Silvercorp Metals Inc. announced its financial and operating results for the three months ended September 30, 2024, reporting a 26% increase in revenue to $68.0 million compared to $54.0 million in Q2 Fiscal 2024. Net income attributable to equity holders rose by 60% to $17.7 million, or $0.09 per share, up from $11.1 million, or $0.06 per share, in the prior year quarter.
The company's adjusted earnings attributable to equity shareholders reached $17.8 million, or $0.09 per share, marking a 52% increase from $11.7 million, or $0.07 per share, in Q2 Fiscal 2024. This growth was primarily driven by significant increases in realized selling prices for gold (20%), silver (34%), lead (15%), and zinc (43%), alongside higher sales volumes for silver and zinc.
Operationally, Silvercorp mined 361,440 tonnes of ore, a 32% increase, and milled 297,205 tonnes, up 14% from Q2 Fiscal 2024. The company anticipates processing approximately 129,000 tonnes of unprocessed ore stockpiled due to mill capacity constraints in the third and fourth quarters, following the expected operation of the 1,500 tonne per day mill expansion at the Ying Mining District in Q3 Fiscal 2025.
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