Silvercorp Reports Operational Results and the Financial Results Release Date FOR Fiscal 2022
SILVERCORP REPORTS OPERATIONAL RESULTS AND THE
FINANCIAL RESULTS RELEASE DATE FOR FISCAL 2022
Trading Symbol:
TSX:
SVM
NYSE AMERICAN: SVM
VANCOUVER, BC,
April 14, 2022
/CNW/ -
Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports
production and sales figures for the fiscal year 2022 ended
March 31, 2022
("Fiscal 2022"). The Company expects to release its Fiscal 2022 audited
financial results on
Thursday, May 26, 2022
after market close.
In Fiscal 2022, the Company produced approximately 6.1 million ounces of silver, 3,400 ounces of gold, 64.4 million pounds of lead, and 26.8 million
pounds of zinc, slightly below the guidance of 6.3 to 6.6 million ounces of silver, 65.7 to 68.9 million pounds of lead, and 26.9 to 28.5 million pounds of
zinc. The shortfall was mainly due to the disruptions arising from the mining contract renewal negotiation process and the heavy rainfall experienced at
the Ying Mining District as reported in previous quarters.
The Company reiterates its Fiscal 2023 production guidance of 7.0 to 7.3 million ounces of silver, 6,300 to 7,900 ounces of gold, 68.4 to 71.3 million
pounds of lead, and 32.0 to 34.5 million pounds of zinc. Fiscal 2023 production guidance represents anticipated increases of 14% to 19% in silver, 85%
to 132% in gold, 6% to 11% in lead, and 19% to 29% in zinc compared to Fiscal 2022 production results.
FISCAL 2022 OPERATING HIGHLIGHTS
At the Ying Mining District, 681,398 tonnes of ore were mined, up 5% over Fiscal 2021, and 684,293 tonnes of ore were milled, up 5% over Fiscal
2021. Approximately 5.5 million ounces of silver, 3,400 ounces of gold, 54.9 million pounds of lead, and 6.8 million pounds of zinc were produced,
representing decreases of 2%, 3%, 5%, and 2%, respectively, in silver, gold, lead, and zinc over Fiscal 2021.
At the GC Mine, 314,882 tonnes of ore were mined, comparable to 314,900 tonnes in Fiscal 2021, and 318,042 tonnes of ore were milled, up 1%
over Fiscal 2021. Approximately 640 thousand ounces of silver, 9.5 million pounds of lead, and 20.0 million pounds of zinc were produced,
representing decreases of 11%, 9% and 5%, respectively, in silver, lead, and zinc over Fiscal 2021.
On a consolidated basis, 996,280 tonnes of ore were mined, up 3% over Fiscal 2021, and 1,002,335 tonnes of ore were milled, up 4% over Fiscal
2021. Approximately 6.1 million ounces of silver, 3,400 ounces of gold, 64.4 million pounds of lead, and 26.8 million pounds of zinc were produced,
representing decreases of 3%, 3%, 6%, and 4%, respectively, in silver, gold, lead, and zinc over Fiscal 2021.
On a consolidated basis, the Company sold approximately 6.3 million ounces of silver, 63.6 million pounds of lead, 26.8 million pounds of zinc, and
3,400 ounces of gold, representing decreases of 1%, 5%, and 4%, respectively, in silver, lead, zinc and an 8% increase in gold sold excluding the
one-time sale of 1,200 ounces of gold from the BYP Mine in Fiscal 2021.
The consolidated operational results for the past five quarters are summarized as follows:
Consolidated
Q4 F2022
Q3 F2022
Q2 F2022
Q1 F2022
Q4 F2021
Year ended March 31,
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
2022
2021
Production Data
Ore Mined (tonne)
180,505
292,072
292,468
231,235
163,072
996,280
964,925
Ore Milled (tonne)
182,670
304,772
271,816
243,077
180,674
1,002,335
967,581
Head Grades
Silver (gram/tonne)
213
205
214
207
228
209
223
Lead (%)
3.2
3.1
3.2
3.2
3.3
3.2
3.4
Zinc (%)
1.4
1.5
1.6
1.7
1.5
1.5
1.7
Recovery Rates
Silver (%)
94.2
93.8
94.1
93.2
92.5
93.8
92.7
Lead (%)
95.2
94.4
94.5
94.6
94.3
94.6
95.0
Zinc (%)
75.8
80.1
79.3
80.7
79.0
79.3
80.0
Metal production
Silver (in thousands of ounces)
1,146
1,834
1,696
1,474
1,195
6,149
6,331
Gold (in thousands of unces)
0.5
1.1
0.8
1.0
0.3
3.4
3.5
Lead (in thousands of pounds)
11,962
18,978
17,613
15,878
12,156
64,431
68,430
Zinc (in thousands of pounds)
4,101
8,030
7,483
7,198
4,672
26,812
28,011
Metals sold
Silver (in thousands of ounces)
1,173
1,721
1,729
1,642
1,056
6,265
6,315
Gold (in thousands of ounces)
0.5
1.1
0.8
1.0
0.7
3.4
4.7
Lead (in thousands of pounds)
12,279
17,155
17,319
16,810
10,876
63,563
67,118
Zinc (in thousands of pounds)
4,340
7,588
7,626
7,255
4,580
26,809
27,914
The operational results at the Ying Mining District for the past five quarters are summarized as follows:
Ying Mining District
Q4 F2022
Q3 F2022
Q2 F2022
Q1 F2022
Q4 F2021
Year ended March 31,
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
2022
2021
Production Data
Ore Mined (tonne)
130,612
200,946
206,933
142,907
112,561
681,398
650,025
Ore Milled (tonne)
131,731
214,982
182,173
155,407
131,725
684,293
651,402
Head Grades
Silver (gram/tonne)
271
258
283
279
280
272
290
Lead (%)
3.9
3.7
4.0
4.2
3.9
3.9
4.3
Zinc (%)
0.8
0.8
0.7
0.8
0.8
0.8
0.8
Recovery Rates
Silver (%)
95.2
95.1
95.4
94.7
93.7
95.1
94.2
Lead (%)
96.1
95.2
95.5
95.7
95.1
95.6
96.0
Zinc (%)
57.4
64.0
56.0
59.7
65.0
59.7
62.4
Metal production
Silver (in thousands of ounces)
1,062
1,647
1,517
1,283
1,083
5,509
5,615
Gold (in thousands of ounces)
0.5
1.1
0.8
1.0
0.3
3.4
3.5
Lead (in thousands of pounds)
10,542
16,392
14,671
13,278
10,504
54,883
57,886
Zinc (in thousands of pounds)
1,317
2,347
1,584
1,519
1,496
6,767
6,916
Metals sold
Silver (in thousands of ounces)
1,058
1,561
1,553
1,447
936
5,619
5,610
Gold (in thousands of ounces)
0.5
1.1
0.8
1.0
0.7
3.4
3.5
Lead (in thousands of pounds)
10,278
15,003
14,436
14,175
9,137
53,892
56,708
Zinc (in thousands of pounds)
1,524
1,947
1,617
1,521
1,306
6,609
6,968
The operational results at the GC Mine for the past five quarters are summarized as follows:
GC Mine
Q4 F2022
Q3 F2022
Q2 F2022
Q1 F2022
Q4 F2021
Year ended March 31,
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
2022
2021
Production Data
Ore Mined (tonne)
49,893
91,126
85,535
88,328
50,511
314,882
314,900
Ore Milled (tonne)
50,939
89,790
89,643
87,670
48,949
318,042
316,179
Head Grades
Silver (gram/tonne)
62
78
73
80
87
75
85
Lead (%)
1.4
1.5
1.7
1.5
1.7
1.5
1.7
Zinc (%)
2.8
3.2
3.3
3.3
3.3
3.2
3.4
Recovery Rates
Silver (%)
82.4
83.5
84.4
84.1
81.9
83.8
82.5
Lead (%)
88.7
89.0
89.5
89.3
89.7
89.2
89.6
Zinc (%)
89.8
89.8
89.6
89.3
88.2
89.6
88.2
Metal production
Silver (in thousands of ounces)
84
187
179
190
112
640
716
Lead (in thousands of pounds)
1,420
2,586
2,942
2,600
1,652
9,548
10,544
inc (in thousands of pounds)
2,784
5,683
5,899
5,679
3,176
20,045
21,095
Metals sold
Silver (in thousands of ounces)
115
160
176
195
120
646
705
Lead (in thousands of pounds)
2,001
2,152
2,883
2,635
1,739
9,671
10,410
Zinc (in thousands of pounds)
2,816
5,641
6,009
5,734
3,274
20,200
20,946
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) equity investments in potential world class opportunities; 4) ongoing merger and acquisition efforts to unlock value; and 5) long term
commitment to responsible mining and ESG. For more information, please visit our website at
www.silvercorp.ca
.
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: 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.
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.
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SOURCE
Silvercorp Metals Inc
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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.silvercorp.ca
CO: Silvercorp Metals Inc
CNW 06:55e 14-APR-22