Silvercorp Metals Inc (NSYEAMERICAN:SVM) (TSX:SVM), the China-focused metals miner, saw its cash flow from operations more than double in the fourth quarter to US$6 million, up from $2.9 million in the same period in 2018.
The Vancouver-based firm's flagship mine is the Ying project, also known as the SGX silver-lead-zinc property, which comprises six separate mines. The group also operates the GC mine in Guangdong province.
The three months to March 31, saw ore mined up 13% compared to the same quarter in 2018.
Adjusted net income was US$4.6 million compared to $7.5 million in fiscal Q4, 2018. The company put the lower figure mainly down to decreases in the net realized selling prices for silver, gold, lead, and zinc.
Sales in the fourth quarter were $35 million, versus $38.4 million in the same period of 2018. This decrease was mainly due to the decrease in net realized selling prices and less silver and lead sold.
The group sold around 1.3 million ounces of silver in the fourth quarter, 700 ounces of gold, 12.7 million pounds of lead, and 7.3 million pounds of zinc.
That compared to around 1.4 million ounces of silver, 700 ounces of gold, 13.3 million pounds of lead, and 2.6 million pounds of zinc sold in the prior year quarter.
All-in, sustaining cost per ounce of silver, net of by-product credits, came in at US$4.49 versus US$3.04 in the prior year quarter.
Over the year as a whole, the firm mined 5% more ore, and realized sales of US$170.5 million, compared to US$170 million for fiscal 2018.
The adjusted net income was US$32.2 million, down from US$41.5 million in 2018.
Silvercorp also wants to bring its BYP gold mine (suspended since 2014) in Hunan province back into production, targeting 30,000 ounces of the yellow metal a year. Earlier this month, the firm issued a report, highlighting a mineral resource of 4.3 million tons grading 3.1 grams per ton (g/t) in the measured and indicated categories, containing nearly 418,000 ounces of gold.
Shares in Toronto added around 2% to $2.87. In New York they gained 1.43% to US$2.13.
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