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.

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. On an adjusted basis, with adjustments made to remove the impacts…

Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] Your first question is from Joseph Reagor from ROTH Capital Partners. Please ask your question.

Hey, Lon. Thanks for taking my questions. Can you hear me all right?

Yes. Hi, Joe. Thanks.

So first, in your early part of your prepared remarks, I didn't catch it perfectly, but there was a comment about, I guess, a repatriation tax on taking some cash out of China. Can you walk us through that comment? I apologize if I didn't hear it correctly?

Yes. This is a standard tax. It's a 10% withholding tax that applies to dividends that are paid out of China, which applies to us and applies to other foreign entities that are shareholders in a domestic corporation in China.

Okay. So on that note, of the current cash balance the company has, how much is held in China? Because obviously, you'd have to repatriate a good portion of that to advance the El Domo project?

Yes, it's roughly a 50-50 split between what's held in China at the operations and our subsidiaries as well as outside of China.

Okay. All right. That's helpful. And then kind of a big picture question. There's been some news, not involving you guys, but other mining companies having issues with taking Chinese investments, Canadian government not approving it. Not necessarily denying it, but not approving it for anybody who's Canadian listed. Do you see any risk for you guys with – because of the differences between Chinese government and Canadian government right now?

Well, we don't see any risk because as the way the rules are defined, us as a Canadian company, which is the majority shareholder in a Chinese operation, but with no Chinese ownership or government influence, we don't meet the criteria for a review. So we're not anticipating any impacts from that.

Okay. Thanks. I just wanted you to clarify that for all of us. All right, I'll pass it on.

Okay. Thanks, Joe.

[Operator Instructions] Your next question is from Felix Shafigullin from Eight Capital. Please ask your question.

Hi, Lon. Thanks for taking my question.

Hi, Felix.

Just a quick question on the outlook. So if we compare it to last year, right, I think we're seeing kind of – in the outlook that you provided, we're seeing lower cash costs on Ying. And I think, if I'm correct – well, yes, so let's just stick to Ying then. So it's lower cash costs in Ying compared to last year to fiscal 2024. What's behind this lower cost estimate for Ying for next year?

Well, a lot of that will be driven by looking at the tonnages that we're anticipating. We're looking at a growth in tonnage out of Ying. And so from a higher tonnage spreading cost allocation across, that's what's driving the lower cost on a per ton basis.

So just increasing the throughput then?

Yes. Mainly, yes.

Okay. All right. That makes sense. Thanks.

Okay. Thanks, Felix.

[Operator Instructions] There are no further questions at this time. I will now turn the conference back over to Lon Shaver for any closing remarks.

That's great. Thank you, operator. I'd like to thank everyone for tuning in today. This is the wrap up for the call. As always, if anyone has any additional questions, please don't hesitate to call or e-mail us and we'll be happy to answer those questions in due course. Have a great day.

Thank you. Ladies and gentlemen, the conference has now ended. You may disconnect your lines. Thank you for participating, and have a wonderful day.