40-F/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 40-F/A

Amendment No. 1

[   ] Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

[ X ] Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For fiscal year ended: March 31, 2018 Commission File number: 001-34184

SILVERCORP METALS INC.
(Exact name of Registrant as specified in its charter)

British Columbia, Canada	1041	Not Applicable
(Province or Other Jurisdiction of	(Primary Standard Industrial Classification	(I.R.S. Employer Identification
Incorporation or Organization)	Code Number, if applicable)	Number, if applicable)

Suite 1378-200 Granville Street
Vancouver, British Columbia V6C 1S4 Canada
(604) 669-9397
(Address and Telephone Number of Registrant’s principal executive office)

Corporation Service Company
84 State Street, Boston MA 02109
617-227-9590
(Name, Address and Telephone Number of Agent for Service in the United States)

Copies to:

Daniel Miller
Dorsey & Whitney LLP
1095 West Pender Street Suite 1070
Vancouver, British Columbia, V6E 2M6, Canada
(604) 630-5199

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange On Which Registered
Common Shares, without par value	NYSE American

Securities registered or to be registered pursuant to Section 12(g) of the Act:
none

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
none

For annual reports, indicate by check mark the information filed with this Form:

[ X ] Annual information form           [ X ] Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

167,029,556

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements in the past 90 days.

Yes [ X ]      No [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

Yes [   ]      No [ X ]

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company [   ]

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

EXPLANATORY NOTE

Silvercorp Metals Inc. (the “Registrant”) is filing Amendment No. 1 (the “Amendment”) to Form 40-F, which amends the Registrant’s Form 40-F for the year ended March 31, 2018 that was filed with the Securities and Exchange Commission on June 22, 2018 (the “Original 40-F”). This Amendment does not reflect a change in the results of operations of the registrant or in any information in the Original 40-F other than to furnish Exhibit 101 to the Original 40-F, which contains the XBRL Interactive Data Files required to be submitted and posted pursuant to Rule 405 of Regulation S-T. This Amendment does not reflect events occurring after the filing of the Original 40-F or modify or update the disclosure contained therein in any way other than as required to reflect the amendment discussed above. Pursuant to Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended, the complete text of the Original 40-F in its entirety is attached to this Amendment.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: June 27, 2018	SILVERCORP METALS INC.
	By:/s/ Dr. Rui Feng
	Name: Dr. Rui Feng
	Title: Chief Executive Officer

EXHIBITS

Annual Information

99.1	Annual Information Form of the Company for the year ended March 31, 2018*
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended March 31, 2018*
99.3	Consolidated Financial Statements comprised of Consolidated Statements of Financial Position as at March 31, 2018 and 2017, Consolidated Statements of Income, Comprehensive Income (Loss), Cash Flows, and Changes in Equity for the years ended March 31, 2018 and 2017, and Notes to Consolidated Financial Statements*

Certifications

99.4	Certificate of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act*
99.5	Certificate of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act*
99.6	Certificate of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
99.7	Certificate of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Consents

99.8	Consent of Deloitte LLP, Independent Registered Public Accounting Firm*
99.9	Consent of Alan Riles*
99.10	Consent of Harald Muller*
99.11	Consent of Herbert Smith*
99.12	Consent of Mo Molavi*
99.13	Consent of Owen Watson*
99.14	Consent of Patrick Stephenson*
99.15	Consent of Peter Mokos*
99.16	Consent of Adrienne Ross*

* Previously filed

XML

Document and Entity Information	12 Months Ended
	Mar. 31, 2018 shares
Document And Entity Information
Entity Registrant Name	SILVERCORP METALS INC
Entity Central Index Key	0001340677
Document Type	40-F
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	167,029,556
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018

XML

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Current Assets
Cash and cash equivalents	$ 49,199	$ 73,003
Short-term investments	56,910	23,466
Trade and other receivables	676	1,311
Inventories	11,018	8,710
Due from a related party	11	92
Income tax receivable	534
Prepaids and deposits	4,456	4,250
Current Assets, Total	122,804	110,832
Non-current Assets
Long-term prepaids and deposits	954	959
Reclamation deposits	5,712	5,054
Investment in an associate	38,001	8,517
Other investments	6,132	1,207
Plant and equipment	71,211	65,201
Mineral rights and properties	232,080	206,200
TOTAL ASSETS	476,894	397,970
Current Liabilities
Accounts payable and accrued liabilities	25,198	30,374
Deposits received	6,806	6,798
Income tax payable	303	2,985
Current Liabilities, Total	32,307	40,157
Non-current Liabilities
Deferred income tax liabilities	33,310	27,692
Environmental rehabilitation	13,098	12,186
Total Liabilities	78,715	80,035
Equity
Share capital	228,729	232,155
Share option reserve	14,690	13,325
Reserves	25,409	25,409
Accumulated other comprehensive loss	(25,875)	(50,419)
Retained earnings	86,283	42,651
Total equity attributable to the equity holders of the Company	329,236	263,121
Non-controlling interests	68,943	54,814
Total Equity	398,179	317,935
TOTAL LIABILITIES AND EQUITY	$ 476,894	$ 397,970

XML

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Profit or loss [abstract]
Sales	$ 170,039	$ 163,471
Cost of sales
Production costs	59,144	53,822
Mineral resource taxes	4,764	3,777
Depreciation and amortization	18,247	17,686
Cost of sales	82,155	75,285
Gross profit	87,884	88,186
General and administrative	18,685	16,818
Government fees and other taxes	2,971	4,007
Foreign exchange loss (gain)	1,628	(339)
Loss on disposal of plant and equipment	329	538
Gain on disposal of NSR	(4,320)
Share of loss (income) in associate	700	(282)
Dilution gain on investment in associate	(822)
Reclassification of other comprehensive loss upon ownership dilution of investment in associate	18
Impairment reversal of investment in associate	(4,714)	(5,278)
Impairment of plant and equipment and mineral rights and properties		181
Other income	(2,016)	(748)
Income from operations	75,425	73,289
Finance income	2,839	2,206
Finance costs	(449)	(760)
Income before income taxes	77,815	74,735
Income tax expense	18,919	19,237
Net income	58,896	55,498
Attributable to:
Equity holders of the Company	46,994	43,674
Non-controlling interests	11,902	11,824
Net income	$ 58,896	$ 55,498
Earnings per share attributable to the equity holders of the Company
Basic earnings per share	$ 0.28	$ 0.26
Diluted earnings per share	$ 0.27	$ 0.25
Weighted Average Number of Shares Outstanding - Basic	167,848,117	167,185,234
Weighted Average Number of Shares Outstanding - Diluted	171,405,904	171,350,024

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statements Of Comprehensive Income
Net income	$ 58,896	$ 55,498
Items that may subsequently be reclassified to net income or loss:
Currency translation adjustment, net of tax of $nil	28,831	(17,550)
Share of other comprehensive income (loss) in associate	461	(12)
Reclassification to net income upon ownership dilution of investment in associate	18
Items that will not subsequently be reclassified to net income or loss:
Change in fair value on equity investments designated as FVTOCI, net of tax of $nil	378	196
Other comprehensive income (loss), net of taxes	29,688	(17,366)
Attributable to:
Equity holders of the Company	24,544	(14,425)
Non-controlling interests	5,144	(2,941)
Other comprehensive income (loss), net of taxes	29,688	(17,366)
Total comprehensive income	88,584	38,132
Attributable to:
Equity holders of the Company	71,538	29,249
Non-controlling interests	17,046	8,883
Total comprehensive income	$ 88,584	$ 38,132

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash provided by Operating activities
Net income	$ 58,896	$ 55,498
Add (deduct) items not affecting cash:
Finance costs	449	760
Depreciation, amortization and depletion	19,442	18,913
Share of loss (income) in associate	700	(282)
Dilution gain on investment in associate	(822)
Reclassification of other comprehensive loss upon ownership dilution of investment in associate	18
Gain on disposal of NSR	(4,320)
Impairment reversal of investment in associate	(4,714)	(5,278)
Impairment of plant and equipment and mineral rights and properties		181
Income tax expense	18,919	19,237
Finance income	(2,839)	(2,206)
Loss on disposal of plant and equipment	329	538
Share-based compensation	1,566	1,015
Reclamation	(194)	(2,967)
Income taxes paid	(19,743)	(13,667)
Interest received	2,839	2,206
Interest paid		(963)
Changes in non-cash operating working capital	(2,625)	4,485
Net cash provided by operating activities	67,901	77,470
Mineral rights and properties
Capital expenditures	(20,948)	(27,814)
Plant and equipment
Additions	(6,152)	(7,987)
Proceeds on disposals	33	51
Other investments
Acquisition		(782)
Proceeds on disposals		33
Investment in associate	(23,861)
Net purchases of short-term investments	(30,803)	(4,094)
Net cash used in investing activities	(81,731)	(40,593)
Bank loan
Repayment		(4,325)
Non-controlling interests
Distribution	(7,785)	(2,222)
Cash dividends distributed	(3,362)	(1,585)
Proceeds from issuance of common shares	550	904
Common shares repurchased as part of normal course issuer bid	(4,177)
Net cash used in financing activities	(14,774)	(7,228)
Effect of exchange rate changes on cash and cash equivalents	4,800	1,391
(Decrease) increase in cash and cash equivalents	(23,804)	31,040
Cash and cash equivalents, beginning of the year	73,003	41,963
Cash and cash equivalents, end of the year	$ 49,199	$ 73,003

XML

Consolidated Statements of Changes in Equity $ in Thousands	Share capital [Member] USD ($) shares	Share option reserve [Member] USD ($)	Reserves [Member] USD ($)	Accumulated other comprehensive loss [Member] USD ($)	Retained earnings [Member] USD ($)	Total equity attributable to the equity holders of the Company [Member] USD ($)	Non-controlling interests [Member] USD ($)	USD ($) shares
Balance at Mar. 31, 2016	$ 230,933	$ 12,628	$ 25,409	$ (35,994)	$ 562	$ 233,538	$ 53,021	$ 286,559
Balance, Shares at Mar. 31, 2016 | shares	166,846,356
Options exercised	$ 1,222	(318)				904		$ 904
Options exercised, Shares | shares	1,043,280							(1,043,280)
Share-based compensation		1,015				1,015		$ 1,015
Dividends declared					(1,585)	(1,585)		(1,585)
Distribution to non-controlling interests							(7,090)	(7,090)
Comprehensive income				(14,425)	43,674	29,249	8,883	38,132
Balance at Mar. 31, 2017	$ 232,155	13,325	25,409	(50,419)	42,651	263,121	54,814	317,935
Balance, Shares at Mar. 31, 2017 | shares	167,889,636
Options exercised	$ 751	(201)				550		$ 550
Options exercised, Shares | shares	857,020							(857,020)
Share-based compensation		1,566				1,566		$ 1,566
Dividends declared					(3,362)	(3,362)		(3,362)
Distribution to non-controlling interests							(2,917)	(2,917)
Common shares repurchased as part of normal course issuer bid	$ (4,177)					(4,177)		$ (4,177)
Common shares repurchased as part of normal course issuer bid, Shares | shares	(1,717,100)							1,717,100
Comprehensive income				24,544	46,994	71,538	17,046	$ 88,584
Balance at Mar. 31, 2018	$ 228,729	$ 14,690	$ 25,409	$ (25,875)	$ 86,283	$ 329,236	$ 68,943	$ 398,179
Balance, Shares at Mar. 31, 2018 | shares	167,029,556

XML

CORPORATE INFORMATION

12 Months Ended

Mar. 31, 2018

Disclosure of corporate information [Abstract]

CORPORATE INFORMATION

1. CORPORATE INFORMATION

Silvercorp Metals Inc., along with its subsidiary companies (collectively the “Company”), is engaged in the acquisition, exploration, development, and mining of precious and base metal mineral properties. The Company’s producing mines and other current exploration and development projects are in China.

The Company is a publicly listed company incorporated in Canada with limited liability under the legislation of the Province of British Columbia. The Company’s shares are traded on the Toronto Stock Exchange and the NYSE American Stock Exchange.

The head office, registered address and records office of the Company are located at 200 Granville Street, Suite 1378, Vancouver, British Columbia, Canada, V6C 1S4.

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SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2018

Disclosure of significant accounting policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of Compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The policies applied in these consolidated financial statements are based on IFRS in effect as of March 31, 2018.

These consolidated financial statements were authorized for issue in accordance with a resolution of the Board of Directors dated on May 23, 2018.

(b) Basis of Consolidation

These consolidated financial statements include the accounts of the Company and its wholly or partially owned subsidiaries.

Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary; and has the ability to use its power to affect its returns.

For non-wholly-owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as “non-controlling interests” in the equity section of the consolidated statements of financial position. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Adjustments to recognize the non-controlling interests’ share of changes to the subsidiary’s equity are made even if this results in the non-controlling interests having a deficit balance. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests’ relative interests in the subsidiary and the difference between the adjustment to the carrying amount of non-controlling interest and the Company’s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to equity holders of the Company.

Balances, transactions, revenues and expenses between the Company and its subsidiaries are eliminated on consolidation.

Details of the Company’s significant subsidiaries which are consolidated are as follows:

			Proportion of ownership interest held
		Place of	March 31,	March 31,
Name of subsidiaries	Principal activity	incorporation	2018	2017	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%	RZY
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%
Henan Found Mining Co. Ltd. ("Henan Found")	Mining	China	77.5%	77.5%	Ying Mining District
Songxian Gold Mining Co., Ltd. ("SX Gold")	Mining	China	77.5%	77.5%	XHP
Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")	Mining	China	70%	70%	BYP
Guangdong Found Mining Co. Ltd. (Guangdong Found")	Mining	China	95%	95%	GC
(i) British Virgin Island ("BVI")

(c) Investments in Associates

An associate is an entity over which the Company has significant influence, and is not a subsidiary or joint venture. Significant influence is presumed to exist when the Company has power to be actively involved and influential in financial and operating policy decisions of the associate but does not have control or joint control over those policies.

The Company accounts for its investments in associates using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of profit and loss of the associate and for impairment losses after the initial recognition date. The Company’s share of an associate’s loss that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The Company’s share of comprehensive income or losses attributable to shareholders of associates are recognized in comprehensive income during the period. The carrying amount of the Company’s investments in associates also include any long-term debt interests which in substance form part of the Company’s net investment. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment.

At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the associate’s operations. When there is objective evidence that an investment in an associate is impaired, the carrying amount is compared to its recoverable amount, being the higher of its fair value less cost to sell and value in use. An impairment loss is recognized if the recoverable amount is less than its carrying amount. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. Impairment losses and reversal of impairment losses, if any, are recognized in net income in the period in which the relevant circumstances are identified.

Details of the Company’s associate are as follows:

			Proportion of ownership interest held
		Place of	March 31,	March 31,
Name of associate	Principal activity	incorporation	2018	2017
New Pacific Metals Corp. ("NUAG")	Mining	Canada	29.8%	16.1%

(d) Business Combinations

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Company elects whether it measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed and included in general and administrative expenses.

When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.

If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss.

(e) Foreign Currency Translation

The functional currency for each subsidiary of the Company is the currency of the primary economic environment in which the entity operates. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (“CAD”). The functional currency of all Chinese subsidiaries is the Chinese Renminbi (“RMB”).

Foreign currency monetary assets and liabilities are translated into the functional currency using exchange rates prevailing at the balance sheet date. Foreign currency non-monetary assets are translated using exchange rates prevailing at the transaction date. Foreign exchange gains and losses are included in the determination of net income.

The consolidated financial statements are presented in U.S. dollars (“USD”). The financial position and results of the Company’s entities are translated from functional currencies to USD as follows:

• assets and liabilities are translated using exchange rates prevailing at the balance sheet date;

• income and expenses are translated using average exchange rates prevailing during the period; and

• all resulting exchange gains and losses are included in other comprehensive income.

The Company treats inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign entity is sold, the historical exchange differences plus the foreign exchange impact that arises on the transaction are recognized in the statement of income as part of the gain or loss on sale.

(f) Revenue Recognition

Sales of all metals products, which are contained in direct smelting ore or concentrates, are recognized as revenue. Revenue is recognized when the significant risks and rewards of ownership have passed to the buyer, it is probable that economic benefits associated with the transaction will flow to the Company, the sale price can be measured reliably, the Company has no significant continuing involvement and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

These conditions for revenue are satisfied when the title passes to the customer. The passing of title to the customer is based on the terms of the sales contract, which is generally upon shipment of the products. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets. Under the Company’s concentrate sales contracts with its customers, final commodity prices are set on a specified quotation period, typically ranging from ten to fifteen days around shipment date. Refining and treatment charges are netted against revenue from metal concentrate sales.

(g) Cash and Cash Equivalents

Cash and cash equivalents include cash, and short-term money market instruments that are readily convertible to cash with original terms of three months or less.

(h) Short-term Investments

Short-term investments consist of certificates of deposit and money market instruments, including cashable guaranteed investment certificates, bearer deposit notes and commercial paper with original terms of three months or more, but less than one year. Bonds traded on open markets are also included in short-term investments.

(i) Inventories

Inventories include metals contained in concentrates, direct smelting ore, stockpile ore and operating materials and supplies. The classification of metals inventory is determined by the stage at which the ore is in the production process. Mined materials that do not contain a minimum quantity of metal needed to compensate the estimated processing expenses for recovery of the contained metal, are not classified as inventory and are assigned no value.

Direct smelting ore and stockpiled ore are valued at the lower of mining cost and net realizable value. Mining cost includes the cost of raw material, mining contractor cost, direct labour costs, depletion and depreciation, and applicable production overheads, based on normal operating capacity. Concentrate inventories are valued at the lower of cost and net realizable value. The cost of concentrate inventories includes the mining cost for stockpiled ore milled, freight charges for shipping stockpile ore from mine sites to mill sites and milling cost. Milling cost includes cost of materials and supplies, direct labour costs, and applicable production overheads cost, based on normal operating capacity. Material and supplies are valued at the lower of cost, determined on a weighted average cost basis, and net realizable value.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sales.

(j) Plant and Equipment

Plant and equipment are initially recorded at cost, including all directly attributable costs to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and equipment are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is computed on a straight-line basis based on the nature and useful lives of the assets. The significant classes of plant and equipment and their estimated useful lives are as follows:

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

Subsequent costs that meet the asset recognition criteria are capitalized, while costs incurred that do not extend the economic useful life of an asset are considered repairs and maintenance, which are accounted for as an expense recognized during the period.

Assets under construction are capitalized as construction-in-progress. The cost of construction-in-progress comprises its purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction-in-progress assets are transferred to other respective asset classes and are depreciated when they are completed and available for use.

Upon disposal or abandonment, the carrying amounts of plant and equipment are derecognized and any associated gain or loss are recognized in net income.

(k) Mineral Rights and Properties

The cost of acquiring mineral rights and properties as part of a business combination is capitalized and represents the property’s fair value at the date of acquisition. Fair value is determined by estimating the value of the property’s reserves, resources and exploration potential. The cost of acquiring or renewing an exploration or mining permit or mineral rights and properties not as part of a business combination is recognized at the amount paid and capitalized.

Exploration and evaluation costs incurred associated with specific mineral rights and properties prior to demonstrable technical feasibility and commercial viability of extracting a mineral resource are capitalized.

The Company determines that a property is in the development stage when it has completed a positive economic analysis of the mineral deposit. Subsequent development costs incurred prior to the commercial production stage are capitalized and included in the carrying amount of the related property in the period incurred. Proceeds from sales during this period, if any, are offset against costs capitalized.

When a property has achieved operational results that are expected to remain at a sustainable operational level over a period of time, it enters the commercial production stage. Quantitative and qualitative factors indicating the achievement of commercial production stage include but are not limited to the following:

• A significant portion of planned capacity, production levels, grades and recovery rate are achieved at a sustainable level;

• completion of major mine and plant components;

• significant milestones such as obtaining necessary permits and production inputs are achieved to allow continuous and sustainable operations; and

• management’s intended operating results are being achieved consistently for a period of time.

Production costs incurred during commercial production stage are included in cost of sales. Development costs incurred during commercial production stage that provide access to reserve and resources that will be produced in future periods that would not have otherwise been accessible are capitalized.

Upon commencement of commercial production, mineral rights and properties and capitalized expenditures, other than the mine right fee to renew a mining permit, are depleted over the mine’s estimated life using the units of production method calculated based on proven and probable reserves. Estimation of proven and probable reserves for each property is updated when relative information is available; the result will be prospectively applied to calculate depletion amounts for future periods. If commercial production commences prior to the determination of proven and probable reserves, depletion is calculated based on the mineable portion of measured and indicated resources. Amounts capitalized for the mine right fee are depleted using the units of production method based on the mineral resources which were used to determine the mine right fee payable.

(l) Impairment of Long-lived Assets

Long-lived assets, including mineral rights and properties, plant and equipment are reviewed and tested for impairment when indicators of impairment are considered to exist. Impairment assessments are conducted at the level of cash-generating units (“CGU”), which is the lowest level for which identifiable cash inflows are largely independent of the cash inflows of other assets. An impairment loss is recognized for any excess of carrying amount of a CGU over its recoverable amount, which is the greater of its fair value less costs to sell and value in use. For mineral rights and properties and processing facilities, the recoverable amount is estimated as the discounted future net cash flows expected to be derived from expected future production, metal prices, and net proceeds from the disposition of assets on retirement, less operating and capital costs. Impairment losses are recognized in the period they are incurred.

For exploration and evaluation assets, indication of impairment includes but is not limited to, expiration of the right to explore, abandonment of the property, substantive expenditures in the specific area are neither budgeted nor planned, and exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources.

Impairment losses are reversed if the conditions that gave rise to the impairment are no longer present and it has been determined that the asset is no longer impaired as a result. This reversal is recognized in net income in the period the reversal occurs limited by the carrying value that would have been determined, net of any depreciation, had no impairment charge been recognized in prior years.

(m) Environmental Rehabilitation Provision

The mining, extraction and processing activities of the Company normally give rise to obligations for site closure or rehabilitation. Closure and decommissioning works can include facility decommissioning and dismantling; removal or treatment of waste materials; site and land rehabilitation. The extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company’s environmental policies. Provisions for the cost of each closure and rehabilitation program are recognized at the time when environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and decommissioning activity expected to occur progressively over the life of the operation and at the time of closure in connection with disturbances at the reporting date. Routine operating costs that may impact the ultimate closure and decommissioning activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision.

Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognized as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and decommissioning expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating license conditions, and the environment in which the mine operates. Expenditure may occur before and after closure and can continue for an extended period of time dependent on closure and decommissioning requirements.

Closure and decommissioning provisions are measured at the expected amount of future cash flows, discounted to their present value for each operation. Discount rates used are specific to the underlying obligation. Significant judgments and estimates are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations are formed based on existing environmental and regulatory requirements which give rise to a constructive or legal obligation.

When provisions for closure and decommissioning are initially recognized, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost of closure and decommissioning activities is recognized in Mineral Rights and Properties and depleted accordingly. The value of the provision is progressively increased over time as the effect of discounting unwinds, creating an expense recognized in finance expenses. Closure and decommissioning provisions are also adjusted for changes in estimates. Those adjustments are accounted for as a change in the corresponding capitalized cost.

Adjustments to the estimated amount and timing of future closure and decommissioning cash flows are a normal occurrence in light of the significant judgments and estimates involved. The provision is reviewed at the end of each reporting period for changes to obligations, legislation or discount rates that impact estimated costs or lives of operations and adjusted to reflect current best estimate.

The cost of the related asset is adjusted for changes in the provision resulting from changes in the estimated cash flows or discount rate and the adjusted cost of the asset is depreciated prospectively.

(n) Borrowing Costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, which necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of that asset. All other borrowing costs are expensed in the period in which they are incurred. No borrowing costs were capitalized in the periods presented.

(o) Share-based Payments

The Company recognizes share-based compensation expense for all stock options awarded to employees, officers, directors, and consultants using the fair value method. The fair value of the stock options at the date of grant is expensed over the vesting periods of the stock options with a corresponding increase to equity. The fair value of options granted to employees, officers, and directors is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of stock options granted to consultants is measured at the fair value of the services delivered unless that fair value cannot be estimated reliably, which then is determined using the Black-Scholes option pricing model. Stock options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Forfeitures are accounted for using estimates based on historical actual forfeiture data. Share-based compensation expenses for options granted to those working in exploration are capitalized in mineral rights and properties.

Upon the exercise of the stock option, consideration received and the related amount transferred from contributed surplus are recorded as share capital.

(p) Income Taxes

Current tax for each taxable entity is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the balance sheet date and includes adjustments to tax payable or recoverable in respect to previous periods.

Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax is recognized using the balance sheet liability method on temporary differences at the reporting date between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilized, except:

• where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax relating to items recognized outside profit or loss is recognized in other comprehensive income or directly in equity.

Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

(q) Earnings per Share

Earnings per share is computed by dividing net income available to equity holders of the Company by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if additional common shares are assumed to be issued under securities that entitle their holders to obtain common shares in the future. For stock options and warrants, the number of additional shares for inclusion in diluted earnings per share calculations is determined by the options and warrants, whose exercise price is less than the average market price of our common shares, are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options, and repurchased from proceeds, is included in the calculation of diluted earnings per share.

(r) Financial Instruments

The Company had previously early adopted IFRS 9 (2010) to account for its financial instruments.

Initial recognition:

On initial recognition, all financial assets and financial liabilities are recorded at fair value adjusted for directly attributable transaction costs except for financial assets and liabilities classified as fair value through profit or loss (“FVTPL”), in which case transaction costs are expensed as incurred.

Subsequent measurement of financial assets:
Subsequent measurement of financial assets depends on the classification of such assets.

I.	Non-equity instruments:
	IFRS 9 (2010) includes a single model that has only two classification categories for financial instruments other than equity instruments: amortized cost and fair value. To qualify for amortized cost accounting, the instrument must meet two criteria:
	i.	The objective of the business model is to hold the financial asset for the collection of the cash flows; and
	ii.	All contractual cash flows represent only principal and interest on that principal.

	All other instruments are mandatorily measured at fair value.
II.	Equity instruments:
	At initial recognition, for equity instruments other than held for trading, the Company may make an irrevocable election to designate it as either FVTPL or fair value through other comprehensive income (“FVTOCI”).

Financial assets classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization from the effective interest method is included in finance income.

Financial assets classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Equity investments designated as FVTOCI are measured at fair value with changes in fair values recognized in other comprehensive income (“OCI”). Dividends from that investment are recorded in profit or loss when the Company's right to receive payment of the dividend is established unless they represent a recovery of part of the cost of the investment.

Impairment of financial assets carried at amortized cost:

The Company assesses at the end of each reporting period whether there is objective evidence that financial assets or group of financial assets measured at amortized cost are impaired. Impairment losses and reversal of impairment losses, if any, are recognized in profit or loss in the period they are incurred.

Subsequent measurement of financial liabilities:

Financial liabilities classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization using the effective interest method is included in finance costs.

Financial liabilities classified as FVTPL are measured at fair value with gains and losses recognized in profit or loss.

The Company classifies its financial instruments as follows:

• Financial assets classified as FVTPL: cash and cash equivalents and other investments - warrants;

• Financial assets classified as FVTOCI: other investments - common shares;

• Financial assets classified as amortized cost: short-term investments, trade and other receivables and due from related parties;

• Financial liabilities classified as amortized cost: accounts payable and accrued liabilities, dividends payable, bank loan, customer deposits and due to related parties.

Derecognition of financial assets and financial liabilities:
A financial asset is derecognized when:

• The rights to receive cash flows from the asset have expired; or

• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass- through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Gains and losses on derecognition of financial assets and liabilities classified as amortized cost are recognized in profit or loss when the instrument is derecognized or impaired, as well as through the amortization process.

Gains and losses on derecognition of equity investments designated as FVTOCI (including any related foreign exchange component) are recognized in OCI. Amounts presented in OCI are not subsequently transferred to profit or loss, although the cumulative gain or loss may be transferred within equity.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability. In this case, a new liability is recognized, and the difference in the respective carrying amounts is recognized in the statement of income.

Offsetting of financial instruments:

Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle liabilities simultaneously.

Fair value of financial instruments:

The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without deduction for transaction costs. For financial instruments that are not traded in active markets, the fair value is determined using appropriate valuation techniques, such as using a recent arm’s length market transaction between knowledgeable and willing parties, discounted cash flow analysis, reference to the current fair value of another instrument that is substantially the same, or other valuation models.

(s) Government Assistance

Refundable mining exploration tax credits received from eligible mining exploration expenditures and other government grants received for project construction and development reduce the carrying amount of the related mineral rights and properties or plant and equipment assets. The depletion or depreciation of the related mineral rights and properties or plant and equipment assets is calculated based on the net amount.

Government subsidies as compensation for expenses already incurred are recognized in profit and loss during the period in which it becomes receivable.

(t) Significant Accounting Judgments and Estimates

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these judgments and estimates are continuously evaluated and are based on management’s experience and best knowledge of relevant facts and circumstances, actual results may differ from these estimates.

Areas of significant judgments include:

• Capitalization of expenditures with respect to exploration, evaluation and development costs to be included in mineral rights and properties.

• Anticipated reinvestment of undistributed earnings of foreign subsidiaries, therefore no withholding taxes was accrued.

• Accounting and impairment or impairment reversal assessment for equity investments and investment in associates.

• Accounting and impairment or impairment reversal assessment for mineral rights and properties.

• Determination of functional currency for all entities in the group.

• Determination of the components of each CGU.

Areas of significant estimates include:

Ore reserve and mineral resource estimates

Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates. Such an analysis requires complex engineering and geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with engineering and geological assumptions and judgements made in estimating the size and grade of the ore body.

The Company estimates ore reserves in accordance with National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, issued by the Canadian Securities Administrators. There are numerous assumptions including:

• Future production estimates – which include proved and probable reserves, resource estimates and committed expansions;

• Expected future commodity prices, based on current market price, forward prices and the Company’s assessment of the long-term average price; and

• Future cash costs of production, capital expenditure and rehabilitation obligations.

As the economic assumptions change and as additional geological information is produced during the operation of a mine, estimates of reserves may change. Such changes may impact the Company’s reported financial position and results which include:

• The carrying value of mineral rights and properties and plant and equipment may be affected due to changes in estimated future cash flows;

• Depreciation and depletion charges in net income may change where such charges are determined using the units of production method, or where the useful life of the related assets change; and

• The recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets.

Impairment of assets

Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is determined as the higher of the fair value less costs to sell and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices (considering current and historical prices, price trends and related factors), discount rates, operating costs, future capital requirements, closure and rehabilitation costs, exploration potential, reserves and operating performance (which includes production and sales volumes). These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will impact these projections, which may impact the recoverable amount of assets and/or CGUs. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. Fair value for mineral assets is generally determined as the present value of estimated future cash flows arising from the continued use of the asset, which includes estimates such as the cost of future expansion plans and eventual disposal, using assumptions that an independent market participant may take into account. Cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

(u) Accounting standards issued but not yet in effect

IFRS 9 (2014) – Financial Instruments (amended 2014): In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments (“IFRS 9”). The Company adopted IFRS 9 (2010) – Financial Instruments effective April 1, 2011. The Company has reviewed its financial instruments to determine the impact that the adoption of IFRS 9 (2014) will have on its financial statements. The Company does not anticipate that there will be any changes to the classification or the carrying values of the Company’s financial instruments as a result of the adoption. The Company does not currently apply hedge accounting to its risk management contracts and does not intend to apply hedge accounting to any of its existing risk management contracts on adoption of IFRS 9 (2014). The Company will apply IFRS 9 (2014) on April 1, 2018.

IFRS 15 – Revenue from contracts with customers, the standard on revenue from contacts with customers was issued in September 2015 and is effective for annual reporting periods beginning on or after January 1, 2018 with early adoption permitted. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. IFRS 15 introduces a revenue recognition model under which an entity recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or serviceds. IFRS 15 also introduces the concept of performance obligations that are defined as “distinct” promised goods or services, and requires entities to apportion revenue earned to the distinct performance obligation on a relative stand alone selling price basis. The Company will apply IFRS 15 using the modified restrospective transition approach, whereby the cumulative impact of the application, if any, is recognized in retained earning as April 1, 2018 and comparative period balances are not restated. The Company has reviewed its revenue streams and underlying contracts with customers and determined that the application of IFRS 15 will have no material impact on its financial statements.

IFRS 16 – Leases (“IFRS 16”) was issued by the IASB and will replace Leases (“IAS 17”) and Determining whether an arrangement contains a lease (“IFRIC 4”). IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a non-lease component on the basis of whether the customer controls the specific asset. For those contracts that are or contain a lease, IFRS 16 introduces significant changes to the accounting for contracts that are or contain a lease, introducing a single, on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company anticipates that the application of IFRS 16 will result in an increase in the recognition of right of use assets and lease liabilities related to leases with terms greater than 12 months on the Consolidated Statements of Financial Position on April 1, 2019. IFRS 16 will further result in increased depreciation and amortization on these right of use assets and increased interest on these additional lease liabilities. These lease payments will be recorded as financing outflows on the Consolidated Statements of Cash Flows. The Company expects to identify and collect data relating to existing lease agreements during Fiscal 2019.

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SHORT-TERM INVESTMENTS

12 Months Ended

Mar. 31, 2018

Disclosure of short-term investments [Abstract]

SHORT-TERM INVESTMENTS

3. SHORT-TERM INVESTMENTS

As at March 31, 2018, short-term investments consist of the following:

		Carrying value	Interest rates	Maturity
Term deposits	$	36,596	3.6% - 4.15%	April 11 - August 3, 2018
Bonds		20,314	3.88% - 8.75%	June 4, 2018 - October 31, 2046
	$	56,910

As at March 31, 2017, short-term investments consist of the following:

		Carrying value	Interest rates	Maturity
Term deposits		7,141	3.38% - 3.66%	May 19 - 22, 2017
Bonds		16,325	3% - 8.7%	April 17, 2017 - December 10, 2020
	$	23,466

All bonds were purchased on open markets and are readily tradable.

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INVENTORIES

12 Months Ended

Mar. 31, 2018

Classes of current inventories [abstract]

INVENTORIES

4. INVENTORIES

Inventories consist of the following:

		March 31, 2018		March 31, 2017
Direct smelting ore and stockpile ore	$	1,071	$	833
Concentrate inventory		5,513		4,853
Total stockpile and concentrate		6,584		5,686
Material and supplies		4,434		3,024
	$	11,018	$	8,710

The amount of inventories recognized as expense during the years ended March 31, 2018 was $77,391 (year ended March 31, 2017 - $71,508).

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INVESTMENT IN AN ASSOCIATE

12 Months Ended

Mar. 31, 2018

Disclosure of associates [abstract]

INVESTMENT IN AN ASSOCIATE

5. INVESTMENT IN AN ASSOCIATE

New Pacific Metals Corp. (“NUAG”) is a Canadian public company listed on the TSX Venture Exchange (symbol: NUAG). NUAG is a related party of the Company by way of two common directors and officers, and the Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG.

In July 2017, the Company participated in NUAG’s private placement and subscribed 25,000,000 common shares of NUAG for $20.0 million.

In November 2017, the Company participated in NUAG’s strategic private placement. The placement was for 19,000,000 units, and the Company subscribed 3,000,000 units while Pan American Silver Corp. subscribed 16,000,000 units, at a price of CAD$1.42 per unit. Each unit is comprised of one common share of NUAG and one half of one common share purchase warrant. Arising from this strategic private placement, the Company’s ownership in NUAG was diluted from 32.2% to 29.8% and a dilution gain of $0.8 million was recorded along with the reclassification of loss of $18 from other comprehensive income to net income.

The Company also acquired additional 474,600 shares from the public market for $0.5 million during the year ended March 31, 2018.

As at March 31, 2018, the Company owned 39,280,900 common shares (March 31, 2017 – 10,806,300) of NUAG, representing an ownership interest of 29.8% (March 31, 2017 – 16.1%). The summary of the investment in NUAG common shares and its market value as at the respective balance sheet dates are as follows:

						Value of NUAG's
	Number of					common shares per
	shares		Amount			quoted market price
Balance, April 1, 2016	10,806,300	$	3,133		$	2,333
Share of net income			282
Share of other comprehensive loss			(12	)
Impairment recovery			5,278
Foreign exchange impact			(164	)
Balance, March 31, 2017	10,806,300		8,517			8,517
Participate in Private placement	28,000,000		23,352
Purchase from open market	474,600		509
Share of net loss			(700	)
Share of other comprehensive income			461
Impairment recovery			4,714
Dilution gain			822
Foreign exchange impact			326
Balance March 31, 2018	39,280,900	$	38,001		$	50,266

For the year ended March 31, 2018, an impairment recovery of $4,714 (year ended March 31, 2017 -$5,278) was recognized for the investment in NUAG based on the quoted market price of NUAG common shares.

Summarized financial information for the Company's investment in NUAG on a 100% basis is as follows:

		Years ended March 31,
		2018	(1)		2017	(1)
(Loss) income from investments	$	(976	)	$	3,999
General and administrative expense		(2,527	)		(1,197	)
Foreign exchange (loss) gain		(358	)		388
Impairment charge		-			(2,933	)
Other income		372			100
Net (loss) income of associate	$	(3,489	)	$	357
Adjustments to net (loss) income of associate		760			1,391
Net (loss) income of associate qualified for pick-up	$	(2,729	)	$	1,748
Company's share of net (loss) income	$	(700	)	$	282
	March 31, 2018(1)				March 31, 2017(1)
Current assets	$	28,279		$	16,152
Non-current assets		57,268			9,248
Total assets	$	85,547		$	25,400
Current liabilities		970			600
Long-term liabilities		4,839			-
Total liabilities		5,809			600
Net assets	$	79,738		$	24,800
Company's share of net assets of associate	$	23,730		$	4,003
(1) NUAG's fiscal year-end is on June 30. NUAG's quarterly financial results were used to compile the financial information that matched with the Company's year-end on March 31.

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OTHER INVESTMENTS

12 Months Ended

Mar. 31, 2018

Disclosure of other investments [Abstract]

OTHER INVESTMENTS

6. OTHER INVESTMENTS

		March 31,2018		March 31, 2017
Equity investments designated as FVTOCI
Publicly-traded companies	$	6,132	$	1,207

(a) Investments in publicly-traded companies with no significant influence

Investments in publicly-traded companies represent equity interests of other publicly-trading mining companies that the Company has acquired through the open market or through private placements. These equity interests are for long-term investment purposes and consist of common shares and warrants. As of March 31, 2018, none of the shares held by the Company represented more than 10% of the respective outstanding shares of investees.

The continuity of such investments is as follows:

					Accumulated fair value change
		Fair value			included in OCI
April 1, 2016	$	287		$	(6,429	)
Change in fair value on equity investments designated as FVTOCI		196			196
Purchase of equity investments		782			-
Impact of foreign currency translation		(58	)		-
March 31, 2017	$	1,207		$	(6,233	)
Change in fair value on equity investments designated as FVTOCI		378			378
Equity investments received as consideration for disposal of NSR		4,320			-
Impact of foreign currency translation		227			-
March 31, 2018	$	6,132		$	(5,855	)

On April 5, 2017, the Company entered into a royalty purchase and sale agreement (the “Agreement”) with Maverix Metals Inc. (“Maverix”), a publicly traded (TSX-V: MMX) Canadian precious metals royalty and streaming company, to sell its 2.5% net smelter return (“NSR”) on the Silvertip Mine for consideration of up to 6,600,000 of Maverix’s common shares payable as follows:

• 3,800,000 common shares of Maverix on closing of the transaction; and

• 2,800,000 common shares of Maverix when the Silvertip Mine achieves (i) commercial production, and (ii) a cumulative throughput of 400,000 tonnes of ore through the processing plant.

On April 19, 2017, the transaction closed and the Company received a total of 3,800,000 Maverix common shares valued at $4,320 (CAD$5.8 million) and recognized a gain of $4,320 on disposal of the NSR.

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PLANT AND EQUIPMENT

12 Months Ended

Mar. 31, 2018

Disclosure of detailed information about property, plant and equipment [abstract]

PLANT AND EQUIPMENT

7. PLANT AND EQUIPMENT

Plant and equipment consist of:

	Land use rights				Office						Motor		Construction
Cost	and building			equipment				Machinery			vehicles		in progress				Total
Balance as at April 1, 2016	$	91,162		$	6,442		$	27,255		$	7,103		$	9,075		$	141,037
Additions		1,748			215			850			300			1,656			4,769
Disposals		(267	)		(323	)		(321	)		(837	)		(3	)		(1,751	)
Reclassification of asset groups(1)		7,841			-			318			-			(8,159	)		-
Impact of foreign currency translation		(6,000	)		(370	)		(1,750	)		(435	)		(426	)		(8,981	)
Balance as at March 31, 2017	$	94,484		$	5,964		$	26,352		$	6,131		$	2,143		$	135,074
Additions		1,497			1,156			1,084			559			1,540			5,836
Disposals		(246	)		(194	)		(298	)		(515	)		-			(1,253	)
Reclassification of asset groups(1)		344			-			4			-			(348	)		-
Impact of foreign currency translation		9,086			829			2,271			555			267			13,008
Ending balance as at March 31, 2018	$	105,165		$	7,755		$	29,413		$	6,730		$	3,602		$	152,665
Impairment, accumulated depreciation and amortization
Balance as at April 1, 2016	$	(42,658	)	$	(4,693	)	$	(17,177	)	$	(5,407	)	$	(57	)	$	(69,992	)
Disposals		82			276			187			617			-			1,162
Depreciation and amortization		(2,893	)		(507	)		(1,674	)		(480	)		-			(5,554	)
Impact of foreign currency translation		2,763			258			1,144			342			4			4,511
Balance as at March 31, 2017	$	(42,706	)	$	(4,666	)	$	(17,520	)	$	(4,928	)	$	(53	)	$	(69,873	)
Disposals		68			175			208			440			-			891
Depreciation and amortization		(3,180	)		(438	)		(1,643	)		(390	)		-			(5,651	)
Impact of foreign currency translation		(4,198	)		(383	)		(1,768	)		(467	)		(5	)		(6,821	)
Ending balance as at March 31, 2018	$	(50,016	)	$	(5,312	)	$	(20,723	)	$	(5,345	)	$	(58	)	$	(81,454	)
Carrying amounts
Balance as at March 31, 2017	$	51,778		$	1,298		$	8,832		$	1,203		$	2,090		$	65,201
Ending balance as at March 31, 2018	$	55,149		$	2,443		$	8,690		$	1,385		$	3,544		$	71,211
(1) when an asset is available for use, it is reclassified from construction in progress to one of the appropriate plant and equipment categories.

Carrying amounts as at March 31, 2018		Ying Mining District		BYP		GC		Other		Total
Land use rights and building	$	37,431	$	2,527	$	14,039	$	1,151	$	55,148
Office equipment		2,053		46		168		176		2,443
Machinery		5,651		339		2,652		50		8,692
Motor vehicles		1,270		33		80		2		1,385
Construction in progress		1,528		1,966		49		-		3,543
Total	$	47,933	$	4,911	$	16,988	$	1,379	$	71,211
Carrying amounts as at March 31, 2017		Ying Mining District		BYP		GC		Other		Total
Land use rights and building	$	35,079	$	2,533	$	13,087	$	1,079	$	51,778
Office equipment		1,009		51		160		78		1,298
Machinery		5,817		372		2,643		-		8,832
Motor vehicles		1,138		44		21		-		1,203
Construction in progress		255		1,831		4		-		2,090
Total	$	43,298	$	4,831	$	15,915	$	1,157	$	65,201

During the year ended March 31, 2018, certain plant and equipment were disposed for proceeds of $33 (year ended March 31, 2017 - $51) and loss of $329 (year ended March 31, 2017 – loss of $538).

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MINERAL RIGHTS AND PROPERTIES

12 Months Ended

Mar. 31, 2018

Disclosure of mineral rights and properties [Abstract]

MINERAL RIGHTS AND PROPERTIES

8. MINERAL RIGHTS AND PROPERTIES

Mineral rights and properties consist of:

	Producing and development properties									Exploration and evaluation properties
Cost		Ying Mining District			BYP			GC			XHP			RZY			Total
Balance as at April 1, 2016	$	232,127		$	64,815		$	109,478		$	21,257		$	179		$	427,856
Capitalized expenditures		18,058			-			714			-			-			18,772
Mine right fee		1,337			-			-			-			-			1,337
Environmental rehabiliation		(1,448	)		(101	)		(57	)		-			-			(1,606	)
Foreign currecy translation impact		(15,227	)		(968	)		(6,933	)		(1,351	)		(5	)		(24,484	)
Balance as at March 31, 2017	$	234,847		$	63,746		$	103,202		$	19,906		$	174		$	421,875
Capitalized expenditures		20,125			14			323			231			-			20,693
Environmental rehabiliation		(589	)		(52	)		(36	)		(17	)		-			(694	)
Foreign currecy translation impact		23,351			1,346			9,755			1,904			6			36,362
Ending balance as at March 31, 2018	$	277,734		$	65,054		$	113,244		$	22,024		$	180		$	478,236
Impairment and accumulated depletion
Balance as at April 1, 2016	$	(55,524	)	$	(57,386	)	$	(77,609	)	$	(21,257	)	$	-		$	(211,776	)
Impairment loss		-			-			-			-			(181	)		(181	)
Depletion		(12,457	)		-			(1,869	)		-			-			(14,326	)
Foreign currecy translation impact		3,824			495			4,931			1,351			7			10,608
Balance as at March 31, 2017	$	(64,157	)	$	(56,891	)	$	(74,547	)	$	(19,906	)	$	(174	)	$	(215,675	)
Depletion		(12,196	)		-			(1,837	)		-			-			(14,033	)
Foreign currecy translation impact		(6,746	)		(693	)		(7,111	)		(1,892	)		(6	)		(16,448	)
Ending balance as at March 31, 2018	$	(83,099	)	$	(57,584	)	$	(83,495	)	$	(21,798	)	$	(180	)	$	(246,156	)
Carrying amounts
Balance as at March 31, 2017	$	170,690		$	6,855		$	28,655		$	-		$	-		$	206,200
Ending balance as at March 31, 2018	$	194,635		$	7,470		$	29,749		$	226		$	-		$	232,080

On June 16, 2016, the Company paid a mine right fee of $1,337 (RMB ¥8.7 million) to the Chinese government as part of its requirement to renew the mining permit for its TLP and LM mine (part of the Ying Mining District).

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ENVIRONMENTAL REHABILITATION

12 Months Ended

Mar. 31, 2018

Environmental Rehabilitation Schedule Of Reconciliation Of Obligations Associated Retirement Properties

ENVIRONMENTAL REHABILITATION

9. ENVIRONMENTAL REHABILITATION

The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties:

		Total
Balance, April 1, 2016	$	14,328
Unwinding of discount of environmental rehabilitation		382
Revision of provision		(1,606	)
Foreign exchange impact		(918	)
Balance, March 31, 2017	$	12,186
Reclamation expenditures		(25	)
Unwinding of discount of environmental rehabilitation		449
Revision of provision		(694	)
Foreign exchange impact		1,182
Balance, March 31, 2018	$	13,098

As at March 31, 2018, the total undiscounted amount of estimated cash flows required to settle the Company’s environmental rehabilitation provision is $20,836 (March 31, 2017 - $18,683) over the next twenty-nine years, which has been discounted using an average discount rate of 3.84% (March 31, 2017 –3.48%).

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SHARE CAPITAL

12 Months Ended

Mar. 31, 2018

Disclosure of classes of share capital [abstract]

SHARE CAPITAL

10. SHARE CAPITAL

(a) Authorized

Unlimited number of common shares without par value. All shares issued as at March 31, 2018 were fully paid.

(b) Stock options

The Company has a stock option plan which allows for the maximum number of common shares to be reserved for issuance on the exercise of options granted under the stock option plan to be a rolling 10% of the issued and outstanding common shares from time to time. The maximum exercise period may not exceed 10 years from the date of the grant of the options to employees, officers, and consultants. The following is a summary of option transactions:

				Weighted average
				exercise price per
	Number of shares			share CAD$
Balance, April 1, 2016	9,174,025		$	2.39
Options granted	1,173,000			3.77
Options exercised	(1,043,280	)		1.13
Options forfeited	(847,238	)		3.61
Options expired	(777,000	)		8.92
Balance, March 31, 2017	7,679,507		$	1.97
Option granted	2,192,500			3.30
Options exercised	(857,020	)		0.81
Options forfeited	(195,626	)		3.00
Options expired	(672,562	)		5.25
Balance, March 31, 2018	8,146,799		$	2.15

During the year ended March 31, 2018, a total of 2,192,500 options with a life of three years (year ended March 31, 2017 – 1,173,000 options with a life of three years) were granted to directors, officers, and employees at exercise prices of CAD$3.23 and CAD$3.36 per share (year ended March 31, 2017 – prices of CAD$3.63 to CAD$5.58) subject to a vesting schedule over a two-year term with 25% of the options vesting every six months from the date of grant.

The fair value of stock options granted during the years ended March 31, 2018 and 2017 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

					Years ended March 31,
		2018			2017
Risk free interest rate		1.70	%		0.78	%
Expected life of option in years		2.27 years			2.25 years
Expected volatility		69	%		72	%
Expected dividend yield		1.36	%		0.47	%
Estimated forfeiture rate		10	%		11	%
Weighted average share price at date of grant	$	3.30		$	3.77

The weighted average grant date fair value of options granted during the year ended March 31, 2018 was CAD$1.27 (US$0.99) (year ended March 31, 2016 - CAD$1.53 (US$1.17)). Volatility was determined based on the historical volatility of the Company’s shares over the estimated life of stock options. For the year ended March 31, 2018, a total of $1,566 (year ended March 31, 2017 - $1,015) in share-based compensation expense was recognized and included in the general and administrative expenses on the consolidated statements of income.

The following table summarizes information about stock options outstanding at March 31, 2018:

								Weighted
			Weighted average		Weighted	Number of		average
		Number of options	remaining		average	options		exercise
	Exercise price in	outstanding at	contractual life		exercise price	exercisable at		price in
	CAD$	March 31, 2018	(Years)		in CAD$	March 31, 2018		CAD$
$	0.66	2,385,044	0.75	$	0.66	2,385,044		0.66
$	1.43	1,405,591	2.17	$	1.43	1,273,506		1.43
$	1.75	344,375	1.16	$	1.75	320,813		1.75
$	1.76	235,353	1.54	$	1.76	188,510		1.76
$	2.98	126,437	0.81	$	2.98	126,437		2.98
$	3.23	1,072,500	2.95	$	3.23	-		-
$	3.25	168,375	0.17	$	3.25	168,375		3.25
$	3.36	1,070,000	2.51	$	3.36	-		-
$	3.41	266,124	0.45	$	3.41	266,124		3.41
$	3.63	900,000	1.80	$	3.63	450,000		3.63
$	4.34	143,000	1.47	$	4.34	107,250		4.34
$	5.58	30,000	1.90	$	5.58	15,000		5.58
$	0.66 - 5.58	8,146,799	1.67	$	2.15	5,301,059	$	1.57

Subsequent to March 31, 2018, a total of 94,970 options with exercise prices ranging from CAD$0.66 to CAD$3.41 were exercised.

(c) Cash dividends declared and distributed

During the year ended March 31, 2018, dividends of $3,362 (year ended March 31, 2017 - $1,585) were declared and paid.

(d) Normal course issuer bid

On November 23, 2017, the Company announced a normal course issuer bid (“NCIB”) which allows it to acquire up to 8,409,712 of its own common shares until November 26, 2018.

As at March 31, 2018, the Company acquired a total of 1,717,100 common shares at a cost of $4,177 under the NCIB program. Transaction costs related to the acquisition of the common shares were $13. All shares bought were subsequently cancelled.

(e) Earnings per share (basic and diluted)

			For the years ended March 31,
			2018					2017
		Income	Shares	Per-Share			Income	Shares		Per-Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
Net income attributable to equity holders of the Company	$	46,994				$	43,674
Basic earnings per share		46,994	167,848,117	$	0.28	$	43,674	167,185,234	$	0.26
Effect of dilutive securities:
Stock options			3,557,787					4,164,790
Diluted earnings per share	$	46,994	171,405,904	$	0.27	$	43,674	171,350,024	$	0.25

Anti-dilutive options that are not included in the diluted EPS calculation were 1,073,000 for the year ended March 31, 2018 (year ended March 31, 2017 – 1,845,562).

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RESERVES

12 Months Ended

Mar. 31, 2018

Disclosure of reserves within equity [abstract]

RESERVES

11. RESERVES

Pursuant to Chinese company law applicable to foreign investment enterprises, the Company’s Chinese subsidiaries are required to maintain dedicated reserves. The amounts are appropriated at a percentage, at the discretion of the Board of Directors of each Chinese subsidiary, of their respective after tax net income determined in accordance with accounting principles and relevant financial regulations applicable to Chinese enterprises each year. Once the dedicated reserves appropriated reach 50% of a subsidiary's registered capital, it is not required to appropriate more earnings into the reserves.

Dedicated reserves for all periods presented include an Enterprise Reserve Fund of $2,903 and an Enterprise Expansion Fund of $22,506, which are recorded as a component of equity, and are not available for distribution to shareholders other than upon liquidation.

As of March 31, 2018, the Company had two subsidiaries, Henan Found and Henan Huawei, which had appropriated the dedicated reserves. No dedicated reserves were appropriated for the years ended March 31, 2018 and 2017 for Henan Found and Henan Huawei since the balance has reached the required amount in prior years.

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ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Mar. 31, 2018

Disclosure of analysis of other comprehensive income by item [abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

12. ACCUMULATED OTHER COMPREHENSIVE INCOME

		March 31, 2018			March 31, 2017
Change in fair value on equity investments designated as FVTOCI	$	(37,508	)	$	(37,886	)
Share of other comprehensive loss in associate		281			(198	)
Currency translation adjustment		11,352			(12,335	)
Balance, end of the year	$	(25,875	)	$	(50,419	)

The unrealized loss on equity investments designated as FVTOCI and on currency translation adjustment are net of tax of $nil for all periods presented.

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NON-CONTROLLING INTERESTS

12 Months Ended

Mar. 31, 2018

Disclosure of non-controlling interests [Abstract]

NON-CONTROLLING INTERESTS

13. NON-CONTROLLING INTERESTS

The continuity of non-controlling interests is summarized as follows:

		Henan			Henan						Guangdong
		Found			Huawei			Yunxiang			Found			SX Gold			Total
Balance, April 1, 2016	$	51,596		$	4,231		$	4,197		$	(3,082	)	$	(3,921	)	$	53,021
Share of net income (loss)		11,247			756			(340	)		186			(25	)		11,824
Share of other comprehensive income (loss)		(2,703	)		(141	)		(193	)		48			48			(2,941	)
Distributions		(6,328	)		(762	)		-			-			-			(7,090	)
Balance, March 31, 2017	$	53,812		$	4,084		$	3,664		$	(2,848	)	$	(3,898	)	$	54,814
Share of net income (loss)		10,230			1,313			(374	)		341			392			11,902
Share of other comprehensive income (loss)		4,476			512			242			(38	)		(48	)		5,144
Distributions		(2,917	)		-			-			-			-			(2,917	)
Balance, March 31, 2018	$	65,601		$	5,909		$	3,532		$	(2,545	)	$	(3,554	)	$	68,943

As at March 31, 2018, non-controlling interests in Henan Found, Henan Huawei, Yunxiang, Guangdong Found and SX Gold were 22.5%, 20%, 30%, 5% and 22.5%, respectively.

Henan Non-ferrous Geology Minerals Ltd. (“Henan Non-ferrous”) is the 17.5% equity interest holder of Henan Found. During the year ended March 31, 2018, Henan Found declared and paid dividends of $2,269 along with dividends of $3,786 that was declared and accrued in the prior year to Henan Non-ferrous (year ended March 31, 2017 – declared dividends of $4,922, of which $1,136 was paid during the year and $3,786 was in accounts payable and accrued liabilities as at March 31, 2017).

Henan Xinxiangrong Mining Ltd. (“Henan Xinxiangrong”) is the 5% equity interest holder of Henan Found. During the year ended March 31, 2018, Henan Found declared and paid dividends of $648 along with dividends of $1,082 that was declared and accrued in the prior year to Henan Xinxiangrong, of which $324 was paid during the year and $1,082 was in accounts payable and accrued liabilities as at March 31, 2017 (year ended March 31, 2017 – declared dividends of $1,406, of which $324 was paid during the year and $1,082 was in accounts payable and accued liabilities as at March 31, 2017).

Henan Xinhui Mining Co., Ltd. (“Henan Xinhui”) is a 20% equity interest holder of Henan Huawei. For the year ended March 31, 2018, Henan Huawei did not declare any dividends (year ended March 31, 2017 –declared and paid dividends of $762) to Henan Xinhui.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2018

Disclosure of transactions between related parties [abstract]

RELATED PARTY TRANSACTIONS

14. RELATED PARTY TRANSACTIONS

Related party transactions not disclosed elsewhere in the consolidated financial statements are as follows:

Due from a related party		March 31, 2018		March 31, 2017
NUAG (a)	$	11	$	92

(a)      According to a services and administrative costs reallocation agreement between the Company and NUAG, the Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG. During the year ended March 31, 2018, the Company recovered $433 (year ended March 31, 2017 - $194) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.

Transactions with related parties are made under terms agreed upon by the two parties. The balances with related parties are unsecured, non-interest bearing, and due on demand.

(b)      Compensation of key management personnel

The remuneration of directors and other members of key management personnel, who are those having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, for the years ended March 31, 2018 and 2017 were as follows:

		Years Ended March 31,
		2018		2017
Directors' fees	$	168	$	151
Salaries and bonus for key management personnel		2,656		2,031
Share-based compensation		981		727
	$	3,805	$	2,909

Share-based compensation expenses were measured at grant date fair value.

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GENERAL AND ADMINISTRATIVE

12 Months Ended

Mar. 31, 2018

Disclosure of general and administrative expense [Abstract]

GENERAL AND ADMINISTRATIVE

15. GENERAL AND ADMINISTRATIVE

General and administrative expenses consist of:

		Years ended March 31,
General and administrative		2018		2017
Office and administrative expenses	$	6,667	$	5,520
Amortization and depreciation		1,196		1,227
Salaries and benefits		8,395		7,397
Share-based compensation		1,566		1,015
Professional fees		861		1,659
	$	18,685	$	16,818

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GOVERNMENT FEES AND OTHER TAXES

12 Months Ended

Mar. 31, 2018

Disclosure of government fees and other taxes [Abstract]

GOVERNMENT FEES AND OTHER TAXES

16. GOVERNMENT FEES AND OTHER TAXES

Government fees and other taxes consist of:

		Years ended March 31,
		2018		2017
Government fees	$	351	$	1,314
Other taxes		2,620		2,693
	$	2,971	$	4,007

Government fees include mineral resource compensation fees and environmental protection fees paid to the state and local Chinese government. Other taxes were composed of surtax on value-added tax, land usage levy, stamp duty and other miscellaneous levies, duties and taxes imposed by the state and local Chinese government.

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FINANCE ITEMS

12 Months Ended

Mar. 31, 2018

Disclosure of finance items [Abstract]

FINANCE ITEMS

17. FINANCE ITEMS

Finance items consist of:

		Years ended March 31,
Finance income		2018		2017
Interest income	$	2,839	$	2,206
		Years ended March 31,
Finance costs		2018		2017
Interest on mine right fee	$	-	$	226
Interest on bank loan		-		152
Unwinding of discount of environmental rehabilitation provision		449		382
	$	449	$	760

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INCOME TAX

12 Months Ended

Mar. 31, 2018

Major components of tax expense (income) [abstract]

INCOME TAX

18. INCOME TAX

(a) Income tax expense

The significant components of income tax expense recognized in the statements of income are as follows:

		Years ended March 31,
Income tax expense		2018		2017
Current	$	16,086	$	13,150
Deferred		2,833		6,087
	$	18,919	$	19,237

The reconciliation of the Canadian statutory income tax rates to the effective tax rate are as follows:

		Years ended March, 31
		2018			2017
Canadian statutory tax rate		26.25	%		26.00	%
Income before income taxes	$	77,815		$	74,735
Income tax expense computed at Canadian statutory rates		20,426			19,431
Foreign tax rates different from statutory rate		(467	)		(634	)
Change in tax rates		(681	)		-
Permanent items and other		1,008			728
Withholding taxes		1,023			760
Change in unrecognized deferred tax assets		(2,378	)		(1,136	)
Other		(12	)		88
Income tax expense	$	18,919		$	19,237

(b) Deferred income tax

The continuity of deferred income tax assets (liabilities) is summarized as follows:

		Years ended March, 31
		2018			2017
Net deferred income tax liabilities, beginning of the year	$	(27,692	)	$	(23,224	)
Deferred income tax expense recognized in net income for the year		(2,833	)		(6,087	)
Foreign exchange impact		(2,785	)		1,619
Net deferred income tax liabilities, end of the year	$	(33,310	)	$	(27,692	)

The significant components of the Company’s deferred income tax are as follows:

		March 31, 2018			March 31, 2017
Deferred income tax assets
Plant and equipment	$	1,442		$	996
Environmental rehabilitation		2,980			2,775
Other deductible temporary difference		890			382
Total deferred income tax assets		5,312			4,153
Deferred income tax liabilities
Plant and equipment		(261	)		(246	)
Mineral rights and properties		(37,308	)		(31,434	)
Unrealized gain on investments		(876	)		-
Other taxable temporary difference		(177	)		(165	)
Total deferred income tax liabilities		(38,622	)		(31,845	)
Net deferred income tax liabilities	$	(33,310	)	$	(27,692	)

Deferred tax assets are recognized to the extent that the realization of the related tax benefit through future taxable profits is probable. The ability to realize the tax benefits is dependent upon numerous factors, including the future profitability of operations in the jurisdictions in which the tax benefits arose. Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:

		March 31, 2018		March 31, 2017
Non-capital loss carry forward	$	82,882	$	77,886
Plant and equipment		27,050		23,529
Mineral rights and properties		15,539		20,602
Other deductible temporary difference		18,876		23,806
	$	144,347	$	145,823

As at March 31, 2018, the Company has the following net operating losses, expiring in various years to 2039 and available to offset future taxable income in Canada and China, respectively.

		Canada		China		Total
2019	$	-	$	4,205	$	4,205
2020		-		5,003		5,003
2021		-		7,435		7,435
2022		-		3,388		3,388
2023		-		4,345		4,345
2027		1,530		-		1,530
2029		2		-		2
2030		3,858		-		3,858
2031		6,749		-		6,749
2032		9,658		-		9,658
2033		9,898		-		9,898
2034		9,446		-		9,446
2035		7,042		-		7,042
2036		993		-		993
2037		1,673		-		1,673
2038		2,476		-		2,476
2039		5,181		-		5,181
	$	58,506	$	24,376	$	82,882

As at March 31, 2018, temporary differences of $196,435 (March 31, 2017 - $162,380) associated with the investments in subsidiaries have not been recognized as the Company is able to control the timing of the reversal of these differences which are not expected to reverse in the foreseeable future.

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CAPITAL DISCLOSURES

12 Months Ended

Mar. 31, 2018

Disclosure of capital disclosures [Abstract]

CAPITAL DISCLOSURES

19. CAPITAL DISCLOSURES

The Company’s objectives of capital management are intended to safeguard the entity’s ability to support the Company’s normal operating requirement on an ongoing basis, continue the development and exploration of its mineral properties, and support any expansionary plans.

The capital of the Company consists of the items included in equity less cash and cash equivalents and short-term investments. Risk and capital management are primarily the responsibility of the Company’s corporate finance function and is monitored by the Board of Directors. The Company manages the capital structure and makes adjustments depending on economic conditions. Funds have been primarily secured through profitable operations and issuances of equity capital. The Company invests all capital that is surplus to its immediate needs in short-term, liquid and highly rated financial instruments, such as cash and other short-term deposits, all held with major financial institutions. Significant risks are monitored and actions are taken, when necessary, according to the Company’s approved policies.

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FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2018

Disclosure of detailed information about financial instruments [abstract]

FINANCIAL INSTRUMENTS

20. FINANCIAL INSTRUMENTS

The Company manages its exposure to financial risks, including liquidity risk, foreign exchange risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s policies on an ongoing basis.

(a) Fair value

The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13, Fair Value Measurement (“IFRS 13”).

Level 1 – Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Unobservable inputs which are supported by little or no market activity.

The following tables set forth the Company’s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy at March 31, 2018 and March 31, 2017 that are not otherwise disclosed. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair value as at March 31, 2018
Recurring measurements		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	49,199	$	-	$	-	$	49,199
Investments in publicly traded companies		6,132		-		-		6,132
	Fair value as at March 31, 2017
Recurring measurements		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	73,003	$	-	$	-	$	73,003
Investments in publicly traded companies		1,207		-		-		1,207

Fair value of the other financial instruments excluded from the table above approximates their carrying amount as at March 31, 2018 and March 31, 2017, respectively, due to the short-term nature of these instruments.

There were no transfers into or out of level 3 during the years ended March 31, 2018 and 2017.

(b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its short term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansion plans.

In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company’s financial liabilities.

				March 31, 2018						March 31, 2017
		Within a year		2-3 years		4-5 years		Total		Total
Accounts payable and accrued liabilities	$	25,198	$	-	$	-	$	25,198	$	30,374

(c) Foreign exchange risk

The Company reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is CAD and the functional currency of all Chinese subsidiaries is RMB. The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies.

The Company currently does not engage in foreign exchange currency hedging. The Company's exposure to currency risk affect net income is summarized as follow:

		March 31, 2018		March 31, 2017
Financial assets denominated in U.S. Dollars	$	27,256	$	29,093
Financial assets denominated in Chinese RMB	$	-	$	7,115

As at March 31, 2018, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $2.7 million.

(d) Interest rate risk

The Company is exposed to interest rate risk on its cash equivalents and short term investments. As at March 31, 2018, all of its interest-bearing cash equivalents and short term investments earn interest at market rates that are fixed to maturity or at variable interest rate with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short term investments. Due to the short term nature of the financial instruments, fluctuations in interest rates would not have a significant impact on the Company’s after-tax net income.

(e) Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents and short term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure.

The Company undertakes credit evaluations on counterparties as necessary, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. The Company has trade receivables from time to time from its major customers primarily in China engaged in the mining and milling of base and polymetallic metals. The historical level of customer default is zero and aging of trade receivables are no more than 180 days, and, as a result, the credit risk associated with trade receivables from customers as at March 31, 2018 is considered to be immaterial. There were no amounts in receivables which were past due at March 31, 2018 (at March 31, 2017 - $nil) for which no provision is recognized.

(f) Equity price risk

The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. As the Company’s marketable securities holding are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company’s portfolio at March 31, 2018, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects would have resulted in an increase (decrease) to comprehensive income of approximately $610.

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SEGMENTED INFORMATION

12 Months Ended

Mar. 31, 2018

Disclosure of operating segments [abstract]

SEGMENTED INFORMATION

21. SEGMENTED INFORMATION

The Company's reportable operating segments are components of the Company where separate financial information is available that is evaluated regularly by the Company’s Chief Executive Officer who is the Chief Operating Decision Maker (“CODM”). The operational segments are determined based on the Company’s management and internal reporting structure. Operating segments are summarized as follows:

Operational Segments	Subsidiaries Included in the Segment	Properties Included in the Segment
Mining
Henan Luoning	Henan Found and Henan Huawei	Ying Mining District
Hunan	Yunxiang	BYP
Guangdong	Guangdong Found	GC
Other	SX Gold and 0875786 B.C. Ltd.	XHP
Administrative
Vancouver	Silvercorp Metals Inc., BVI and Barbados' holding companies	RZY
Beijing	Silvercorp Metals (China) Inc.

(a) Segmented information for assets and liabilities are as follows:

March 2018
	Mining								Administrative
		Henan												Total
Statement of financial position items:		Luoning		Hunan		Guangdong		Other		Beijing		Vancouver
Current assets	$	82,567	$	1,833	$	7,911	$	699	$	1,574	$	28,220	$	122,804
Plant and equipment		47,933		4,911		16,988		137		1,104		138		71,211
Mineral rights and properties		194,635		7,470		29,749		226		-		-		232,080
Investment in an associate		-		-		-		-		-		38,001		38,001
Other investments		-		-		-		4,863		-		1,269		6,132
Reclamation deposits		5,544		-		160		-		-		8		5,712
Long-term prepaids and deposits		311		108		325		210		-		-		954
Total assets	$	330,990	$	14,322	$	55,133	$	6,135	$	2,678	$	67,636	$	476,894
Current liabilities	$	22,419	$	1,652	$	3,485	$	2,745	$	474	$	1,532	$	32,307
Deferred income tax liabilities		32,382		928		-		-		-		-		33,310
Environmental rehabilitation		10,929		989		887		293		-		-		13,098
Total liabilities	$	65,730	$	3,569	$	4,372	$	3,038	$	474	$	1,532	$	78,715
March 31, 2017
	Mining								Administrative
		Henan												Total
Statement of financial position items:		Luoning		Hunan		Guangdong		Other		Beijing		Vancouver
Current assets	$	64,298	$	1,869	$	4,796	$	523	$	823	$	38,523	$	110,832
Plant and equipment		43,297		4,832		15,915		-		1,081		76		65,201
Mineral rights and properties		170,690		6,855		28,655		-		-		-		206,200
Investment in an associate		-		-		-		-		-		8,517		8,517
Other investments		-		-		-		-		-		1,207		1,207
Reclamation deposits		4,901		-		145		-		-		8		5,054
Long-term prepaids and deposits		432		99		306		122		-		-		959
Total assets	$	283,618	$	13,655	$	49,817	$	645	$	1,904	$	48,331	$	397,970
Current liabilities	$	29,951	$	1,425	$	3,860	$	2,959	$	184	$	1,778	$	40,157
Deferred income tax liabilities		26,846		846		-		-		-		-		27,692
Environmental rehabilitation		10,183		918		813		272		-		-		12,186
Total liabilities	$	66,980	$	3,189	$	4,673	$	3,231	$	184	$	1,778	$	80,035

(b) Segmented information for operating results are as follows:

Year ended March 31, 2018
	Mining												Administrative
		Henan																		Total
Statement of income:		Luoning			Hunan(1)			Guangdong			Other			Beijing			Vancouver
Sales	$	142,113		$	-		$	27,926		$	-		$	-		$	-		$	170,039
Cost of sales		(64,321	)		-			(17,834	)		-			-			-			(82,155	)
Gross profit		77,792			-			10,092			-			-			-			87,884
Operating (expenses) income		(8,136	)		(1,164	)		(2,726	)		6,075			(1,321	)		(9,901	)		(17,173	)
Impairment recovery, net		-			-			-			-			-			4,714			4,714
Finance items, net		580			(83	)		9			(11	)		250			1,645			2,390
Income tax expenses		(17,894	)		(1	)		-			-			(1	)		(1,023	)		(18,919	)
Net income (loss)	$	52,342		$	(1,248	)	$	7,375		$	6,064		$	(1,072	)	$	(4,565	)	$	58,896
Attributable to:
Equity holders of the Company		40,799			(874	)		7,034			5,672			(1,072	)		(4,565	)		46,994
Non-controlling interests		11,543			(374	)		341			392			-			-			11,902
Net income (loss)	$	52,342		$	(1,248	)	$	7,375		$	6,064		$	(1,072	)	$	(4,565	)	$	58,896
(1) Hunan's BYP project was placed on care and maintenance in August 2014;
Year ended March 31, 2017
	Mining												Administrative
		Henan																		Total
Statement of income:		Luoning			Hunan			Guangdong			Other			Beijing			Vancouver
Sales	$	142,761		$	-		$	20,710		$	-		$	-		$	-		$	163,471
Cost of sales		(60,994	)		-			(14,291	)		-			-			-			(75,285	)
Gross profit		81,767			-			6,419			-			-			-			88,186
Operating expenses		(8,864	)		(1,098	)		(2,194	)		(131	)		(1,354	)		(6,353	)		(19,994	)
Impairment recovery, net		-			-			-			-			-			5,097			5,097
Finance items, net		146			(69	)		35			18			266			1,050			1,446
Income tax (expenses) recovery		(18,509	)		33			-			-			(2	)		(759	)		(19,237	)
Net income (loss)	$	54,540		$	(1,134	)	$	4,260		$	(113	)	$	(1,090	)	$	(965	)	$	55,498
Attributable to:
Equity holders of the Company		42,537			(794	)		4,074			(88	)		(1,090	)		(965	)		43,674
Non-controlling interests		12,003			(340	)		186			(25	)		-			-			11,824
Net income (loss)	$	54,540		$	(1,134	)	$	4,260		$	(113	)	$	(1,090	)	$	(965	)	$	55,498

(c) Sales by metal

The sales generated for the years ended March 31, 2018 and 2017 was all earned in China and is comprised of:

		Year ended March 31, 2018
		Henan Luoning		Guangdong		Total
Silver (Ag)	$	75,891	$	6,463	$	82,354
Gold (Au)		3,232		-		3,232
Lead (Pb)		55,488		6,763		62,251
Zinc (Zn)		7,000		14,462		21,462
Other		502		238		740
	$	142,113	$	27,926	$	170,039
		Year ended March 31, 2017
		Henan Luoning		Guangdong		Total
Silver (Ag)	$	83,606	$	5,950	$	89,556
Gold (Au)		3,344		-		3,344
Lead (Pb)		51,479		5,373		56,852
Zinc (Zn)		4,332		8,909		13,241
Other		-		478		478
	$	142,761	$	20,710	$	163,471

(d) Major customers

For the year ended March 31, 2018, three major customers (year ended March 31, 2017 - three) accounted for 22%, 25% and 28%, (year ended March 31, 2017 - 15%, 29% and 33%) and collectively 75% (year ended March 31, 2017 - 77%) of the total sales of the Company as reported across the Henan Luoning and Guangdong segments.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2018

Disclosure of commitments and contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

22. COMMITMENTS AND CONTINGENCIES

Commitments, not disclosed elsewhere in these financial statements, are as follows:

		Total		Less than 1 year		1-5 years		After 5 years
Operating leases	$	3,353	$	888	$	2,465	$	-
Commitments	$	6,418	$	-	$	-	$	6,418

As of March 31, 2018, the Company has two office rental agreements totaling $3,353 for the next four years and commitments of $6,418 related to the GC property. During the year ended March 31, 2018, the Company incurred rental expenses of $684 (year ended March 31, 2017 - $611), which were included in office and administrative expenses on the consolidated statement of income.

Although the Company has taken steps to verify title to properties in which it has an interest, these procedures do not guarantee the Company's title. Property title may be subject to, among other things, unregistered prior agreements or transfers and may be affected by undetected defects.

Due to the size, complexity and nature of the Company’s operations, the Company is subject to various claims, legal and tax matters arise in the ordinary course of business. Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavorably to the Company. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated.

In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company and its legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. Major legal proceedings against the Company are summarized as follows:

• On August 19, 2014, an action was commenced against the Company in the Supreme Court of British Columbia seeking an unspecified amount of damages for a claim of false imprisonment and defamation (the “Huang Action”). The case was scheduled for a 60 day jury trial, commencing February 2018. The Company also commenced third party proceedings against other parties (the “Third Parties”), claiming contribution and indemnity. On August 22, 2016, the Company commenced an action against the parties to Huang Action and others seeking damages (the “Silvercorp Action”). In January 2018, the parties to the Huang Action and Silvercorp Action reached a confidential settlement agreement. The settlement resolves all claims between the Company, Mr.
  Huang, and the Third Parties in all actions, including the Huang Action and the Silvercorp Action, all of which have been dismissed by consent. Nothing contained in this settlement represents an admission of liability, fault, or wrongdoing on the part of any of the parties.

• During the year ended March 31, 2016, an action was initiated by Luoyang Mining Group Co., Ltd. (“Luoyang Mining”) against Henan Found seeking payment of $1.6 million (RMB10.0 million) plus interest related to the acquisition agreements Henan Found entered into in August 2012 to acquire the XHP Project. The $1.6 million has been included into the accounts payable and accrued liabilities on the consolidated statements of financial position of the Company. Henan Found did not make the final payment as certain commercial conditions were not fulfilled by Luoyang Mining. In April 2016, Henan Found filed a counter claim in Luoyang People’s Court against Luoyang Mining to have the original acquisition agreements nullified and is seeking repayment of the amount paid to date of $9.7 million (RMB62.8 million) plus compensation of direct loss of $2.5 million (RMB16.5 million) arising from the XHP Project. A trial was heard in March 2017 and the court decision is pending. The acquisition costs of the XHP Project was impaired to $nil in fiscal year 2015.

• During the year ended March 31, 2016, SX Gold, a 100% owned subsidiary of Henan Found, commenced a legal action against Luoyang HA Mining Co. Ltd. (“HA Mining”) to seek payment of $4.0 million (RMB26.0 million) plus interest related to a share transfer agreement that SX Gold entered into with HA Mining in September 2013. Pursuant to the agreement, SX Gold was to transfer all shares it held in Songxian Zhongxin Mining Co. Ltd. to HA Mining for $11.8 million (RMB76.0 million).
  SX Gold fulfilled its responsibilities and the title of the shares was transferred to HA Mining, who paid $7.8 million (RMB50.0 million). The remaining $4.0 million (RMB26.0 million) was not paid and was written off by the Company in prior years. In April 2016, HA Mining filed a counter claim for $2.2 million (RMB14.0 million). On June 17, 2016, the court issued an order in favor of SX Gold. The Luoyang Intermediate People’s Court, Henan, China issued a court order demanding HA Mining to pay $3.4 million (RMB22.75 million) to SX Gold. On July 1, 2016, HA Mining filed an appeal to the Henan High People’s Count, China. A trial was heard in April 2017 and on June 16, 2017, the Henan High People’s Court, China dismissed HA Mining’s appeal and upheld the rulings made by the Luoyang Intermediate People’s Court, Henan, China. On August 4, 2017, HA Mining submitted an application to the Supreme People’s Court of China (the “Supreme Court”) to rehear the case, the application was rejected by the Supreme Court on November 24, 2017. On December 6, 2017, SX Gold and HA Mining reached a mutual settlement agreement that HA Mining would pay $2.3 million (RMB15.0 million) to SX Gold. As of March 31, 2018, HA Mining paid $2.3 million (RMB15.0 million) to the Company, which was included in other income of the consolidated statements of income, and the case was closed.

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SUPPLEMENTARY CASH FLOW INFORMATION

12 Months Ended

Mar. 31, 2018

Disclosure of supplementary cash flow information [Abstract]

SUPPLEMENTARY CASH FLOW INFORMATION

23. SUPPLEMENTARY CASH FLOW INFORMATION

		March 31, 2018		March 31, 2017
Cash on hand and at bank	$	31,281		$	39,243
Bank term deposits and GICs		17,918			33,760
Total cash and cash equivalents	$	49,199		$	73,003
Changes in non-cash operating working capital:		Years Ended March 31,
		2018			2017
Trade and other receivables	$	715		$	632
Inventories		(1,164	)		355
Prepaids and deposits		86			(495	)
Accounts payable and accrued liabilities		(1,743	)		7,830
Deposits received		(603	)		1,350
Due from a related party		84			(5,187	)
	$	(2,625	)	$	4,485

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SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2018

Disclosure of non-adjusting events after reporting period [abstract]

SUBSEQUENT EVENTS

24. SUBSEQUENT EVENT

As reported on the Company’s new releases dated April 16, 2018 and May 1, 2018, the Company reported a spillage incident at the Ying Mining District that a small amount of tailings leaking from the No. 2 tailing facility to Chong-Yang Creek at approximately 9:30 pm on April 12, 2018. Silvercorp’s subsidiary, Henan Found, took immediate actions and the leakage was fully controlled and stopped as of 12:00 pm of April 13, 2018. No personal injuries were incurred and the results of ongoing water tests from Chong-Yang Creek are within the acceptable national water quality standards. Due to the incident, milling operations at the Ying Mining District were temporarily suspended.

On April 28, 2018, one floatation line of 1,000 tonnes per day at the No. 2 mill, using the No. 1 tailing storage facility resumed operation, and full mill operations resumed on May 23, 2018. As the milling capacity of Henan Found is approximately 25% greater than the mining capacity, the temporary suspension of the milling operations is expected to have minimal impact on overall annual production.

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2018

Disclosure of significant accounting policies [Abstract]

Statement of Compliance

(a) Statement of Compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The policies applied in these consolidated financial statements are based on IFRS in effect as of March 31, 2018.

These consolidated financial statements were authorized for issue in accordance with a resolution of the Board of Directors dated on May 23, 2018.

Basis of Consolidation

(b) Basis of Consolidation

These consolidated financial statements include the accounts of the Company and its wholly or partially owned subsidiaries.

Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary; and has the ability to use its power to affect its returns.

For non-wholly-owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as “non-controlling interests” in the equity section of the consolidated statements of financial position. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Adjustments to recognize the non-controlling interests’ share of changes to the subsidiary’s equity are made even if this results in the non-controlling interests having a deficit balance. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests’ relative interests in the subsidiary and the difference between the adjustment to the carrying amount of non-controlling interest and the Company’s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to equity holders of the Company.

Balances, transactions, revenues and expenses between the Company and its subsidiaries are eliminated on consolidation.

Details of the Company’s significant subsidiaries which are consolidated are as follows:

			Proportion of ownership interest held
		Place of	March 31,	March 31,
Name of subsidiaries	Principal activity	incorporation	2018	2017	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%	RZY
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%
Henan Found Mining Co. Ltd. ("Henan Found")	Mining	China	77.5%	77.5%	Ying Mining District
Songxian Gold Mining Co., Ltd. ("SX Gold")	Mining	China	77.5%	77.5%	XHP
Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")	Mining	China	70%	70%	BYP
Guangdong Found Mining Co. Ltd. (Guangdong Found")	Mining	China	95%	95%	GC
(i) British Virgin Island ("BVI")

Investments in Associates

(c) Investments in Associates

An associate is an entity over which the Company has significant influence, and is not a subsidiary or joint venture. Significant influence is presumed to exist when the Company has power to be actively involved and influential in financial and operating policy decisions of the associate but does not have control or joint control over those policies.

The Company accounts for its investments in associates using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of profit and loss of the associate and for impairment losses after the initial recognition date. The Company’s share of an associate’s loss that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The Company’s share of comprehensive income or losses attributable to shareholders of associates are recognized in comprehensive income during the period. The carrying amount of the Company’s investments in associates also include any long-term debt interests which in substance form part of the Company’s net investment. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment.

At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the associate’s operations. When there is objective evidence that an investment in an associate is impaired, the carrying amount is compared to its recoverable amount, being the higher of its fair value less cost to sell and value in use. An impairment loss is recognized if the recoverable amount is less than its carrying amount. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. Impairment losses and reversal of impairment losses, if any, are recognized in net income in the period in which the relevant circumstances are identified.

Details of the Company’s associate are as follows:

			Proportion of ownership interest held
		Place of	March 31,	March 31,
Name of associate	Principal activity	incorporation	2018	2017
New Pacific Metals Corp. ("NUAG")	Mining	Canada	29.8%	16.1%

Business Combinations

(d) Business Combinations

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Company elects whether it measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed and included in general and administrative expenses.

When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.

If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss.

Foreign Currency Translation

(e) Foreign Currency Translation

The functional currency for each subsidiary of the Company is the currency of the primary economic environment in which the entity operates. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (“CAD”). The functional currency of all Chinese subsidiaries is the Chinese Renminbi (“RMB”).

Foreign currency monetary assets and liabilities are translated into the functional currency using exchange rates prevailing at the balance sheet date. Foreign currency non-monetary assets are translated using exchange rates prevailing at the transaction date. Foreign exchange gains and losses are included in the determination of net income.

The consolidated financial statements are presented in U.S. dollars (“USD”). The financial position and results of the Company’s entities are translated from functional currencies to USD as follows:

• assets and liabilities are translated using exchange rates prevailing at the balance sheet date;

• income and expenses are translated using average exchange rates prevailing during the period; and

• all resulting exchange gains and losses are included in other comprehensive income.

The Company treats inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign entity is sold, the historical exchange differences plus the foreign exchange impact that arises on the transaction are recognized in the statement of income as part of the gain or loss on sale.

Revenue Recognition

(f) Revenue Recognition

Sales of all metals products, which are contained in direct smelting ore or concentrates, are recognized as revenue. Revenue is recognized when the significant risks and rewards of ownership have passed to the buyer, it is probable that economic benefits associated with the transaction will flow to the Company, the sale price can be measured reliably, the Company has no significant continuing involvement and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

These conditions for revenue are satisfied when the title passes to the customer. The passing of title to the customer is based on the terms of the sales contract, which is generally upon shipment of the products. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets. Under the Company’s concentrate sales contracts with its customers, final commodity prices are set on a specified quotation period, typically ranging from ten to fifteen days around shipment date. Refining and treatment charges are netted against revenue from metal concentrate sales.

Cash and Cash Equivalents

(g) Cash and Cash Equivalents

Cash and cash equivalents include cash, and short-term money market instruments that are readily convertible to cash with original terms of three months or less.

Short-term Investments

(h) Short-term Investments

Short-term investments consist of certificates of deposit and money market instruments, including cashable guaranteed investment certificates, bearer deposit notes and commercial paper with original terms of three months or more, but less than one year. Bonds traded on open markets are also included in short-term investments.

Inventories

(i) Inventories

Inventories include metals contained in concentrates, direct smelting ore, stockpile ore and operating materials and supplies. The classification of metals inventory is determined by the stage at which the ore is in the production process. Mined materials that do not contain a minimum quantity of metal needed to compensate the estimated processing expenses for recovery of the contained metal, are not classified as inventory and are assigned no value.

Direct smelting ore and stockpiled ore are valued at the lower of mining cost and net realizable value. Mining cost includes the cost of raw material, mining contractor cost, direct labour costs, depletion and depreciation, and applicable production overheads, based on normal operating capacity. Concentrate inventories are valued at the lower of cost and net realizable value. The cost of concentrate inventories includes the mining cost for stockpiled ore milled, freight charges for shipping stockpile ore from mine sites to mill sites and milling cost. Milling cost includes cost of materials and supplies, direct labour costs, and applicable production overheads cost, based on normal operating capacity. Material and supplies are valued at the lower of cost, determined on a weighted average cost basis, and net realizable value.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sales.

Plant and Equipment

(j) Plant and Equipment

Plant and equipment are initially recorded at cost, including all directly attributable costs to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and equipment are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is computed on a straight-line basis based on the nature and useful lives of the assets. The significant classes of plant and equipment and their estimated useful lives are as follows:

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

Subsequent costs that meet the asset recognition criteria are capitalized, while costs incurred that do not extend the economic useful life of an asset are considered repairs and maintenance, which are accounted for as an expense recognized during the period.

Assets under construction are capitalized as construction-in-progress. The cost of construction-in-progress comprises its purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction-in-progress assets are transferred to other respective asset classes and are depreciated when they are completed and available for use.

Upon disposal or abandonment, the carrying amounts of plant and equipment are derecognized and any associated gain or loss are recognized in net income.

Mineral Rights and Properties

(k) Mineral Rights and Properties

The cost of acquiring mineral rights and properties as part of a business combination is capitalized and represents the property’s fair value at the date of acquisition. Fair value is determined by estimating the value of the property’s reserves, resources and exploration potential. The cost of acquiring or renewing an exploration or mining permit or mineral rights and properties not as part of a business combination is recognized at the amount paid and capitalized.

Exploration and evaluation costs incurred associated with specific mineral rights and properties prior to demonstrable technical feasibility and commercial viability of extracting a mineral resource are capitalized.

The Company determines that a property is in the development stage when it has completed a positive economic analysis of the mineral deposit. Subsequent development costs incurred prior to the commercial production stage are capitalized and included in the carrying amount of the related property in the period incurred. Proceeds from sales during this period, if any, are offset against costs capitalized.

When a property has achieved operational results that are expected to remain at a sustainable operational level over a period of time, it enters the commercial production stage. Quantitative and qualitative factors indicating the achievement of commercial production stage include but are not limited to the following:

• A significant portion of planned capacity, production levels, grades and recovery rate are achieved at a sustainable level;

• completion of major mine and plant components;

• significant milestones such as obtaining necessary permits and production inputs are achieved to allow continuous and sustainable operations; and

• management’s intended operating results are being achieved consistently for a period of time.

Production costs incurred during commercial production stage are included in cost of sales. Development costs incurred during commercial production stage that provide access to reserve and resources that will be produced in future periods that would not have otherwise been accessible are capitalized.

Upon commencement of commercial production, mineral rights and properties and capitalized expenditures, other than the mine right fee to renew a mining permit, are depleted over the mine’s estimated life using the units of production method calculated based on proven and probable reserves. Estimation of proven and probable reserves for each property is updated when relative information is available; the result will be prospectively applied to calculate depletion amounts for future periods. If commercial production commences prior to the determination of proven and probable reserves, depletion is calculated based on the mineable portion of measured and indicated resources. Amounts capitalized for the mine right fee are depleted using the units of production method based on the mineral resources which were used to determine the mine right fee payable.

Impairment of Long-lived Assets

(l) Impairment of Long-lived Assets

Long-lived assets, including mineral rights and properties, plant and equipment are reviewed and tested for impairment when indicators of impairment are considered to exist. Impairment assessments are conducted at the level of cash-generating units (“CGU”), which is the lowest level for which identifiable cash inflows are largely independent of the cash inflows of other assets. An impairment loss is recognized for any excess of carrying amount of a CGU over its recoverable amount, which is the greater of its fair value less costs to sell and value in use. For mineral rights and properties and processing facilities, the recoverable amount is estimated as the discounted future net cash flows expected to be derived from expected future production, metal prices, and net proceeds from the disposition of assets on retirement, less operating and capital costs. Impairment losses are recognized in the period they are incurred.

For exploration and evaluation assets, indication of impairment includes but is not limited to, expiration of the right to explore, abandonment of the property, substantive expenditures in the specific area are neither budgeted nor planned, and exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources.

Impairment losses are reversed if the conditions that gave rise to the impairment are no longer present and it has been determined that the asset is no longer impaired as a result. This reversal is recognized in net income in the period the reversal occurs limited by the carrying value that would have been determined, net of any depreciation, had no impairment charge been recognized in prior years.

Environmental Rehabilitation Provision

(m) Environmental Rehabilitation Provision

The mining, extraction and processing activities of the Company normally give rise to obligations for site closure or rehabilitation. Closure and decommissioning works can include facility decommissioning and dismantling; removal or treatment of waste materials; site and land rehabilitation. The extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company’s environmental policies. Provisions for the cost of each closure and rehabilitation program are recognized at the time when environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and decommissioning activity expected to occur progressively over the life of the operation and at the time of closure in connection with disturbances at the reporting date. Routine operating costs that may impact the ultimate closure and decommissioning activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision.

Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognized as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and decommissioning expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating license conditions, and the environment in which the mine operates. Expenditure may occur before and after closure and can continue for an extended period of time dependent on closure and decommissioning requirements.

Closure and decommissioning provisions are measured at the expected amount of future cash flows, discounted to their present value for each operation. Discount rates used are specific to the underlying obligation. Significant judgments and estimates are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations are formed based on existing environmental and regulatory requirements which give rise to a constructive or legal obligation.

When provisions for closure and decommissioning are initially recognized, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost of closure and decommissioning activities is recognized in Mineral Rights and Properties and depleted accordingly. The value of the provision is progressively increased over time as the effect of discounting unwinds, creating an expense recognized in finance expenses. Closure and decommissioning provisions are also adjusted for changes in estimates. Those adjustments are accounted for as a change in the corresponding capitalized cost.

Adjustments to the estimated amount and timing of future closure and decommissioning cash flows are a normal occurrence in light of the significant judgments and estimates involved. The provision is reviewed at the end of each reporting period for changes to obligations, legislation or discount rates that impact estimated costs or lives of operations and adjusted to reflect current best estimate.

The cost of the related asset is adjusted for changes in the provision resulting from changes in the estimated cash flows or discount rate and the adjusted cost of the asset is depreciated prospectively.

Borrowing Costs

(n) Borrowing Costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, which necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of that asset. All other borrowing costs are expensed in the period in which they are incurred. No borrowing costs were capitalized in the periods presented.

Share-based Payments

(o) Share-based Payments

The Company recognizes share-based compensation expense for all stock options awarded to employees, officers, directors, and consultants using the fair value method. The fair value of the stock options at the date of grant is expensed over the vesting periods of the stock options with a corresponding increase to equity. The fair value of options granted to employees, officers, and directors is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of stock options granted to consultants is measured at the fair value of the services delivered unless that fair value cannot be estimated reliably, which then is determined using the Black-Scholes option pricing model. Stock options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Forfeitures are accounted for using estimates based on historical actual forfeiture data. Share-based compensation expenses for options granted to those working in exploration are capitalized in mineral rights and properties.

Upon the exercise of the stock option, consideration received and the related amount transferred from contributed surplus are recorded as share capital.

Income Taxes

(p) Income Taxes

Current tax for each taxable entity is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the balance sheet date and includes adjustments to tax payable or recoverable in respect to previous periods.

Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax is recognized using the balance sheet liability method on temporary differences at the reporting date between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilized, except:

• where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax relating to items recognized outside profit or loss is recognized in other comprehensive income or directly in equity.

Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

Earnings per Share

(q) Earnings per Share

Earnings per share is computed by dividing net income available to equity holders of the Company by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if additional common shares are assumed to be issued under securities that entitle their holders to obtain common shares in the future. For stock options and warrants, the number of additional shares for inclusion in diluted earnings per share calculations is determined by the options and warrants, whose exercise price is less than the average market price of our common shares, are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options, and repurchased from proceeds, is included in the calculation of diluted earnings per share.

Financial Instruments

(r) Financial Instruments

The Company had previously early adopted IFRS 9 (2010) to account for its financial instruments.

Initial recognition:

On initial recognition, all financial assets and financial liabilities are recorded at fair value adjusted for directly attributable transaction costs except for financial assets and liabilities classified as fair value through profit or loss (“FVTPL”), in which case transaction costs are expensed as incurred.

Subsequent measurement of financial assets:
Subsequent measurement of financial assets depends on the classification of such assets.

I.	Non-equity instruments:
	IFRS 9 (2010) includes a single model that has only two classification categories for financial instruments other than equity instruments: amortized cost and fair value. To qualify for amortized cost accounting, the instrument must meet two criteria:
	i.	The objective of the business model is to hold the financial asset for the collection of the cash flows; and
	ii.	All contractual cash flows represent only principal and interest on that principal.

	All other instruments are mandatorily measured at fair value.
II.	Equity instruments:
	At initial recognition, for equity instruments other than held for trading, the Company may make an irrevocable election to designate it as either FVTPL or fair value through other comprehensive income (“FVTOCI”).

Financial assets classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization from the effective interest method is included in finance income.

Financial assets classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Equity investments designated as FVTOCI are measured at fair value with changes in fair values recognized in other comprehensive income (“OCI”). Dividends from that investment are recorded in profit or loss when the Company's right to receive payment of the dividend is established unless they represent a recovery of part of the cost of the investment.

Impairment of financial assets carried at amortized cost:

The Company assesses at the end of each reporting period whether there is objective evidence that financial assets or group of financial assets measured at amortized cost are impaired. Impairment losses and reversal of impairment losses, if any, are recognized in profit or loss in the period they are incurred.

Subsequent measurement of financial liabilities:

Financial liabilities classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization using the effective interest method is included in finance costs.

Financial liabilities classified as FVTPL are measured at fair value with gains and losses recognized in profit or loss.

The Company classifies its financial instruments as follows:

• Financial assets classified as FVTPL: cash and cash equivalents and other investments - warrants;

• Financial assets classified as FVTOCI: other investments - common shares;

• Financial assets classified as amortized cost: short-term investments, trade and other receivables and due from related parties;

• Financial liabilities classified as amortized cost: accounts payable and accrued liabilities, dividends payable, bank loan, customer deposits and due to related parties.

Derecognition of financial assets and financial liabilities:
A financial asset is derecognized when:

• The rights to receive cash flows from the asset have expired; or

• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass- through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Gains and losses on derecognition of financial assets and liabilities classified as amortized cost are recognized in profit or loss when the instrument is derecognized or impaired, as well as through the amortization process.

Gains and losses on derecognition of equity investments designated as FVTOCI (including any related foreign exchange component) are recognized in OCI. Amounts presented in OCI are not subsequently transferred to profit or loss, although the cumulative gain or loss may be transferred within equity.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability. In this case, a new liability is recognized, and the difference in the respective carrying amounts is recognized in the statement of income.

Offsetting of financial instruments:

Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle liabilities simultaneously.

Fair value of financial instruments:

The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without deduction for transaction costs. For financial instruments that are not traded in active markets, the fair value is determined using appropriate valuation techniques, such as using a recent arm’s length market transaction between knowledgeable and willing parties, discounted cash flow analysis, reference to the current fair value of another instrument that is substantially the same, or other valuation models.

Government Assistance

(s) Government Assistance

Refundable mining exploration tax credits received from eligible mining exploration expenditures and other government grants received for project construction and development reduce the carrying amount of the related mineral rights and properties or plant and equipment assets. The depletion or depreciation of the related mineral rights and properties or plant and equipment assets is calculated based on the net amount.

Government subsidies as compensation for expenses already incurred are recognized in profit and loss during the period in which it becomes receivable.

Significant Accounting Judgments and Estimates

(t) Significant Accounting Judgments and Estimates

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these judgments and estimates are continuously evaluated and are based on management’s experience and best knowledge of relevant facts and circumstances, actual results may differ from these estimates.

Areas of significant judgments include:

• Capitalization of expenditures with respect to exploration, evaluation and development costs to be included in mineral rights and properties.

• Anticipated reinvestment of undistributed earnings of foreign subsidiaries, therefore no withholding taxes was accrued.

• Accounting and impairment or impairment reversal assessment for equity investments and investment in associates.

• Accounting and impairment or impairment reversal assessment for mineral rights and properties.

• Determination of functional currency for all entities in the group.

• Determination of the components of each CGU.

Areas of significant estimates include:

Ore reserve and mineral resource estimates

Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates. Such an analysis requires complex engineering and geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with engineering and geological assumptions and judgements made in estimating the size and grade of the ore body.

The Company estimates ore reserves in accordance with National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, issued by the Canadian Securities Administrators. There are numerous assumptions including:

• Future production estimates – which include proved and probable reserves, resource estimates and committed expansions;

• Expected future commodity prices, based on current market price, forward prices and the Company’s assessment of the long-term average price; and

• Future cash costs of production, capital expenditure and rehabilitation obligations.

As the economic assumptions change and as additional geological information is produced during the operation of a mine, estimates of reserves may change. Such changes may impact the Company’s reported financial position and results which include:

• The carrying value of mineral rights and properties and plant and equipment may be affected due to changes in estimated future cash flows;

• Depreciation and depletion charges in net income may change where such charges are determined using the units of production method, or where the useful life of the related assets change; and

• The recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets.

Impairment of assets

Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is determined as the higher of the fair value less costs to sell and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices (considering current and historical prices, price trends and related factors), discount rates, operating costs, future capital requirements, closure and rehabilitation costs, exploration potential, reserves and operating performance (which includes production and sales volumes). These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will impact these projections, which may impact the recoverable amount of assets and/or CGUs. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. Fair value for mineral assets is generally determined as the present value of estimated future cash flows arising from the continued use of the asset, which includes estimates such as the cost of future expansion plans and eventual disposal, using assumptions that an independent market participant may take into account. Cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Accounting standards issued but not yet in effect

(u) Accounting standards issued but not yet in effect

IFRS 9 (2014) – Financial Instruments (amended 2014): In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments (“IFRS 9”). The Company adopted IFRS 9 (2010) – Financial Instruments effective April 1, 2011. The Company has reviewed its financial instruments to determine the impact that the adoption of IFRS 9 (2014) will have on its financial statements. The Company does not anticipate that there will be any changes to the classification or the carrying values of the Company’s financial instruments as a result of the adoption. The Company does not currently apply hedge accounting to its risk management contracts and does not intend to apply hedge accounting to any of its existing risk management contracts on adoption of IFRS 9 (2014). The Company will apply IFRS 9 (2014) on April 1, 2018.

IFRS 15 – Revenue from contracts with customers, the standard on revenue from contacts with customers was issued in September 2015 and is effective for annual reporting periods beginning on or after January 1, 2018 with early adoption permitted. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. IFRS 15 introduces a revenue recognition model under which an entity recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or serviceds. IFRS 15 also introduces the concept of performance obligations that are defined as “distinct” promised goods or services, and requires entities to apportion revenue earned to the distinct performance obligation on a relative stand alone selling price basis. The Company will apply IFRS 15 using the modified restrospective transition approach, whereby the cumulative impact of the application, if any, is recognized in retained earning as April 1, 2018 and comparative period balances are not restated. The Company has reviewed its revenue streams and underlying contracts with customers and determined that the application of IFRS 15 will have no material impact on its financial statements.

IFRS 16 – Leases (“IFRS 16”) was issued by the IASB and will replace Leases (“IAS 17”) and Determining whether an arrangement contains a lease (“IFRIC 4”). IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a non-lease component on the basis of whether the customer controls the specific asset. For those contracts that are or contain a lease, IFRS 16 introduces significant changes to the accounting for contracts that are or contain a lease, introducing a single, on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company anticipates that the application of IFRS 16 will result in an increase in the recognition of right of use assets and lease liabilities related to leases with terms greater than 12 months on the Consolidated Statements of Financial Position on April 1, 2019. IFRS 16 will further result in increased depreciation and amortization on these right of use assets and increased interest on these additional lease liabilities. These lease payments will be recorded as financing outflows on the Consolidated Statements of Cash Flows. The Company expects to identify and collect data relating to existing lease agreements during Fiscal 2019.

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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of significant accounting policies [Abstract]

Schedule of Details of Company's Significant Subsidiaries

Details of the Company’s significant subsidiaries which are consolidated are as follows:

			Proportion of ownership interest held
		Place of	March 31,	March 31,
Name of subsidiaries	Principal activity	incorporation	2018	2017	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%	RZY
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%
Henan Found Mining Co. Ltd. ("Henan Found")	Mining	China	77.5%	77.5%	Ying Mining District
Songxian Gold Mining Co., Ltd. ("SX Gold")	Mining	China	77.5%	77.5%	XHP
Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")	Mining	China	70%	70%	BYP
Guangdong Found Mining Co. Ltd. (Guangdong Found")	Mining	China	95%	95%	GC
(i) British Virgin Island ("BVI")

Schedule of Details of Company's Associate

Details of the Company’s associate are as follows:

			Proportion of ownership interest held
		Place of	March 31,	March 31,
Name of associate	Principal activity	incorporation	2018	2017
New Pacific Metals Corp. ("NUAG")	Mining	Canada	29.8%	16.1%

Schedule of Estimated Useful Lives

The significant classes of plant and equipment and their estimated useful lives are as follows:

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

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SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of short-term investments [Abstract]

Schedule of Short-term Investments

As at March 31, 2018, short-term investments consist of the following:

		Carrying value	Interest rates	Maturity
Term deposits	$	36,596	3.6% - 4.15%	April 11 - August 3, 2018
Bonds		20,314	3.88% - 8.75%	June 4, 2018 - October 31, 2046
	$	56,910

As at March 31, 2017, short-term investments consist of the following:

	Carrying value	Interest rates	Maturity
Term deposits	7,141	3.38% - 3.66%	May 19 - 22, 2017
Bonds	16,325	3% - 8.7%	April 17, 2017 - December 10, 2020

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INVENTORIES (Tables)

12 Months Ended

Mar. 31, 2018

Classes of current inventories [abstract]

Schedule of Inventories

		March 31, 2018		March 31, 2017
Direct smelting ore and stockpile ore	$	1,071	$	833
Concentrate inventory		5,513		4,853
Total stockpile and concentrate		6,584		5,686
Material and supplies		4,434		3,024
	$	11,018	$	8,710

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INVESTMENT IN AN ASSOCIATE (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of associates [abstract]

Schedule of Investment in Common Shares and Market Value as Balance Sheet Dates

The summary of the investment in NUAG common shares and its market value as at the respective balance sheet dates are as follows:

						Value of NUAG's
	Number of					common shares per
	shares		Amount			quoted market price
Balance, April 1, 2016	10,806,300	$	3,133		$	2,333
Share of net income			282
Share of other comprehensive loss			(12	)
Impairment recovery			5,278
Foreign exchange impact			(164	)
Balance, March 31, 2017	10,806,300		8,517			8,517
Participate in Private placement	28,000,000		23,352
Purchase from open market	474,600		509
Share of net loss			(700	)
Share of other comprehensive income			461
Impairment recovery			4,714
Dilution gain			822
Foreign exchange impact			326
Balance March 31, 2018	39,280,900	$	38,001		$	50,266

Schedule of Financial Information for Investment

Summarized financial information for the Company's investment in NUAG on a 100% basis is as follows:

		Years ended March 31,
		2018	(1)		2017	(1)
(Loss) income from investments	$	(976	)	$	3,999
General and administrative expense		(2,527	)		(1,197	)
Foreign exchange (loss) gain		(358	)		388
Impairment charge		-			(2,933	)
Other income		372			100
Net (loss) income of associate	$	(3,489	)	$	357
Adjustments to net (loss) income of associate		760			1,391
Net (loss) income of associate qualified for pick-up	$	(2,729	)	$	1,748
Company's share of net (loss) income	$	(700	)	$	282
	March 31, 2018(1)				March 31, 2017(1)
Current assets	$	28,279		$	16,152
Non-current assets		57,268			9,248
Total assets	$	85,547		$	25,400
Current liabilities		970			600
Long-term liabilities		4,839			-
Total liabilities		5,809			600
Net assets	$	79,738		$	24,800
Company's share of net assets of associate	$	23,730		$	4,003
(1) NUAG's fiscal year-end is on June 30. NUAG's quarterly financial results were used to compile the financial information that matched with the Company's year-end on March 31.

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OTHER INVESTMENTS (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of other investments [Abstract]

Schedule of Equity Investments Designated as Fvtoci

6. OTHER INVESTMENTS

		March 31,2018		March 31, 2017
Equity investments designated as FVTOCI
Publicly-traded companies	$	6,132	$	1,207

Schedule of Continuity of Investments

The continuity of such investments is as follows:

					Accumulated fair value change
		Fair value			included in OCI
April 1, 2016	$	287		$	(6,429	)
Change in fair value on equity investments designated as FVTOCI		196			196
Purchase of equity investments		782			-
Impact of foreign currency translation		(58	)		-
March 31, 2017	$	1,207		$	(6,233	)
Change in fair value on equity investments designated as FVTOCI		378			378
Equity investments received as consideration for disposal of NSR		4,320			-
Impact of foreign currency translation		227			-
March 31, 2018	$	6,132		$	(5,855	)

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PLANT AND EQUIPMENT (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of Composition of Property and Equipment and Related Accumulated Depreciation

	Land use rights				Office						Motor		Construction
Cost	and building			equipment				Machinery			vehicles		in progress				Total
Balance as at April 1, 2016	$	91,162		$	6,442		$	27,255		$	7,103		$	9,075		$	141,037
Additions		1,748			215			850			300			1,656			4,769
Disposals		(267	)		(323	)		(321	)		(837	)		(3	)		(1,751	)
Reclassification of asset groups(1)		7,841			-			318			-			(8,159	)		-
Impact of foreign currency translation		(6,000	)		(370	)		(1,750	)		(435	)		(426	)		(8,981	)
Balance as at March 31, 2017	$	94,484		$	5,964		$	26,352		$	6,131		$	2,143		$	135,074
Additions		1,497			1,156			1,084			559			1,540			5,836
Disposals		(246	)		(194	)		(298	)		(515	)		-			(1,253	)
Reclassification of asset groups(1)		344			-			4			-			(348	)		-
Impact of foreign currency translation		9,086			829			2,271			555			267			13,008
Ending balance as at March 31, 2018	$	105,165		$	7,755		$	29,413		$	6,730		$	3,602		$	152,665
Impairment, accumulated depreciation and amortization
Balance as at April 1, 2016	$	(42,658	)	$	(4,693	)	$	(17,177	)	$	(5,407	)	$	(57	)	$	(69,992	)
Disposals		82			276			187			617			-			1,162
Depreciation and amortization		(2,893	)		(507	)		(1,674	)		(480	)		-			(5,554	)
Impact of foreign currency translation		2,763			258			1,144			342			4			4,511
Balance as at March 31, 2017	$	(42,706	)	$	(4,666	)	$	(17,520	)	$	(4,928	)	$	(53	)	$	(69,873	)
Disposals		68			175			208			440			-			891
Depreciation and amortization		(3,180	)		(438	)		(1,643	)		(390	)		-			(5,651	)
Impact of foreign currency translation		(4,198	)		(383	)		(1,768	)		(467	)		(5	)		(6,821	)
Ending balance as at March 31, 2018	$	(50,016	)	$	(5,312	)	$	(20,723	)	$	(5,345	)	$	(58	)	$	(81,454	)
Carrying amounts
Balance as at March 31, 2017	$	51,778		$	1,298		$	8,832		$	1,203		$	2,090		$	65,201
Ending balance as at March 31, 2018	$	55,149		$	2,443		$	8,690		$	1,385		$	3,544		$	71,211
(1) when an asset is available for use, it is reclassified from construction in progress to one of the appropriate plant and equipment categories.

Carrying amounts as at March 31, 2018		Ying Mining District		BYP		GC		Other		Total
Land use rights and building	$	37,431	$	2,527	$	14,039	$	1,151	$	55,148
Office equipment		2,053		46		168		176		2,443
Machinery		5,651		339		2,652		50		8,692
Motor vehicles		1,270		33		80		2		1,385
Construction in progress		1,528		1,966		49		-		3,543
Total	$	47,933	$	4,911	$	16,988	$	1,379	$	71,211
Carrying amounts as at March 31, 2017		Ying Mining District		BYP		GC		Other		Total
Land use rights and building	$	35,079	$	2,533	$	13,087	$	1,079	$	51,778
Office equipment		1,009		51		160		78		1,298
Machinery		5,817		372		2,643		-		8,832
Motor vehicles		1,138		44		21		-		1,203
Construction in progress		255		1,831		4		-		2,090
Total	$	43,298	$	4,831	$	15,915	$	1,157	$	65,201

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MINERAL RIGHTS AND PROPERTIES (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of detailed information about intangible assets [abstract]

Schedule of Mineral Rights and Properties

	Producing and development properties									Exploration and evaluation properties
Cost		Ying Mining District			BYP			GC			XHP			RZY			Total
Balance as at April 1, 2016	$	232,127		$	64,815		$	109,478		$	21,257		$	179		$	427,856
Capitalized expenditures		18,058			-			714			-			-			18,772
Mine right fee		1,337			-			-			-			-			1,337
Environmental rehabiliation		(1,448	)		(101	)		(57	)		-			-			(1,606	)
Foreign currecy translation impact		(15,227	)		(968	)		(6,933	)		(1,351	)		(5	)		(24,484	)
Balance as at March 31, 2017	$	234,847		$	63,746		$	103,202		$	19,906		$	174		$	421,875
Capitalized expenditures		20,125			14			323			231			-			20,693
Environmental rehabiliation		(589	)		(52	)		(36	)		(17	)		-			(694	)
Foreign currecy translation impact		23,351			1,346			9,755			1,904			6			36,362
Ending balance as at March 31, 2018	$	277,734		$	65,054		$	113,244		$	22,024		$	180		$	478,236
Impairment and accumulated depletion
Balance as at April 1, 2016	$	(55,524	)	$	(57,386	)	$	(77,609	)	$	(21,257	)	$	-		$	(211,776	)
Impairment loss		-			-			-			-			(181	)		(181	)
Depletion		(12,457	)		-			(1,869	)		-			-			(14,326	)
Foreign currecy translation impact		3,824			495			4,931			1,351			7			10,608
Balance as at March 31, 2017	$	(64,157	)	$	(56,891	)	$	(74,547	)	$	(19,906	)	$	(174	)	$	(215,675	)
Depletion		(12,196	)		-			(1,837	)		-			-			(14,033	)
Foreign currecy translation impact		(6,746	)		(693	)		(7,111	)		(1,892	)		(6	)		(16,448	)
Ending balance as at March 31, 2018	$	(83,099	)	$	(57,584	)	$	(83,495	)	$	(21,798	)	$	(180	)	$	(246,156	)
Carrying amounts
Balance as at March 31, 2017	$	170,690		$	6,855		$	28,655		$	-		$	-		$	206,200
Ending balance as at March 31, 2018	$	194,635		$	7,470		$	29,749		$	226		$	-		$	232,080

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ENVIRONMENTAL REHABILITATION (Tables)

12 Months Ended

Mar. 31, 2018

Environmental Rehabilitation Schedule Of Reconciliation Of Obligations Associated Retirement Properties

Schedule of Reconciliation of Obligations Associated Retirement Properties

The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties:

		Total
Balance, April 1, 2016	$	14,328
Unwinding of discount of environmental rehabilitation		382
Revision of provision		(1,606	)
Foreign exchange impact		(918	)
Balance, March 31, 2017	$	12,186
Reclamation expenditures		(25	)
Unwinding of discount of environmental rehabilitation		449
Revision of provision		(694	)
Foreign exchange impact		1,182
Balance, March 31, 2018	$	13,098

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SHARE CAPITAL (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of classes of share capital [abstract]

Schedule of Option Transactions

The following is a summary of option transactions:

				Weighted average
				exercise price per
	Number of shares			share CAD$
Balance, April 1, 2016	9,174,025		$	2.39
Options granted	1,173,000			3.77
Options exercised	(1,043,280	)		1.13
Options forfeited	(847,238	)		3.61
Options expired	(777,000	)		8.92
Balance, March 31, 2017	7,679,507		$	1.97
Option granted	2,192,500			3.30
Options exercised	(857,020	)		0.81
Options forfeited	(195,626	)		3.00
Options expired	(672,562	)		5.25
Balance, March 31, 2018	8,146,799		$	2.15

Schedule of Weighted Average Assumptions

The fair value of stock options granted during the years ended March 31, 2018 and 2017 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

					Years ended March 31,
		2018			2017
Risk free interest rate		1.70	%		0.78	%
Expected life of option in years		2.27 years			2.25 years
Expected volatility		69	%		72	%
Expected dividend yield		1.36	%		0.47	%
Estimated forfeiture rate		10	%		11	%
Weighted average share price at date of grant	$	3.30		$	3.77

Schedule of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2018:

								Weighted
			Weighted average		Weighted	Number of		average
		Number of options	remaining		average	options		exercise
	Exercise price in	outstanding at	contractual life		exercise price	exercisable at		price in
	CAD$	March 31, 2018	(Years)		in CAD$	March 31, 2018		CAD$
$	0.66	2,385,044	0.75	$	0.66	2,385,044		0.66
$	1.43	1,405,591	2.17	$	1.43	1,273,506		1.43
$	1.75	344,375	1.16	$	1.75	320,813		1.75
$	1.76	235,353	1.54	$	1.76	188,510		1.76
$	2.98	126,437	0.81	$	2.98	126,437		2.98
$	3.23	1,072,500	2.95	$	3.23	-		-
$	3.25	168,375	0.17	$	3.25	168,375		3.25
$	3.36	1,070,000	2.51	$	3.36	-		-
$	3.41	266,124	0.45	$	3.41	266,124		3.41
$	3.63	900,000	1.80	$	3.63	450,000		3.63
$	4.34	143,000	1.47	$	4.34	107,250		4.34
$	5.58	30,000	1.90	$	5.58	15,000		5.58
$	0.66 - 5.58	8,146,799	1.67	$	2.15	5,301,059	$	1.57

Schedule of Earnings Per Share Basic and Diluted

			For the years ended March 31,
			2018					2017
		Income	Shares	Per-Share			Income	Shares		Per-Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
Net income attributable to equity holders of the Company	$	46,994				$	43,674
Basic earnings per share		46,994	167,848,117	$	0.28	$	43,674	167,185,234	$	0.26
Effect of dilutive securities:
Stock options			3,557,787					4,164,790
Diluted earnings per share	$	46,994	171,405,904	$	0.27	$	43,674	171,350,024	$	0.25

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of analysis of other comprehensive income by item [abstract]

Schedule of Accumulated Other Comprehensive Income

		March 31, 2018			March 31, 2017
Change in fair value on equity investments designated as FVTOCI	$	(37,508	)	$	(37,886	)
Share of other comprehensive loss in associate		281			(198	)
Currency translation adjustment		11,352			(12,335	)
Balance, end of the year	$	(25,875	)	$	(50,419	)

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NON-CONTROLLING INTERESTS (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of non-controlling interests [Abstract]

Schedule of Non-controlling Interests

The continuity of non-controlling interests is summarized as follows:

		Henan			Henan						Guangdong
		Found			Huawei			Yunxiang			Found			SX Gold			Total
Balance, April 1, 2016	$	51,596		$	4,231		$	4,197		$	(3,082	)	$	(3,921	)	$	53,021
Share of net income (loss)		11,247			756			(340	)		186			(25	)		11,824
Share of other comprehensive income (loss)		(2,703	)		(141	)		(193	)		48			48			(2,941	)
Distributions		(6,328	)		(762	)		-			-			-			(7,090	)
Balance, March 31, 2017	$	53,812		$	4,084		$	3,664		$	(2,848	)	$	(3,898	)	$	54,814
Share of net income (loss)		10,230			1,313			(374	)		341			392			11,902
Share of other comprehensive income (loss)		4,476			512			242			(38	)		(48	)		5,144
Distributions		(2,917	)		-			-			-			-			(2,917	)
Balance, March 31, 2018	$	65,601		$	5,909		$	3,532		$	(2,545	)	$	(3,554	)	$	68,943

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of transactions between related parties [abstract]

Schedule of Related Party Transactions

Related party transactions not disclosed elsewhere in the consolidated financial statements are as follows:

Due from a related party		March 31, 2018		March 31, 2017
NUAG (a)	$	11	$	92

(a)      According to a services and administrative costs reallocation agreement between the Company and NUAG, the Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG. During the year ended March 31, 2018, the Company recovered $433 (year ended March 31, 2017 - $194) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.

Schedule of Compensation of Key Management Personnel

The remuneration of directors and other members of key management personnel, who are those having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, for the years ended March 31, 2018 and 2017 were as follows:

		Years Ended March 31,
		2018		2017
Directors' fees	$	168	$	151
Salaries and bonus for key management personnel		2,656		2,031
Share-based compensation		981		727
	$	3,805	$	2,909

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GENERAL AND ADMINISTRATIVE (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of general and administrative expense [Abstract]

Schedule of General and Administrative Expenses Consist

		Years ended March 31,
General and administrative		2018		2017
Office and administrative expenses	$	6,667	$	5,520
Amortization and depreciation		1,196		1,227
Salaries and benefits		8,395		7,397
Share-based compensation		1,566		1,015
Professional fees		861		1,659
	$	18,685	$	16,818

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GOVERNMENT FEES AND OTHER TAXES (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of government fees and other taxes [Abstract]

Schedule of Government Fees and Other Taxes Consist

		Years ended March 31,
		2018		2017
Government fees	$	351	$	1,314
Other taxes		2,620		2,693
	$	2,971	$	4,007

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FINANCE ITEMS (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of finance items [Abstract]

Schedule of Finance Items Consist

		Years ended March 31,
Finance income		2018		2017
Interest income	$	2,839	$	2,206
		Years ended March 31,
Finance costs		2018		2017
Interest on mine right fee	$	-	$	226
Interest on bank loan		-		152
Unwinding of discount of environmental rehabilitation provision		449		382
	$	449	$	760

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INCOME TAX (Tables)

12 Months Ended

Mar. 31, 2018

Major components of tax expense (income) [abstract]

Schedule of Income Tax Expense Recognized

The significant components of income tax expense recognized in the statements of income are as follows:

		Years ended March 31,
Income tax expense		2018		2017
Current	$	16,086	$	13,150
Deferred		2,833		6,087
	$	18,919	$	19,237

Schedule of Reconciliation of Effective Statutory Income Tax Rates

The reconciliation of the Canadian statutory income tax rates to the effective tax rate are as follows:

		Years ended March, 31
		2018			2017
Canadian statutory tax rate		26.25	%		26.00	%
Income before income taxes	$	77,815		$	74,735
Income tax expense computed at Canadian statutory rates		20,426			19,431
Foreign tax rates different from statutory rate		(467	)		(634	)
Change in tax rates		(681	)		-
Permanent items and other		1,008			728
Withholding taxes		1,023			760
Change in unrecognized deferred tax assets		(2,378	)		(1,136	)
Other		(12	)		88
Income tax expense	$	18,919		$	19,237

Schedule of Deferred Income Tax Assets (liabilities)

The continuity of deferred income tax assets (liabilities) is summarized as follows:

		Years ended March, 31
		2018			2017
Net deferred income tax liabilities, beginning of the year	$	(27,692	)	$	(23,224	)
Deferred income tax expense recognized in net income for the year		(2,833	)		(6,087	)
Foreign exchange impact		(2,785	)		1,619
Net deferred income tax liabilities, end of the year	$	(33,310	)	$	(27,692	)

Schedule of Deferred Income Tax

The significant components of the Company’s deferred income tax are as follows:

		March 31, 2018			March 31, 2017
Deferred income tax assets
Plant and equipment	$	1,442		$	996
Environmental rehabilitation		2,980			2,775
Other deductible temporary difference		890			382
Total deferred income tax assets		5,312			4,153
Deferred income tax liabilities
Plant and equipment		(261	)		(246	)
Mineral rights and properties		(37,308	)		(31,434	)
Unrealized gain on investments		(876	)		-
Other taxable temporary difference		(177	)		(165	)
Total deferred income tax liabilities		(38,622	)		(31,845	)
Net deferred income tax liabilities	$	(33,310	)	$	(27,692	)

Schedule of Temporary Differences and Unused Tax Losses

Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:

		March 31, 2018		March 31, 2017
Non-capital loss carry forward	$	82,882	$	77,886
Plant and equipment		27,050		23,529
Mineral rights and properties		15,539		20,602
Other deductible temporary difference		18,876		23,806
	$	144,347	$	145,823

Schedule of Net Operating Losses Expiring in Various Years

As at March 31, 2018, the Company has the following net operating losses, expiring in various years to 2039 and available to offset future taxable income in Canada and China, respectively.

		Canada		China		Total
2019	$	-	$	4,205	$	4,205
2020		-		5,003		5,003
2021		-		7,435		7,435
2022		-		3,388		3,388
2023		-		4,345		4,345
2027		1,530		-		1,530
2029		2		-		2
2030		3,858		-		3,858
2031		6,749		-		6,749
2032		9,658		-		9,658
2033		9,898		-		9,898
2034		9,446		-		9,446
2035		7,042		-		7,042
2036		993		-		993
2037		1,673		-		1,673
2038		2,476		-		2,476
2039		5,181		-		5,181
	$	58,506	$	24,376	$	82,882

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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets Measured at Fair Value Level On Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy at March 31, 2018 and March 31, 2017 that are not otherwise disclosed. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair value as at March 31, 2018
Recurring measurements		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	49,199	$	-	$	-	$	49,199
Investments in publicly traded companies		6,132		-		-		6,132
	Fair value as at March 31, 2017
Recurring measurements		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	73,003	$	-	$	-	$	73,003
Investments in publicly traded companies		1,207		-		-		1,207

Schedule of Remaining Contractual Maturities of Financial Liabilities

The following summarizes the remaining contractual maturities of the Company’s financial liabilities.

				March 31, 2018						March 31, 2017
		Within a year		2-3 years		4-5 years		Total		Total
Accounts payable and accrued liabilities	$	25,198	$	-	$	-	$	25,198	$	30,374

Schedule of Currency Risk Affect Net Income

The Company currently does not engage in foreign exchange currency hedging. The Company's exposure to currency risk affect net income is summarized as follow:

		March 31, 2018		March 31, 2017
Financial assets denominated in U.S. Dollars	$	27,256	$	29,093
Financial assets denominated in Chinese RMB	$	-	$	7,115

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SEGMENTED INFORMATION (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of operating segments [abstract]

Schedule of Segment Information for Assets and Liabilities

March 2018
	Mining								Administrative
		Henan												Total
Statement of financial position items:		Luoning		Hunan		Guangdong		Other		Beijing		Vancouver
Current assets	$	82,567	$	1,833	$	7,911	$	699	$	1,574	$	28,220	$	122,804
Plant and equipment		47,933		4,911		16,988		137		1,104		138		71,211
Mineral rights and properties		194,635		7,470		29,749		226		-		-		232,080
Investment in an associate		-		-		-		-		-		38,001		38,001
Other investments		-		-		-		4,863		-		1,269		6,132
Reclamation deposits		5,544		-		160		-		-		8		5,712
Long-term prepaids and deposits		311		108		325		210		-		-		954
Total assets	$	330,990	$	14,322	$	55,133	$	6,135	$	2,678	$	67,636	$	476,894
Current liabilities	$	22,419	$	1,652	$	3,485	$	2,745	$	474	$	1,532	$	32,307
Deferred income tax liabilities		32,382		928		-		-		-		-		33,310
Environmental rehabilitation		10,929		989		887		293		-		-		13,098
Total liabilities	$	65,730	$	3,569	$	4,372	$	3,038	$	474	$	1,532	$	78,715
March 31, 2017
	Mining								Administrative
		Henan												Total
Statement of financial position items:		Luoning		Hunan		Guangdong		Other		Beijing		Vancouver
Current assets	$	64,298	$	1,869	$	4,796	$	523	$	823	$	38,523	$	110,832
Plant and equipment		43,297		4,832		15,915		-		1,081		76		65,201
Mineral rights and properties		170,690		6,855		28,655		-		-		-		206,200
Investment in an associate		-		-		-		-		-		8,517		8,517
Other investments		-		-		-		-		-		1,207		1,207
Reclamation deposits		4,901		-		145		-		-		8		5,054
Long-term prepaids and deposits		432		99		306		122		-		-		959
Total assets	$	283,618	$	13,655	$	49,817	$	645	$	1,904	$	48,331	$	397,970
Current liabilities	$	29,951	$	1,425	$	3,860	$	2,959	$	184	$	1,778	$	40,157
Deferred income tax liabilities		26,846		846		-		-		-		-		27,692
Environmental rehabilitation		10,183		918		813		272		-		-		12,186
Total liabilities	$	66,980	$	3,189	$	4,673	$	3,231	$	184	$	1,778	$	80,035

Schedule of Segment Information for Operating Results

Year ended March 31, 2018
	Mining												Administrative
		Henan																		Total
Statement of income:		Luoning			Hunan(1)			Guangdong			Other			Beijing			Vancouver
Sales	$	142,113		$	-		$	27,926		$	-		$	-		$	-		$	170,039
Cost of sales		(64,321	)		-			(17,834	)		-			-			-			(82,155	)
Gross profit		77,792			-			10,092			-			-			-			87,884
Operating (expenses) income		(8,136	)		(1,164	)		(2,726	)		6,075			(1,321	)		(9,901	)		(17,173	)
Impairment recovery, net		-			-			-			-			-			4,714			4,714
Finance items, net		580			(83	)		9			(11	)		250			1,645			2,390
Income tax expenses		(17,894	)		(1	)		-			-			(1	)		(1,023	)		(18,919	)
Net income (loss)	$	52,342		$	(1,248	)	$	7,375		$	6,064		$	(1,072	)	$	(4,565	)	$	58,896
Attributable to:
Equity holders of the Company		40,799			(874	)		7,034			5,672			(1,072	)		(4,565	)		46,994
Non-controlling interests		11,543			(374	)		341			392			-			-			11,902
Net income (loss)	$	52,342		$	(1,248	)	$	7,375		$	6,064		$	(1,072	)	$	(4,565	)	$	58,896
(1) Hunan's BYP project was placed on care and maintenance in August 2014;
Year ended March 31, 2017
	Mining												Administrative
		Henan																		Total
Statement of income:		Luoning			Hunan			Guangdong			Other			Beijing			Vancouver
Sales	$	142,761		$	-		$	20,710		$	-		$	-		$	-		$	163,471
Cost of sales		(60,994	)		-			(14,291	)		-			-			-			(75,285	)
Gross profit		81,767			-			6,419			-			-			-			88,186
Operating expenses		(8,864	)		(1,098	)		(2,194	)		(131	)		(1,354	)		(6,353	)		(19,994	)
Impairment recovery, net		-			-			-			-			-			5,097			5,097
Finance items, net		146			(69	)		35			18			266			1,050			1,446
Income tax (expenses) recovery		(18,509	)		33			-			-			(2	)		(759	)		(19,237	)
Net income (loss)	$	54,540		$	(1,134	)	$	4,260		$	(113	)	$	(1,090	)	$	(965	)	$	55,498
Attributable to:
Equity holders of the Company		42,537			(794	)		4,074			(88	)		(1,090	)		(965	)		43,674
Non-controlling interests		12,003			(340	)		186			(25	)		-			-			11,824
Net income (loss)	$	54,540		$	(1,134	)	$	4,260		$	(113	)	$	(1,090	)	$	(965	)	$	55,498

Schedule of Sales by Metal

The sales generated for the years ended March 31, 2018 and 2017 was all earned in China and is comprised of:

		Year ended March 31, 2018
		Henan Luoning		Guangdong		Total
Silver (Ag)	$	75,891	$	6,463	$	82,354
Gold (Au)		3,232		-		3,232
Lead (Pb)		55,488		6,763		62,251
Zinc (Zn)		7,000		14,462		21,462
Other		502		238		740
	$	142,113	$	27,926	$	170,039
		Year ended March 31, 2017
		Henan Luoning		Guangdong		Total
Silver (Ag)	$	83,606	$	5,950	$	89,556
Gold (Au)		3,344		-		3,344
Lead (Pb)		51,479		5,373		56,852
Zinc (Zn)		4,332		8,909		13,241
Other		-		478		478
	$	142,761	$	20,710	$	163,471

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COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of commitments and contingencies [Abstract]

Schedule of Commitments Not Disclosed in Financial Statements

Commitments, not disclosed elsewhere in these financial statements, are as follows:

		Total		Less than 1 year		1-5 years		After 5 years
Operating leases	$	3,353	$	888	$	2,465	$	-
Commitments	$	6,418	$	-	$	-	$	6,418

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SUPPLEMENTARY CASH FLOW INFORMATION (Tables)

12 Months Ended

Mar. 31, 2018

Disclosure of supplementary cash flow information [Abstract]

Schedule of Cash and Cash Equivalents

		March 31, 2018	March 31, 2017
Cash on hand and at bank	$	31,281	$	39,243
Bank term deposits and GICs		17,918		33,760
Total cash and cash equivalents	$	49,199	$	73,003

Schedule of Change in Non-cash Operating Working Capital

Changes in non-cash operating working capital:		Years Ended March 31,
		2018			2017
Trade and other receivables	$	715		$	632
Inventories		(1,164	)		355
Prepaids and deposits		86			(495	)
Accounts payable and accrued liabilities		(1,743	)		7,830
Deposits received		(603	)		1,350
Due from a related party		84			(5,187	)
	$	(2,625	)	$	4,485

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SIGNIFICANT ACCOUNTING POLICIES (Schedule of Details of Company's Significant Subsidiaries) (Details)		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Subsidiary One [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Silvercorp Metals China Inc.
Principal activity		Holding company
Place of incorporation		Canada
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Two [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Silvercorp Metals (China) Inc.
Principal activity		Holding company
Place of incorporation		China
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Three [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		0875786 B.C. LTD.
Principal activity		Holding company
Place of incorporation		Canada
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Four [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Fortune Mining Limited
Principal activity		Holding company
Place of incorporation	[1]	BVI
Proportion of ownership interest held		100.00%	100.00%
Mineral properties		RZY
Subsidiary Five [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Fortune Copper Limited
Principal activity		Holding company
Place of incorporation		BVI
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Six [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Fortune Gold Mining Limited
Principal activity		Holding company
Place of incorporation		BVI
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Seven [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Victor Resources Ltd.
Principal activity		Holding company
Place of incorporation		BVI
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Eight [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Yangtze Mining Ltd.
Principal activity		Holding company
Place of incorporation		BVI
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Nine [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Victor Mining Ltd.
Principal activity		Holding company
Place of incorporation		BVI
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Ten [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Yangtze Mining (H.K.) Ltd.
Principal activity		Holding company
Place of incorporation		Hong Kong
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Eleven [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Fortune Gold Mining (H.K.) Limited
Principal activity		Holding company
Place of incorporation		Hong Kong
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Twelve [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Wonder Success Limited
Principal activity		Holding company
Place of incorporation		Hong Kong
Proportion of ownership interest held		100.00%	100.00%
Subsidiary Thirteen [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Henan Huawei Mining Co. Ltd. ("Henan Huawei")
Principal activity		Mining
Place of incorporation		China
Proportion of ownership interest held		80.00%	80.00%
Subsidiary Fourteen [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Henan Found Mining Co. Ltd. ("Henan Found")
Principal activity		Mining
Place of incorporation		China
Proportion of ownership interest held		77.50%	77.50%
Mineral properties		Ying Mining District
Subsidiary Fifteen [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Songxian Gold Mining Co., Ltd. ("SX Gold")
Principal activity		Mining
Place of incorporation		China
Proportion of ownership interest held		77.50%	77.50%
Mineral properties		XHP
Subsidiary Sixteen [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")
Principal activity		Mining
Place of incorporation		China
Proportion of ownership interest held		70.00%	70.00%
Mineral properties		BYP
Subsidiary Seventeen [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries		Guangdong Found Mining Co. Ltd. (Guangdong Found")
Principal activity		Mining
Place of incorporation		China
Proportion of ownership interest held		95.00%	95.00%
Mineral properties		GC

[1] British Virgin Island ("BVI")

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SIGNIFICANT ACCOUNTING POLICIES (Schedule of Details of Company's Associate) (Details)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of associates [line items]
Proportion of ownership interest held	29.80%	16.10%
Associates [Member]
Disclosure of associates [line items]
Name of associate	New Pacific Metals Corp. ("NUAG")
Principal activity	Mining
Place of incorporation	Canada
Proportion of ownership interest held	29.80%	16.10%

XML

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives) (Details)	12 Months Ended
	Mar. 31, 2018
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	20 years
Office equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5-10 years
Motor vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Land use rights [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	50 years
Leasehold improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years

XML

SHORT-TERM INVESTMENTS (Schedule of Short-term Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of fair value measurement of assets [line items]
Carrying value	$ 56,910	$ 23,466
Term deposits [Member]
Disclosure of fair value measurement of assets [line items]
Carrying value	$ 36,596	$ 7,141
Maturity	April 11 - August 3, 2018	May 19 - 22, 2017
Term deposits [Member] | Bottom of Range [Member]
Disclosure of fair value measurement of assets [line items]
Interest rates	3.60%	3.38%
Term deposits [Member] | Top of Range [Member]
Disclosure of fair value measurement of assets [line items]
Interest rates	4.15%	3.66%
Bonds [Member]
Disclosure of fair value measurement of assets [line items]
Carrying value	$ 20,314	$ 16,325
Maturity	June 4, 2018 - October 31, 2046	April 17, 2017 - December 10, 2020
Bonds [Member] | Bottom of Range [Member]
Disclosure of fair value measurement of assets [line items]
Interest rates	3.88%	3.00%
Bonds [Member] | Top of Range [Member]
Disclosure of fair value measurement of assets [line items]
Interest rates	8.75%	8.70%

XML

INVENTORIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Classes of current inventories [abstract]
Amount of inventories recognized as expense	$ 77,391	$ 71,508

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INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Classes of current inventories [abstract]
Direct smelting ore and stockpile ore	$ 1,071	$ 833
Concentrate inventory	5,513	4,853
Total stockpile and concentrate	6,584	5,686
Material and supplies	4,434	3,024
Total inventories	$ 11,018	$ 8,710

XML

INVESTMENT IN AN ASSOCIATE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2017	Jul. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Disclosure of associates [line items]
Proceeds from private placement			$ 550	$ 904
Proportion of ownership interest held			29.80%	16.10%
New Pacific Metals Corp ("NUAG") [Member]
Disclosure of associates [line items]
Common shares subscribed in private placement		25,000,000
Proceeds from private placement		$ 20,000
Subscribed Units	16,000,000
Share price of per units	$ 1.42
Gain on dilution	$ 800
Reclassification of loss from other comprehensive inome	$ 18
New Pacific Metals Corp ("NUAG") [Member] | Top of Range [Member]
Disclosure of associates [line items]
Percentage of ownership diluted	32.20%
New Pacific Metals Corp ("NUAG") [Member] | Bottom of Range [Member]
Disclosure of associates [line items]
Percentage of ownership diluted	29.80%
Pan American Silver Corp [Member]
Disclosure of associates [line items]
Subscribed Units	3,000,000

XML

INVESTMENT IN AN ASSOCIATE (Schedule of Investment in Common Shares and Market Value as Balance Sheet Dates) (Details) - USD ($) $ in Thousands		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Disclosure of associates [line items]
Balance		$ 8,517
Share of other comprehensive loss		281	$ (198)
Dilution gain		822
Foreign exchange impact		(1,628)	339
Balance		38,001	8,517
New Pacific Metals Corp ("NUAG") [Member]
Disclosure of associates [line items]
Balance		$ 8,517	$ 3,133
Balance, Shares		10,806,300	10,806,300
Participate in Private placement		$ 23,352
Participate in Private placement, shares		28,000,000
Purchase from open market		$ 509
Purchase from open market, shares		474,600
Share of net income (loss)	[1]	$ (700)	$ 282
Share of other comprehensive loss		461	(12)
Impairment recovery		4,714	5,278
Dilution gain		822
Foreign exchange impact		326	(164)
Balance		$ 38,001	$ 8,517
Balance, Shares		39,280,900	10,806,300
Value of Common shares per quoted market price, Begining		$ 8,517	$ 2,333
Value of Common shares per quoted market price, Ending		$ 50,266	$ 8,517

[1] NUAG's fiscal year-end is on June 30. NUAG's quarterly financial results were used to compile the financial information that matched with the Company's year-end on March 31.

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INVESTMENT IN AN ASSOCIATE (Schedule of Financial Information for Investment) (Details) - USD ($) $ in Thousands		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Disclosure of associates [line items]
(Loss) income from investments		$ 170,039	$ 163,471
General and administrative expense		(18,685)	(16,818)
Other income		2,016	748
Net income		58,896	55,498
New Pacific Metals Corp ("NUAG") [Member]
Disclosure of associates [line items]
(Loss) income from investments	[1]	(976)	3,999
General and administrative expense	[1]	(2,527)	(1,197)
Foreign exchange (loss) gain	[1]	(358)	388
Impairment charge	[1]		(2,933)
Other income	[1]	372	100
Net income (loss) of associate	[1]	(3,489)	357
Adjustments to net income (loss) of associate	[1]	760	1,391
Net income	[1]	(2,729)	1,748
Company's share of net income (loss)	[1]	$ (700)	$ 282

[1] NUAG's fiscal year-end is on June 30. NUAG's quarterly financial results were used to compile the financial information that matched with the Company's year-end on March 31.

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INVESTMENT IN AN ASSOCIATE (Schedule of Consolidated Financial Statements) (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Mar. 31, 2017
Disclosure of associates [line items]
Current assets		$ 122,804	$ 110,832
TOTAL ASSETS		476,894	397,970
Current liabilities		32,307	40,157
Total Liabilities		78,715	80,035
New Pacific Metals Corp ("NUAG") [Member]
Disclosure of associates [line items]
Current assets	[1]	28,279	16,152
Non-current assets	[1]	57,268	9,248
TOTAL ASSETS	[1]	85,547	25,400
Current liabilities	[1]	970	600
Long-term liabilities	[1]	4,839
Total Liabilities	[1]	5,809	600
Net assets	[1]	79,738	24,800
Company's share of net assets of associate	[1]	$ 23,730	$ 4,003

[1] NUAG's fiscal year-end is on June 30. NUAG's quarterly financial results were used to compile the financial information that matched with the Company's year-end on March 31.

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OTHER INVESTMENTS (Narrative) (Details) - Maverix Metals Inc. [Member] - USD ($) $ in Thousands		1 Months Ended
	Apr. 05, 2017	Apr. 19, 2017
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Pecentage of net smelter return	2.50%
Number of shares in consideration payable	6,600,000
Number of common share closing of transaction	3,800,000	3,800,000
Number of Shares consideration achieves	2,800,000
Proceed from disposed investment		$ 4,320
Value of shares		4,320
CAD [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Value of shares		$ 5,800

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OTHER INVESTMENTS (Schedule of Equity Investments Designated as FVTOCI) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Disclosure of other investments [Abstract]
Equity investments designated as FVTOCI	$ 6,132	$ 1,207

XML

OTHER INVESTMENTS (Schedule of Continuity of Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Change in fair value on equity investments designated as FVTOCI	$ (37,508)	$ (37,886)
Impact of foreign currency translation	11,352	(12,335)
Fair value [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Beginning	1,207	287
Change in fair value on equity investments designated as FVTOCI	378	196
Equity investments received as consideration for disposal of NSR	4,320
Purchase of equity investments		782
Impact of foreign currency translation	227	(58)
Ending	6,132	1,207
Accumulated fair value change included in OCI [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Beginning	(6,233)	(6,429)
Change in fair value on equity investments designated as FVTOCI	378	196
Equity investments received as consideration for disposal of NSR
Impact of foreign currency translation
Ending	$ (5,855)	$ (6,233)

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PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of detailed information about property, plant and equipment [abstract]
Proceeds on disposals	$ 33	$ 51
Loss on disposal of plant and equipment	$ 329	$ 538

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PLANT AND EQUIPMENT (Schedule of Composition of Property and Equipment and Related Accumulated Depreciation) (Details) - USD ($) $ in Thousands		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		$ 65,201
Balance at end of year		71,211	$ 65,201
Land use rights and building [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		51,778
Balance at end of year		55,148	51,778
Office equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		1,298
Balance at end of year		2,443	1,298
Machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		8,832
Balance at end of year		8,692	8,832
Motor vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		1,203
Balance at end of year		1,385	1,203
Construction in progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		2,090
Balance at end of year		3,543	2,090
Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		135,074	141,037
Additions		5,836	4,769
Disposals		(1,253)	(1,751)
Reclassification of asset groups	[1]
Impact of foreign currency translation		13,008	(8,981)
Balance at end of year		152,665	135,074
Cost [Member] | Land use rights and building [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		94,484	91,162
Additions		1,497	1,748
Disposals		(246)	(267)
Reclassification of asset groups	[1]	344	7,841
Impact of foreign currency translation		9,086	(6,000)
Balance at end of year		105,165	94,484
Cost [Member] | Office equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		5,964	6,442
Additions		1,156	215
Disposals		(194)	(323)
Reclassification of asset groups	[1]
Impact of foreign currency translation		829	(370)
Balance at end of year		7,755	5,964
Cost [Member] | Machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		26,352	27,255
Additions		1,084	850
Disposals		(298)	(321)
Reclassification of asset groups	[1]	4	318
Impact of foreign currency translation		2,271	(1,750)
Balance at end of year		29,413	26,352
Cost [Member] | Motor vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		6,131	7,103
Additions		559	300
Disposals		(515)	(837)
Reclassification of asset groups	[1]
Impact of foreign currency translation		555	(435)
Balance at end of year		6,730	6,131
Cost [Member] | Construction in progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		2,143	9,075
Additions		1,540	1,656
Disposals			(3)
Reclassification of asset groups	[1]	(348)	(8,159)
Impact of foreign currency translation		267	(426)
Balance at end of year		3,602	2,143
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		(69,873)	(69,992)
Disposals		891	1,162
Depreciation and amortization		(5,651)	(5,554)
Impact of foreign currency translation		(6,821)	4,511
Balance at end of year		(81,454)	(69,873)
Accumulated depreciation [member] | Land use rights and building [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		(42,706)	(42,658)
Disposals		68	82
Depreciation and amortization		(3,180)	(2,893)
Impact of foreign currency translation		(4,198)	2,763
Balance at end of year		(50,016)	(42,706)
Accumulated depreciation [member] | Office equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		(4,666)	(4,693)
Disposals		175	276
Depreciation and amortization		(438)	(507)
Impact of foreign currency translation		(383)	258
Balance at end of year		(5,312)	(4,666)
Accumulated depreciation [member] | Machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		(17,520)	(17,177)
Disposals		208	187
Depreciation and amortization		(1,643)	(1,674)
Impact of foreign currency translation		(1,768)	1,144
Balance at end of year		(20,723)	(17,520)
Accumulated depreciation [member] | Motor vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		(4,928)	(5,407)
Disposals		440	617
Depreciation and amortization		(390)	(480)
Impact of foreign currency translation		(467)	342
Balance at end of year		(5,345)	(4,928)
Accumulated depreciation [member] | Construction in progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		(53)	(57)
Disposals
Depreciation and amortization
Impact of foreign currency translation		(5)	4
Balance at end of year		(58)	(53)
Carrying amounts [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		65,201
Balance at end of year		71,211	65,201
Carrying amounts [Member] | Land use rights and building [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		51,778
Balance at end of year		55,149	51,778
Carrying amounts [Member] | Office equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		1,298
Balance at end of year		2,443	1,298
Carrying amounts [Member] | Machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		8,832
Balance at end of year		8,690	8,832
Carrying amounts [Member] | Motor vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		1,203
Balance at end of year		1,385	1,203
Carrying amounts [Member] | Construction in progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning year		2,090
Balance at end of year		$ 3,544	$ 2,090

[1] When an asset is available for use, it is reclassified from construction in progress to one of the appropriate plant and equipment categories.

XML

PLANT AND EQUIPMENT (Schedule of Composition of Carrying Amounts ) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	$ 71,211	$ 65,201
Ying Mining District [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	47,933	43,298
BYP [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	4,911	4,831
GC [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	16,988	15,915
Other [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	1,379	1,157
Land use rights and building [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	55,148	51,778
Land use rights and building [Member] | Ying Mining District [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	37,431	35,079
Land use rights and building [Member] | BYP [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	2,527	2,533
Land use rights and building [Member] | GC [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	14,039	13,087
Land use rights and building [Member] | Other [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	1,151	1,079
Office equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	2,443	1,298
Office equipment [Member] | Ying Mining District [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	2,053	1,009
Office equipment [Member] | BYP [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	46	51
Office equipment [Member] | GC [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	168	160
Office equipment [Member] | Other [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	176	78
Machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	8,692	8,832
Machinery [Member] | Ying Mining District [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	5,651	5,817
Machinery [Member] | BYP [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	339	372
Machinery [Member] | GC [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	2,652	2,643
Machinery [Member] | Other [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	50
Motor vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	1,385	1,203
Motor vehicles [Member] | Ying Mining District [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	1,270	1,138
Motor vehicles [Member] | BYP [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	33	44
Motor vehicles [Member] | GC [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	80	21
Motor vehicles [Member] | Other [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	2
Construction in progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	3,543	2,090
Construction in progress [Member] | Ying Mining District [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	1,528	255
Construction in progress [Member] | BYP [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	1,966	1,831
Construction in progress [Member] | GC [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment	49	4
Construction in progress [Member] | Other [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Plant and equipment

XML

MINERAL RIGHTS AND PROPERTIES (Narrative) (Details) - Jun. 16, 2016 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Disclosure of detailed information about intangible assets [line items]
Mine right fee | $	$ 1,337
RMB [Member]
Disclosure of detailed information about intangible assets [line items]
Mine right fee | ¥		¥ 8,700

XML

MINERAL RIGHTS AND PROPERTIES (Schedule of Mineral Rights and Properties) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 16, 2016	Mar. 31, 2018	Mar. 31, 2017
Disclosure of detailed information about intangible assets [line items]
Mine right fee	$ 1,337
Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		$ 421,875	$ 427,856
Capitalized expenditures		20,693	18,772
Mine right fee			1,337
Environmental rehabiliation		(694)	(1,606)
Foreign currecy translation impact		36,362	(24,484)
Balance at end of year		478,236	421,875
Cost [Member] | Producing and development properties YMD [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		234,847	232,127
Capitalized expenditures		20,125	18,058
Mine right fee			1,337
Environmental rehabiliation		(589)	(1,448)
Foreign currecy translation impact		23,351	(15,227)
Balance at end of year		277,734	234,847
Cost [Member] | Producing and development properties BYP [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		63,746	64,815
Capitalized expenditures		14
Mine right fee
Environmental rehabiliation		(52)	(101)
Foreign currecy translation impact		1,346	(968)
Balance at end of year		65,054	63,746
Cost [Member] | Producing and development properties GC [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		103,202	109,478
Capitalized expenditures		323	714
Mine right fee
Environmental rehabiliation		(36)	(57)
Foreign currecy translation impact		9,755	(6,933)
Balance at end of year		113,244	103,202
Cost [Member] | Exploration and evaluation properties XHP [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		19,906	21,257
Capitalized expenditures		231
Mine right fee
Environmental rehabiliation		(17)
Foreign currecy translation impact		1,904	(1,351)
Balance at end of year		22,024	19,906
Cost [Member] | Exploration and evaluation properties RZY [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		174	179
Capitalized expenditures
Mine right fee
Environmental rehabiliation
Foreign currecy translation impact		6	(5)
Balance at end of year		180	174
Impairment and accumulated depletion [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		(215,675)	(211,776)
Impairment Loss			(181)
Depletion		(14,033)	(14,326)
Foreign currecy translation impact		(16,448)	10,608
Balance at end of year		(246,156)	(215,675)
Impairment and accumulated depletion [Member] | Producing and development properties YMD [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		(64,157)	(55,524)
Impairment Loss
Depletion		(12,196)	(12,457)
Foreign currecy translation impact		(6,746)	3,824
Balance at end of year		(83,099)	(64,157)
Impairment and accumulated depletion [Member] | Producing and development properties BYP [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		(56,891)	(57,386)
Impairment Loss
Depletion
Foreign currecy translation impact		(693)	495
Balance at end of year		(57,584)	(56,891)
Impairment and accumulated depletion [Member] | Producing and development properties GC [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		(74,547)	(77,609)
Impairment Loss
Depletion		(1,837)	(1,869)
Foreign currecy translation impact		(7,111)	4,931
Balance at end of year		(83,495)	(74,547)
Impairment and accumulated depletion [Member] | Exploration and evaluation properties XHP [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		(19,906)	(21,257)
Impairment Loss
Depletion
Foreign currecy translation impact		(1,892)	1,351
Balance at end of year		(21,798)	(19,906)
Impairment and accumulated depletion [Member] | Exploration and evaluation properties RZY [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		(174)
Impairment Loss			(181)
Depletion
Foreign currecy translation impact		(6)	7
Balance at end of year		(180)	(174)
Carrying amounts [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		206,200
Balance at end of year		232,080	206,200
Carrying amounts [Member] | Producing and development properties YMD [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		170,690
Balance at end of year		194,635	170,690
Carrying amounts [Member] | Producing and development properties BYP [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		6,855
Balance at end of year		7,470	6,855
Carrying amounts [Member] | Producing and development properties GC [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year		28,655
Balance at end of year		29,749	28,655
Carrying amounts [Member] | Exploration and evaluation properties XHP [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year
Balance at end of year		226
Carrying amounts [Member] | Exploration and evaluation properties RZY [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning year
Balance at end of year

XML

ENVIRONMENTAL REHABILITATION (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Environmental Rehabilitation Schedule Of Reconciliation Of Obligations Associated Retirement Properties
Environmental rehabilitation provision	$ 20,836	$ 18,683
Average discount rate	3.84%	3.48%

XML

ENVIRONMENTAL REHABILITATION (Schedule of Reconciliation of Obligations Associated Retirement Properties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Environmental Rehabilitation Schedule Of Reconciliation Of Obligations Associated Retirement Properties
Balance, April 1, 2017	$ 12,186	$ 14,328
Reclamation expenditures	(25)
Unwinding of discount of environmental rehabilitation	449	382
Revision of provision	(694)	(1,606)
Foreign exchange impact	1,182	(918)
Balance, March 31, 2018	$ 13,098	$ 12,186

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SHARE CAPITAL (Narrative) (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2018 USD ($) shares	Mar. 31, 2018 USD ($) shares yr	Mar. 31, 2017 USD ($) shares yr	Mar. 31, 2018 CAD ($) yr	Mar. 31, 2017 CAD ($) yr
Disclosure of terms and conditions of share-based payment arrangement [line items]
Option granted | shares		2,192,500	1,173,000
Weighted average grant date fair value of options granted				$ 1.27	$ 1.53
Share-based compensation		$ 1,566,000	$ 1,015,000
Cash dividends distributed		$ 3,362,000	$ 1,585,000
Anti-dilutive options and warrants | shares		1,073,000	1,845,562
Normal course issuer bid allows to acquire share | shares		8,409,712
Transaction costs		$ 13,000
Common shares repurchased as part of normal course issuer bid, Shares | shares		1,717,100
Common shares repurchased as part of normal course issuer bid		$ 4,177,000
Directors Officers And Employees [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Option granted | shares	94,970
USD [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average grant date fair value of options granted		$ 0.99	$ 1.17
Top of Range [Member] | Directors Officers And Employees [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	$ 0.66
Bottom of Range [Member] | Directors Officers And Employees [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	$ 3.41
Directors Officers And Employees [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Option granted | shares		2,192,500	1,173,000
Weighted average life | yr		3	3	3	3
Vesting period		2 years
Percentage of option vesting every six months		25.00%
Directors Officers And Employees [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price			$ 3.63	$ 3.23
Directors Officers And Employees [Member] | Bottom of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price			$ 5.58	$ 3.36

XML

SHARE CAPITAL (Schedule of Option Transactions) (Details)	12 Months Ended
	Mar. 31, 2018 CAD ($) shares	Mar. 31, 2017 CAD ($) shares
Disclosure of classes of share capital [abstract]
Option at beginning of year | shares	7,679,507	9,174,025
Options granted | shares	2,192,500	1,173,000
Options exercised | shares	(857,020)	(1,043,280)
Options forfeited | shares	(195,626)	(847,238)
Options expired | shares	(672,562)	(777,000)
Option at end of year | shares	8,146,799	7,679,507
Option at beginning of year | $	$ 1.97	$ 2.39
Options granted | $	3.3	3.77
Options exercised | $	0.81	1.13
Options forfeited | $	3	3.61
Options expired | $	5.25	8.92
Option at end of year | $	$ 2.15	$ 1.97

XML

SHARE CAPITAL (Schedule of Weighted Average Assumptions) (Details)	12 Months Ended
	Mar. 31, 2018 USD ($) yr	Mar. 31, 2017 USD ($) yr
Disclosure of classes of share capital [abstract]
Risk free interest rate	1.70%	0.78%
Expected life of option in years | yr	2.27	2.25
Expected volatility	69.00%	72.00%
Expected dividend yield	1.36%	0.47%
Estimated forfeiture rate	10.00%	11.00%
Weighted average share price at date of grant | $	$ 3.3	$ 3.77

XML

SHARE CAPITAL (Schedule of Information About Stock Options Outstanding) (Details)	Mar. 31, 2018 CAD ($) shares yr	Mar. 31, 2017 CAD ($) shares	Mar. 31, 2016 CAD ($) shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding | shares	8,146,799	7,679,507	9,174,025
Weighted average exercise price	$ 2.15	$ 1.97	$ 2.39
0.66 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 0.66
Number of options outstanding | shares	2,385,044
Weighted average remainingcontractual life (Years) | yr	0.75
Weighted average exercise price	$ 0.66
Number of options exercisable | shares	2,385,044
Weighted average exercise price	$ 0.66
1.43 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 1.43
Number of options outstanding | shares	1,405,591
Weighted average remainingcontractual life (Years) | yr	2.17
Weighted average exercise price	$ 1.43
Number of options exercisable | shares	1,273,506
Weighted average exercise price	$ 1.43
1.75 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 1.75
Number of options outstanding | shares	344,375
Weighted average remainingcontractual life (Years) | yr	1.16
Weighted average exercise price	$ 1.75
Number of options exercisable | shares	320,813
Weighted average exercise price	$ 1.75
1.76 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 1.76
Number of options outstanding | shares	235,353
Weighted average remainingcontractual life (Years) | yr	1.54
Weighted average exercise price	$ 1.76
Number of options exercisable | shares	188,510
Weighted average exercise price	$ 1.76
2.98 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 2.98
Number of options outstanding | shares	126,437
Weighted average remainingcontractual life (Years) | yr	0.81
Weighted average exercise price	$ 2.98
Number of options exercisable | shares	126,437
Weighted average exercise price	$ 2.98
3.23 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 3.23
Number of options outstanding | shares	1,072,500
Weighted average remainingcontractual life (Years) | yr	2.95
Weighted average exercise price	$ 3.23
Number of options exercisable | shares
Weighted average exercise price
3.25 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 3.25
Number of options outstanding | shares	168,375
Weighted average remainingcontractual life (Years) | yr	0.17
Weighted average exercise price	$ 3.25
Number of options exercisable | shares	168,375
Weighted average exercise price	$ 3.25
3.36 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 3.36
Number of options outstanding | shares	1,070,000
Weighted average remainingcontractual life (Years) | yr	2.51
Weighted average exercise price	$ 3.36
Number of options exercisable | shares
Weighted average exercise price
3.41 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 3.41
Number of options outstanding | shares	266,124
Weighted average remainingcontractual life (Years) | yr	0.45
Weighted average exercise price	$ 3.41
Number of options exercisable | shares	266,124
Weighted average exercise price	$ 3.41
3.63 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 3.63
Number of options outstanding | shares	900,000
Weighted average remainingcontractual life (Years) | yr	1.80
Weighted average exercise price	$ 3.63
Number of options exercisable | shares	450,000
Weighted average exercise price	$ 3.63
4.34 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 4.34
Number of options outstanding | shares	143,000
Weighted average remainingcontractual life (Years) | yr	1.47
Weighted average exercise price	$ 4.34
Number of options exercisable | shares	107,250
Weighted average exercise price	$ 4.34
5.58 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 5.58
Number of options outstanding | shares	30,000
Weighted average remainingcontractual life (Years) | yr	1.90
Weighted average exercise price	$ 5.58
Number of options exercisable | shares	15,000
Weighted average exercise price	$ 5.58
0.66 - 5.58 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding | shares	8,146,799
Weighted average remainingcontractual life (Years) | yr	1.67
Weighted average exercise price	$ 2.15
Number of options exercisable | shares	5,301,059
Weighted average exercise price	$ 1.57
0.66 - 5.58 [Member] | Bottom of Range [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	0.66
0.66 - 5.58 [Member] | Top of Range [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	$ 5.58

XML

SHARE CAPITAL (Schedule of Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of classes of share capital [abstract]
Net income attributable to equity holders of the Company	$ 46,994	$ 43,674
Basic earnings per share (Income Numerator)	$ 46,994	$ 43,674
Basic earnings per share (Shares Denominator)	167,848,117	167,185,234
Basic earnings per share (Per-Share Amount)	$ 0.28	$ 0.26
Effect of dilutive securities:
Stock options (Shares Denominator)	3,557,787	4,164,790
Diluted earnings per share (Income Numerator)	$ 46,994	$ 43,674
Diluted earnings per share (Shares Denominator)	171,405,904	171,350,024
Diluted earnings per share (Per-Share Amount)	$ 0.27	$ 0.25

XML

RESERVES (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Disclosure of reserves within equity [abstract]
Percentage of reserves of subsidiary registered capital	50.00%
Enterprise Reserve Fund	$ 2,903
Enterprise Expansion Fund	$ 22,506

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of analysis of other comprehensive income by item [abstract]
Change in fair value on equity investments designated as FVTOCI	$ (37,508)	$ (37,886)
Share of other comprehensive loss in associate	281	(198)
Currency translation adjustment	11,352	(12,335)
Balance, end of the year	$ (25,875)	$ (50,419)

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NON-CONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Henan Found [Member]
Disclosure of subsidiaries [line items]
Percentage of non-controlling interests	22.50%
Henan Huawei [Member]
Disclosure of subsidiaries [line items]
Percentage of non-controlling interests	20.00%
Yunxiang [Member]
Disclosure of subsidiaries [line items]
Percentage of non-controlling interests	30.00%
Guangdong Found [Member]
Disclosure of subsidiaries [line items]
Percentage of non-controlling interests	5.00%
SX Gold [Member]
Disclosure of subsidiaries [line items]
Percentage of non-controlling interests	22.50%
Henan Non-ferrous Geology Minerals Ltd. [Member]
Disclosure of subsidiaries [line items]
Percentage of Equity interest held of Henan found and Henan Huawei	17.50%
Dividends declared	$ 2,269	$ 1,136
Accounts payable and accrued liabilities		3,786
Henan Xinxiangrong Mining Ltd. [Member]
Disclosure of subsidiaries [line items]
Percentage of Equity interest held of Henan found and Henan Huawei	5.00%
Dividends declared	$ 648	324
Accounts payable and accrued liabilities		1,082
Henan Xinhui Mining Co. Ltd. [Member]
Disclosure of subsidiaries [line items]
Percentage of Equity interest held of Henan found and Henan Huawei	20.00%
Dividends declared		$ 762

XML

NON-CONTROLLING INTERESTS (Schedule of Non-controlling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of subsidiaries [line items]
Balance, April 1, 2017	$ 54,814	$ 53,021
Share of net income (loss)	11,902	11,824
Share of other comprehensive (loss) income	5,144	(2,941)
Distributions	(7,785)	(2,222)
Balance, March 31, 2018	68,943	54,814
Henan Found [Member]
Disclosure of subsidiaries [line items]
Balance, April 1, 2017	53,812	51,596
Share of net income (loss)	10,230	11,247
Share of other comprehensive (loss) income	4,476	(2,703)
Distributions	(2,917)	(6,328)
Balance, March 31, 2018	65,601	53,812
Henan Huawei [Member]
Disclosure of subsidiaries [line items]
Balance, April 1, 2017	4,084	4,231
Share of net income (loss)	1,313	756
Share of other comprehensive (loss) income	512	(141)
Distributions		(762)
Balance, March 31, 2018	5,909	4,084
Yunxiang [Member]
Disclosure of subsidiaries [line items]
Balance, April 1, 2017	3,664	4,197
Share of net income (loss)	(374)	(340)
Share of other comprehensive (loss) income	242	(193)
Distributions
Balance, March 31, 2018	3,532	3,664
Guangdong Found [Member]
Disclosure of subsidiaries [line items]
Balance, April 1, 2017	(2,848)	(3,082)
Share of net income (loss)	341	186
Share of other comprehensive (loss) income	(38)	48
Distributions
Balance, March 31, 2018	(2,545)	(2,848)
SX Gold [Member]
Disclosure of subsidiaries [line items]
Balance, April 1, 2017	(3,898)	(3,921)
Share of net income (loss)	392	(25)
Share of other comprehensive (loss) income	(48)	48
Distributions
Balance, March 31, 2018	$ (3,554)	$ (3,898)

XML

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of transactions between related parties [line items]
General and administrative expenses	$ 18,685	$ 16,818
New Pacific Metals Corp ("NUAG") [Member]
Disclosure of transactions between related parties [line items]
General and administrative expenses	$ 433	$ 194

XML

RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Mar. 31, 2017
Disclosure of transactions between related parties [line items]
Due from related parties		$ 11	$ 92
New Pacific Metals Corp ("NUAG") [Member]
Disclosure of transactions between related parties [line items]
Due from related parties	[1]	$ 11	$ 92

[1] According to a services and administrative costs reallocation agreement between the Company and NUAG, the Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG. During the year ended March 31, 2018, the Company recovered $433 (year ended March 31, 2017 - $194) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.

XML

RELATED PARTY TRANSACTIONS (Schedule of Compensation of Key Management Personnel) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of transactions between related parties [abstract]
Directors' fees	$ 168	$ 151
Salaries and bonus for key management personnel	2,656	2,031
Share-based compensation	981	727
Total compensation of key management personnel	$ 3,805	$ 2,909

XML

GENERAL AND ADMINISTRATIVE (Schedule of General and Administrative Expenses Consist) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of general and administrative expense [Abstract]
Office and administrative expenses	$ 6,667	$ 5,520
Amortization and depreciation	1,196	1,227
Salaries and benefits	8,395	7,397
Share-based compensation	1,566	1,015
Professional fees	861	1,659
Total general and administrative	$ 18,685	$ 16,818

XML

GOVERNMENT FEES AND OTHER TAXES (Schedule of Government Fees and Other Taxes Consist) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of government fees and other taxes [Abstract]
Government fees	$ 351	$ 1,314
Other taxes	2,620	2,693
Total government fees and other taxes consist	$ 2,971	$ 4,007

XML

FINANCE ITEMS (Schedule of Finance Items Consist) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Finance income
Interest income	$ 2,839	$ 2,206
Finance costs
Interest on mine right fee		226
Interest on bank loan		152
Unwinding of discount of environmental rehabilitation provision	449	382
Total finance costs	$ 449	$ 760

XML

INCOME TAX (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Major components of tax expense (income) [abstract]
Temporary differences associated with the investments in subsidiaries	$ 196,435	$ 162,380

XML

INCOME TAX (Schedule of Income Tax Expense Recognized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income tax expense (recovery)
Current	$ 16,086	$ 13,150
Deferred	2,833	6,087
Income tax expense	$ 18,919	$ 19,237

XML

INCOME TAX (Schedule of Reconciliation of Effective Statutory Income Tax Rates) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Major components of tax expense (income) [abstract]
Canadian statutory tax rate	26.25%	26.00%
Income before income taxes	$ 77,815	$ 74,735
Income tax expense computed at Canadian statutory rates	20,426	19,431
Foreign tax rates different from statutory rate	(467)	(634)
Change in tax rates	(681)
Permanent items and other	1,008	728
Withholding taxes	1,023	760
Change in unrecognized deferred tax assets	(2,378)	(1,136)
Other	(12)	88
Income tax expense	$ 18,919	$ 19,237

XML

INCOME TAX (Schedule of Deferred Income Tax Assets (liabilities)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Major components of tax expense (income) [abstract]
Net deferred income tax liabilities, beginning of the year	$ (27,692)	$ (23,224)
Deferred income tax expense recognized in net income for the year	(2,833)	(6,087)
Foreign exchange impact	(2,785)	1,619
Net deferred income tax liabilities, end of the year	$ (33,310)	$ (27,692)

XML

INCOME TAX (Schedule of Deferred Income Tax) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Deferred income tax assets
Total deferred income tax assets	$ 5,312	$ 4,153
Deferred income tax liabilities
Total deferred income tax liabilities	(38,622)	(31,845)
Net deferred income tax liabilities	(33,310)	(27,692)
Plant and Equipment [Member]
Deferred income tax assets
Total deferred income tax assets	1,442	996
Deferred income tax liabilities
Total deferred income tax liabilities	(261)	(246)
Environmental rehabilitation [Member]
Deferred income tax assets
Total deferred income tax assets	2,980	2,775
Other deductible temporary difference [Member]
Deferred income tax assets
Total deferred income tax assets	890	382
Unrealized gain on investments [Member]
Deferred income tax assets
Total deferred income tax assets	(876)
Mineral rights and properties [Member]
Deferred income tax liabilities
Total deferred income tax liabilities	(37,308)	(31,434)
Other taxable temporary difference [Member]
Deferred income tax liabilities
Total deferred income tax liabilities	$ (177)	$ (165)

XML

INCOME TAX (Schedule of Temporary Differences and Unused Tax Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	$ 144,347	$ 145,823
Non-capital loss carry forwards [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	82,882	77,886
Plant and Equipment [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	27,050	23,529
Mineral rights and properties [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	15,539	20,602
Other deductible temporary difference [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	$ 18,876	$ 23,806

XML

INCOME TAX (Schedule of Net Operating Losses Expiring in Various Years) (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2018 USD ($)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	$ 82,882
Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	58,506
China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	24,376
2019 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	4,205
2019 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2019 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	4,205
2020 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	5,003
2020 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2020 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	5,003
2021 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	7,435
2021 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2021 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	7,435
2022 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	3,388
2022 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2022 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	3,388
2023 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	4,345
2023 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2023 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	4,345
2027 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	1,530
2027 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	1,530
2027 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2029 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	2
2029 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	2
2029 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2030 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	3,858
2030 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	3,858
2030 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2031 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	6,749
2031 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	6,749
2031 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2032 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	9,658
2032 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	9,658
2032 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2033 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	9,898
2033 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	9,898
2033 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2034 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	9,446
2034 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	9,446
2034 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2035 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	7,042
2035 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	7,042
2035 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2036 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	993
2036 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	993
2036 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2037 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	1,673
2037 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	1,673
2037 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2038 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	2,476
2038 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	2,476
2038 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses
2039 [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	5,181
2039 [Member] | Canada [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	5,181
2039 [Member] | China [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses

XML

FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Millions	Mar. 31, 2018 USD ($)
Disclosure of detailed information about financial instruments [abstract]
10% strengthening (weakening) of the CAD against the USD increased (decreased) net income	$ 27.0
10% increase (decrease) in the market price of securities held foreign currency effects on comprehensive income	$ 610.0

XML

FINANCIAL INSTRUMENTS (Schedule of Financial Assets Measured at Fair Value Level On Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Cash and Cash Equivalents [Member]
Disclosure of financial assets [line items]
Financial assets	$ 49,199	$ 73,003
Cash and Cash Equivalents [Member] | Level 1 [Member]
Disclosure of financial assets [line items]
Financial assets	49,199	73,003
Cash and Cash Equivalents [Member] | Level 2 [Member]
Disclosure of financial assets [line items]
Financial assets
Cash and Cash Equivalents [Member] | Level 3 [Member]
Disclosure of financial assets [line items]
Financial assets
Investments in publicly traded companies [Member]
Disclosure of financial assets [line items]
Financial assets	6,132	1,207
Investments in publicly traded companies [Member] | Level 1 [Member]
Disclosure of financial assets [line items]
Financial assets	6,132	1,207
Investments in publicly traded companies [Member] | Level 2 [Member]
Disclosure of financial assets [line items]
Financial assets
Investments in publicly traded companies [Member] | Level 3 [Member]
Disclosure of financial assets [line items]
Financial assets

XML

FINANCIAL INSTRUMENTS (Schedule of Remaining Contractual Maturities of Financial Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Disclosure of financial liabilities [line items]
Accounts payable and accrued liabilities	$ 25,198	$ 30,374
Within a year [Member]
Disclosure of financial liabilities [line items]
Accounts payable and accrued liabilities	25,198
2-3 years [Member]
Disclosure of financial liabilities [line items]
Accounts payable and accrued liabilities
4-5 years [Member]
Disclosure of financial liabilities [line items]
Accounts payable and accrued liabilities

XML

FINANCIAL INSTRUMENTS (Schedule of Currency Risk Affect Net Income) (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2017 USD ($)	Mar. 31, 2017 CNY (¥)
USD [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Financial assets | $	$ 27,256		$ 29,093
RMB [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Financial assets | ¥				¥ 7,115

XML

SEGMENTED INFORMATION (Narrative) (Details)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of major customers [line items]
Number of major customers	3	3
Percentage of sales	75.00%	77.00%
Customer One [Member]
Disclosure of major customers [line items]
Percentage of sales	22.00%	15.00%
Customer Two [Member]
Disclosure of major customers [line items]
Percentage of sales	25.00%	29.00%
Customer Three [Member]
Disclosure of major customers [line items]
Percentage of sales	28.00%	33.00%

XML

SEGMENTED INFORMATION (Schedule of Segment Information for Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017		Mar. 31, 2016
Disclosure of operating segments [line items]
Current assets	$ 122,804	$ 110,832
Plant and equipment	71,211	65,201
Mineral rights and properties	232,080	206,200
Investment in an associate	38,001	8,517
Other investments	6,132	1,207
Reclamation deposits	5,712	5,054
Long-term prepaids and deposits	954	959
Total assets	476,894	397,970
Current liabilities	32,307	40,157
Deferred income tax liabilities	33,310	27,692
Environmental rehabilitation	13,098	12,186		$ 14,328
Total liabilities	78,715	80,035
Mining Henan Luoning [Member]
Disclosure of operating segments [line items]
Current assets	82,567	64,298
Plant and equipment	47,933	43,297
Mineral rights and properties	194,635	170,690
Investment in an associate
Other investments
Reclamation deposits	5,544	4,901
Long-term prepaids and deposits	311	432
Total assets	330,990	283,618
Current liabilities	22,419	29,951
Deferred income tax liabilities	32,382	26,846
Environmental rehabilitation	10,929	10,183
Total liabilities	65,730	66,980
Mining Hunan [Member]
Disclosure of operating segments [line items]
Current assets	1,833	1,869	[1]
Plant and equipment	4,911	4,832	[1]
Mineral rights and properties	7,470	6,855	[1]
Investment in an associate			[1]
Other investments			[1]
Reclamation deposits			[1]
Long-term prepaids and deposits	108	99	[1]
Total assets	14,322	13,655	[1]
Current liabilities	1,652	1,425	[1]
Deferred income tax liabilities	928	846
Environmental rehabilitation	989	918	[1]
Total liabilities	3,569	3,189	[1]
Mining Guangdong [Member]
Disclosure of operating segments [line items]
Current assets	7,911	4,796
Plant and equipment	16,988	15,915
Mineral rights and properties	29,749	28,655
Investment in an associate
Other investments
Reclamation deposits	160	145
Long-term prepaids and deposits	325	306
Total assets	55,133	49,817
Current liabilities	3,485	3,860
Deferred income tax liabilities
Environmental rehabilitation	887	813
Total liabilities	4,372	4,673
Mining Other [Member]
Disclosure of operating segments [line items]
Current assets	699	523
Plant and equipment	137
Mineral rights and properties	226
Investment in an associate
Other investments	4,863
Reclamation deposits
Long-term prepaids and deposits	210	122
Total assets	6,135	645
Current liabilities	2,745	2,959
Deferred income tax liabilities
Environmental rehabilitation	293	272
Total liabilities	3,038	3,231
Administrative Beijing [Member]
Disclosure of operating segments [line items]
Current assets	1,574	823
Plant and equipment	1,104	1,081
Mineral rights and properties
Investment in an associate
Other investments
Reclamation deposits
Long-term prepaids and deposits
Total assets	2,678	1,904
Current liabilities	474	184
Deferred income tax liabilities
Environmental rehabilitation
Total liabilities	474	184
Administrative Vancouver [Member]
Disclosure of operating segments [line items]
Current assets	28,220	38,523
Plant and equipment	138	76
Mineral rights and properties
Investment in an associate	38,001	8,517
Other investments	1,269	1,207
Reclamation deposits	8	8
Long-term prepaids and deposits
Total assets	67,636	48,331
Current liabilities	1,532	1,778
Deferred income tax liabilities
Environmental rehabilitation
Total liabilities	$ 1,532	$ 1,778

[1] Hunan's BYP project was placed on care and maintenance in August 2014.

XML

SEGMENTED INFORMATION (Schedule of Segment Information for Operating Results) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Disclosure of operating segments [line items]
Sales	$ 170,039		$ 163,471
Cost of sales	(82,155)		(75,285)
Gross profit	87,884		88,186
Operating expenses	(17,173)		(19,994)
Impairment recovery, net	4,714		5,097
Finance items, net	2,390		1,446
Income tax (expenses) recovery	(18,919)		(19,237)
Net income	58,896		55,498
Attributable to:
Equity holders of the Company	46,994		43,674
Non-controlling interests	11,902		11,824
Net income	58,896		55,498
Mining Henan Luoning [Member]
Disclosure of operating segments [line items]
Sales	142,113		142,761
Cost of sales	(64,321)		(60,994)
Gross profit	77,792		81,767
Operating expenses	(8,136)		(8,864)
Impairment recovery, net
Finance items, net	580		146
Income tax (expenses) recovery	(17,894)		(18,509)
Net income	52,342		54,540
Attributable to:
Equity holders of the Company	40,799		42,537
Non-controlling interests	11,543		12,003
Net income	52,342		54,540
Mining Hunan [Member]
Disclosure of operating segments [line items]
Sales		[1]
Cost of sales		[1]
Gross profit		[1]
Operating expenses	(1,164)	[1]	(1,098)
Impairment recovery, net		[1]
Finance items, net	(83)	[1]	(69)
Income tax (expenses) recovery	(1)	[1]	33
Net income	(1,248)	[1]	(1,134)
Attributable to:
Equity holders of the Company	(874)	[1]	(794)
Non-controlling interests	(374)	[1]	(340)
Net income	(1,248)	[1]	(1,134)
Mining Guangdong [Member]
Disclosure of operating segments [line items]
Sales	27,926		20,710
Cost of sales	(17,834)		(14,291)
Gross profit	10,092		6,419
Operating expenses	(2,726)		(2,194)
Impairment recovery, net
Finance items, net	9		35
Income tax (expenses) recovery
Net income	7,375		4,260
Attributable to:
Equity holders of the Company	7,034		4,074
Non-controlling interests	341		186
Net income	7,375		4,260
Mining Other [Member]
Disclosure of operating segments [line items]
Sales
Cost of sales
Gross profit
Operating expenses	6,075		(131)
Impairment recovery, net
Finance items, net	(11)		18
Income tax (expenses) recovery
Net income	6,064		(113)
Attributable to:
Equity holders of the Company	5,672		(88)
Non-controlling interests	392		(25)
Net income	6,064		(113)
Administrative Beijing [Member]
Disclosure of operating segments [line items]
Sales
Cost of sales
Gross profit
Operating expenses	(1,321)		(1,354)
Impairment recovery, net
Finance items, net	250		266
Income tax (expenses) recovery	(1)		(2)
Net income	(1,072)		(1,090)
Attributable to:
Equity holders of the Company	(1,072)		(1,090)
Non-controlling interests
Net income	(1,072)		(1,090)
Administrative Vancouver [Member]
Disclosure of operating segments [line items]
Sales
Cost of sales
Gross profit
Operating expenses	(9,901)		(6,353)
Impairment recovery, net	4,714		5,097
Finance items, net	1,645		1,050
Income tax (expenses) recovery	(1,023)		(759)
Net income	(4,565)		(965)
Attributable to:
Equity holders of the Company	(4,565)		(965)
Non-controlling interests
Net income	$ (4,565)		$ (965)

[1] Hunan's BYP project was placed on care and maintenance in August 2014.

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SEGMENTED INFORMATION (Schedule of Sales by Metal) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of geographical areas [line items]
Silver (Ag)	$ 82,354	$ 89,556
Gold (Au)	3,232	3,344
Lead (Pb)	62,251	56,852
Zinc (Zn)	21,462	13,241
Other	740	478
Sales	170,039	163,471
Henan Luoning [Member]
Disclosure of geographical areas [line items]
Silver (Ag)	75,891	83,606
Gold (Au)	3,232	3,344
Lead (Pb)	55,488	51,479
Zinc (Zn)	7,000	4,332
Other	502
Sales	142,113	142,761
Guangdong [Member]
Disclosure of geographical areas [line items]
Silver (Ag)	6,463	5,950
Gold (Au)
Lead (Pb)	6,763	5,373
Zinc (Zn)	14,462	8,909
Other	238	478
Sales	$ 27,926	$ 20,710

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COMMITMENTS AND CONTINGENCIES (Narrative) (Details) ¥ in Thousands, $ in Thousands			1 Months Ended				12 Months Ended
	Dec. 06, 2017 USD ($)	Dec. 06, 2017 CNY (¥)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Apr. 30, 2016 USD ($)	Apr. 30, 2016 CNY (¥)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2016 CNY (¥)
Disclosure of detailed information about business combination [line items]
Rental expense							$ 684		$ 611
XHP Mine [Member]
Disclosure of detailed information about business combination [line items]
Acquisition agreement seeking payment										$ 1,600
Repayment of acquisition agreement amount paid					$ 9,700
Compensation of direct loss					2,500
XHP Mine [Member] | RMB [Member]
Disclosure of detailed information about business combination [line items]
Acquisition agreement seeking payment | ¥											¥ 10,000
Repayment of acquisition agreement amount paid | ¥						¥ 62,800
Compensation of direct loss | ¥						16,500
Luoyang HA Mining Co. Ltd [Member]
Disclosure of detailed information about business combination [line items]
Acquisition agreement seeking payment										4,000
Amount of Transferred shares										11,800
Paid for Acquired shares										7,800
Remaining amount not paid										$ 4,000
Amount of claim filed					$ 2,200
Amount paid for settlement	$ 2,300						$ 2,300
Luoyang HA Mining Co. Ltd [Member] | RMB [Member]
Disclosure of detailed information about business combination [line items]
Acquisition agreement seeking payment | ¥											26,000
Amount of Transferred shares | ¥											76,000
Paid for Acquired shares | ¥											50,000
Remaining amount not paid | ¥											¥ 26,000
Amount of claim filed | ¥						¥ 14,000
Amount paid for settlement | ¥		¥ 15,000						¥ 15,000
SX Gold [Member]
Disclosure of detailed information about business combination [line items]
Amount of demand to pay			$ 3,400
SX Gold [Member] | RMB [Member]
Disclosure of detailed information about business combination [line items]
Amount of demand to pay | ¥				¥ 22,750

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COMMITMENTS AND CONTINGENCIES (Schedule of Commitments Not Disclosed in Financial Statements) (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2018 USD ($)
Disclosure of finance lease and operating lease by lessor [line items]
Operating leases	$ 3,353
Commitments	6,418
Less than 1 year [Member]
Disclosure of finance lease and operating lease by lessor [line items]
Operating leases	888
Commitments
1-5 years [Member]
Disclosure of finance lease and operating lease by lessor [line items]
Operating leases	2,465
Commitments
After 5 years [Member]
Disclosure of finance lease and operating lease by lessor [line items]
Operating leases
Commitments	$ 6,418

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SUPPLEMENTARY CASH FLOW INFORMATION (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Disclosure of supplementary cash flow information [Abstract]
Cash on hand and at bank	$ 31,281	$ 39,243
Bank term deposits and GICs	17,918	33,760
Total cash and cash equivalents	$ 49,199	$ 73,003	$ 41,963

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SUPPLEMENTARY CASH FLOW INFORMATION (Schedule of Change in Non-cash Operating Working Capital) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of supplementary cash flow information [Abstract]
Trade and other receivables	$ 715	$ 632
Inventories	(1,164)	355
Prepaids and deposits	86	(495)
Accounts payable and accrued liabilities	(1,743)	7,830
Deposits received	(603)	1,350
Due from a related party	84	(5,187)
Total changes in non-cash operating working capital	$ (2,625)	$ 4,485