Silvercorp Reports Operational Results and Financial Results Release Date for the First Quarter, Fiscal 2025
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NEWS RELEASE
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
Silvercorp Reports Operational Results and Financial Results Release Date
for the First Quarter, Fiscal 2025
VANCOUVER, British Columbia – July 15, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”)
(TSX/NYSE American: SVM) reports production and sales figures for the first quarter ended June 30, 2024 of
fiscal 2025 (“Q1 Fiscal 2025”). The Company expects to release its Q1 Fiscal 2025 audited financial results on
Tuesday, August 13, 2024, after market close.
Q1 Fiscal 2025 Operational Results
• Record revenue of approximately $72.0 million, an increase of 20% over the same quarter last year (“Q1
Fiscal 2024”)
• Ore mined of 341,927 tonnes, up 13% over Q1 Fiscal 2024;
• Ore milled of 307,696 tonnes, up 4% over Q1 Fiscal 2024;
• Inventory stockpile ores amounted to 59,293 tonnes not yet processed due to mill capacity constraints,
with additional ore to be added to the stockpile in the coming quarter. If they had been processed, the
Company's metal production would have aligned wit h its Fiscal 2025 annual guidance, and are
anticipated to be processed when the 1,500 tonnes per day new mill is in operation by November 2024.
• Silver production of 1.7 million ounces, a decrease of 4% over Q1 Fiscal 2024 as 59,293 tonnes of
inventory stockpile ores were not yet processed at the Ying Mining District due to mill capacity
constraints;
• Silver equivalent (only silver and gold)i production of approximately 1.8 million ounces;
• Lead production of approximately 15.6 million pounds, a decrease of 12% over Q1 Fiscal 2024; and
• Zinc production of approximately 6.4 million pounds, a decrease of 6% over Q1 Fiscal 2024.
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Q1 Fiscal 2025 Q1 Fiscal 2024
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Mined (tonnes) 256,079 87,768 343,847 213,748 89,472 303,220
Ore Milled (tonnes)
Gold ore 8,476 — 8,476 10,893 — 10,893
Silver ore 212,766 86,454 299,220 197,916 86,286 284,202
221,242 86,454 307,696 208,809 86,286 295,095
Head Grades
Silver (gram/tonne) 235 64 254 80
Lead (%) 3.1 0.9 3.6 1.4
Zinc (%) 0.7 2.4 0.7 2.7
Recovery Rates
Silver (%) 95.0 84.1 95.1 82.7
Lead (%) 94.4 90.0 95.5 90.7
Zinc (%) 72.3 90.4 69.6 90.4
Metal Production
Gold (ounces) 1,146 — 1,146 1,552 — 1,552
Silver (in thousands of ounces) 1,572 145 1,717 1,597 183 1,780
Silver equivalent (in thousands of ounces) 1,657 145 1,802 1,729 183 1,912
Lead (in thousands of pounds) 14,080 1,539 15,619 15,382 2,434 17,816
Zinc (in thousands of pounds) 2,468 3,966 6,434 2,113 4,708 6,821
Metals Sold
Gold (ounces) 998 — 998 1,495 — 1,495
Silver (in thousands of ounces) 1,590 149 1,739 1,631 184 1,815
Lead (in thousands of pounds) 14,119 1,544 15,663 15,002 2,328 17,330
Zinc (in thousands of pounds) 2,493 3,991 6,484 2,132 4,788 6,920
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In Q1 Fiscal 2025, a total of 256,079 tonnes of ore were mined at the Ying Mining District, up 20% over Q1
Fiscal 2024, and 221,242 tonnes of ore were milled, up 6% over Q1 Fiscal 2024. Approximately 1,146 ounces
of gold, 1.6 million ounces of silver, (or 1.7 million ounces of silver equivalent), 14.1 million pounds of lead,
and 2.5 million pounds of zinc were produced, representing a production increase of 17% in zinc and decreases
of 26%, 2%, 4%, and 8%, respectively, in gold, silver, silver equivalent, and lead over Q1 Fiscal 2024. Ore head
grades were in line with the Company’s Fiscal 2025 annual guidance. The decrease of silver, gold and lead is
mainly due to i) lower head grades realized as per the current mine plan and ii) a total of 59,293 tonnes of
stockpile ores not yet processed. The Company expects that the stockpiled ore will be processed in the third
and fourth quarter, once the No. 2 mill capacity expansion of 1,500 tonnes per day is achieved in the third
quarter of Fiscal 2025.
At the GC Mine, 87,768 tonnes of ore were mined, down 2% over Q1 Fiscal 2024, and 86,454 tonnes of ore
were milled, effectively the same compared to Q1 Fiscal 2024. Approximately 145 thousand ounces of silver,
1.5 million pounds of lead, and 4.0 million pounds of zinc were produced, representing decreases of 21%, 37%
and 16%, respectively, in silver, lead and zinc over Q1 Fiscal 2024. The decrease in metal production was mainly
due to lower head grades achieved and less ore processed.
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 cash flow 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, be liefs, plans, projections,
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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 simil ar 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 mill capacity expansion and new tailing storage
facility construction; 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 f unding 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 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 int o 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 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 obligatio n 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.
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i 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