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Silvercorp Metals

silvercorpmetals.com

Founded Year

1991

Market Cap

0.67B

About Silvercorp Metals

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. The company’s vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically.

Headquarters Location

Suite 1750-1066 W. Hastings Street

Vancouver, British Columbia, V6E 3X1,

Canada

604-669-9397

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Latest Silvercorp Metals News

Silvercorp Metals : CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - Form 6-K

Nov 7, 2022

11/07/2022 | 06:14am EST Message : For the three and six months ended September 30, 2022 and 2021 (Tabular amounts are in thousands of US dollars, unless otherwise stated) (Unaudited) (Unaudited) (Expressed in thousands of U.S. dollars) Three Months Ended 4 71 9 10 11 12 $ Basic (loss) earnings per share $ $ 176,693,226 179,245,850 (Signed) David Kong 2 (Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures) Three Months Ended Items that may subsequently be reclassified to net income or loss: Currency translation adjustment, net of tax of $nil (34,664 10 Change in fair value on equity investments designated as FVTOCI, net of tax of $nil 9 $ $ $ 3 (Unaudited) (Expressed in thousands of U.S. dollars) As at 13 $ 13 13 462,692 4 (Unaudited) (Expressed in thousands of U.S. dollars) Three Months Ended Finance costs 9 10 12 11 20 14,064 13 17,252 13 - (1,197 (4,995 (10,212 16,109 150,261 $ 5 (Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share figures) Share capital Notes 15(d) 6 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) 1. CORPORATE INFORMATION Silvercorp Metals Inc., along with its subsidiary companies (collectively the "Company"), is engaged in the acquisition, exploration, development, and mining of mineral properties. The Company's producing mines are located in China, and current exploration and development projects are located in China and Mexico. The Company is a publicly listed company incorporated in the Province of British Columbia, Canada, with limited liability under the legislation of the Province of British Columbia. The Company's shares are traded on the Toronto Stock Exchange and NYSE American. The head office, registered address and records office of the Company are located at 1066 West Hastings Street, Suite 1750, Vancouver, British Columbia, Canada, V6E 3X1. Operating results for the three and six months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending March 31, 2023. 2. Statement of Compliance These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") of the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These condensed consolidated interim financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended March 31, 2022. These condensed consolidated interim financial statements follow the same significant accounting policies set out in note 2 to the audited consolidated financial statements for the year ended March 31, 2022. These condensed consolidated interim financial statements were authorized for issue in accordance with a resolution of the Board of Directors dated November 2, 2022. (b) Basis of Consolidation These condensed consolidated interim financial statements include the accounts of the Company and its wholly or partially owned subsidiaries. Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary and has the ability to use its power to affect its returns. 7 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) For non-wholly owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as "non-controlling interests" in the equity section of the consolidated balance sheets. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Adjustments to recognize the non-controlling interests' share of changes to the subsidiary's equity are made even if this results in the non-controlling interests having a deficit balance. Changes in the Company's ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests' relative interests in the subsidiary and the difference between the adjustment to the carrying amount of non-controlling interest and the Company's share of proceeds received and/or consideration paid is recognized directly in equity and attributed to equity holders of the Company. Balances, transactions, revenues and expenses between the Company and its subsidiaries are eliminated on consolidation. Details of the Company's significant subsidiaries which are consolidated are as follows: Proportion of ownership interest held Country of (c) Significant Accounting Judgments and Estimates These condensed consolidated interim financial statements follow the same significant accounting judgments and estimates set out in note 2 to the audited consolidated financial statements for the year ended March 31, 2022. 8 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) 3. SEGMENTED INFORMATION The Company's reportable operating segments are components of the Company where separate financial information is available that is evaluated regularly by the Company's Chief Executive Officer who is the Chief Operating Decision Maker ("CODM"). The operational segments are determined based on the Company's management and internal reporting structure. Operating segments are summarized as follows: Operational Segments SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) (d) Major customers For the six months ended September 30, 2022, three major customers (six months ended September 30, 2021 - four major customers) each accounted for 23%, 21%, and 16% (six months ended September 30, 2021 - 20%, 17%, 17%, and 17%), and collectively 60% (six months ended September 30, 2021 - 71%) of the total sales of the Company. 4.GOVERNMENT FEES AND OTHER TAXES Government fees and other taxes consist of: Three months ended Investment in New Pacific Metals Corp. New Pacific Metals Corp. ("NUAG") is a Canadian public company listed on the Toronto Stock Exchange (symbol: NUAG) and NYSE American (symbol: NEWP). NUAG is a related party of the Company by way of two common directors and one common officer, and the Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG. During the six months ended September 30, 2022, the Company acquired 260,200 common shares of NUAG from the public market (six month ended September 30, 2021- nil) for a total cost of $0.8 million (six months ended September 30, 2021, $nil). As at September 30, 2022, the Company owned 44,302,416 common shares of NUAG (March 31, 2022 - 44,042,216), representing an ownership interest of 28.3% (March 31, 2022 - 28.2%). The summary of the investment in NUAG common shares and its market value as at the respective reporting dates are as follows: Number of shares Investment in Whitehorse Gold Corp. Whitehorse Gold Corp. ("WHG") is a Canadian public company listed on the TSX Venture Exchange (symbol: WHG). WHG is a related party of the Company by way of one common director, and the Company accounts for its investment in WHG using the equity method as it is able to exercise significant influence over the financial and operating policies of WHG. On May 14, 2021, the Company participated in a brokered private placement of WHG and purchased 4,000,000 units at a cost of $5.0 million. Each unit was comprised of one WHG common share and one common share purchase warrant at exercise price of CAD$2 per share. The common share purchase warrant expires on May 14, 2026. 16 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) As at September 30, 2022, the Company owned 15,514,285 common shares of WHG (March 31, 2022 - 15,514,285), representing an ownership interest of 28.9% (March 31, 2022 - 29.3%). The summary of the investment in WHG common shares and its market value as at the respective reporting dates are as follows: Number of shares 285,188 During the six months ended September 30, 2022, the Company completed the review and evaluation on the results of the drilling program completed in Fiscal 2022. The Company does not plan to undertake further significant work at the La Yesca Project in the near future. As a result, the decision was taken to impair fully the value of the La Yesca Project and recognized an impairment charge of $20.2 million. 18 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) 13. LEASES The following table summarizes changes in the Company's lease receivable and lease obligation related to the Company's office lease and sublease. Lease Receivable (a) Authorized Unlimited number of common shares without par value. All shares issued as at September 30, 2022 were fully paid. (b) Share-based compensation The Company has a share-based compensation plan (the "Plan") which consists of stock options, restricted share units (the "RSUs") and performance share units (the "PSUs"). The Plan allows for the maximum number of common shares to be reserved for issuance on any share-based compensation to be a rolling 10% of the issued and outstanding common shares from time to time. Furthermore, no more than 3% of the reserve may be granted in the form of RSUs and PSUs. For the three and six months ended September 30, 2022, a total of $1.1 million and $2.3 million, respectively (three and six months ended September 30, 2021 - $1.7 million and $3.9 million, respectively) in share-based compensation expense was recognized and included in the general and administrative expenses and property evaluation and business development expenses on the condensed consolidated interim statements of income. 20 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) (i) 7.00 During the three and six months ended September 30, 2022, a total of nil and 535,000, respectively, options with a life of five years were granted to directors, officers, and employees at exercise prices of CAD$3.93 per share subject to a vesting schedule over a three-year term with 1/6 of the options vesting every six months from the date of grant until fully vested. The fair value of stock options granted during the six months ended September 30, 2022 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Six months ended September 30, 2022 5.44 Subsequent to September 30, 2022, a total of 86,166 RSUs with grant prices of CAD$6.40 were distributed. (c) Cash dividends declared During the three and six months ended September 30, 2022, dividends of $nil and $2.2 million, respectively, (three months ended September 30, 2021 - $nil and $2.2 million, respectively) were declared and paid. (d) Normal course issuer bid On August 25, 2021, the Company announced a normal course issuer bid (the "2021 NCIB") which allows it to repurchase and cancel up to 7,054,000 of its own common shares until August 26, 2022. A total of 739,960 common shares were repurchased under 2021 NCIB at a weighted average price of CAD$3.25. On August 24, 2022, the Company announced a normal course issuer bid (the "2022 NCIB", together with the 2021 NCIB, the "NCIB Programs") which allows it to repurchase and cancel up to 7,079,407 of its own common shares until August 28, 2023. During the three and six months ended September 30, 2022, the Company repurchased a total of 503,247 and 838,237, respectively, common shares at a cost of $1.2 million and $2.1 million, respectively, under the NCIB Programs. All shares bought were subsequently cancelled. 16. (a) The Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG pursuant to a services and administrative costs reallocation agreement. During the three and six months ended September 30, 2022, the Company recovered $0.2 million and $0.3 million, respectively, (three and six months ended September 30, 2021 - $0.2 million and $0.3 million, respectively) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the condensed consolidated statements of income. (b) The Company recovers costs for services rendered to WHG and expenses incurred on behalf of WHG pursuant to a services and administrative costs reallocation agreement. During the three and six months ended September 30, 2022, the Company recovered $0.04 million and $0.1 million, respectively (three and six months ended September 30, 2021 - $0.04 million and $0.1 million, respectively), from WHG for services rendered and expenses incurred on behalf of WHG. The costs recovered from WHG were recorded as a direct reduction of general and administrative expenses on the condensed consolidated statements of income. 23 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) 19. FINANCIAL INSTRUMENTS The Company manages its exposure to financial risks, including liquidity risk, foreign exchange risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework and reviews the Company's policies on an ongoing basis. (a) Fair value The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13, Fair Value Measurement ("IFRS 13"). Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs which are supported by little or no market activity. The following tables set forth the Company's financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy as at September 30, 2022 and March 31, 2022 that are not otherwise disclosed. As required by IFRS 13, the assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value as at September 30, 2022 Recurring measurements 3,852 Financial assets classified within Level 3 are equity investments in private companies owned by the Company. Significant unobservable inputs are used to determine the fair value of the financial assets, which includes recent arm's length transactions of the investee, the investee's financial performance as well as any changes in planned milestones of the investees. 24 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) Fair value of the other financial instruments excluded from the table above approximates their carrying amount as at September 30, 2022 and March 31, 2022, due to the short-term nature of these instruments. There were no transfers into or out of Level 3 during the three and six months ended September 30, 2022 and 2021. (b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its short-term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its expansion plans. In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company's financial liabilities and operating commitments on an undiscounted basis. September 30, 2022 (c) Foreign exchange risk The Company reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar ("CAD")and the functional currency of all Chinese subsidiaries is the Chinese yuan ("RMB"). The functional currency of New Infini and its subsidiaries is the US dollar ("USD"). The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies. 25 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) The Company currently does not engage in foreign exchange currency hedging. The Company's exposure to currency risk affect net income is summarized as follows: September 30, 59,272 As at September 30,2022, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $7.4 million. (d) Interest rate risk The Company is exposed to interest rate risk on its cash equivalents and short-term investments. As at September 30, 2022, all of its interest-bearing cash equivalents and short-term investments earn interest at market rates that are fixed to maturity or at variable interest rates with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short-term investments. Due to the short-term nature of these financial instruments, fluctuations in interest rates would not have a significant impact on the Company's net income. (e) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents, and short-term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure. The Company undertakes credit evaluations on counterparties as necessary, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. There were no material amounts in trade or other receivables which were past due on September 30, 2022 (at March 31, 2022 - $nil). (f) Equity price risk The Company holds certain marketable securities that will fluctuate in value as a result of trading on financial markets. As the Company's marketable securities holdings are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company's portfolio as at September 30, 2022, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects, would have resulted in an increase (decrease) to the net income (loss) and other comprehensive income (loss) of $0.8 million and $0.1 million, respectively. 26 SILVERCORP METALS INC. Notes to Condensed Consolidated Interim Financial Statements as at September 30, 2022 and for the three and six months ended September 30, 2022 and 2021 (Unaudited) (Tabular amounts are in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated) 20.

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Silvercorp Metals Frequently Asked Questions (FAQ)

  • When was Silvercorp Metals founded?

    Silvercorp Metals was founded in 1991.

  • Where is Silvercorp Metals's headquarters?

    Silvercorp Metals's headquarters is located at Suite 1750-1066 W. Hastings Street, Vancouver.

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