash provided by operating activities |
|
29,591 |
|
|
26,229 |
|
|
|
59,743 |
|
|
46,116 |
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
Mineral rights and properties |
|
|
|
|
|
Capital expenditures |
|
(8,853 |
) |
|
(7,239 |
) |
|
|
(16,714 |
) |
|
(14,009 |
) |
Proceeds on disposals |
|
- |
|
|
1,455 |
|
|
|
- |
|
|
6,146 |
|
Plant and equipment |
|
|
|
|
|
Additions |
|
(2,189 |
) |
|
(2,158 |
) |
|
|
(2,995 |
) |
|
(4,329 |
) |
Proceeds on disposals |
|
- |
|
|
2 |
|
|
|
1 |
|
|
3 |
|
Reclamation deposits |
|
|
|
|
|
Paid |
|
(11 |
) |
|
(1,543 |
) |
|
|
(261 |
) |
|
(1,549 |
) |
Refund |
|
30 |
|
|
- |
|
|
|
1,805 |
|
|
- |
|
Other investments |
|
|
|
|
|
Acquisition |
|
(5,865 |
) |
|
(1,726 |
) |
|
|
(11,403 |
) |
|
(1,726 |
) |
Proceeds on disposals |
|
1,232 |
|
|
1,266 |
|
|
|
17,806 |
|
|
1,266 |
|
Investment in associate |
|
- |
|
|
(187 |
) |
|
|
(5,805 |
) |
|
(3,210 |
) |
Net redemptions (purchases) of short-term investments |
|
(16,341 |
) |
|
(9,543 |
) |
|
|
(15,451 |
) |
|
(33,618 |
) |
Principal received on lease receivable |
|
49 |
|
|
9 |
|
|
|
94 |
|
|
36 |
|
Net cash used in investing activities |
|
(31,948 |
) |
|
(19,664 |
) |
|
|
(32,923 |
) |
|
(50,990 |
) |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
Related parties |
|
|
|
|
|
Repayments received |
|
- |
|
|
- |
|
|
|
1,423 |
|
|
- |
|
Bank loan |
|
|
|
|
|
Repayment |
|
- |
|
|
- |
|
|
|
- |
|
|
(4,369 |
) |
Principal payments on lease obligation |
|
(138 |
) |
|
(187 |
) |
|
|
(270 |
) |
|
(288 |
) |
Non-controlling interests |
|
|
|
|
|
Distribution |
|
- |
|
|
(3,259 |
) |
|
|
(3,239 |
) |
|
(3,259 |
) |
Cash dividends distributed |
|
- |
|
|
- |
|
|
|
(2,178 |
) |
|
(2,125 |
) |
Proceeds from issuance of common shares |
|
1,854 |
|
|
4,857 |
|
|
|
2,686 |
|
|
5,077 |
|
Net cash provided by (used in) financing
activities |
|
1,716 |
|
|
1,411 |
|
|
|
(1,578 |
) |
|
(4,964 |
) |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents |
|
1,937 |
|
|
(1,207 |
) |
|
|
4,301 |
|
|
(1,511 |
) |
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
|
1,296 |
|
|
6,769 |
|
|
|
29,543 |
|
|
(11,349 |
) |
|
|
|
|
|
|
Cash and cash equivalents, beginning of the
period |
|
94,024 |
|
|
49,323 |
|
|
|
65,777 |
|
|
67,441 |
|
|
|
|
|
|
|
Cash and cash equivalents, end of the period |
$ |
95,320 |
|
$ |
56,092 |
|
|
$ |
95,320 |
|
$ |
56,092 |
|
SILVERCORP METALS INC.Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
Consolidated |
Three months ended September 30, |
|
Six months ended September 30, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production
Data |
|
|
|
|
|
|
|
|
Mine
Data |
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne) |
267,853 |
|
259,257 |
|
3 |
% |
|
522,408 |
|
516,649 |
|
1 |
% |
|
|
Ore Milled
(tonne) |
263,933 |
|
265,281 |
|
-1 |
% |
|
526,259 |
|
524,824 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
221 |
|
238 |
|
-7 |
% |
|
225 |
|
246 |
|
-9 |
% |
|
|
Lead (%) |
3.5 |
|
3.6 |
|
-2 |
% |
|
3.6 |
|
3.7 |
|
-2 |
% |
|
|
Zinc (%) |
1.6 |
|
1.6 |
|
0 |
% |
|
1.6 |
|
1.6 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates |
|
|
|
|
|
|
|
|
|
Silver (%) |
93.0 |
|
93.4 |
|
0 |
% |
|
93.1 |
|
93.5 |
|
0 |
% |
|
|
Lead (%) |
94.9 |
|
94.4 |
|
1 |
% |
|
95.1 |
|
94.5 |
|
1 |
% |
|
|
Zinc (%) |
78.0 |
|
76.9 |
|
1 |
% |
|
78.9 |
|
76.3 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
Cost
Data |
|
|
|
|
|
|
|
|
+ |
Mining cost
per tonne of ore mined
($) |
76.95 |
|
72.85 |
|
6 |
% |
|
75.46 |
|
75.12 |
|
0 |
% |
|
|
Cash mining cost per tonne
of ore mined ($) |
57.61 |
|
52.37 |
|
10 |
% |
|
56.32 |
|
53.91 |
|
4 |
% |
|
|
Depreciation and amortization charges per
tonne of ore mined ($) |
19.34 |
|
20.48 |
|
-6 |
% |
|
19.14 |
|
21.21 |
|
-10 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Unit shipping costs
($) |
2.57 |
|
2.60 |
|
-1 |
% |
|
2.54 |
|
2.69 |
|
-6 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Milling costs
per tonne of ore milled
($) |
11.11 |
|
12.46 |
|
-11 |
% |
|
11.08 |
|
12.47 |
|
-11 |
% |
|
|
Cash milling costs per tonne
of ore milled ($) |
9.64 |
|
10.76 |
|
-10 |
% |
|
9.61 |
|
10.69 |
|
-10 |
% |
|
|
Depreciation and amortization charges per
tonne of ore milled ($) |
1.47 |
|
1.70 |
|
-14 |
% |
|
1.47 |
|
1.78 |
|
-17 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash production cost
per tonne of ore processed
($) |
69.82 |
|
65.73 |
|
6 |
% |
|
68.47 |
|
67.29 |
|
2 |
% |
|
+ |
All-in sustaining cost
per tonne of ore processed
($) |
124.24 |
|
109.51 |
|
13 |
% |
|
118.46 |
|
114.80 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash cost per ounce of
Silver, net of by-product credits ($) |
(2.09 |
) |
(2.72 |
) |
23 |
% |
|
(1.77 |
) |
(2.45 |
) |
28 |
% |
|
+ |
All-in sustaining cost
per ounce of silver, net of by-product credits ($) |
6.99 |
|
4.15 |
|
68 |
% |
|
6.28 |
|
4.91 |
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead concentrate
(tonne) |
1,327 |
|
4,176 |
|
-68 |
% |
|
1,327 |
|
4,176 |
|
-68 |
% |
|
|
Zinc concentrate
(tonne) |
635 |
|
586 |
|
8 |
% |
|
635 |
|
586 |
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
Sales
Data |
|
|
|
|
|
|
|
|
Metal
Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands
of ounces) |
1,740 |
|
1,894 |
|
-8 |
% |
|
3,612 |
|
3,749 |
|
-4 |
% |
|
|
Gold (in thousands of
ounces) |
2.2 |
|
1.1 |
|
100 |
% |
|
3.3 |
|
2.1 |
|
57 |
% |
|
|
Lead (in thousands of
pounds) |
18,551 |
|
19,069 |
|
-3 |
% |
|
39,436 |
|
36,911 |
|
7 |
% |
|
|
Zinc (in thousands of
pounds) |
7,411 |
|
6,655 |
|
11 |
% |
|
14,369 |
|
13,989 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands
of $) |
33,047 |
|
27,439 |
|
20 |
% |
|
59,233 |
|
50,997 |
|
16 |
% |
|
|
Gold (in thousands of
$) |
3,016 |
|
1,314 |
|
130 |
% |
|
4,493 |
|
2,396 |
|
88 |
% |
|
|
Lead (in thousands of
$) |
14,387 |
|
16,202 |
|
-11 |
% |
|
28,761 |
|
31,380 |
|
-8 |
% |
|
|
Zinc (in thousands of
$) |
5,236 |
|
4,045 |
|
29 |
% |
|
9,391 |
|
9,197 |
|
2 |
% |
|
|
Other (in thousands of
$) |
685 |
|
886 |
|
-23 |
% |
|
1,199 |
|
1,492 |
|
-20 |
% |
|
|
|
56,371 |
|
49,886 |
|
13 |
% |
|
103,077 |
|
95,462 |
|
8 |
% |
|
Average
Selling Price, Net of Value Added Tax and Smelter
Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per
ounce) |
18.99 |
|
14.49 |
|
31 |
% |
|
16.40 |
|
13.60 |
|
21 |
% |
|
|
Gold ($ per
ounce) |
1,371 |
|
1,195 |
|
15 |
% |
|
1,362 |
|
1,141 |
|
19 |
% |
|
|
Lead ($ per
pound) |
0.78 |
|
0.85 |
|
-8 |
% |
|
0.73 |
|
0.85 |
|
-14 |
% |
|
|
Zinc ($ per
pound) |
0.71 |
|
0.61 |
|
16 |
% |
|
0.65 |
|
0.66 |
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
SILVERCORP METALS INC.Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
Ying Mining District |
Three months ended September 30, |
|
Six months ended September 30, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production
Data |
|
|
|
|
|
|
|
|
Mine
Data |
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne) |
181,020 |
|
176,085 |
|
3 |
% |
|
355,196 |
|
352,669 |
|
1 |
% |
|
|
Ore Milled
(tonne) |
179,083 |
|
179,147 |
|
0 |
% |
|
356,772 |
|
356,828 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
288 |
|
306 |
|
-6 |
% |
|
290 |
|
318 |
|
-9 |
% |
|
|
Lead (%) |
4.4 |
|
4.5 |
|
-3 |
% |
|
4.5 |
|
4.5 |
|
0 |
% |
|
|
Zinc (%) |
0.7 |
|
0.8 |
|
-8 |
% |
|
0.8 |
|
0.9 |
|
-16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates |
|
|
|
|
|
|
|
|
|
Silver (%) |
94.4 |
|
96.2 |
|
-2 |
% |
|
94.6 |
|
96.0 |
|
-1 |
% |
|
|
Lead (%) |
96.1 |
|
95.7 |
|
0 |
% |
|
96.1 |
|
95.7 |
|
0 |
% |
|
|
Zinc (%) |
57.9 |
|
58.6 |
|
-1 |
% |
|
60.9 |
|
58.5 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
Cost
Data |
|
|
|
|
|
|
|
|
+ |
Mining cost
per tonne of ore mined
($) |
92.30 |
|
85.63 |
|
8 |
% |
|
90.16 |
|
88.55 |
|
2 |
% |
|
|
Cash mining cost per tonne
of ore mined ($) |
67.77 |
|
59.26 |
|
14 |
% |
|
65.98 |
|
61.16 |
|
8 |
% |
|
|
Depreciation and amortization charges per
tonne of ore mined ($) |
24.53 |
|
26.37 |
|
-7 |
% |
|
24.18 |
|
27.39 |
|
-12 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Unit shipping costs
($) |
3.79 |
|
3.82 |
|
-1 |
% |
|
3.72 |
|
3.93 |
|
-5 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Milling costs
per tonne of ore milled
($) |
10.09 |
|
11.53 |
|
-12 |
% |
|
10.07 |
|
11.23 |
|
-10 |
% |
|
|
Cash milling cost per tonne
of ore milled ($) |
8.50 |
|
9.81 |
|
-13 |
% |
|
8.48 |
|
9.48 |
|
-11 |
% |
|
|
Depreciation and amortization charges per
tonne of ore milled ($) |
1.59 |
|
1.72 |
|
-8 |
% |
|
1.59 |
|
1.75 |
|
-9 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash production cost
per tonne of ore processed
($) |
80.06 |
|
72.89 |
|
10 |
% |
|
78.18 |
|
74.57 |
|
5 |
% |
|
+ |
All-in sustaining cost
per tonne of ore processed
($) |
132.36 |
|
117.37 |
|
13 |
% |
|
124.74 |
|
123.24 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash cost per ounce of
Silver, net of by-product credits ($) |
(0.14 |
) |
(1.95 |
) |
93 |
% |
|
(0.52 |
) |
(1.70 |
) |
69 |
% |
|
+ |
All-in sustaining cost
per ounce of Silver, net of by-product credits ($) |
6.63 |
|
3.40 |
|
95 |
% |
|
5.34 |
|
4.10 |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead concentrate
(tonne) |
1,206 |
|
3,580 |
|
-66 |
% |
|
1,206 |
|
3,580 |
|
-66 |
% |
|
|
Zinc concentrate
(tonne) |
378 |
|
550 |
|
-31 |
% |
|
378 |
|
550 |
|
-31 |
% |
|
|
|
|
|
|
|
|
|
|
Sales
Data |
|
|
|
|
|
|
|
|
Metal
Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands
of ounces) |
1,556 |
|
1,711 |
|
-9 |
% |
|
3,228 |
|
3,373 |
|
-4 |
% |
|
|
Gold (in thousands of
ounces) |
1.0 |
|
1.1 |
|
-9 |
% |
|
2.1 |
|
2.1 |
|
0 |
% |
|
|
Lead (in thousands of
pounds) |
15,585 |
|
16,389 |
|
-5 |
% |
|
33,364 |
|
31,225 |
|
7 |
% |
|
|
Zinc (in thousands of
pounds) |
1,384 |
|
1,428 |
|
-3 |
% |
|
3,421 |
|
3,518 |
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands
of $) |
30,506 |
|
25,481 |
|
20 |
% |
|
54,613 |
|
47,211 |
|
16 |
% |
|
|
Gold (in thousands of
$) |
1,492 |
|
1,314 |
|
14 |
% |
|
2,969 |
|
2,396 |
|
24 |
% |
|
|
Lead (in thousands of
$) |
12,148 |
|
13,945 |
|
-13 |
% |
|
24,494 |
|
26,638 |
|
-8 |
% |
|
|
Zinc (in thousands of
$) |
1,071 |
|
960 |
|
12 |
% |
|
2,442 |
|
2,624 |
|
-7 |
% |
|
|
Other (in thousands of
$) |
454 |
|
598 |
|
-24 |
% |
|
839 |
|
1,203 |
|
-30 |
% |
|
|
|
45,671 |
|
42,298 |
|
8 |
% |
|
85,357 |
|
80,072 |
|
7 |
% |
|
Average
Selling Price, Net of Value Added Tax and Smelter
Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per
ounce) |
19.61 |
|
14.89 |
|
32 |
% |
|
16.92 |
|
14.00 |
|
21 |
% |
|
|
Gold ($ per
ounce) |
1,492 |
|
1,195 |
|
25 |
% |
|
1,414 |
|
1,141 |
|
24 |
% |
|
|
Lead ($ per
pound) |
0.78 |
|
0.85 |
|
-8 |
% |
|
0.73 |
|
0.85 |
|
-14 |
% |
|
|
Zinc ($ per
pound) |
0.77 |
|
0.67 |
|
15 |
% |
|
0.71 |
|
0.75 |
|
-5 |
% |
SILVERCORP METALS INC.Mining
Data(Expressed in thousands of U.S. dollars, except for
mining data figures)
GC Mine |
Three months ended September 30, |
|
Six months ended September 30, |
|
|
|
2020 |
|
2019 |
|
Changes |
|
2020 |
|
2019 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
Production
Data |
|
|
|
|
|
|
|
|
Mine
Data |
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne) |
86,833 |
|
83,172 |
|
4 |
% |
|
167,212 |
|
163,980 |
|
2 |
% |
|
|
Ore Milled
(tonne) |
84,850 |
|
86,134 |
|
-1 |
% |
|
169,487 |
|
167,996 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades |
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne) |
81 |
|
100 |
|
-19 |
% |
|
87 |
|
97 |
|
-10 |
% |
|
|
Lead (%) |
1.8 |
|
2.0 |
|
-10 |
% |
|
1.8 |
|
1.9 |
|
-5 |
% |
|
|
Zinc (%) |
3.4 |
|
3.2 |
|
6 |
% |
|
3.4 |
|
3.3 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates |
|
|
|
|
|
|
|
|
|
Silver (%) * |
82.5 |
|
75.9 |
|
9 |
% |
|
82.7 |
|
76.4 |
|
8 |
% |
|
|
Lead (%) |
89.2 |
|
88.3 |
|
1 |
% |
|
89.5 |
|
88.5 |
|
1 |
% |
|
|
Zinc (%) |
87.3 |
|
86.1 |
|
1 |
% |
|
87.3 |
|
85.9 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
Cost
Data |
|
|
|
|
|
|
|
|
+ |
Mining cost
per tonne of ore mined
($) |
44.93 |
|
45.81 |
|
-2 |
% |
|
44.24 |
|
46.22 |
|
-4 |
% |
|
|
Cash mining cost per tonne
of ore mined ($) |
36.43 |
|
37.80 |
|
-4 |
% |
|
35.80 |
|
38.31 |
|
-7 |
% |
|
|
Depreciation and amortization charges per
tonne of ore mined ($) |
8.50 |
|
8.01 |
|
6 |
% |
|
8.44 |
|
7.91 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Milling cost
per tonne of ore milled
($) |
13.27 |
|
14.38 |
|
-8 |
% |
|
13.21 |
|
15.12 |
|
-13 |
% |
|
|
Cash milling cost per tonne
of ore milled ($) |
12.04 |
|
12.72 |
|
-5 |
% |
|
12.00 |
|
13.27 |
|
-10 |
% |
|
|
Depreciation and amortization charges per
tonne of ore milled ($) |
1.23 |
|
1.66 |
|
-26 |
% |
|
1.21 |
|
1.85 |
|
-35 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash production cost
per tonne of ore processed
($) |
48.47 |
|
50.52 |
|
-4 |
% |
|
47.80 |
|
51.58 |
|
-7 |
% |
|
+ |
All-in sustaining cost
per tonne of ore processed
($) |
69.07 |
|
62.94 |
|
10 |
% |
|
67.49 |
|
65.09 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
+ |
Cash cost per ounce of
Silver, net of by-product credits ($) |
(12.70 |
) |
(9.98 |
) |
-27 |
% |
|
(9.52 |
) |
(9.16 |
) |
-4 |
% |
|
+ |
All-in sustaining cost
per ounce of Silver, net of by-product credits ($) |
(1.78 |
) |
(2.89 |
) |
38 |
% |
|
0.40 |
|
(1.90 |
) |
121 |
% |
|
|
|
|
|
|
|
|
|
|
Concentrate inventory |
|
|
|
|
|
|
|
|
|
Lead concentrate
(tonne) |
121 |
|
596 |
|
-80 |
% |
|
121 |
|
596 |
|
-80 |
% |
|
|
Zinc concentrate
(tonne) |
257 |
|
36 |
|
615 |
% |
|
257 |
|
36 |
|
615 |
% |
|
|
|
|
|
|
|
|
|
|
Sales
Data |
|
|
|
|
|
|
|
|
Metal
Sales |
|
|
|
|
|
|
|
|
|
Silver (in thousands
of ounces) |
184 |
|
183 |
|
1 |
% |
|
384 |
|
376 |
|
2 |
% |
|
|
Lead (in thousands of
pounds) |
2,966 |
|
2,680 |
|
11 |
% |
|
6,072 |
|
5,686 |
|
7 |
% |
|
|
Zinc (in thousands of
pounds) |
6,027 |
|
5,227 |
|
15 |
% |
|
10,948 |
|
10,471 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Silver (in thousands
of $) |
2,541 |
|
1,958 |
|
30 |
% |
|
4,620 |
|
3,786 |
|
22 |
% |
|
|
Lead (in thousands of
$) |
2,239 |
|
2,257 |
|
-1 |
% |
|
4,267 |
|
4,742 |
|
-10 |
% |
|
|
Zinc (in thousands of
$) |
4,165 |
|
3,085 |
|
35 |
% |
|
6,949 |
|
6,573 |
|
6 |
% |
|
|
Other (in thousands of
$) |
231 |
|
288 |
|
-20 |
% |
|
360 |
|
289 |
|
25 |
% |
|
|
|
9,176 |
|
7,588 |
|
21 |
% |
|
16,196 |
|
15,390 |
|
5 |
% |
|
Average
Selling Price, Net of Value Added Tax and Smelter
Charges |
|
|
|
|
|
|
|
|
|
Silver ($ per ounce)
** |
13.81 |
|
10.70 |
|
29 |
% |
|
12.03 |
|
10.07 |
|
19 |
% |
|
|
Lead ($ per
pound) |
0.75 |
|
0.84 |
|
-11 |
% |
|
0.70 |
|
0.83 |
|
-16 |
% |
|
|
Zinc ($ per
pound) |
0.69 |
|
0.59 |
|
17 |
% |
|
0.63 |
|
0.63 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
* Silver recovery
includes silver recovered in lead concentrate and silver recovered
in zinc concentrate. |
** Silver in zinc
concentrate is subjected to higher smelter and refining charges
which lowers the net silver selling price. |
|
|
|
|
|
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