Silvercorp Reports Higher Silver, Lead and Zinc Production for 2015 Fiscal Year

Silvercorp Metals Inc. (TSX:SVM,NYSE:SVM) announced its financial and operating results for the quarter and 2015 fiscal year, which ended on March 31, 2015. For the year, the company sold 5.1 million ounces of silver, 51.5 million pounds of lead and 15.9 million pounds of zinc. All of those numbers are up from the previous year.

Other highlights for the 2015 fiscal year include:

• Silver and lead head grades at the Ying Mining District improved 16% and 24% compared to the prior year period;
• Sales of $128.5 million, up 19% from the prior year;
• Gross margin of 43% compared with 45% in the prior year, relatively steady despite a 13% decline in the average selling price of silver from the prior year;
• Cash flow from operations up 50.0% to $54.1 million, or $0.32 per share, compared to $36.1 million or $0.21 per share in the prior year period;
• Adjusted net income attributable to equity shareholders of $15.2 million, or $0.09 per share, compared to adjusted net income attributable to equity shareholders of $7.6 million, or $0.04 per share in the prior year period;
• Cash cost per ounce of silver, net of by-product credits, of $0.22, compared to $2.16 in the prior year;
• All-in sustaining cost per ounce of silver, net of by-product credits, of $11.75, compared to $16.33 in the prior year;
• General and administrative costs decreased by 16% to $20.6 million compared to $24.4 million in the prior year; and
• GC mine obtained its safety production permit and ramped up to commercial production, producing 204,925 tonnes of ore with metal sales of 501,000 ounces of silver, 4.8 million pounds of lead, and 9.4 million pounds of zinc; and,
• Ended the fiscal year with $69.5 million in cash and short term investments.

Click here to read the full Silvercorp Metals Inc. (TSX:SVM,NYSE:SVM) press release.