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Category: Mid-tier Producer
Rating: 2.50   (Likely 3 Bagger as of 06/08/2017)
Risk: Moderate
Silvercorp Metals Inc
www: www.silvercorpmetals.com     email: info@silvercorp.ca

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price
NYSEMKT:SVM 02/23/2018 USD 2.630
TSE:SVM 02/16/2018 warning CAD 3.2400
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Don's Summary (from last analysis - 06/08/2017)

Silvercorp is a mid-tier producer in China. They have large resources with 250 million oz at 200 gpt. Their cash costs for the last quarter were under $4 per oz. All-in costs were below $8 per oz (free cash flow). Thus, they are profitable at very low silver prices and extremely profitable at high silver prices. Plus, they have $96 million in cash and no debt. Production for 2017 will be about 5.5 million oz (silver).

Their FD market cap is $511 million, and their future reserves are valued at $3.40 per oz, so it's a bit pricey. However, their share price was $15 in 2011 and is currently $2.93. Thus, they could be a 5 bagger at high silver prices, and their share structure is not highly diluted. For these reasons, it is a favorite stock of many mining investors.

They are not giving guidance for future production, but with their resources, they should reach 7 million oz of annual production. If they buy another company, it could be much higher. If silver prices take off, and with their low all-in costs, their cash flow could be huge. One other red flag, besides their location, is their reliance on base metals for low cash costs. 40% of sales comes from zinc and lead. However, with their high silver grade, even if base metal prices collapse, they will still be profitable at higher silver prices.

General Details

Financial 06/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $511.85M $449.07M 06/08/2017 $-62.77M
Total Assets: $397.97M $439.83M 09/30/2017 $41.86M
Total Liabilities: $134.85M $142.67M 09/30/2017 $7.82M
Current Assets: $110.83M $114.53M 09/30/2017 $3.70M
Current Liabilities: $40.16M $36.88M 09/30/2017 $-3.28M
Total Debt: $0.00M $0.00M 09/30/2017 $0.00M
Cash: $96.47M $98.62M 09/30/2017 $2.15M
Enterprise Value: $415.38M $350.45M 02/07/1981 $-64.92M
Cash Flow: $36.19M $32.73M never $-3.47M
Cash Flow Multiple: 14.14 13.72 never -0.42
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 06/08/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/08/2017 0.00%
Misc 06/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $2.925 $2.566 16:02 on 02/16/2018 $-0.36
Shares Outstanding: 167,890,000 168,190,000 09/30/2017 300,000
Shares Fully Diluted: 175,000,000 175,000,000 06/08/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 06/08/2017 n/a
Production (Gold Eq Oz.): (guess) 
74,918
(guess) 
68,326
06/08/2017 -6,592
Production (Silver Eq Oz.): (guess) 
5,500,000
(guess) 
5,500,000
06/08/2017 0
Initial CapEx (Outstanding): n/a n/a 06/08/2017 n/a
Funding Option: n/a n/a 06/08/2017 n/a
Documentation: none PRODUCER 06/08/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 06/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 06/08/2017 0.00M
Measured & Indicated: n/a n/a 06/08/2017 0.00M
Inferred: n/a n/a 06/08/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 06/08/2017 0.00M
Measured & Indicated: n/a n/a 06/08/2017 0.00M
Inferred: n/a n/a 06/08/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 06/08/2017 $0.00
Extra Operating Cost: n/a n/a 06/08/2017 $0.00
Average Grade: n/a n/a 06/08/2017 n/a
Recovery Rate: n/a n/a 06/08/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 06/08/2017 0.00M
Annual Production: n/a n/a 06/08/2017 n/a
Cash Cost: n/a n/a 06/08/2017 n/a
Extra Operating Cost: n/a n/a 06/08/2017 n/a
SILVER 06/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 113.00M 113.00M 06/08/2017 0.00M
Measured & Indicated: 158.00M 158.00M 06/08/2017 0.00M
Inferred: 108.00M 108.00M 06/08/2017 0.00M
Reserves & Resources: 266.00M 266.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 101.70M 101.70M 06/08/2017 0.00M
Measured & Indicated: 134.10M 134.10M 06/08/2017 0.00M
Inferred: 48.60M 48.60M 06/08/2017 0.00M
Reserves & Resources: 182.70M 182.70M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
5,500,000oz.
(guess) 
5,500,000oz.
06/08/2017 0oz.
Cash Cost: $4 $4 06/08/2017 $0.00
Extra Operating Cost: $4 $4 06/08/2017 $0.00
Average Grade: 200.00 g/t 200.00 g/t 06/08/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 06/08/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 150.00M 150.00M 06/08/2017 0.00M
Annual Production: 7,000,000oz. 7,000,000oz. 06/08/2017 0oz.
Cash Cost: $6 $6 06/08/2017 $0
Extra Operating Cost: $6 $6 06/08/2017 $0

Property

Last Analysis Data  (06/08/2017)
Stage Location Name Owned Type Au Ag Cu Notes
Production Changsha, Hunan Province, China (PR) BYP 70% n/a n/a
Production Guangzhou, China (PR) GC 95% Underground show
2nd mining district.

Ramping up production in 2014 and 2015.
Production Zhenzhou, Henan Province, China (PR) HPG 70% n/a n/a
Production Zhenzhou, Henan Province, China (PR) LM 70% n/a n/a
Production Zhenzhou, Henan Province, China (PR) TLP 77% n/a n/a
Production Henan, China (PR) XBG 69% n/a n/a
Production Zhenzhou, Henan Province, China (PR) Ying 77% Underground show
Large mining district.

6 million oz of production in 2014.

4 underground mines.
Exploration Changsha, Hunan Province, China (PR) BYP zinc-lead 70% n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Production Changsha, Hunan Province, China (PR) BYP 70% n/a n/a
Production Guangzhou, China (PR) GC 95% Underground show
2nd mining district.

Ramping up production in 2014 and 2015.
Production Zhenzhou, Henan Province, China (PR) HPG 70% n/a n/a
Production Zhenzhou, Henan Province, China (PR) LM 70% n/a n/a
Production Zhenzhou, Henan Province, China (PR) TLP 77% n/a n/a
Production Henan, China (PR) XBG 69% n/a n/a
Production Zhenzhou, Henan Province, China (PR) Ying 77% Underground show
Large mining district.

6 million oz of production in 2014.

4 underground mines.
Exploration Changsha, Hunan Province, China (PR) BYP zinc-lead 70% n/a n/a

Profitability (by resource)

Proven &
Probable
06/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.14M
Total (Silver Eq. Oz.): 113.00M 113.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.12M
Silver Eq. Oz.: 101.70M 101.70M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $669.19M $605.12M n/a $-64.07M
Total Maximum Profit: $669.19M $605.12M n/a $-64.07M
Max Profit / Current MCap: 1.307 1.347 n/a 0.040
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $3.82 $3.46 n/a $-0.37
Total Max Profit Per Share: $3.82 $3.46 n/a $-0.37
Total Free Profit Per Share: $0.00 $0.22 n/a $0.22
FD Mkt. Cap / Gold Eq.: $369.49 $355.45 n/a $-14.04
FD Mkt. Cap / Silver Eq.: $5.03 $4.42 n/a $-0.62
FD Mkt. Cap / Per Metal
as % Spot Price:
28.92% 26.76% n/a -2.16%
Measured &
Indicated
06/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.19M
Total (Silver Eq. Oz.): 158.00M 158.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.16M
Silver Eq. Oz.: 134.10M 134.10M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $882.38M $797.90M n/a $-84.48M
Total Maximum Profit: $882.38M $797.90M n/a $-84.48M
Max Profit / Current MCap: 1.724 1.777 n/a 0.053
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $5.04 $4.56 n/a $-0.48
Total Max Profit Per Share: $5.04 $4.56 n/a $-0.48
Total Free Profit Per Share: $1.09 $1.32 n/a $0.23
FD Mkt. Cap / Gold Eq.: $280.21 $269.57 n/a $-10.65
FD Mkt. Cap / Silver Eq.: $3.82 $3.35 n/a $-0.47
FD Mkt. Cap / Per Metal
as % Spot Price:
21.94% 20.30% n/a -1.64%

Reserves &
Resources
06/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.32M
Total (Silver Eq. Oz.): 266.00M 266.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.22M
Silver Eq. Oz.: 182.70M 182.70M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $1,202.17M $1,087.07M n/a $-115.10M
Total Maximum Profit: $1,202.17M $1,087.07M n/a $-115.10M
Max Profit / Current MCap: 2.349 2.421 n/a 0.072
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $6.87 $6.21 n/a $-0.66
Total Max Profit Per Share: $6.87 $6.21 n/a $-0.66
Total Free Profit Per Share: $2.92 $2.97 n/a $0.05
FD Mkt. Cap / Gold Eq.: $205.67 $197.86 n/a $-7.81
FD Mkt. Cap / Silver Eq.: $2.80 $2.46 n/a $-0.34
FD Mkt. Cap / Per Metal
as % Spot Price:
16.10% 14.90% n/a -1.20%

Future Valuation (Cash Flow & Totals)

Totals 06/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $476.85M $452.18M n/a $-24.66M
Mkt. Cap: $511.85M $449.07M n/a $-62.77M
Annual Gold Production: n/a n/a 0oz.
Annual Silver Production: (guess) 
5,500,000oz.
(guess) 
5,500,000oz.
06/08/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $2,250.00M $2,250M n/a $0M
FD Mkt. Cap Growth: 340% 401% n/a 61%
Annual
Production
Gold: n/a n/a n/a n/a
Silver: 7,000,000 oz. 7,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 85.31 74.85 n/a -10.46
Silver Eq. Reserves: 3.41 2.99 n/a -0.42
Gold Eq. Production: 1,828.03 1,603.83 n/a -224.19
Silver Eq. Production: 73.12 64.15 n/a -8.97
P&P
Reserves
(oz.)
Gold: n/a n/a 06/08/2017 n/a
Silver: 150.00M 150.00M 06/08/2017 n/a
Gold Eq.: 6.00M 6.00M 06/08/2017 n/a
Silver Eq.: 150.00M 150.00M 06/08/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: n/a n/a n/a n/a
Silver: 0.857 0.857 n/a n/a
Gold Eq.: 0.034 0.034 n/a n/a
Silver Eq.: 0.857 0.857 n/a n/a
Cash Flow 06/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $36.19M $32.73M n/a $-3.47M
Current Multiple: 14.14 13.72 n/a -0.42
F
U
T
U
R
E
@ current prices: $22.68M $18.90M n/a $-3.78M
Multiple @ current prices: 22.57 23.76 n/a 1.19
Growth @ current prices: -37.33% -42.25% n/a -0.05
@ future prices: $369.60M $369.60M n/a $0.00M
Multiple @ future prices: 1.38 1.22 n/a -0.17
Growth @ future prices: 1,029.41% 1,029.41% n/a 1.08

Defaults

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