SILVERCORP REPORTS ADJUSTED NET INCOME OF $39.3 MILLION, $0.22 PER SHARE, AND CASH FLOW FROM OPERATIONS OF $91.6 MILLION FOR FISCAL 2024
Trading Symbol:
TSX:
SVM
NYSE AMERICAN: SVM
HIGHLIGHTS FOR Q4 FISCAL 2024
- Mined 195,160 tonnes of ore, milled 237,493 tonnes of ore, and produced approximately 1,916 ounces of gold, 1.2 million ounces of silver, or approximately 1.3 million ounces of silver equivalent, plus 12.5 million pounds of lead and 4.6 million pounds of zinc;
- Sold approximately 1,916 ounces of gold, 1.1 million ounces of silver, 11.9 million pounds of lead, and 4.4 million pounds of zinc, for revenue of
$42.7 million ; - Reported net income attributable to equity shareholders of
$5.5 million , or$0.03 per share; - Realized adjusted earnings attributable to equity shareholders of
$3.8 million , or$0.02 per share. The adjusted earnings were impacted by an increase of$2.5 million in withholding tax paid on funds distributed out ofChina as dividends to the Company in Q4 Fiscal 2024; - Generated cash flow from operating activities of
$10.2 million ; - Cash cost per ounce of silver, net of by-product credits, of
$1.22 ; - All-in sustaining cost per ounce of silver, net of by-product credits, of
$14.36 ; and - Spent and capitalized
$0.8 million on exploration drilling,$9.5 million on underground development, and$3.1 million on equipment and facilities, including$0.8 million on construction of the new tailings storage facility. - Strong balance sheet with
$184.9 million in cash and cash equivalents and short-term investments. The Company holds a further equity investment portfolio in associates and other companies with a total market value of$112.3 million as atMarch 31, 2024 .
HIGHLIGHTS FOR FISCAL 2024
- Mined 1,117,118 tonnes of ore, milled 1,106,195 tonnes of ore, and produced approximately 7,268 ounces of gold, 6.2 million ounces of silver, or approximately 6.8 million ounces of silver equivalent, plus 63.2 million pounds of lead and 23.4 million pounds of zinc;
- Sold approximately 7,268 ounces of gold, 6.2 million ounces of silver, 60.6 million pounds of lead, and 23.3 million pounds of zinc, for revenue of
$215.2 million ; - Reported net income attributable to equity shareholders of
$36.3 million , or$0.21 per share; - Realized adjusted earnings attributable to equity shareholders of
$39.3 million , or$0.22 per share; - Generated cash flow from operating activities of
$91.6 million ; - Recorded a gain of
$7.7 million on the investment in OreCorp Limited (ASX: ORR) ("OreCorp"). Subsequent toMarch 31, 2024 , the Company receivedA$42.5 million after accepting a competing offer to acquire OreCorp and aA$2.8 million break fee from OreCorp; - Cash cost per ounce of silver, net of by-product credits, of negative
$0.38 ; - All-in sustaining cost per ounce of silver, net of by-product credits, of
$11.38 ; - Paid
$4.4 million of dividends to the Company's shareholders; - Spent
$1.0 million to buy back 388,324 common shares of the Company under its Normal Course Issuer Bid; - Spent and capitalized
$6.2 million on exploration drilling,$45.0 million on underground development, and$12.9 million on equipment and facilities, including$6.2 million on construction of the new tailings storage facility.
CONSOLIDATED FINANCIAL RESULTS
|
Three months ended |
|
Year ended |
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|
2024 |
2023 |
Changes |
|
2024 |
2023 |
Changes |
Financial Results |
|
|
|
|
|
|
|
Revenue (in thousands of $) |
$ 42,681 |
$ 34,147 |
25 % |
|
$ 215,187 |
$ 208,129 |
3 % |
Mine operating earnings (in thousands of $) |
13,038 |
9,776 |
33 % |
|
80,589 |
70,783 |
14 % |
Net income (loss) attributable to equity holders (in thousands of $) |
5,529 |
235 |
2253 % |
|
36,306 |
20,608 |
76 % |
Earnings (loss) per share - basic ($/share) |
0.03 |
0.00 |
2900 % |
|
0.21 |
0.12 |
75 % |
Adjusted earnings attributable to equity holders (in thousands of $) |
3,824 |
4,971 |
-23 % |
|
39,322 |
37,027 |
6 % |
Adjusted earning per share - basic ($/share) |
0.02 |
0.03 |
-33 % |
|
0.22 |
0.21 |
5 % |
Net cash generated from operating activities (in thousands of $) |
10,238 |
5,742 |
78 % |
|
91,570 |
85,643 |
7 % |
Capitalized expenditures (in thousands of $) |
13,437 |
9,457 |
42 % |
|
64,041 |
57,823 |
11 % |
Metals sold |
|
|
|
|
|
|
|
Gold (ounces) |
1,916 |
1,000 |
92 % |
|
7,268 |
4,400 |
65 % |
Silver (in thousands of ounces) |
1,139 |
1,073 |
6 % |
|
6,235 |
6,637 |
-6 % |
Lead (in thousands of pounds) |
11,872 |
10,021 |
18 % |
|
60,625 |
65,687 |
-8 % |
Zinc (in thousands of pounds) |
4,432 |
3,451 |
28 % |
|
23,250 |
23,438 |
-1 % |
Average Selling Price, Net of Value Added Tax and Smelter Charges |
|
|
|
|
|
|
|
Gold ($/ounce) |
1,899 |
1,620 |
17 % |
|
1,792 |
1,511 |
19 % |
Silver ($/ounce) |
20.74 |
18.18 |
14 % |
|
19.93 |
17.11 |
16 % |
Lead ($/pound) |
0.88 |
0.87 |
1 % |
|
0.86 |
0.87 |
-1 % |
Zinc ($/pound) |
0.86 |
0.89 |
-3 % |
|
0.82 |
1.06 |
-23 % |
Financial Position as at |
|
|
|
|
|
|
|
Cash and cash equivalents and short-term investments (in thousands of $) |
184,891 |
203,323 |
-9 % |
|
184,891 |
203,323 |
-9 % |
Working capital (in thousands of $) |
154,744 |
177,808 |
-13 % |
|
154,744 |
177,808 |
-13 % |
1 . Q4 Fiscal 2024 Financial Results
Net income attributable to equity holders of the Company in Q4 Fiscal 2024 was
Compared to Q4 Fiscal 2023, the Company's consolidated financial results in the current quarter were mainly impacted by i) increases of 92%, 6%, 18%, and 28%, respectively, in gold, silver, lead and zinc sold; ii) increases of 17%, 14%, and 1%, respectively, in the realized selling prices for gold, silver and lead, and the increase in payable factors applied to gold and lead in lead concentrates; iii) a decrease of 3% in the realized selling price for zinc; iv) an increase of
Revenue in Q4 Fiscal 2024 was
Income from mine operations for Q4 Fiscal 2024 was
Cash flow provided by operating activities in Q4 Fiscal 2023 was
The Company ended the quarter with
2 . Fiscal 2024 Financial Results
Net income attributable to equity holders of the Company in Fiscal 2024 was
Compared to Fiscal 2023, the Company's consolidated financial results were mainly impacted by i) increases of 19% and 16%, respectively, in the realized selling prices for gold and silver, and the increase in payable factors applied to gold and silver in lead concentrates; ii) decreases of 1% and 23% in the realized selling prices for lead and zinc; iii) an increase of 65% in gold sold, and decreases of 6%, 8%, and 1%, respectively, in silver, lead and zinc sold; iv) a decrease of 6% in per tonne production cost; and v) an increase of
Revenue in Fiscal 2024 was
Income from mine operations in Fiscal 2024 was
Cash flow provided by operating activities in Fiscal 2024 was
CONSOLIDATED OPERATIONAL RESULTS
Consolidated |
Three months ended |
|
Year ended March 31 |
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|
|
2024 |
2023 |
Changes |
|
2024 |
2023 |
Changes |
|
|
|
|
|
|
|
|
|
Production Data |
|
|
|
|
|
|
|
|
|
Ore Mined (tonne) |
195,160 |
181,848 |
7 % |
|
1,117,118 |
1,068,983 |
5 % |
|
Ore Milled (tonne) |
|
|
|
|
|
|
|
|
Gold Ore |
21,843 |
- |
100 % |
|
58,262 |
- |
100 % |
|
Silver Ore |
215,650 |
179,393 |
20 % |
|
1,047,933 |
1,072,654 |
-2 % |
|
|
237,493 |
179,393 |
32 % |
|
1,106,195 |
1,072,654 |
3 % |
|
Metal Production |
|
|
|
|
|
|
|
|
Gold (ounces) |
1,916 |
1,000 |
92 % |
|
7,268 |
4,400 |
65 % |
|
Silver (in thousands of ounces) |
1,150 |
1,106 |
4 % |
|
6,204 |
6,617 |
-6 % |
|
Silver equivalent (in thousands of ounces) |
1,324 |
1,195 |
11 % |
|
6,844 |
6,997 |
-2 % |
|
Lead (in thousands of pounds) |
12,527 |
10,938 |
15 % |
|
63,171 |
68,068 |
-7 % |
|
Zinc (in thousands of pounds) |
4,559 |
3,577 |
27 % |
|
23,385 |
23,463 |
0 % |
Cost Data |
|
|
|
|
|
|
|
|
|
Production cost ($/tonne) |
84.31 |
92.85 |
-9 % |
|
78.86 |
84.03 |
-6 % |
|
All-in sustaining production cost ($/tonne) |
143.38 |
165.68 |
-13 % |
|
140.40 |
142.08 |
-1 % |
|
Cash cost per ounce of silver, net of by-product credits ($) |
1.22 |
0.92 |
33 % |
|
(0.38) |
(0.42) |
10 % |
|
All-in sustaining cost per ounce of silver, net of by-product credits ($) |
14.36 |
13.85 |
4 % |
|
11.38 |
9.73 |
17 % |
1 . Q4 Fiscal 2024 Operational Results
In Q4 Fiscal 2024, the Company mined 195,160 tonnes of ore, up 7% compared to 181,848 tonnes in Q4 Fiscal 2023. Ore milled was 237,493 tonnes, up 32% compared to 179,393 tonnes in Q4 Fiscal 2023. A total of 21,843 tonnes of gold ore were processed in Q4 Fiscal 2024.
In Q4 Fiscal 2024, the Company produced approximately 1,916 ounces of gold, 1.2 million ounces of silver, or approximately 1.3 million ounces of silver equivalent, plus 12.5 million pounds of lead and 4.6 million pounds of zinc, representing increases of 92%, 4%, 15%, and 27%, respectively, in gold, silver, lead, and zinc production over Q4 Fiscal 2023.
In Q4 Fiscal 2024, the consolidated production cost per tonne of ore processed was
In Q4 Fiscal 2024, the consolidated cash cost per ounce of silver, net of by-product credits, was
2 . Fiscal 2024 Operational Results
In Fiscal 2024, the Company mined 1,117,118 tonnes of ore, up 5% compared to 1,068,983 tonnes in Fiscal 2023. Ore milled in Fiscal 2024 was 1,106,195 tonnes, up 3% compared to 1,072,654 tonnes in Fiscal 2023. A total of 58,262 tonnes of gold ore was processed in Fiscal 2024.
In Fiscal 2024, the Company produced approximately 7,268 ounces of gold, 6.2 million ounces of silver, or approximately 6.8 million ounces of silver equivalent, plus 63.2 million pounds of lead and 23.4 million pounds of zinc, representing an increase of 65% in gold, essentially the same quantity of zinc, and decreases of 6% and 7%, respectively, in silver and lead produced over Fiscal 2023. The decreases in silver and lead production were mainly due to i) lower head grades achieved due to mining sequences; and ii) 58,262 tonnes of gold ore with grades of 1.8 grams per tonne ("g/t") gold, 77 g/t silver, 1.1% lead and 0.2% zinc mined and processed to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate, at the
In Fiscal 2024, the consolidated production cost per tonne of ore processed was
In Fiscal 2024, the consolidated cash cost per ounce of silver, net of by-product credits, was negative
The consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was
EXPLORATION AND DEVELOPMENT
|
Capitalized Development and Expenditures |
Expensed |
||||||||
|
Ramp Development |
Exploration and Development Tunnels |
Drilling and other |
Equipment & Mill and TSF |
Total |
Mining Preparation Tunnels |
Drilling |
|||
|
(Metres) |
($ Thousand) |
(Metres) |
($ Thousand) |
(Metres) |
($ Thousand) |
($ Thousand) |
($ Thousand) |
(Metres) |
(Metres) |
Fiscal 2024 |
|
|
|
|
|
|
|
|
|
|
|
12,659 |
$ 9,419 |
75,201 |
$ 30,660 |
130,293 |
$ 4,554 |
$ 11,368 |
$ 56,001 |
33,436 |
90,868 |
|
540 |
592 |
11,264 |
4,293 |
28,157 |
1,317 |
517 |
6,719 |
7,787 |
46,702 |
Corporate and other |
- |
- |
- |
- |
- |
290 |
1,031 |
1,321 |
- |
- |
Consolidated |
13,199 |
$ 10,011 |
86,465 |
$ 34,953 |
158,450 |
$ 6,161 |
$ 12,916 |
$ 64,041 |
41,223 |
137,570 |
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2023 |
|
|
|
|
|
|
|
|
|
|
|
6,944 |
$ 5,173 |
62,105 |
$ 24,782 |
124,533 |
$ 5,677 |
$ 12,478 |
$ 48,110 |
32,870 |
124,874 |
|
- |
- |
12,722 |
4,023 |
22,024 |
816 |
2,816 |
7,655 |
7,071 |
43,375 |
Corporate and other |
- |
- |
- |
- |
8,485 |
1,783 |
275 |
2,058 |
- |
- |
Consolidated |
6,944 |
$ 5,173 |
74,827 |
$ 28,805 |
155,042 |
$ 8,276 |
$ 15,569 |
$ 57,823 |
39,941 |
168,249 |
|
|
|
|
|
|
|
|
|
|
|
Changes (%) |
|
|
|
|
|
|
|
|
|
|
|
82 % |
82 % |
21 % |
24 % |
5 % |
-20 % |
-9 % |
16 % |
2 % |
-27 % |
|
100 % |
100 % |
-11 % |
7 % |
28 % |
61 % |
-82 % |
-12 % |
10 % |
8 % |
Corporate and other |
- |
- |
- |
- |
-100 % |
-84 % |
275 % |
-36 % |
- |
- |
Consolidated |
90 % |
94 % |
16 % |
21 % |
2 % |
-26 % |
-17 % |
11 % |
3 % |
-18 % |
Total capital expenditures in Fiscal 2024 were
In Fiscal 2024, on a consolidated basis, a total of 296,020 metres or
|
Q4 F2024 |
Q3 F2024 |
Q2 F2024 |
Q1 F2024 |
Q4 F2023 |
|
Year ended |
|
|
|
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|
2024 |
2023 |
Ore Production (tonne) |
|
|
|
|
|
|
|
|
Ore mined |
147,122 |
245,606 |
220,636 |
213,748 |
132,205 |
|
827,112 |
769,024 |
Ore milled |
|
|
|
|
|
|
|
|
Gold ore |
21,843 |
12,726 |
12,800 |
10,893 |
- |
|
58,262 |
- |
Silver ore |
158,424 |
201,475 |
200,068 |
197,916 |
130,910 |
|
757,883 |
773,057 |
|
180,267 |
214,201 |
212,868 |
208,809 |
130,910 |
|
816,145 |
773,057 |
Head grades |
|
|
|
|
|
|
|
|
Silver (grams/tonne) |
197 |
235 |
235 |
254 |
255 |
|
231 |
261 |
Lead (%) |
3.1 |
3.5 |
3.5 |
3.6 |
3.6 |
|
3.4 |
3.8 |
Zinc (%) |
0.6 |
0.7 |
0.7 |
0.7 |
0.6 |
|
0.7 |
0.7 |
Recovery rates |
|
|
|
|
|
|
|
|
Silver (%) |
94.4 |
94.9 |
95.0 |
95.1 |
95.2 |
|
94.9 |
95.6 |
Lead (%) |
95.0 |
94.8 |
95.0 |
95.5 |
95.3 |
|
95.1 |
95.0 |
Zinc (%) |
70.2 |
71.4 |
71.1 |
69.6 |
68.3 |
|
70.6 |
63.2 |
Cash Costs |
|
|
|
|
|
|
|
|
Cash production cost per tonne of ore processed ($) |
91.09 |
84.01 |
102.42 |
88.66 |
95.23 |
|
85.66 |
94.07 |
All-in sustaining cost per tonne of ore processed ($) |
148.24 |
143.80 |
170.69 |
141.21 |
127.89 |
|
141.82 |
146.59 |
Cash cost per ounce of Silver, net of by-product credits ($) |
1.71 |
(0.09) |
1.37 |
0.24 |
1.86 |
|
- |
0.88 |
All-in sustaining cost per ounce of silver, net of by-product credits ($) |
12.28 |
8.99 |
11.33 |
7.66 |
6.82 |
|
8.82 |
8.29 |
Metal Production |
|
|
|
|
|
|
|
|
Gold ( ounces) |
1,916 |
1,342 |
2,458 |
1,552 |
1,000 |
|
7,268 |
4,400 |
Silver (in thousands of ounces) |
1,063 |
1,511 |
1,506 |
1,597 |
997 |
|
5,677 |
6,024 |
Lead (in thousands of pounds) |
11,317 |
14,552 |
15,018 |
15,382 |
9,688 |
|
56,269 |
60,254 |
Zinc (in thousands of pounds) |
1,750 |
2,153 |
2,197 |
2,113 |
1,164 |
|
8,213 |
7,150 |
In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined at the
In Fiscal 2024, a total of 827,112 tonnes of ore were mined, up 8% over Fiscal 2023, and 816,145 tonnes of ore were milled, up 6% over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268 ounces of gold (or 6.3 million ounces of silver equivalent), 56.3 million pounds of lead, and 8.2 million pounds of zinc were produced, representing increases of 65% and 15%, respectively, in gold and zinc, and decreases of 6%, 1% and 7%, respectively, in silver, silver equivalent and lead over Fiscal 2023.
|
Q4 F2024 |
Q3 F2024 |
Q2 F2024 |
Q1 F2024 |
Q4 F2023 |
|
Year ended |
|
|
|
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|
2024 |
2023 |
Ore Production (tonne) |
|
|
|
|
|
|
|
|
Ore mined |
48,038 |
99,667 |
52,829 |
89,472 |
49,643 |
|
290,006 |
299,959 |
Ore milled |
57,226 |
98,299 |
48,239 |
86,286 |
48,483 |
|
290,050 |
299,597 |
Head grades |
|
|
|
|
|
|
|
|
Silver (grams/tonne) |
57 |
68 |
66 |
80 |
88 |
|
69 |
75 |
Lead (%) |
1.1 |
1.1 |
1.1 |
1.4 |
1.3 |
|
1.2 |
1.3 |
Zinc (%) |
2.5 |
2.7 |
2.5 |
2.7 |
2.5 |
|
2.6 |
2.8 |
Recovery rates |
|
|
|
|
|
|
|
|
Silver (%) |
83.2 |
80.3 |
82.7 |
82.7 |
78.9 |
|
82.0 |
81.9 |
Lead (%) |
89.8 |
90.9 |
90.2 |
90.7 |
90.9 |
|
90.5 |
89.8 |
Zinc (%) |
89.3 |
90.1 |
89.8 |
90.4 |
89.3 |
|
90.0 |
89.9 |
Cash Costs |
|
|
|
|
|
|
|
|
Cash production cost per tonne of ore processed ($) |
63.12 |
50.38 |
67.34 |
52.35 |
67.34 |
|
59.35 |
58.29 |
All-in sustaining cost per tonne of ore processed ($) |
78.32 |
76.84 |
84.79 |
88.26 |
84.79 |
|
85.17 |
83.33 |
Cash cost per ounce of Silver, net of by-product credits ($) |
(4.79) |
(8.95) |
(3.10) |
(13.72) |
(3.10) |
|
(4.70) |
(13.72) |
All-in sustaining cost per ounce of silver, net of by-product credits ($) |
6.63 |
8.01 |
5.93 |
5.02 |
5.93 |
|
11.08 |
0.50 |
Metal Production |
|
|
|
|
|
|
|
|
Silver (in thousands of ounces) |
87 |
173 |
84 |
183 |
109 |
|
527 |
593 |
Lead (in thousands of pounds) |
1,210 |
2,211 |
1,047 |
2,434 |
1,250 |
|
6,902 |
7,814 |
Zinc (in thousands of pounds) |
2,809 |
5,251 |
2,404 |
4,708 |
2,413 |
|
15,172 |
16,313 |
At the
In Fiscal 2024, a total of 290,006 tonnes of ore were mined at the GC mine, down 3% over Fiscal 2023, and 290,050 tonnes of ore were milled, down 3% over Fiscal 2023. Approximately 527 thousand ounces of silver, 6.9 million pounds of lead, and 15.2 million pounds of zinc were produced, representing decreases of 11%, 12% and 7%, respectively, in silver, lead and zinc over Fiscal 2023.
CONFERENCE CALL DETAILS
A conference call to discuss these results will be held tomorrow,
International/Local Toll: 416-764-8650
Conference ID: 92497647
Participants should dial-in 10 – 15 minutes prior to the start time. A replay of the conference call and transcript will be available on the Company's website at www.silvercorp.ca.
Mr.
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorp.ca.
For further information
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorp.ca
This news release should be read in conjunction with the Company's Management Discussion & Analysis ("MD&A"), the audited condensed consolidated financial statements and related notes contains therein for the year ended
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian and US securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the
Actual results may vary from forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Risk Factors" and in the Company's Annual Report on Form 40-F, and in the Company's other filings with Canadian and
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
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