Silvercorp Reports Operational Results and Financial Results Release Date for Second Quarter, Fiscal 2024
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NEWS RELEASE
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
Silvercorp Reports Operational Results and Financial Results Release Date
for Second Quarter, Fiscal 2024
VANCOUVER, British Columbia – October 16, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”)
(TSX/NYSE American: SVM) reports production and sales figures for the second quarter of fiscal year 2024
ended September 30, 2023 (“Q2 Fiscal 2024”). The Company expects to release its Q2 Fiscal 2024 unaudited
financial results on Thursday, November 9, 2023 after market close.
Q2 Fiscal 2024 Operational Results
• Gold production of 2,458 ounces, an increase of 105% over Q2 Fiscal 2023;
• Silver equivalent (only silver and gold)1 production of approximately 1.8 million ounces; and
• Lead and zinc production of approximately 16.1 million pounds and 4.6 million pounds, an 11% and
23% decrease over Q2 Fiscal 2023, respectively.
Second Quarter Fiscal 2024 Second Quarter Fiscal 2023
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Mined (tonnes) 220,636 52,829 273,465 215,927 75,054 290,981
Ore Milled (tonnes) 212,868 48,239 261,107 216,262 75,381 291,643
Head Grades
Silver (gram/tonne) 235 66 257 72
Lead (%) 3.5 1.1 3.7 1.2
Zinc (%) 0.7 2.5 0.7 2.7
Recovery Rates
Gold（%） 91.1 - - -
Silver (%) 95.0 82.7 95.5 81.0
Lead (%) 95.0 90.2 94.1 88.5
Zinc (%) 71.1 89.8 62.5 89.6
Metal production
Gold (ounces) 2,458 - 2,458 1,200 - 1,200
Silver (in thousands of ounces) 1,506 84 1,590 1,657 141 1,798
Silver equivalent (in thousands of ounces) 1,731 84 1,815 1,757 141 1,898
Lead (in thousands of pounds) 15,018 1,047 16,065 16,201 1,782 17,983
Zinc (in thousands of pounds) 2,197 2,404 4,601 1,976 4,010 5,986
Metals sold
Gold (ounces) 2,515 - 2,515 1,200 - 1,200
Silver (in thousands of ounces) 1,498 80 1,578 1,649 140 1,789
Lead (in thousands of pounds) 14,275 900 15,175 15,587 1,681 17,268
Zinc (in thousands of pounds) 2,163 2,415 4,578 1,882 4,058 5,940
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At the Ying Mining District, 220,636 tonnes of ore were mined, up 2% over Q2 Fiscal 2023, and 212,868
tonnes of ore were milled, down 2% over Q2 Fiscal 2023. Approximately 1.5 million ounces of silver, 2,458
ounces of gold ( or 1.7 million ounces of silver equivalent ), 15.0 million pounds of lead, and 2.2 million
pounds of zinc were produced, representing increases of 105% and 11%, respectively in gold and zinc,
relatively the same in silver equivalent, and decreases of 9% and 7%, respectively, in silver and lead over
Q2 Fiscal 2023.
The decrease in silver and lead production was mainly due to lower head grades achieved due to mining
sequences and 12,800 tonnes of gold ores were mined and processed with grades of 1.9 grams per tonne
(“g/t”) gold, 82 g/t silver, 0.8% lead, and 0.3% zinc to produce gravity gold concentrates, silver-gold-lead
(copper) concentrate, and zinc concentrate in Q2 Fiscal 2024. The gold recovery rate for gold ores processed
was 91.1%. As a result of processing gold gravity concentrate, the Company has poured its first gold and
produced and sold 649 ounces of gold doré in the current quarter.
At the GC Mine, 52,829 tonnes of ore were mined, down 30% over Q2 Fiscal 2023, and 48,239 tonnes of
ore were milled, down 36% over Q2 Fiscal 2023. Approximately 84 thousand ounces of silver, 1.0 million
pounds of lead, and 2.4 million pounds of zinc were produced, representing decreases of 40%, 41% and
40%, respectively, in silver, lead and zinc, over Q2 Fiscal 2023. The decrease was mainly due to a production
disruption of five weeks due to a series of improvement measures and a district-wide cessation of industrial
activity associated with improvements made to the provincial power grid at the GC Mine in Q2 Fiscal 2024
(refer to the Company’s September 5, 2023 news release).
Six Months Ended September 30, 2023 and 2022 Consolidated Operational Results
Six months ended September 30, 2023 Six months ended September 30, 2022
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Mined (tonnes) 434,384 1 42,301 576,685 429,965 161,120 591,085
Ore Milled (tonnes) 421,677 134,525 556,202 428,317 161,502 589,819
Head Grades
Silver (gram/tonne) 244 75 262 72
Lead (%) 3.5 1.3 3.8 1.3
Zinc (%) 0.7 2.7 0.7 2.8
Recovery Rates
Gold（%） 91.7 - - -
Silver (%) 95.0 82.7 95.6 82.3
Lead (%) 95.3 90.6 94.8 89.3
Zinc (%) 70.3 90.2 60.3 90.0
Metal production
Gold (ounces) 4,010 - 4,010 2,300 - 2,300
Silver (in thousands of ounces) 3,103 267 3,370 3,353 305 3,658
Silver equivalent (in thousands of ounces) 3,458 267 3,725 3,548 305 3,853
Lead (in thousands of pounds) 30,400 3,481 33,881 32,919 4,152 37,071
Zinc (in thousands of pounds) 4,310 7,112 11,422 3,904 9,008 12,912
Metals sold
Gold (ounces) 4,010 - 4,010 2,300 - 2,300
Silver (in thousands of ounces) 3,129 264 3,393 3,408 296 3,704
Lead (in thousands of pounds) 29,277 3,228 32,505 32,347 4,046 36,393
Zinc (in thousands of pounds) 4,295 7,203 11,498 3,917 8,951 12,868
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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
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 events or performance (often, but not always, using words or phrases such as
“expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”,
“targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that
certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking
statements. Forward -looking statements relate to, among other things: the price of silver and other metals; the
accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of
the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital
expenditures; estimated production from the Company’s mines in the 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 metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates;
exploration and development programs; feasibility and engineering re ports; 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; 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
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the Company’s Annual Information Form under the heading “Risk Factors” and in the Company’s Annual Report on
Form 40-F, and in the Company’s other filings with Canadian and 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 differ materially from those anticipated. Consequently, guidance
cannot be guaranteed. For the reasons set forth above, investors should not place undue reliance on forward -looking
statements.
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.