Silvercorp Reports Operational Results and the Financial Results Release Date FOR the Third Quarter of Fiscal 2023
SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL
RESULTS RELEASE DATE FOR THE THIRD QUARTER OF FISCAL 2023
Trading Symbol:
TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC
,
Jan. 13, 2023
/CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE: SVM) reports production and sales figures
for the third quarter of fiscal 2023 ended
December 31, 2022
("Q3 Fiscal 2023"). The Company expects to release its Q3 Fiscal 2023 unaudited financial results
on
Thursday, February 9, 2023
after market close.
In Q3 Fiscal 2023, the Company produced approximately 1.9 million ounces of silver, 1,100 ounces of gold, 20.1 million pounds of lead, and 7.0 million pounds of
zinc, representing increases of 1%, 0%, and 6%, respectively, in silver, gold, and lead, and a decrease of 13% in zinc compared to the third quarter ended
December 31, 2021
("Q3 Fiscal 2022").
For the first nine months of Fiscal 2023, the Company produced approximately 5.5 million ounces of silver, 3,400 ounces of gold, 57.1 million pounds of lead, and
19.9 million pounds of zinc, representing increases of 10%, 17%, and 9%, respectively, in silver, gold and lead, and a decrease of 12% in zinc compared to the
same prior year period.
Q3 FISCAL 2023 OPERATING HIGHLIGHTS
On a consolidated basis, 296,050 tonnes of ore were mined, up 1% over Q3 Fiscal 2022, and 303,442 tonnes of ore were milled, effectively the same as in
Q3 Fiscal 2022.
On a consolidated basis, the Company sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 19.3 million pounds of lead, and 7.1 million
pounds of zinc, compared to approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.2 million pounds of lead and 7.6 million pounds of zinc in Q3
Fiscal 2022.
At the Ying Mining District, 206,854 tonnes of ore were mined, up 3% over Q3 Fiscal 2022, and 213,830 tonnes of ore were milled, down 1% over Q3 Fiscal
2022. Approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.6 million pounds of lead, and 2.1 million pounds of zinc were produced,
representing increases of 2%, 0%, and 8%, respectively, in silver, gold, and lead, and a decrease of 11% in zinc compared to Q3 Fiscal 2022.
At the GC Mine, 89,196 tonnes of ore were mined, down 2% over Q3 Fiscal 2022, and 89,612 tonnes of ore were milled, essentially the same as in Q3
Fiscal 2022, and up 19% over last quarter. Approximately 179 thousand ounces of silver, 2.4 million pounds of lead, and 4.9 million pounds of zinc were
produced, representing decreases of 4%, 7% and 14%, respectively, in silver, lead and zinc compared to Q3 Fiscal 2022, but up 27%, 35% and 22%
respectively, in silver, lead and zinc over last quarter.
The consolidated operational results for the past five quarters and for the nine months ended
December 31, 2022
and 2021 are summarized as follows:
Consolidated
Q3 F2023
Q2 F2023
Q1 F2023
Q4 F2022
Q3 F2022
Nine months ended December 31,
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
December 31, 2021
2022
2021
Production Data
Ore Mined (tonne)
296,050
290,981
300,104
180,505
292,072
887,135
815,775
Ore Milled (tonne)
303,442
291,643
298,176
182,670
304,772
893,261
819,665
Head Grades
Silver (gram/tonne)
207
209
210
213
205
209
208
Lead (%)
3.3
3.1
3.1
3.2
3.1
3.2
3.2
Zinc (%)
1.3
1.2
1.4
1.4
1.5
1.3
1.6
Recovery Rates
Silver (%)
94.4
94.2
94.5
94.2
93.8
94.4
93.7
Lead (%)
94.7
93.6
94.7
95.2
94.4
94.3
94.5
Zinc (%)
81.3
78.2
78.1
75.8
80.1
79.2
80.0
Metal production
Silver (in thousands of ounces)
1,853
1,798
1,860
1,146
1,834
5,511
5,003
Gold (in thousands of ounces)
1.1
1.2
1.1
0.5
1.1
3.4
2.9
Lead (in thousands of pounds)
20,059
17,983
19,088
11,962
18,978
57,130
52,469
Zinc (in thousands of pounds)
6,974
5,986
6,926
4,101
8,030
19,886
22,711
Metals sold
Silver (in thousands of ounces)
1,860
1,789
1,915
1,173
1,721
5,564
5,092
Gold (in thousands of ounces)
1.1
1.2
1.1
0.5
1.1
3.4
2.9
Lead (in thousands of pounds)
19,273
17,268
19,125
12,279
17,155
55,666
51,284
Zinc (in thousands of pounds)
7,119
5,940
6,928
4,340
7,588
19,987
22,469
The operational results at the Ying Mining District for the past five quarters and for the nine months ended
December 31, 2022
and 2021 are summarized as
follows:
Ying Mining District
Q3 F2023
Q2 F2023
Q1 F2023
Q4 F2022
Q3 F2022
Nine months ended December 31,
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
December 31, 2021
2022
2021
Production Data
Ore Mined (tonne)
206,854
215,927
214,038
130,612
200,946
636,819
550,786
Ore Milled (tonne)
213,830
216,262
212,055
131,731
214,982
642,147
552,562
Head Grades
Silver (gram/tonne)
262
257
267
271
258
262
272
Lead (%)
4.0
3.7
3.9
3.9
3.7
3.9
3.9
Zinc (%)
0.7
0.7
0.7
0.8
0.8
0.7
0.8
Recovery Rates
Silver (%)
95.7
95.5
95.7
95.2
95.1
95.7
95.1
Lead (%)
95.4
94.1
95.4
96.1
95.2
95.0
95.5
Zinc (%)
66.4
62.5
58.1
57.4
64.0
62.3
60.3
Metal production
Silver (in thousands of ounces)
1,674
1,657
1,696
1,062
1,647
5,027
4,447
Gold (in thousands of ounces)
1.1
1.2
1.1
0.5
1.1
3.4
2.9
Lead (in thousands of pounds)
17,647
16,201
16,718
10,542
16,392
50,566
44,341
Zinc (in thousands of pounds)
2,082
1,976
1,928
1,317
2,347
5,986
5,450
Metals sold
Silver (in thousands of ounces)
1,675
1,649
1,759
1,058
1,561
5,083
4,561
Gold (in thousands of ounces)
1.1
1.2
1.1
0.5
1.1
3.4
2.9
Lead (in thousands of pounds)
16,969
15,587
16,760
10,278
15,003
49,316
43,614
Zinc (in thousands of pounds)
2,143
1,882
2,035
1,524
1,947
6,060
5,085
The operational results at the GC Mine for the past five quarters and for the nine months ended
December 31, 2022
and 2021 are summarized as follows:
GC Mine
Q3 F2023
Q2 F2023
Q1 F2023
Q4 F2022
Q3 F2022
Nine months ended December 31,
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
December 31, 2021
2022
2021
Production Data
Ore Mined (tonne)
89,196
75,054
86,066
49,893
91,126
250,316
264,989
Ore Milled (tonne)
89,612
75,381
86,121
50,939
89,790
251,114
267,103
Head Grades
Silver (gram/tonne)
75
72
71
62
78
73
77
Lead (%)
1.4
1.2
1.4
1.4
1.5
1.3
1.5
Zinc (%)
2.8
2.7
2.9
2.8
3.2
2.8
3.3
Recovery Rates
Silver (%)
83.0
81.0
83.4
82.4
83.5
82.5
84.0
Lead (%)
90.3
88.5
89.8
88.7
89.0
89.6
89.3
Zinc (%)
90.1
89.6
90.4
89.8
89.8
90.1
89.6
Metal production
Silver (in thousands of ounces)
179
141
164
84
187
484
556
Lead (in thousands of pounds)
2,412
1,782
2,370
1,420
2,586
6,564
8,128
Zinc (in thousands of pounds)
4,892
4,010
4,998
2,784
5,683
13,900
17,261
Metals sold
Silver (in thousands of ounces)
185
140
156
115
160
481
531
Lead (in thousands of pounds)
2,304
1,681
2,365
2,001
2,152
6,350
7,670
Zinc (in thousands of pounds)
4,976
4,058
4,893
2,816
5,641
13,927
17,384
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.silvercorp.ca
.
For further information
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email:
Website:
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.
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.silvercorp.ca
.
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CO: Silvercorp Metals Inc
CNW 07:30e 13-JAN-23