Silvercorp Reports Operational Results and the Financial Results Release Date FOR the First Quarter of Fiscal 2024
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NEWS RELEASE
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE
FOR THE FIRST QUARTER OF FISCAL 2024
VANCOUVER, British Columbia – July 13, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”)
(TSX/NYSE American: SVM) reports production and sales figures for the first quarter of fiscal year 2024
ended June 30, 2023 (“Q1 Fiscal 2024”). The Company expects to release its Q1 Fiscal 2024 unaudited
financial results on Thursday, August 3, 2023 after market close.
Production highlights
• Gold and silver production are on track to achieve Fiscal 2024 annual guidance;
• Silver equivalent (including silver and gold) 1 production of approximately 1.9 million ounces,
effectively the same as Q1 Fiscal 2023;
• Gold production of 1,552 ounces; 41% increase over Q1 Fiscal 2023;
• Silver production of approximately 1.8 million ounces; 4% decrease over Q1 Fiscal 2023; and
• Zinc and lead production of approximately 17.8 million pounds and 6.8 million pound s; 7% and
2% decreases, respectively, over Q1 Fiscal 2023.
The lower silver and lead production is primarily due to a decrease in head grades at the Ying Mining
District in line with the planned mining sequences and Mineral Reserves.
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.
1 Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the
ratio of 1:84, and then adding the converted amount expressed in silver ounces to the ounces of silver.
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First Quarter Fiscal 2024 Consolidated Operating Highlights
At the Ying Mining District, 213,748 tonnes of ore were mined, effectively the same as Q1 Fiscal 2023,
and 208,809 tonnes of ore were milled , down 2 % over Q1 Fiscal 202 3. Approximately 1.6 million
ounces of silver, 1,552 ounces of gold, 15.4 million pounds of lead, and 2.1 million pounds of zinc were
produced, representing increases of 41% and 10%, respectively in gold and zinc, and decreases of 6%
and 8%, respectively, in silver and lead over Q1 Fiscal 2023.
At the GC Mine, 89,472 tonnes of ore were mined, up 4% over Q1 Fiscal 2023, and 86,286 tonnes of
ore were milled, effectively the same as Q1 Fiscal 2023. Approximately 183 thousand ounces of silver,
2.4 million pounds of lead, and 4.7 million pounds of zinc were produced, representing increases of
12% and 3%, respectively, in silver and lead, and a decrease of 6% in zinc, over Q1 Fiscal 2023.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zi nc 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.
First Quarter Fiscal 2024 First Quarter Fiscal 2023
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Mined (tonne) 213,748 89,472 303,220 214,038 86,066 300,104
Ore Milled (tonne) 208,809 86,286 295,095 212,055 86,121 298,176
Head Grades
Silver (gram/tonne) 254 80 267 71
Lead (%) 3.6 1.4 3.9 1.4
Zinc (%) 0.7 2.7 0.7 2.9
Recovery Rates
Silver (%) 95.1 82.7 95.7 83.4
Lead (%) 95.5 90.7 95.4 89.8
Zinc (%) 69.6 90.4 58.1 90.4
Metal production
Gold (ounces) 1,552 - 1,552 1,100 - 1,100
Silver (in thousands of ounces) 1,597 183 1,780 1,696 164 1,860
Lead (in thousands of pounds) 15,382 2,434 17,816 16,718 2,370 19,088
Zinc (in thousands of pounds) 2,113 4,708 6,821 1,928 4,998 6,926
Metals sold
Gold (ounces) 1,495 - 1,495 1,100 - 1,100
Silver (in thousands of ounces) 1,631 184 1,815 1,759 156 1,915
Lead (in thousands of pounds) 15,002 2,328 17,330 16,760 2,365 19,125
Zinc (in thousands of pounds) 2,132 4,788 6,920 2,035 4,893 6,928
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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
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 var iations 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 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; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key
personnel; conflicts of interest; dependence on m anagement; 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 state ments 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” 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. Accordi ngly, 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
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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.sedar.com, on EDGAR at www.sec.gov, and on the Company’s website
at www.silvercorp.ca.