Silvercorp Reports Operational Results and the Financial Results Release Date for Fiscal 2023
Trading Symbol: TSX: SVM NYSE AMERICAN: SVM
VANCOUVER, BC, April 13, 2023 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fiscal year 2023 ended March 31, 2023 ("Fiscal 2023"). The Company expects to release its Fiscal 2023 audited financial results on Thursday, May 25, 2023 after market close.
In Fiscal 2023, the Company produced approximately 6.6 million ounces of silver, 4,400 ounces of gold, 68.1 million pounds of lead, and 23.5 million pounds of zinc, representing increases of 8%, 29%, and 6%, respectively, in silver, gold, and lead, and a decrease of 12% in zinc compared to the prior year ("Fiscal 2022").
The Company reiterates its Fiscal 2024 production guidance of approximately 6.8 to 7.2 million ounces of silver, 4,400 to 5,500 ounces of gold, 70.5 to 73.8 million pounds of lead, and 27.7 to 29.7 million pounds of zinc. Fiscal 2024 production guidance represents anticipated increases of 3% to 8% in silver, 0% to 25% in gold, 4% to 8% in lead, and 18% to 26% in zinc compared to Fiscal 2023 production results.
FISCAL 2023 OPERATING HIGHLIGHTS
On a consolidated basis, 1,068,983 tonnes of ore were mined, and 1,072,654 tonnes of ore were milled, both up 7% over Fiscal 2022.
Approximately 6.6 million ounces of silver, 4,400 ounces of gold, 68.1 million pounds of lead, and 23.5 million pounds of zinc were produced, representing increases of 8%, 29%, and 6%, respectively, in silver, gold, and lead, and a decrease of 12% in zinc compared to Fiscal 2022.
On a consolidated basis, the Company sold approximately 6.6 million ounces of silver, 4,400 ounces of gold, 65.7 million pounds of lead, and 23.4 million pounds of zinc, representing increases of 6%, 29%, and 3%, respectively, in silver, gold, and lead, and a decrease of 13% in zinc compared to Fiscal 2022.
At the Ying Mining District, 769,024 tonnes of ore were mined, and 773,057 tonnes of ore were milled, both up 13% over Fiscal 2022.
Approximately 6.0 million ounces of silver, 4,400 ounces of gold, 60.3 million pounds of lead, and 7.2 million pounds of zinc were produced, representing increases of 9%, 29%, 10% and 6%, respectively, in silver, gold, lead and zinc over Fiscal 2022.
At the GC Mine, 299,959 tonnes of ore were mined, down 5% over Fiscal 2022, and 299,597 tonnes of ore were milled, down 6% over Fiscal 2022. Approximately 593 thousand ounces of silver, 7.8 million pounds of lead, and 16.3 million pounds of zinc were produced, representing decreases of 7%, 18% and 19%, respectively, in silver, lead and zinc compared to Fiscal 2022. The decrease can be attributed mainly to the upgrades made to the ventilation and electric power facilities at the GC Mine to comply with newly-implemented safety production regulations. These improvements impacted operations during the second quarter but were completed in the third quarter.
The consolidated operational results for the past five quarters and for the years ended March 31, 2023 and 2022 are summarized as follows:
Consolidated Q4 F2023 Q3 F2023 Q2 F2023 Q1 F2023 Q4 F2022 Year ended March 31, March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 2023 2022
Production Data
Ore Mined (tonne) 181,848 296,050 290,981 300,104 180,505 1,068,983 996,280 Ore Milled (tonne) 179,393 303,442 291,643 298,176 182,670 1,072,654 1,002,335
Head Grades
| Silver (gram/tonne) | 210 | 207 | 209 | 210 | 213 | 209 | 209 |
| Lead (%) | 3.0 | 3.3 | 3.1 | 3.1 | 3.2 | 3.1 | 3.2 |
| Zinc (%) | 1.1 | 1.3 | 1.2 | 1.4 | 1.4 | 1.3 | 1.5 |
Recovery Rates
| Silver (%) | 93.3 | 94.4 | 94.2 | 94.5 | 94.2 | 94.2 | 93.8 |
| Lead (%) | 94.7 | 94.7 | 93.6 | 94.7 | 95.2 | 94.4 | 94.6 |
| Zinc (%) | 81.0 | 81.3 | 78.2 | 78.1 | 75.8 | 79.5 | 79.3 |
Metal production
| Silver (in thousands of ounces) | 1,106 | 1,853 | 1,798 | 1,860 | 1,146 | 6,617 | 6,149 |
| Gold (in thousands of ounces) | 1.0 | 1.1 | 1.2 | 1.1 | 0.5 | 4.4 | 3.4 |
| Lead (in thousands of pounds) | 10,938 | 20,059 | 17,983 | 19,088 | 11,962 | 68,068 | 64,431 |
| Zinc (in thousands of pounds) | 3,577 | 6,974 | 5,986 | 6,926 | 4,101 | 23,463 | 26,812 |
Metals sold
| Silver (in thousands of ounces) | 1,073 | 1,860 | 1,789 | 1,915 | 1,173 | 6,637 | 6,265 |
| Gold (in thousands of ounces) | 1.0 | 1.1 | 1.2 | 1.1 | 0.5 | 4.4 | 3.4 |
| Lead (in thousands of pounds) | 10,021 | 19,273 | 17,268 | 19,125 | 12,279 | 65,687 | 63,563 |
| Zinc (in thousands of pounds) | 3,451 | 7,119 | 5,940 | 6,928 | 4,340 | 23,438 | 26,809 |
The operational results at the Ying Mining District for the past five quarters and for the years ended March 31, 2023 and 2022 are summarized as follows:
Ying Mining District Q4 F2023 Q3 F2023 Q2 F2023 Q1 F2023 Q4 F2022 Year ended March 31, March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 2023 2022
Production Data
Ore Mined (tonne) 132,205 206,854 215,927 214,038 130,612 769,024 681,398 Ore Milled (tonne) 130,910 213,830 216,262 212,055 131,731 773,057 684,293
Head Grades
| Silver (gram/tonne) | 255 | 262 | 257 | 267 | 271 | 261 | 272 |
| Lead (%) | 3.6 | 4.0 | 3.7 | 3.9 | 3.9 | 3.8 | 3.9 |
| Zinc (%) | 0.6 | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | 0.8 |
Recovery Rates
Silver (%) 95.2 95.7 95.5 95.7 95.2 95.6 95.1
Lead (%) 95.3 95.4 94.1 95.4 96.1 95.0 95.6 Zinc (%) 68.3 66.4 62.5 58.1 57.4 63.2 59.7
Metal production
Silver (in thousands of ounces) 997 1,674 1,657 1,696 1,062 6,024 5,509 Gold (in thousands of ounces) 1.0 1.1 1.2 1.1 0.5 4.4 3.4
Lead (in thousands of pounds)
9,688 17,647 16,201 16,718 10,542 60,254 54,883 Zinc (in thousands of pounds) 1,164 2,082 1,976 1,928 1,317 7,150 6,767
Metals sold
| Silver (in thousands of ounces) | 966 | 1,675 | 1,649 | 1,759 | 1,058 | 6,049 | 5,619 |
| Gold (in thousands of ounces) | 1.0 | 1.1 | 1.2 | 1.1 | 0.5 | 4.4 | 3.4 |
| Lead (in thousands of pounds) | 8,924 | 16,969 | 15,587 | 16,760 | 10,278 | 58,240 | 53,892 |
| Zinc (in thousands of pounds) | 1,115 | 2,143 | 1,882 | 2,035 | 1,524 | 7,175 | 6,609 |
The operational results at the GC Mine for the past five quarters and for the years ended March 31, 2023 and 2022 are summarized as follows:
| GC Mine | Q4 F2023 Q3 F2023 Q2 F2023 Q1 F2023 Q4 F2022 Year ended March 31, |
| March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 2023 2022 |
Production Data
Ore Mined (tonne) 49,643 89,196 75,054 86,066 49,893 299,959 314,882 Ore Milled (tonne) 48,483 89,612 75,381 86,121 50,939 299,597 318,042
Head Grades
| Silver (gram/tonne) | 88 | 75 | 72 | 71 | 62 | 75 | 75 |
| Lead (%) | 1.3 | 1.4 | 1.2 | 1.4 | 1.4 | 1.3 | 1.5 |
| Zinc (%) | 2.5 | 2.8 | 2.7 | 2.9 | 2.8 | 2.8 | 3.2 |
Recovery Rates
| Silver (%) | 78.9 | 83.0 | 81.0 | 83.4 | 82.4 | 81.9 | 83.8 |
| Lead (%) | 90.9 | 90.3 | 88.5 | 89.8 | 88.7 | 89.8 | 89.2 |
| Zinc (%) | 89.3 | 90.1 | 89.6 | 90.4 | 89.8 | 89.9 | 89.6 |
Metal production
| Silver (in thousands of ounces) | 109 | 179 | 141 | 164 | 84 | 593 | 640 |
| Lead (in thousands of pounds) | 1,250 | 2,412 | 1,782 | 2,370 | 1,420 | 7,814 | 9,548 |
| Zinc (in thousands of pounds) | 2,413 | 4,892 | 4,010 | 4,998 | 2,784 | 16,313 | 20,045 |
Metals sold
| Silver (in thousands of ounces) | 107 | 185 | 140 | 156 | 115 | 588 | 646 |
| Lead (in thousands of pounds) | 1,097 | 2,304 | 1,681 | 2,365 | 2,001 | 7,447 | 9,671 |
| Zinc (in thousands of pounds) | 2,336 | 4,976 | 4,058 | 4,893 | 2,816 | 16,263 | 20,200 |
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.
For further information
Silvercorp Metals Inc.
Lon Shaver Vice President Phone: (604) 669-9397 Toll Free 1(888) 224-1881 Email: [email protected] Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: creating shareholder value; generating free cashflow from long life mines; organic growth; mergers and acquisitions; and estimated production from the Company's mines in the Ying Mining District and the GC Mine.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: social and economic impacts of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; legislative and regulatory initiatives addressing global climate change or other environmental concerns; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Additional information related to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on the Company's website at www.silvercorpmetals.com.
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%SEDAR: 00006210E
CO: Silvercorp Metals Inc
CNW 17:00e 13-APR-23