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Press Release: Silvercorp Reports Net Income of -7-

· 02/04/2021 17:11
Three months ended December Nine months ended December Consolidated 31, 31, ----------------------------- ----------------------------- 2020 2019 Changes 2020 2019 Changes ------------------ ------- ------- --------- ------- ------- --------- Production Data Mine Data Ore Mined (tonne) 279,445 262,586 6% 801,853 779,235 3% Ore Milled (tonne) 260,648 264,860 -2% 786,907 789,684 -0% Head Grades Silver (gram/tonne) 216 228 -5% 222 241 -8% Lead (%) 3.2 3.7 -13% 3.5 3.7 -6% Zinc (%) 1.8 1.7 7% 1.7 1.7 -1% Recovery Rates Silver (%) 92.3 93.5 -1% 92.9 93.6 -1% Lead (%) 95.3 95.2 0% 95.1 94.8 0% Zinc (%) 82.4 80.2 3% 79.9 77.4 3% Cost Data Mining cost per tonne of ore + mined ($) 78.90 78.65 0% 76.66 76.31 0% Cash mining cost per tonne of ore mined ($) 58.79 57.54 2% 57.18 55.13 4% Depreciation and amortization charges per tonne of ore mined ($) 20.11 21.11 -5% 19.48 21.18 -8% Unit shipping + costs ($) 2.59 2.61 -1% 2.55 2.66 -4% Milling costs per tonne of ore + milled ($) 13.23 13.58 -3% 11.79 12.85 -8% Cash milling costs per tonne of ore milled ($) 11.66 12.01 -3% 10.29 11.14 -8% Depreciation and amortization charges per tonne of ore milled ($) 1.57 1.57 0% 1.50 1.71 -12% Cash production cost per tonne of ore processed + ($) 73.04 72.16 1% 70.02 68.93 2% All-in sustaining cost per tonne of ore processed + ($) 129.09 121.49 6% 122.02 117.12 4% Cash cost per ounce of Silver, net of by-product + credits ($) (2.76) (1.21) -128% (2.08) (2.06) -1% All-in sustaining cost per ounce of silver, net of by-product + credits ($) 6.92 7.21 -4% 6.48 5.64 15% Concentrate inventory Lead concentrate (tonne) 1,153 3,815 -70% 1,153 3,815 -70% Zinc concentrate (tonne) 611 270 126% 611 270 126% Sales Data Metal Sales Silver (in thousands of ounces) 1,647 1,709 -4% 5,259 5,458 -4% Gold (in thousands of ounces) 0.8 0.7 14% 4.1 2.8 46% Lead (in thousands of pounds) 16,806 18,779 -11% 56,242 55,690 1% Zinc (in thousands of pounds) 8,965 8,353 7% 23,334 22,342 4% Revenue Silver (in thousands of $) 30,720 24,040 28% 89,951 75,037 20% Gold (in thousands of $) 1,222 890 37% 5,717 3,286 74% Lead (in thousands of $) 12,853 14,133 -9% 41,614 45,513 -9% Zinc (in thousands of $) 7,923 5,039 57% 17,314 14,236 22% Other (in thousands of $) 578 406 42% 1,777 1,898 -6% 53,296 44,508 20% 156,373 139,970 12% ------- ------- ----- ------- ------- ---- Average Selling Price, Net of Value Added Tax and Smelter Charges Silver ($ per ounce) 18.65 14.07 33% 17.10 13.75 24% Gold ($ per ounce) 1,528 1,271 20% 1,394 1,174 19% Lead ($ per pound) 0.76 0.75 1% 0.74 0.82 -10% Zinc ($ per pound) 0.88 0.60 47% 0.74 0.64 16%Three Months Ended Nine Months Ended December 31, December 31, -------------------- -------------------- 2020 2019 2020 2019 Cash provided by Operating activities Net income $ 12,289 $ 8,716 $ 50,338 $ 41,678 Add (deduct) items not affecting cash: Finance costs 1,403 134 1,634 445 Depreciation, amortization and depletion 6,063 6,268 18,240 18,691 Share of loss in associates 550 322 1,030 847 Dilution gain on investment in associate - - - (723) Reclassification of other comprehensive loss upon ownership dilution of investment in associate - - - (21) Income tax expense 6,046 3,715 17,305 8,366 Gain on equity investments designated as FVTPL (600) - (8,837) - Loss on disposal of plant and equipment 36 110 247 373 Gain on disposal of mineral rights and properties - - - (1,477) Share-based compensation 1,263 947 3,018 1,973 Reclamation expenditures (50) (222) (118) (296) Income taxes paid (6,041) (485) (11,864) (3,415) Interest paid (23) (30) (73) (135) Changes in non-cash operating working capital 3,002 5,377 12,761 4,662 Net cash provided by operating activities 23,938 24,852 83,681 70,968 ---------------------- ------- -------- ------- -------- Investing activities Mineral rights and properties Capital expenditures (12,432) (7,912) (29,146) (21,921) Acquisition (6,566) - (6,566) - Proceeds on disposals - - - 6,146 Plant and equipment Additions (3,049) (1,909) (6,044) (6,238) Proceeds on disposals 46 5 47 8 Reclamation deposits Paid (125) (11) (386) (1,560) Refund 34 - 1,839 - Other investments Acquisition (1,305) (2,133) (12,708) (3,859) Proceeds on disposals 64 4,875 17,870 6,141 Investment in associate (1,326) (3,820) (7,131) (7,030) Net redemptions (purchases) of short-term investments 6,130 (11,866) (9,321) (45,484) Principal received on lease receivable 49 35 143 71 Net cash used in investing activities (18,480) (22,736) (51,403) (73,726) ---------------------- ------- -------- ------- -------- Financing activities Related parties Repayments received - 2,922 1,423 2,922 Bank loan Repayment - - - (4,369) Principal payments on lease obligation (144) (81) (414) (369) Non-controlling interests Distribution - - (3,239) (3,259) Cash dividends distributed (2,190) (2,162) (4,368) (4,287) Proceeds from issuance of common shares 198 1,917 2,884 6,994 Net cash (used in) provided by financing activities (2,136) 2,596 (3,714) (2,368) ---------------------- ------- -------- ------- -------- Effect of exchange rate changes on cash and cash equivalents 4,705 1,090 9,006 (421) ---------------------- ------- -------- ------- -------- Increase (decrease) in cash and cash equivalents 8,027 5,802 37,570 (5,547) Cash and cash equivalents, beginning of the period 95,320 56,092 65,777 67,441 ---------------------- ------- -------- ------- -------- Cash and cash equivalents, end of the period $103,347 $ 61,894 $103,347 $ 61,894 ---------------------- ------- -------- ------- --------------------------- ----------- ----------- ----------- -----------

SILVERCORP METALS INC.

Consolidated Statements of Cash Flow

(Unaudited - Expressed in thousands of U.S. dollars)

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

SILVERCORP METALS INC.

Mining Data

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February 04, 2021 17:11 ET (22:11 GMT)