Silvercorp Reports Operational Results and the Financial Results Release Date FOR Fiscal 2023
SILVERCORP REPORTS OPERATIONAL RESULTS AND THE
FINANCIAL RESULTS RELEASE DATE FOR FISCAL 2023
Trading Symbol:
TSX:
SVM
NYSE AMERICAN: SVM
VANCOUVER, BC
,
April 13, 2023
/CNW/ -
Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports
production and sales figures for the fiscal year 2023 ended
March 31, 2023
("Fiscal 2023"). The Company expects to release its Fiscal 2023 audited
financial results on
Thursday, May 25, 2023
after market close.
In Fiscal 2023, the Company produced approximately 6.6 million ounces of silver, 4,400 ounces of gold, 68.1 million pounds of lead, and 23.5 million
pounds of zinc, representing increases of 8%, 29%, and 6%, respectively, in silver, gold, and lead, and a decrease of 12% in zinc compared to the
prior year ("Fiscal 2022").
The Company reiterates its Fiscal 2024 production guidance of approximately 6.8 to 7.2 million ounces of silver, 4,400 to 5,500 ounces of gold, 70.5 to
73.8 million pounds of lead, and 27.7 to 29.7 million pounds of zinc. Fiscal 2024 production guidance represents anticipated increases of 3% to 8% in
silver, 0% to 25% in gold, 4% to 8% in lead, and 18% to 26% in zinc compared to Fiscal 2023 production results.
FISCAL 2023 OPERATING HIGHLIGHTS
On a consolidated basis, 1,068,983 tonnes of ore were mined, and 1,072,654 tonnes of ore were milled, both up 7% over Fiscal 2022.
Approximately 6.6 million ounces of silver, 4,400 ounces of gold, 68.1 million pounds of lead, and 23.5 million pounds of zinc were produced,
representing increases of 8%, 29%, and 6%, respectively, in silver, gold, and lead, and a decrease of 12% in zinc compared to Fiscal 2022.
On a consolidated basis, the Company sold approximately 6.6 million ounces of silver, 4,400 ounces of gold, 65.7 million pounds of lead, and 23.4
million pounds of zinc, representing increases of 6%, 29%, and 3%, respectively, in silver, gold, and lead, and a decrease of 13% in zinc compared
to Fiscal 2022.
At the Ying Mining District, 769,024 tonnes of ore were mined, and 773,057 tonnes of ore were milled, both up 13% over Fiscal 2022.
Approximately 6.0 million ounces of silver, 4,400 ounces of gold, 60.3 million pounds of lead, and 7.2 million pounds of zinc were produced,
representing increases of 9%, 29%, 10% and 6%, respectively, in silver, gold, lead and zinc over Fiscal 2022.
At the GC Mine, 299,959 tonnes of ore were mined, down 5% over Fiscal 2022, and 299,597 tonnes of ore were milled, down 6% over Fiscal
2022. Approximately 593 thousand ounces of silver, 7.8 million pounds of lead, and 16.3 million pounds of zinc were produced, representing
decreases of 7%, 18% and 19%, respectively, in silver, lead and zinc compared to Fiscal 2022. The decrease can be attributed mainly to the
upgrades made to the ventilation and electric power facilities at the GC Mine to comply with newly-implemented safety production regulations.
These improvements impacted operations during the second quarter but were completed in the third quarter.
The consolidated operational results for the past five quarters and for the years ended
March 31, 2023
and 2022 are summarized as follows:
Consolidated
Q4 F2023
Q3 F2023
Q2 F2023
Q1 F2023
Q4 F2022
Year ended March 31,
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
2023
2022
Production Data
Ore Mined (tonne)
181,848
296,050
290,981
300,104
180,505
1,068,983
996,280
Ore Milled (tonne)
179,393
303,442
291,643
298,176
182,670
1,072,654
1,002,335
Head Grades
Silver (gram/tonne)
210
207
209
210
213
209
209
Lead (%)
3.0
3.3
3.1
3.1
3.2
3.1
3.2
Zinc (%)
1.1
1.3
1.2
1.4
1.4
1.3
1.5
Recovery Rates
Silver (%)
93.3
94.4
94.2
94.5
94.2
94.2
93.8
Lead (%)
94.7
94.7
93.6
94.7
95.2
94.4
94.6
Zinc (%)
81.0
81.3
78.2
78.1
75.8
79.5
79.3
Metal production
Silver (in thousands of ounces)
1,106
1,853
1,798
1,860
1,146
6,617
6,149
Gold (in thousands of ounces)
1.0
1.1
1.2
1.1
0.5
4.4
3.4
Lead (in thousands of pounds)
10,938
20,059
17,983
19,088
11,962
68,068
64,431
Zinc (in thousands of pounds)
3,577
6,974
5,986
6,926
4,101
23,463
26,812
Metals sold
Silver (in thousands of ounces)
1,073
1,860
1,789
1,915
1,173
6,637
6,265
Gold (in thousands of ounces)
1.0
1.1
1.2
1.1
0.5
4.4
3.4
Lead (in thousands of pounds)
10,021
19,273
17,268
19,125
12,279
65,687
63,563
Zinc (in thousands of pounds)
3,451
7,119
5,940
6,928
4,340
23,438
26,809
The operational results at the Ying Mining District for the past five quarters and for the years ended
March 31, 2023
and 2022 are summarized as
follows:
Ying Mining District
Q4 F2023
Q3 F2023
Q2 F2023
Q1 F2023
Q4 F2022
Year ended March 31,
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
2023
2022
Production Data
Ore Mined (tonne)
132,205
206,854
215,927
214,038
130,612
769,024
681,398
Ore Milled (tonne)
130,910
213,830
216,262
212,055
131,731
773,057
684,293
Head Grades
Silver (gram/tonne)
255
262
257
267
271
261
272
Lead (%)
3.6
4.0
3.7
3.9
3.9
3.8
3.9
Zinc (%)
0.6
0.7
0.7
0.7
0.8
0.7
0.8
Recovery Rates
Silver (%)
95.2
95.7
95.5
95.7
95.2
95.6
95.1
Lead (%)
95.3
95.4
94.1
95.4
96.1
95.0
95.6
Zinc (%)
68.3
66.4
62.5
58.1
57.4
63.2
59.7
Metal production
Silver (in thousands of ounces)
997
1,674
1,657
1,696
1,062
6,024
5,509
Gold (in thousands of ounces)
1.0
1.1
1.2
1.1
0.5
4.4
3.4
Lead (in thousands of pounds)
9,688
17,647
16,201
16,718
10,542
60,254
54,883
Zinc (in thousands of pounds)
1,164
2,082
1,976
1,928
1,317
7,150
6,767
Metals sold
Silver (in thousands of ounces)
966
1,675
1,649
1,759
1,058
6,049
5,619
Gold (in thousands of ounces)
1.0
1.1
1.2
1.1
0.5
4.4
3.4
Lead (in thousands of pounds)
8,924
16,969
15,587
16,760
10,278
58,240
53,892
Zinc (in thousands of pounds)
1,115
2,143
1,882
2,035
1,524
7,175
6,609
The operational results at the GC Mine for the past five quarters and for the years ended
March 31, 2023
and 2022 are summarized as follows:
GC Mine
Q4 F2023
Q3 F2023
Q2 F2023
Q1 F2023
Q4 F2022
Year ended March 31,
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
2023
2022
Production Data
Ore Mined (tonne)
49,643
89,196
75,054
86,066
49,893
299,959
314,882
Ore Milled (tonne)
48,483
89,612
75,381
86,121
50,939
299,597
318,042
Head Grades
Silver (gram/tonne)
88
75
72
71
62
75
75
Lead (%)
1.3
1.4
1.2
1.4
1.4
1.3
1.5
Zinc (%)
2.5
2.8
2.7
2.9
2.8
2.8
3.2
Recovery Rates
Silver (%)
78.9
83.0
81.0
83.4
82.4
81.9
83.8
Lead (%)
90.9
90.3
88.5
89.8
88.7
89.8
89.2
Zinc (%)
89.3
90.1
89.6
90.4
89.8
89.9
89.6
Metal production
Silver (in thousands of ounces)
109
179
141
164
84
593
640
Lead (in thousands of pounds)
1,250
2,412
1,782
2,370
1,420
7,814
9,548
Zinc (in thousands of pounds)
2,413
4,892
4,010
4,998
2,784
16,313
20,045
Metals sold
Silver (in thousands of ounces)
107
185
140
156
115
588
646
Lead (in thousands of pounds)
1,097
2,304
1,681
2,365
2,001
7,447
9,671
Zinc (in thousands of pounds)
2,336
4,976
4,058
4,893
2,816
16,263
20,200
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
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email:
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 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: creating shareholder value; generating free cashflow from
long life mines; organic growth; mergers and acquisitions; and estimated production from the Company's mines in the Ying Mining District and the
GC Mine.
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.silvercorpmetals.com
.
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CNW 17:00e 13-APR-23