Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
1
NEWS RELEASE
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
Silvercorp Reports Operational Results and Financial Results Release Date
for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure
Guidance
VANCOUVER, British Columbia – April 23, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”)
(TSX/NYSE American: SVM) reports production and sales figures for the fourth quarter (Q4 Fiscal 2024) and
fiscal year ended March 31, 2024 (“Fiscal 2024”) and the production and cost guidance for the 2025 fiscal
year ending March 31, 2025 (‘Fiscal 2025”). The Company expects to release its Fiscal 2024 audited financial
results on Thursday, May 23, 2024 after market close.
Q4 Fiscal 2024 Operational Results
• Gold production of 1,916 ounces, up 92% over the same quarter last year (“Q4 Fiscal 2023”);
• Silver equivalent (only silver and gold)1 production of approximately 1.3 million ounces, up 11% over
Q4 Fiscal 2023;
• Lead production of approximately 12.5 million pounds, up 15% over Q4 Fiscal 2023; and
• Zinc production of approximately 4.56 million pounds, up 27% over Q4 Fiscal 2023.
2
In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined at the Ying Mining District, up 11% over Q4
Fiscal 2023, and 180,267 tonnes of ore were milled, up 38% over Q4 Fiscal 2023. Approximately 1.1 million
ounces of silver, 1,916 ounces of gold ( or 1.2 million ounces of silver equivalent ), 11.3 million pounds of
lead, and 1. 8 million pounds of zinc were produced, representing production increases of 92%,7%, 14%,
17%, and 50%, respectively, in silver, gold, silver equivalent, lead and zinc over Q4 Fiscal 2023.
At the GC Mine, 48,038 tonnes of ore were mined, down 3% over Q4 Fiscal 2023, and 57,226 tonnes of ore
were milled, up 18% over Q4 Fiscal 2023. Approximately 87 thousand ounces of silver, 1.2 million pounds
of lead, and 2.8 million pounds of zinc were produced, representing an increase of 16% in zinc, and
decreases of 20% and 3%, respectively, in silver and lead over Q4 Fiscal 2023.
Fiscal 2024 Operational Results
• Gold production of 7,268 ounces, an increase of 65% over Fiscal 2023;
• Silver equivalent (only silver and gold) production of approximately 6.8 million ounces, a decrease of
2% over Fiscal 2023;
• Lead production of approximately 63.2 million pounds, a decrease of 7% over Fiscal 2023; and
• Zinc production of approximately 23.4 million pounds, a decrease of 1% over Fiscal 2023; and
Fourth Quarter Fiscal 2024 Fourth Quarter Fiscal 2023
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Mined (tonnes) 147,122 48,038 195,160 132,205 49,643 181,848
Ore Milled (tonnes)
Gold ore 21,843 - 21,843 - - -
Silver ore 158,424 57,226 215,650 130,910 48,483 179,393
180,267 57,226 237,493 130,910 48,483 179,393
Head Grades
Silver (gram/tonne) 197 57 255 88
Lead (%) 3.1 1.1 3.6 1.3
Zinc (%) 0.6 2.5 0.6 2.5
Recovery Rates
Silver (%) 94.4 83.2 95.2 78.9
Lead (%) 95.0 89.8 95.3 90.9
Zinc (%) 70.2 89.3 68.3 89.3
Metal production
Gold (ounces) 1,916 - 1,916 1,000 - 1,000
Silver (in thousands of ounces) 1,063 87 1,150 997 109 1,106
Silver equivalent (in thousands of ounces) 1,237 87 1,324 1,086 109 1,195
Lead (in thousands of pounds) 11,317 1,210 12,527 9,688 1,250 10,938
Zinc (in thousands of pounds) 1,750 2,809 4,559 1,164 2,413 3,577
Metals sold
Gold (ounces) 1,916 - 1,916 1,000 - 1,000
Silver (in thousands of ounces) 1,052 87 1,139 966 107 1,073
Lead (in thousands of pounds) 10,821 1,051 11,872 8,924 1,097 10,021
Zinc (in thousands of pounds) 1,730 2,702 4,432 1,115 2,336 3,451
3
At the Ying Mining District, 827,112 tonnes of ore were mined, up 8% over Fiscal 2023, and 816,145 tonnes
of ore were milled, up 6% over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268 ounces of gold
(or 6.3 million ounces of silver equivalent), 56.3 million pounds of lead, and 8.2 million pounds of zinc were
produced, representing increases of 65% and 15%, respectively, in gold and zinc, and decreases of 6%, 1%
and 7%, respectively, in silver, silver equivalent and lead over Fiscal 2023.
The decrease in silver and lead production was mainly due to i) lower head grades achieved due to mining
sequences; and ii) 58,262 tonnes of gold ores were mined and processed with grades of 1.8 grams per tonne
(“g/t”) gold, 77 g/t silver, 1. 1% lead, and 0. 2% zinc to produce gravity gold concentrates, silver-gold-lead
(copper) concentrate, and zinc concentrate in Fiscal 2024. The gold recovery rate for gold ores processed
was 92.0%.
At the GC Mine, 290,006 tonnes of ore were mined, down 3% over Fiscal 2023, and 290,050 tonnes of ore
were milled, down 3% over Fiscal 2023. Approximately 527 thousand ounces of silver, 6.9 million pounds
of lead, and 15.2 million pounds of zinc were produced, representing decreases of 11%, 12% and 7%,
respectively, in silver, lead and zinc over Fiscal 2023. The decrease in metal production was mainly due to
lower head grades achieved due to mining sequences.
Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
i) Fiscal 2025 production and cash cost guidance
Year ended March 31, 2024 Year ended March 31, 2023
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Mined (tonnes) 827,112 290,006 1,117,118 769,024 299,959 1,068,983
Ore Milled (tonnes)
Gold ore 58,262 - 58,262 - - -
Silver ore 757,883 290,050 1,047,933 773,057 299,597 1,072,654
816,145 290,050 1,106,195 773,057 299,597 1,072,654
Head Grades
Silver (gram/tonne) 231 69 261 75
Lead (%) 3.4 1.2 3.8 1.3
Zinc (%) 0.7 2.6 0.7 2.8
Recovery Rates
Silver (%) 94.9 82.0 95.6 81.9
Lead (%) 95.1 90.5 95.0 89.8
Zinc (%) 70.6 90.0 63.2 89.9
Metal production
Gold (ounces) 7,268 - 7,268 4,400 - 4,400
Silver (in thousands of ounces) 5,677 527 6,204 6,024 593 6,617
Silver equivalent (in thousands of ounces) 6,317 527 6,844 6,404 593 6,997
Lead (in thousands of pounds) 56,269 6,902 63,171 60,254 7,814 68,068
Zinc (in thousands of pounds) 8,213 15,172 23,385 7,150 16,313 23,463
Metals sold
Gold (ounces) 7,268 - 7,268 4,400 - 4,400
Silver (in thousands of ounces) 5,717 518 6,235 6,049 588 6,637
Lead (in thousands of pounds) 54,292 6,333 60,625 58,240 7,447 65,687
Zinc (in thousands of pounds) 8,240 15,010 23,250 7,175 16,263 23,438
4
In Fiscal 2025, the Company expects to mine and process 1,151,000 to 1,256,000 tonnes of ore, yielding
approximately 7,900 to 9,000 ounces of gold, 6.8 to 7.2 million ounces of silver, 64.2 to 69.3 million pounds
of lead, and 27.1 to 30. 1 million pounds of zinc. Fiscal 2025 production guidance represents production
increases of approximately 4% to 14% in ores, 8% to 23% in gold, 9% to 17% in silver, 2% to 1 0% in lead,
and 16% to 29% in zinc compared to the production results in Fiscal 2024.
The Ying Mining District plans to mine and process 860,000 to 955,000 tonnes of ore, including 63,000 to
70,000 tonnes of gold ore with an expected head grade of 2.4 g/t gold, to produce approximately 7,900 to
9,000 ounces of gold, 6.2 to 6.7 million ounces of silver, 57.2 to 61.9 million pounds of lead, and 8.9 to 11.0
million pounds of zinc for Fiscal 2025. This production guidance represents production increases of
approximately 5% to 17% in ore, 8% to 23% in gold, 9% to 18% in silver, 2% to 10% in lead, and 8% to 34%
in zinc compared to the actual production in Fiscal 2024.
The cash production cost is expected to be $83.7 to $88.1 per tonne of ore, and the all -in sustaining
production cost is estimated at $142.4 to $153.3 per tonne of ore processed, comparable to the actual costs
in Fiscal 2024.
The GC Mine plans to mine and process 291,000 to 301,000 tonnes of ore to produce 540 to 550 thousand
ounces of silver, 7.1 to 7.5 million pounds of lead, and 18.2 to 19.1 million pounds of zinc. Fiscal 2025
production guidance at the GC Mine represents production increases of approximately 0% to 4% in ore, 2%
to 4% in silver, 2% to 8% in lead, and 20% to 26% in zinc production compared to the production results in
Fiscal 2024.
The cash production cost is expected to be $54.4 to $55.5 per tonne of ore, and the all -in sustaining
production cost is estimated at $99.3 to $99.7 per tonne of ore processed.
ii) Fiscal 2025 capital expenditure guidance
In Fiscal 2025, the Company expects to incur a total $90.8 million of capital expenditures as summarized
in the table below.
Facilities and
Equipment Total
Mining Preparation
Tunnneling
Diamond
Drilling
(Metres) ($ Million) (Metres) ($ Million) (Metres) ($ Million) ($ Million) ($ Million) (Metres) (Metres)
Fiscal 2025 Capitalized Work Plan and Capita Expenditure Estimates
Ying Mining District 45,100 27.3 45,800 17.4 137,700 3.4 30.6 78.7 37,800 117,300
GC Mine 8,000 4.5 9,700 5.0 51,500 1.3 0.3 11.1 7,100 18,700
Corporate and others - - - - - - 1.0 1.0 - -
Consolidated 53,100 31.8 55,500 22.4 189,200 4.7 31.9 90.8 44,900 136,000
Capitalized Development Work and Expenditures Expensed
Ramp and development
tunneling Exploration tunneling Diamond Drilling
The total capital expenditures for mine optimization and facilities improvement at the Ying Mining District
are estimated at $78.7 million. For mine optimization, the Company plans to spend a total $48.1 million
comprised of the following capital expenditures:
Gold Silver Lead Zinc
Fiscal 2025 Guidance (g/t) (g/t) (%) (%)
Gold ore 63,000 - 70,000 2.4 78 2.1 - 4.3 - 5.0 140 - 160 2,680 - 2,980
Silver ore 797,000 - 885,000 - 249 3.3 0.8 3.6 - 4.0 6,070 - 6,520 54,480 - 58,910 8,877 - 10,986
Ying Mining District 860,000 - 955,000 0.3 235 3.1 0.8 7.9 - 9.0 6,210 - 6,680 57,160 - 61,890 8,877 - 10,986 83.7$ - 88.1$ 142.3$ - 153.2$
GC Mine 291,000 - 301,000 - 68 1.1 3.0 540 - 550 7,070 - 7,450 18,240 - 19,110 54.4$ - 55.5$ 99.3$ - 99.7$
Consolidated 1,151,000 - 1,256,000 7.9 - 9.0 6,750 - 7,230 64,230 - 69,340 27,117 - 30,096 77.0$ - 79.6$ 143.6$ - 152.3$
Cash Cost AISC
(tonne) (Koz) (Koz) (Klb) (Klb) ($/t) (S/t)
Ore processed Gold Silver Lead Zinc
Head Grade Metal Productions Production Costs
5
i) Develop 45,100 metres of ramps and tunnels for transportation and access at estimated capitalized
expenditures of $27.3 million (average $605/m). The main goal of these mine optimization programs
is to have ramps and a trackless system replace current shafts, and to have more mechanized mining,
such as using the shrinkage mining method to gradually replace the more labor intensive “Re-Suing”
mining;
ii) Develop 45,800 metres of exploration tunnels at estimated capitaliz ed costs of $17.4 million
($380/m); and
iii) Drill 137,700 metres of exploration diamond dril l holes for future production at an estimated
capitalized cost of $3.4 million;
For the tailing storage facilities (“TSF”) and mill expansion and equipment, the Company plans to spend
$30.6 million:
i) Complete the TSF by the 3rd quarter of 2024 with remaining expenditures of $15.9 million; and
ii) Add a 1,500 tonne per day flotation production line to the No. 2 Mill by the 4th Quarter of 2024 at
a cost of $7.2 million per a signed EPCM contract, and add two XRT Ore Sorting systems for $1.7 million.
The XRT Ore Sorting system will help to sort out waste rock resulting from the increased dilution rate
as the Company shifts to more shrinkage mining method from the “Re-Suing” mining method.
In addition to the capitalized tunneling and drilling work, the Ying Mining District also plan s to complete
and expense 37,800 metres of mining preparation tunnels and 117,300 metres of diamond drilling.
For the GC Mine, the Company plans to: i) complete and capitalize 8,000 metres of transportation ramps
and mining development tunnels at estimated costs of $4.5 million ($562/m); ii) complete and capitalize
9,700 metres of exploration tunnels at estimated costs of $5.0 million ($515/m); iii) complete and capitalize
51,500 metres of diamond drilling at an estimated cost of $1.3 million; and iv) spend $0.3 million on
equipment and facilities. The total capital expenditures at the GC Mine are budgeted at $11.1 million in
Fiscal 2025.
In addition to the capitalized tunneling and drilling work, the Company also plans to complete and expense
7,100 metres of mining preparation tunnels and 18,700 metres of diamond drilling at the GC Mine.
The Kuanping Project is expected to receive all permits and licenses in the third quarter of 2024, and $1.0
million of capital expenditures are budgeted for the startup of mine construction.
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.
6
For further information
Silvercorp Metals Inc.
Lon Shaver
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 and US securities laws (collectively, “forward-looking statements”). Any statements
or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future eve nts or performance (often, but not always, using words or phrases such as
“expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”,
“targets”, “goals”, “forecasts”, “objectives”, “budgets”, “ schedules”, “potential” or variations thereof or stating that
certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking
statements. Forward -looking statements relate to, among other things: the price of silver and other metals; the
accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; th e sufficiency of
the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital
expenditures; estimated production from the Company’s mines in the Ying Mining District and the GC Mine; timing of
receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations;
and access to and availability of funding for future construction, use of proceeds from any financing and development
of the Company’s properties.
Actual results may vary from forward-looking statements. Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those
reflected in the forward-looking statements, including, without limitation, risks relating to: global economic and social
impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious
and base me tal 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 partner s; 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; integrat ion of future acquisitions into the
Company’s existing operations; competition; operations and political conditions; regulatory environment in China and
Canada; environmental risks; 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 even ts 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 he ading “Risk Factors” and in the Company’s Annual Report on
Form 40-F, and in the Company’s other filings with Canadian and U.S. securities regulators. 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. Assumptions
may prove to be incorrect and actual results may dif fer materially from those anticipated. Consequently, guidance
7
cannot be guaranteed. 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.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at
www.silvercorpmetals.com.
1 Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio
between the net realized selling prices of gold and silver achieved, and then adding the converted amount
expressed in silver ounces to the ounces of silver.