Silvercorp Metals Inc. (NYSE:SVM) Q4 2024 Earnings Conference Call May 24, 2024 12:00 PM ET

Company Participants

Lon Shaver - President

Conference Call Participants

Joseph Reagor - ROTH Capital Partners
Felix Shafigullin - Eight Capital

Operator

Thank you for standing by. Good morning. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the Silvercorp Fourth Quarter and Full-Year Fiscal 2024 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Lon Shaver, President of Silvercorp. Please go ahead.

Lon Shaver

Thank you, Jenny. On behalf of Silvercorp, I'd like to welcome you all for joining this call to discuss our fourth quarter and full fiscal 2024 financial results, which were released yesterday after the market close. A copy of the news release, the MD&A and the financial statements for today's call are available on our website.

Before we get started, I'm required to remind you that certain statements on today's call will contain forward-looking information within the meaning of applicable securities laws. Please review the cautionary statements included in our news release and presentation as well as the risk factors described in our most recent 10-Q, Form 40-F and annual information form.

Kicking off with the quarterly financial results. With respect to the quarter, despite the regular impact of the Chinese New Year slowdown, our mines operate above expectations as reflected in our previously released production numbers. Revenue in Q4 totaled $43 million, marking a 25% increase compared to the same period last year. This growth reflects a $5.4 million increase from higher volumes of gold, silver and zinc sold as well as a $3.3 million increase from higher realized prices for silver, gold and lead. Based on the production and realized pricing for the quarter, silver was 55% of revenue on a net basis compared to 57% in Q4 of last year.

Our fourth quarter net income attributable to equity shareholders was $5.5 million or $0.03 per share, and that compared to net income of $200,000 or $0.00 per share for the same period last year. The main contributor to the increase was the previously mentioned factors affecting revenue, a $2 million increase in mark-to-market gain on investments, which offset a $3.2 million increase in income tax expenses.