Silvercorp Metals Inc
TSX:SVM
Silvercorp Metals Inc
Silvercorp Metals, Inc. is a mining company. The company is headquartered in Vancouver, British Columbia and currently employs 1,289 full-time employees. The firm along with its subsidiaries is engaged in acquisition, exploration, development, and mining of mineral properties. Silvercorp operates several silver-lead-zinc mines, including Ying Mining District in Henan Province, China, Gaocheng (GC) silver-lead-zinc mine in Guangdong Province, China and BYP Gold-Lead-Zinc mine in Hunan Province. The Ying Mining District consists of several mines, including the SGX mine, HZG mine, TLP mine, HPG mine, LMW mine, LME mine and DCG mine. The Ying Property is approximately 240 kilometers (km) west-southwest of Zhengzhou, the capital city of Henan Province, and approximately 145 km southwest of Luoyang. The GC mine is located approximately 200 kilometers west of Guangzhou City, Guangdong Province, southern China, the permit covers an area of approximately 5.5 km2. The BYP Mine is located in Hunan Province.
Silvercorp Metals, Inc. is a mining company. The company is headquartered in Vancouver, British Columbia and currently employs 1,289 full-time employees. The firm along with its subsidiaries is engaged in acquisition, exploration, development, and mining of mineral properties. Silvercorp operates several silver-lead-zinc mines, including Ying Mining District in Henan Province, China, Gaocheng (GC) silver-lead-zinc mine in Guangdong Province, China and BYP Gold-Lead-Zinc mine in Hunan Province. The Ying Mining District consists of several mines, including the SGX mine, HZG mine, TLP mine, HPG mine, LMW mine, LME mine and DCG mine. The Ying Property is approximately 240 kilometers (km) west-southwest of Zhengzhou, the capital city of Henan Province, and approximately 145 km southwest of Luoyang. The GC mine is located approximately 200 kilometers west of Guangzhou City, Guangdong Province, southern China, the permit covers an area of approximately 5.5 km2. The BYP Mine is located in Hunan Province.
Revenue Surge: Silvercorp reported Q2 revenue of $83 million, up 23% from last year, marking its second highest quarter ever.
Cash Flow Growth: Cash flow from operating activities rose 69% year-over-year to $39 million, driven by higher realized selling prices and stronger gold sales.
Net Income Impacted: Net income was negative $11.5 million due to a significant $53 million noncash charge, but adjusted net income was $22.6 million, up from last year.
Production Mixed: Silver production was flat, gold production jumped 76%, and lead was up 8%, though zinc fell 3%.
Cost Trends: Production costs at Ying mine dropped 11% per tonne but all-in sustaining costs per silver ounce increased by 30% due to royalties and higher sustaining capital.
Guidance Catch-Up: Management expects a strong Q3 at Ying to help catch up with full-year production guidance after Q2 setbacks.
Project Progress: Construction in Ecuador at El Domo is ramping up after early delays, with significant capital deployed and key contracts awarded.
