Silvercorp Metals Inc 6-K, filed May 26, 2020

Silvercorp Metals Inc (SVM)

6-K 2020-05-26 For: 2020-03-31

View Original

Added on April 11, 2026

About this 6-K

Silvercorp Metals Inc filed this 6-K on May 26, 2020.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Dated: May 21, 2020	SILVERCORP METALS INC.
	/s/ Derek Liu
	Derek Liu
	Chief Financial Officer


99.1	News Release - (May 21, 2020) Silvercorp Reports Net Income of $34.3 Million, $0.20 Per Share, and Cash Flow From Operations of $77.2 Million for Fiscal 2020
99.2	Form 52-109F1 Certificate of Annual Filings - full certificate - CFO
99.3	Form 52-109F1 Certificate of Interim Filings - full certificate - CEO
99.4	Silvercorp Metals Inc Financial Statements for year ended March 31, 2020
99.5	Silvercorp Metals Inc MD&A for the year ended March 31, 2020




NEWS RELEASE
Trading Symbol:	TSX: SVM
	NYSE AMERICAN: SVM


Ying Mining District	Q4 2020	Q3 2020		Q2 2020		Q1 2020		Q4 2019		Year ended March 31,
	March 31, 2020	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019		2020		2019
Ore Mined (tonne)	69,379	176,149		176,085		176,584		111,032		598,197		622,576
Ore Milled (tonne)	69,188	175,488		179,248		177,681		107,039		601,605		619,851
Head Grades
Silver (gram/tonne)	297	296		306		330		324		309		311
Lead (%)	4.6	4.6		4.5		4.6		4.5		4.6		4.4
Zinc (%)	1.0	0.9		0.8		0.9		0.9		0.9		0.9
Recoveries
Silver (%)	95.3	96.1		96.2		95.8		95.5		96.0		95.8
Lead (%)	95.7	96.3		95.7		95.9		96.1		95.9		95.7
Zinc (%)	67.7	70.3		58.6		58.3		63.7		63.2		54.1
Metal Sales
Silver (in thousands of ounce)	711	1,475		1,711		1,662		1,141		5,558		5,764
Gold (in thousands of ounce)	0.5	0.7		1.1		1.0		0.7		3.3		3.5
Lead (in thousands of pound)	8,322	14,912		16,389		14,835		10,310		54,459		56,138
Zinc (in thousands of pound)	865	2,882		1,428		2,090		2,464		7,264		6,626
Cash mining costs ($/tonne)	68.10	64.69		59.26		63.05		65.24		63.00		63.39
Shipping costs ($/tonne)	3.96	3.89		3.82		4.04		3.97		3.92		4.22
Cash milling costs ($/tonne)	11.53	10.99		9.81		9.15		12.57		10.16		10.43
Cash production costs ($/tonne)	83.59	79.57		72.89		76.24		81.78		77.08		78.04
All-in sustaining production costs ($/tonne)	195.78	126.43		117.37		129.14		141.63		132.52		126.93

Cash costs per ounce of silver ($)	0.30	(0.72	)	(1.95	)	(1.44	)	(3.02	)	(1.18	)	(3.35	)
All-in sustaining costs per ounce of silver ($)	11.86	5.57		3.40		4.82		3.28		5.49		2.60


GC Mine	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Year ended March 31,
	March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019		2020		2019
Ore Mined (tonne)	37,216		86,437		83,172		80,808		50,368		287,633		284,218
Ore Milled (tonne)	33,243		89,372		86,134		81,861		52,865		290,610		288,995
Head Grades
Silver (gram/tonne)	94		96		100		95		101		97		86
Lead (%)	1.8		2.0		2.0		1.9		1.8		1.9		1.5
Zinc (%)	3.5		3.3		3.2		3.4		3.3		3.3		3.0
Recovery Rates
Silver (%)	80.7		78.0		75.9		76.8		81.3		77.4		78.4
Lead (%)	90.4		90.4		88.3		88.7		91.5		89.3		90.4
Zinc (%)	87.7		85.5		86.1		85.7		85.7		86.0		84.9
Metal Sales
Silver (in thousands of ounce)	89		234		183		193		173		699		626
Lead (in thousands of pound)	1,332		3,867		2,680		3,007		2,360		10,885		8,650
Zinc (in thousands of pound)	2,194		5,471		5,227		5,244		4,874		18,137		16,090
Cash mining cost ($/tonne)	25.58		42.96		37.80		38.83		40.58		38.06		37.73
Cash milling cost ($/tonne)	16.36		14.01		12.72		13.85		18.52		13.85		14.39
Cash production cost ($/tonne)	41.94		56.97		50.52		52.68		59.10		51.91		52.12
All-in sustaining production costs ($/tonne)	88.18		71.03		62.94		67.33		72.11		69.33		63.59

Cash cost per ounce of silver ($)	(10.03	)	(4.33	)	(9.98	)	(8.38	)	(10.23	)	(7.65	)	(12.97	)
All-in sustaining cost per ounce of silver ($)	8.31		2.18		(2.89	)	(0.96	)	(4.97	)	0.77		(6.28	)



¹ Alternative performance (Non-IFRS) measure. Please refer to section 13 of the corresponding MD&A for reconciliation.


		As at March 31,			As at March 31,
		2020			2019
ASSETS
Current Assets
Cash and cash equivalents	$	65,777		$	67,441
Short-term investments		76,742			47,836
Trade and other receivables		1,178			467
Current portion of lease receivable		186			-
Inventories		8,430			10,836
Due from a related party		1,519			3,022
Income tax receivable		1,093			1,301
Prepaids and deposits		3,254			3,958
		158,179			134,861
Non-current Assets
Long-term prepaids and deposits		390			769
Long-term portion lease receivable		348			-
Reclamation deposits		9,230			7,953
Investment in an associate		44,555			38,703
Other investments		8,750			9,253
Plant and equipment		66,722			68,617
Mineral rights and properties		224,586			238,920
TOTAL ASSETS	$	512,760		$	499,076

LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	23,129		$	29,856
Current portion of lease obligation		567			-
Bank Loan		-			4,475
Deposits received		3,195			3,040
Income tax payable		937			502
		27,828			37,873
Non-current Liabilities
Long-term portion of lease obligation		1,502			-
Deferred income tax liabilities		35,758			34,334
Environmental rehabilitation		8,700			13,688
Total Liabilities		73,788			85,895

Equity
Share capital		243,926			231,269
Equity reserves		(21,142	)		(557	)
Retained earnings		145,898			116,734
Total equity attributable to the equity holders of the Company		368,682			347,446

Non-controlling interests		70,290			65,735
Total Equity		438,972			413,181

TOTAL LIABILITIES AND EQUITY	$	512,760		$	499,076


		Three Months Ended March 31,						Year Ended March 31,
		2020			2019			2020			2019

Sales	$	18,859		$	34,952		$	158,829		$	170,519
Costs of mine operations
Production costs		8,344			13,005			62,029			62,461
Depreciation and amortization		3,146			4,601			20,715			19,997
Mineral resource taxes		559			1,002			4,540			4,864
Government fees and other taxes		238			505			2,115			2,699
General and administrative		3,368			2,277			10,056			9,566
		15,655			21,390			99,455			99,587
Income from mine operations		3,204			13,562			59,374			70,932

Corporate general and administrative		2,590			2,623			10,094			9,475
Property evaluation and business development		274			111			679			386
Foreign exchange gain		(5,437	)		1,034			(4,103	)		(1,361	)
Loss on disposal of plant and equipment		88			13			461			401
Gain on disposal of mineral rights and properties		-			-			(1,477	)		-
Share of loss in associate		429			118			1,276			330
Dilution gain on investment in associate		-			-			(723	)		-
Reclassification of other comprehensive income upon ownership dilution of investment in associate		-			-			(21	)		-
Impairment reversal of investment in associate		-			(1,899	)		-			(1,899	)
Impairment reversal of mineral rights and properties		-			(7,279	)		-			(7,279	)
Other expense		718			130			1,026			806
Income before finance items and income taxes		4,542			18,711			52,162			70,073

Finance income		1,154			874			4,023			3,476
Finance costs		(1,628	)		(168	)		(2,073	)		(631	)
Income before income taxes		4,068			19,417			54,112			72,918

Income tax expense		543			3,477			8,909			20,871
Net income	$	3,525		$	15,940		$	45,203		$	52,047

Attributable to:
Equity holders of the Company	$	3,163		$	12,107		$	34,274		$	39,724
Non-controlling interests		362			3,833			10,929			12,323
	$	3,525		$	15,940		$	45,203		$	52,047
Earnings per share attributable to the equity holders of the Company
Basic earnings per share	$	0.02		$	0.07		$	0.20		$	0.24
Diluted earnings per share	$	0.02		$	0.07		$	0.20		$	0.23
Weighted Average Number of Shares Outstanding - Basic		173,326,682			169,705,269			171,713,263			168,483,412
Weighted Average Number of Shares Outstanding - Diluted		175,381,704			170,645,002			174,079,387			170,386,993


Consolidated				Three months ended March 31,						Year ended March 31,
				2020		2019		Changes		2020		2019		Changes

Production Data
	Mine Data
		Ore Mined (tonne)		106,595		161,400		-34	%	885,830		906,794		-2	%
		Ore Milled (tonne)		102,431		159,904		-36	%	892,215		908,846		-2	%

		Head Grades
			Silver (gram/tonne)	231		250		-8	%	240		240		0	%
			Lead (%)	3.7		3.6		3	%	3.7		3.5		6	%
			Zinc (%)	1.8		1.7		7	%	1.7		1.6		5	%

		Recovery Rates
			Silver (%)	93.4		93.6		0	%	93.5		93.8		0	%
			Lead (%)	94.8		95.3		0	%	94.8		94.9		0	%
			Zinc (%)	80.3		77.7		3	%	77.8		72.8		7	%
Cost Data
	+	Mining cost per tonne of ore mined ($)		75.91		80.22		-5	%	76.25		74.98		2	%
			Cash mining cost per tonne of ore mined ($)	53.26		57.55		-7	%	54.90		55.35		-1	%
			Depreciation and amortization charges per tonne of ore mined ($)	22.65		22.67		0	%	21.35		19.63		9	%

	+	Unit shipping costs ($)		2.57		2.72		-6	%	2.65		2.88		-8	%

	+	Mining cost per tonne of ore milled ($)		15.67		17.58		-11	%	13.17		13.99		-6	%
			Cash milling cost per tonne of ore milled ($)	13.10		14.53		-10	%	11.36		11.69		-3	%
			Depreciation and amortization charges per tonne of ore milled ($)	2.57		3.05		-16	%	1.81		2.30		-21	%

	+	Cash production cost per tonne of ore processed ($)		68.93		74.80		-8	%	68.91		69.92		-1	%
	+	All-in sustaining cost per tonne of ore processed ($)		188.57		138.01		37	%	125.29		119.48		5	%

	+	Cash cost per ounce of Silver, net of by-product credits ($)		(0.85	)	(3.97	)	79	%	(1.91	)	(4.29	)	55	%
	+	All-in sustaining cost per tonne of ore processed ($)		15.17		4.49		238	%	6.86		3.52		95	%

Concentrate inventory
		Lead concentrate (tonne)		2,520		3,248		-22	%	2,520		3,248		-22	%
		Zinc concentrate (tonne)		370		368		1	%	370		368		1	%

Sales Data
	Metal Sales
		Silver (in thousands of ounces)		800		1,314		-39	%	6,257		6,390		-2	%
		Gold (in thousands of ounces)		0.5		0.7		-29	%	3.3		3.5		-6	%
		Lead (in thousands of pounds)		9,654		12,670		-24	%	65,344		64,788		1	%
		Zinc (in thousands of pounds)		3,059		7,338		-58	%	25,401		22,716		12	%

	Revenue
		Silver (in thousands of $)		9,834		16,732		-41	%	84,872		80,654		5	%
		Gold (in thousands of $)		625		759		-18	%	3,911		3,642		7	%
		Lead (in thousands of $)		6,454		11,420		-43	%	51,966		64,111		-19	%
		Zinc (in thousands of $)		1,546		5,529		-72	%	15,780		20,654		-24	%
		Other (in thousands of $)		401		512		-22	%	2,300		1,458		58	%
				18,860		34,952		-46	%	158,829		170,519		-7	%

	Average Selling Price, Net of Value Added Tax and Smelter Charges
		Silver ($ per ounce)		12.29		12.73		-3	%	13.56		12.62		7	%
		Gold ($ per ounce)		1,250		1,084		15	%	1,185		1,041		14	%
		Lead ($ per pound)		0.67		0.90		-26	%	0.80		0.99		-19	%
		Zinc ($ per pound)		0.51		0.75		-32	%	0.62		0.91		-32	%

1.	*Review:* I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the “annual filings”) of Silvercorp Metals Inc. (the “issuer”) for the financial year ended March 31, 2020.

2.	*No misrepresentations:* Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.	*Fair presentation:* Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.	*Responsibility:* The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.	*Design:* Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the financial year end


(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

	(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

	(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	*Control framework:* The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the *Internal Control* – *Integrated Framework* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2	*ICFR* – *material weakness relating to design:* N/A

5.3	*Limitation on scope of design:* N/A

6.	*Evaluation:* The issuer’s other certifying officer(s) and I have


(a)	evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer’s DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

(b)	evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer’s ICFR at the financial year end and the issuer has disclosed in its annual MD&A

	(i)	our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

	(ii)	N/A.

7.	*Reporting changes in ICFR:* The issuer has disclosed in its annual MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2020 and ended on March 31, 2020 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

8.	*Reporting to the issuer’s auditors and board of directors or audit committee:* The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer’s auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer’s ICFR.


EXHIBIT	DESCRIPTION OF EXHIBIT


		Three Months Ended March 31,						Year Ended March 31,
		2020			2019			2020			2019
Cash provided by
Operating activities
Net income	$	3,525		$	15,940		$	45,203		$	52,047
Add (deduct) items not affecting cash:
Finance costs		1,628			168			2,073			631
Depreciation, amortization and depletion		3,982			4,942			22,673			21,250
Share of loss in associate		429			118			1,276			330
Dilution gain on investment in associate		-			-			(723	)		-
Reclassification of other comprehensive loss upon ownership dilution of investment in associate		-			-			(21	)		-
Impairment reversal of investment in associate		-			(1,899	)		-			(1,899	)
Impairment reversal of mineral rights and properties		-			(7,279	)		-			(7,279	)
Income tax expense		543			3,476			8,909			20,871
Finance income		(1,154	)		(874	)		(4,023	)		(3,476	)
Loss on disposal of plant and equipment		88			13			461			401
Gain on disposal of mineral rights and properties		-			-			(1,477	)		-
Share-based compensation		696			479			2,669			1,896
Reclamation expenditures		(89	)		(121	)		(385	)		(187	)
Income taxes paid		(1,597	)		(5,745	)		(5,012	)		(18,225	)
Interest received		1,154			874			4,023			3,476
Interest paid		(27	)		(48	)		(162	)		(144	)
Changes in non-cash operating working capital		(2,900	)		(1,700	)		1,762			659
Net cash provided by operating activities		6,278			8,344			77,246			70,351

Investing activities
Mineral rights and properties
Capital expenditures		(5,983	)		(8,639	)		(27,904	)		(28,049	)
Proceeds on disposals		-			-			6,146			-
Plant and equipment
Additions		(1,162	)		(1,934	)		(7,400	)		(6,258	)
Proceeds on disposals		2			2			10			31
Reclamation deposits
Paid		(167	)		(2,334	)		(1,727	)		(2,601	)
Other investments
Acquisition		(3,992	)		(1,018	)		(7,851	)		(1,018	)
Proceeds on disposals		2,313			-			8,454			-
Investment in associate		-			(107	)		(7,030	)		(107	)
Net (purchases) redemptions of short-term investments		11,878			10,574			(33,606	)		5,969


			As at March 31,			As at March 31,
	Notes		2020			2019
ASSETS
Current Assets
Cash and cash equivalents	23	$	65,777		$	67,441
Short-term investments	3		76,742			47,836
Trade and other receivables			1,178			467
Current portion of lease receivable	10		186			-
Inventories	4		8,430			10,836
Due from related parties	15		1,519			3,022
Income tax receivable			1,093			1,301
Prepaids and deposits			3,254			3,958
			158,179			134,861
Non-current Assets
Long-term prepaids and deposits			390			769
Long-term portion lease receivable	10		348			-
Reclamation deposits			9,230			7,953
Investment in an associate	5		44,555			38,703
Other investments	6		8,750			9,253
Plant and equipment	7		66,722			68,617
Mineral rights and properties	8		224,586			238,920
TOTAL ASSETS		$	512,760		$	499,076
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities		$	23,129		$	29,856
Current portion of lease obligation	10		567			-
Bank loan	9		-			4,475
Deposits received			3,195			3,040
Income tax payable			937			502
			27,828			37,873
Non-current Liabilities
Long-term portion of lease obligation	10		1,502			-
Deferred income tax liabilities	19		35,758			34,334
Environmental rehabilitation	11		8,700			13,688
Total Liabilities			73,788			85,895
Equity
Share capital			243,926			231,269
Equity reserves			(21,142	)		(557	)
Retained earnings			145,898			116,734
Total equity attributable to the equity holders of the Company			368,682			347,446
Non-controlling interests	14		70,290			65,735
Total Equity			438,972			413,181
TOTAL LIABILITIES AND EQUITY		$	512,760		$	499,076


			Years Ended March 31,
	Notes		2020			2019
Sales	22 (b)(c)	$	158,829		$	170,519
Costs of mine operations
Production costs			62,029			62,461
Depreciation and amortization			20,715			19,997
Mineral resource taxes			4,540			4,864
Government fees and other taxes	17		2,115			2,699
General and administrative	16		10,056			9,566
			99,455			99,587
Income from mine operations			59,374			70,932
Corporate general and administrative	16		10,094			9,475
Property evaluation and business development			679			386
Foreign exchange gain			(4,103	)		(1,361	)
Loss on disposal of plant and equipment	7		461			401
Gain on disposal of mineral rights and properties	8		(1,477	)		-
Share of loss in associate	5		1,276			330
Dilution gain on investment in associate	5		(723	)		-
Reclassification of other comprehensive income upon ownership dilution of investment in associate	5		(21	)		-
Impairment reversal of investment in associate	5		-			(1,899	)
Impairment reversal of mineral rights and properties	8		-			(7,279	)
Other expense			1,026			806
Income before finance items and income taxes			52,162			70,073
Finance income	18		4,023			3,476
Finance costs	18		(2,073	)		(631	)
Income before income taxes			54,112			72,918
Income tax expense	19		8,909			20,871
Net income		$	45,203		$	52,047
Attributable to:
Equity holders of the Company		$	34,274		$	39,724
Non-controlling interests	14		10,929			12,323
		$	45,203		$	52,047
Earnings per share attributable to the equity holders of the Company
Basic earnings per share		$	0.20		$	0.24
Diluted earnings per share		$	0.20		$	0.23
Weighted Average Number of Shares Outstanding - Basic			171,713,263			168,483,412
Weighted Average Number of Shares Outstanding - Diluted			174,079,387			170,386,993


		Share capital					Equity reserves
											Accumulated								Total equity attributable
			Number of				Share option				other comprehensive					Retained			to the equity holders of the			Non- controlling			Total
	Notes		shares		Amount		reserve			Reserves			loss			earnings			Company			interests			equity
Balance, April 1, 2018			167,029,556	$	228,729	$	14,690		$	25,409		$	(25,875	)	$	86,283		$	329,236		$	68,943		$	398,179
Options exercised			2,812,496		2,540		(688	)		-			-			-			1,852			-			1,852
Share-based compensation			-		-		1,896			-			-			-			1,896			-			1,896
Dividends declared			-		-		-			-			-			(4,208	)		(4,208	)		-			(4,208	)
Distribution to non-controlling interests			-		-		-			-			-			-			-			(13,259	)		(13,259	)
Disposition of non-controlling interests upon wound-up of a subsidiary			-		-		-			-			-			-			-			(1,002	)		(1,002	)
Acquisition of non-controlling interest			-		-		-			-			-			(5,065	)		(5,065	)		1,794			(3,271	)
Comprehensive (loss) income			-		-		-			-			(15,989	)		39,724			23,735			9,259			32,994
Balance, March 31, 2019			169,842,052	$	231,269	$	15,898		$	25,409		$	(41,864	)	$	116,734		$	347,446		$	65,735		$	413,181
Adjustment upon adoption of IFRS 16	2 (n)		-		-		-			-			167			(823	)		(656	)		-			(656	)
Options exercised			3,833,406		11,003		(3,002	)		-			-			-			8,001			-			8,001
Restricted share units vested			141,376		527		(527	)
Share-based compensation			-		-		2,669			-			-			-			2,669			-			2,669
Dividends declared	12 (c)		-		-		-			-			-			(4,287	)		(4,287	)		-			(4,287	)
Distribution to non-controlling interests	14		-		-		-			-			-			-			-			(3,259	)		(3,259	)
Disposal of common shares held by associate	5		-		1,127		-			-			-			-			1,127			-			1,127
Comprehensive (loss) income			-		-		-			-			(19,892	)		34,274			14,382			7,814			22,196
Balance, March 31, 2020			173,816,834	$	243,926	$	15,038		$	25,409		$	(61,589	)	$	145,898		$	368,682		$	70,290		$	438,972


			Proportion of ownership interest held
		Country of	March 31,	March 31,
Name of subsidiaries	Principal activity	incorporation	2020	2019	Mineral properties
Silvercorp Metals China Inc.	Holding company	Canada	100%	100%
Silvercorp Metals (China) Inc.	Holding company	China	100%	100%
0875786 B.C. LTD.	Holding company	Canada	100%	100%
Fortune Mining Limited	Holding company	BVI (i)	100%	100%
Fortune Copper Limited	Holding company	BVI	100%	100%
Fortune Gold Mining Limited	Holding company	BVI	100%	100%
Victor Resources Ltd.	Holding company	BVI	100%	100%
Yangtze Mining Ltd.	Holding company	BVI	100%	100%
Victor Mining Ltd.	Holding company	BVI	100%	100%
Yangtze Mining (H.K.) Ltd.	Holding company	Hong Kong	100%	100%
Fortune Gold Mining (H.K.) Limited	Holding company	Hong Kong	100%	100%
Wonder Success Limited	Holding company	Hong Kong	100%	100%
Henan Huawei Mining Co. Ltd. ("Henan Huawei")	Mining	China	80%	80%	Ying Mining District
Henan Found Mining Co. Ltd. ("Henan Found")	Mining	China	77.5%	77.5%
Songxian Gold Mining Co., Ltd. ("SX Gold")	Mining	China	0.0%	77.5%	XHP
Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")	Mining	China	70%	70%	BYP
Guangdong Found Mining Co. Ltd. (Guangdong Found")	Mining	China	99%	99%	GC
(i) British Virgin Islands ("BVI")


Buildings	20 years
Office equipment	5 years
Machinery	5-10 years
Motor vehicles	5 years
Land use rights	50 years
Leasehold improvements	5 years

	i.	The objective of the business model is to hold the financial asset for the collection of the contractual cash flows; and
	ii.	All contractual cash flows represent only principal and interest on that principal.


		Carrying value	Interest rates	Maturity
Bonds	$	23,313	6.00% - 13%	April 2, 2020 - June 27, 2024
Money market instruments		53,429
	$	76,742


		March 31, 2020		March 31, 2019
Direct smelting ore and stockpile ore	$	1,138	$	1,794
Concentrate inventory		4,368		5,201
Total stockpile and concentrate		5,506		6,995
Material and supplies		2,924		3,841
	$	8,430	$	10,836


						Value of NUAG's
	Number of					common shares per
	shares		Amount			quoted market price
Balance April 1, 2018	39,280,900	$	38,001		$	50,266
Purchase from open market	65,400		107
Share of net loss			(330	)
Share of other comprehensive income			398
Impairment recovery			1,899
Foreign exchange impact			(1,372	)
Balance March 31, 2019	39,346,300	$	38,703		$	69,783
Purchase from open market	502,600		861
Exercise of warrants	1,500,000		2,349
Participation in public offering	1,247,606		3,820
Share of net loss			(1,276	)
Share of other comprehensive income			1,077
Dilution gain			723
Disposal of common shares held by the associate			1,127
Foreign exchange impact			(2,829	)
Balance March 31, 2020	42,596,506	$	44,555		$	148,624


		Years ended March 31,
		2020	⁽¹⁾		2019	⁽¹⁾
Income from investments	$	494		$	576
General and administrative expense		(3,824	)		(2,286	)
Foreign exchange gain		669			542
Impairment charge		(586	)		-
Other income		-			7
Net loss of associate	$	(3,247	)	$	(1,161	)
Adjustments to net loss of associate		(1,170	)		23
Net loss of associate qualified for pick-up	$	(4,417	)	$	(1,138	)
Company's share of net loss	$	(1,276	)	$	(330	)


		March 31, 2020⁽¹⁾		March 31, 2019⁽¹⁾
Current assets	$	29,012	$	17,233
Non-current assets		74,989		62,568
Total assets	$	104,001	$	79,801
Current liabilities		1,409		675
Long-term liabilities		-		197
Total liabilities		1,409		872
Net assets	$	102,592	$	78,929
Company's share of net assets of associate	$	29,575	$	23,371


		March 31, 2020		March 31, 2019
Equity investments designated as FVTOCI
Public companies	$	6,633	$	9,253
Private companies		2,117		-
Total	$	8,750	$	9,253


					Accumulated fair value change
		Fair value			included in OCI
April 1, 2018	$	6,132		$	(37,508	)
Change in fair value on equity investments designated as FVTOCI		2,380			2,380
Acquisition of equity investments		1,018			-
Impact of foreign currency translation		(277	)		-
March 31, 2019	$	9,253		$	(35,128	)
Change in fair value on equity investments designated as FVTOCI		249			249
Acquisition of equity investments		7,851			-
Proceeds on disposal		(8,454	)		-
Impact of foreign currency translation		(149	)		-
March 31, 2020	$	8,750		$	(34,879	)


	Land use rights				Office						Motor			Construction
Cost	and building				equipment			Machinery			vehicles			in progress			Total
Balance as at April 1, 2018	$	105,165		$	7,755		$	29,413		$	6,730		$	3,602		$	152,665
Additions		1,586			553			2,266			792			2,750			7,947
Disposals		(316	)		(126	)		(505	)		(376	)		-			(1,323	)
Reclassification of asset groups⁽¹⁾		189			-			145			-			(334	)		-
Impact of foreign currency translation		(6,596	)		(447	)		(1,867	)		(424	)		(228	)		(9,562	)
Balance as at March 31, 2019	$	100,028		$	7,735		$	29,452		$	6,722		$	5,790		$	149,727
Adjustment upon adoption of IFRS 16		360			-			-			-			-			360
Additions		1,736			1,060			1,082			681			3,618			8,177
Disposals		(6,932	)		(368	)		(3,265	)		(630	)		(52	)		(11,247	)
Reclassification of asset groups⁽¹⁾		6,908			-			65			-			(6,973	)		-
Impact of foreign currency translation		(5,646	)		(417	)		(1,534	)		(357	)		(247	)		(8,201	)
Ending balance as at March 31, 2020	$	96,454		$	8,010		$	25,800		$	6,416		$	2,136		$	138,816

Impairment, accumulated depreciation and amortization
Balance as at April 1, 2018	$	(50,016	)	$	(5,312	)	$	(20,723	)	$	(5,345	)	$	(58	)	$	(81,454	)
Disposals		128			108			317			338			-			891
Depreciation and amortization		(3,172	)		(500	)		(1,615	)		(347	)		-			(5,634	)
Impact of foreign currency translation		3,131			295			1,320			337			4			5,087
Balance as at March 31, 2019	$	(49,929	)	$	(5,409	)	$	(20,701	)	$	(5,017	)	$	(54	)	$	(81,110	)
Disposals		6,821			278			3,051			574			52			10,776
Depreciation and amortization		(3,481	)		(527	)		(1,601	)		(384	)		-			(5,993	)
Impact of foreign currency translation		2,602			283			1,083			263			2			4,233
Ending balance as at March 31, 2020	$	(43,987	)	$	(5,375	)	$	(18,168	)	$	(4,564	)	$	-		$	(72,094	)

Carrying amounts
Balance as at March 31, 2019	$	50,099		$	2,326		$	8,751		$	1,705		$	5,736		$	68,617
Ending balance as at March 31, 2020	$	52,467		$	2,635		$	7,632		$	1,852		$	2,136		$	66,722


Carrying amounts as at March 31, 2020		Ying Mining District		BYP		GC		Other		Total
Land use rights and building	$	35,476	$	3,094	$	11,762	$	2,135	$	52,467
Office equipment		1,886		26		403		320		2,635
Machinery		5,734		258		1,640		-		7,632
Motor vehicles		1,598		22		232		-		1,852
Construction in progress		419		493		1,224		-		2,136
Total	$	45,113	$	3,893	$	15,261	$	2,455	$	66,722

Carrying amounts as at March 31, 2019		Ying Mining District		BYP		GC		Other		Total
Land use rights and building	$	34,160	$	2,158	$	12,860	$	921	$	50,099
Office equipment		1,800		35		214		277		2,326
Machinery		6,294		257		2,071		129		8,751
Motor vehicles		1,521		27		140		17		1,705
Construction in progress		3,825		1,842		69		-		5,736
Total	$	47,600	$	4,319	$	15,354	$	1,344	$	68,617


		Producing and development properties									Exploration and evaluation properties
Cost		Ying Mining District			BYP			GC			XHP				RZY			Total
Balance as at April 1, 2018	$	277,734		$	65,054		$	113,244		$	22,024			$	180		$	478,236
Capitalized expenditures		23,238			189			1,014			261				-			24,702
Mine right fees		3,839			-			-			-				-			3,839
Environmental rehabiliation		1,091			35			(12	)		8				-			1,122
Foreign currecy translation impact		(17,449	)		(973	)		(7,085	)		(1,384	)			(6	)		(26,897	)
Balance as at March 31, 2019	$	288,453		$	64,305		$	107,161		$	20,909		$		174		$	481,002
Capitalized expenditures		23,871			6			1,617			-				-			25,494
Mine right fees		797			-			-			-				-			797
Environmental rehabiliation		(4,299	)		39			239			-				-			(4,021	)
Disposition		-			-			-			(20,485	)			-			(20,485	)
Foreign currecy translation impact		(15,686	)		(778	)		(5,706	)		(424	)			(10	)		(22,604	)
Ending balance as at March 31, 2020	$	293,136		$	63,572		$	103,311		$	-		$		164		$	460,183

Impairment and accumulated depletion
Balance as at April 1, 2018	$	(83,099	)	$	(57,584	)	$	(83,495	)	$	(21,798	)	$		(180	)	$	(246,156	)
Impairment reversal		-			-			-			7,279				-			7,279
Depletion		(13,312	)		-			(2,209	)		-				-			(15,521	)
Foreign currecy translation impact		5,232			501			5,213			1,364				6			12,316
Balance as at March 31, 2019	$	(91,179	)	$	(57,083	)	$	(80,491	)	$	(13,155	)	$		(174	)	$	(242,082	)
Depletion		(14,282	)		-			(2,165	)		-				-			(16,447	)
Disposition		-			-			-			12,888				-			12,888
Foreign currecy translation impact		5,071			395			4,301			267				10			10,044
Ending balance as at March 31, 2020	$	(100,390	)	$	(56,688	)	$	(78,355	)	$	-		$		(164	)	$	(235,597	)

Carrying amounts
Balance as at March 31, 2019	$	197,274		$	7,222		$	26,670		$	7,754		$		-		$	238,920
Ending balance as at March 31, 2020	$	192,746		$	6,884		$	24,956		$	-		$		-		$	224,586


		XHP
Total consideration per share transfer agreement (RMB ¥50 million)	$	7,330
Less: amounts owed to Henan Found		(1,112	)
Net consideration	$	6,218
Prepaids and deposits		124
Inventories		198
Plant and equipment		247
Mineral rights and properties		7,597
Accounts payable and accrued liabilities		(2,211	)
Deposits received		(925	)
Environmental rehabilitation		(289	)
Total assets and liabilities disposed of	$	4,741
Gain on disposal of mineral rights and properties	$	1,477


		Total
Balance, April 1, 2018	$	-
Addition		4,527
Interest accrued		152
Interest paid		(144	)
Foreign exchange impact		(60	)
Balance, March 31, 2019	$	4,475
Interest accrued		45
Interest paid		(50	)
Principal repayment		(4,369	)
Foreign exchange impact		(101	)
Balance, March 31, 2020	$	-


		Lease Receivable			Lease Obligation
Adjustment upon adoption of IFRS 16, April 1, 2019	$	447		$	1,463
Addition		238			1,239
Interest accrual		27			112
Interest received or paid		(27	)		(112	)
Principal repayment		(118	)		(503	)
Foreign exchange impact		(33	)		(130	)
Balance, March 31, 2020	$	534		$	2,069
Less: current portion		(186	)		(567	)
Non-current portion	$	348		$	1,502


		Lease Receivable			Lease Obligation
Within 1 year	$	205		$	613
Between 2 to 5 years		368			1,629
Over 5 years		-			38
Total undiscounted amount	$	573		$	2,280
Less future interest		(39	)		(211	)
Total discounted amount	$	534		$	2,069
Less: current portion		(186	)		(567	)
Non-current portion	$	348		$	1,502