Silvercorp Reports Production Guidance Achieved and the Release Date FOR Fiscal Year 2020 Financial Results
NEWS RELEASE
Trading Symbol: TSX/NYSE AMERICAN: SVM
SILVERCORP REPORTS PRODUCTION GUIDANCE ACHIEVED
AND THE RELEASE DATE FOR FISCAL YEAR 2020 FINANCIAL RESULTS
VANCOUVER, British Columbia – May 7, 2020 – Silvercorp Metals Inc. (“Silvercorp” or the “Compan y”)
(TSX/NYSE American: SVM) reports its production resu lts for the fourth quarter (“Q4 Fiscal 2020”) and
fiscal year ended March 31, 2020 (“Fiscal 2020”). F iscal 2020 production guidance was achieved for all
metals at all operations (please refer to the Silve rcorp news release dated February 14, 2019). The
Company expects to release its audited financial an d operating results for the fiscal year ended March 31,
2020 on Thursday, May 21, 2020 after market close.
FISCAL YEAR 2020 CONSOLIDATED PRODUCTION HIGHLIGHTS
Silvercorp's operations in China are usually suspen ded two weeks for the Chinese New Year holiday.
During the 2020 holiday season (Q4 Fiscal 2020), th e operations in China were shut down for an extra
month due to the Covid-19 situation in China at tha t time as the Company reported in the news released
on January 29, February 18, and March 12, 2020. T he operations were ramped up to full capacity in
March 2020 with no employee infection and are in fu ll compliance with government measures to prevent
the spread of the virus. Total ore mined in March 2020 was 75,199 tonnes, representing approximately
95% of full capacity in normal situations.
Despite the extended shut-down during Q4 Fiscal 202 0, the Company was able to achieve its full year
production target, surpassing its Fiscal 2020 guidance:
• Silver production of approximately 6.3 million ounces, 3% above Fiscal 2020 guidance;
• Lead production of approximately 67.4 million pounds, 3% above Fiscal 2020 guidance; and
• Zinc production of approximately 25.6 million pounds, 17% above Fiscal 2020 guidance.
FISCAL YEAR 2020 CONSOLIDATED OPERATIONAL RESULTS
Three months ended March 31, 2020 Twelve months ende d March 31, 2020
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Mined (tonne) 69,379 37,216 106,595 598,197 287,633 885,830
Ore Milled (tonne) 69,188 33,243 102,431 601,605 290,610 892,215
Head Grades
Silver (gram/tonne) 297 94 309 97
Lead (%) 4.6 1.8 4.6 1.9
Zinc (%) 1.0 3.5 0.9 3.3
Recovery Rates
Silver (%) 95.3 80.7 96.0 77.4
Lead (%) 95.7 90.4 95.9 89.3
Zinc (%) 67.7 87.7 63.2 86.0
Metal production
Silver (in thousands of ounces) 614 81 695 5,592 699 6,291
Lead (in thousands of pounds) 6,572 1,198 7,771 56,436 10,937 67,372
Zinc (in thousands of pounds) 994 2,277 3,271 7,337 18,244 25,581
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Ying Mining District
In Fiscal 2020, metals production at the Ying Mining District was approximately 5.6 million ounces of silver,
56.4 million pounds of lead, and 7.3 million pounds of zinc. Silver and zinc production surpassed the
mine’s annual guidance by 2% and 16%, respectively, while lead production was in line with guidance. O re
mined at the Ying Mining District was 598,197 tonne s and ore milled was 601,605 tonnes, with average
head grades of 309 grams per tonne (“g/t”) for silv er, 4.6% for lead and 0.9% for zinc. Head grades fo r
silver and lead were 7% and 6%, respectively, over the mine’s annual guidance.
In Q4 Fiscal 2020, ore mined at the Ying Mining Dis trict was 69,379 tonnes, a decrease of 41,653 tonne s
compared to 111,032 tonnes in the three months ende d March 31, 2019 (“Q4 Fiscal 2019”).
Correspondingly, ore milled was 69,188 tonnes, a de crease of 37,851 tonnes compared to 107,039 tonnes
in Q4 Fiscal 2019. Average head grades were 297 g/t for silver, 4.6% for lead, and 1% for zinc in Q4 F iscal
2020.
GC Mine
In Fiscal 2020, metals production at the GC Mine wa s approximately 0.7 million ounces of silver, 10.9
million pounds of lead, and 18.2 million pounds of zinc. Silver, lead, and zinc production surpassed t he
mine’s annual guidance by 16%, 23% and 18%, respect ively. Ore mined at the GC Mine was 287,633
tonnes and ore milled was 290,610 tonnes, with aver age head grades of 97 g/t for silver, 1.9% for lead
and 3.3% for zinc. Head grades for silver, lead and zinc at the GC Mine surpassed the mine’s annual
guidance by 1%, 12% and 7%, respectively.
In Q4 Fiscal 2020, ore mined at the GC Mine was 37,216 tonnes, a decrease of 13,150 tonnes compared to
50,366 tonnes in Q4 Fiscal 2019. Correspondingly, o re milled was 33,243 tonnes, a decrease of 19,622
tonnes compared to 52,865 tonnes in Q4 Fiscal 2019. Average head grades were 94 g/t for silver, 1.8% f or
lead, and 3.5% for zinc in Q4 Fiscal 2020.
FISCAL 2021 PRODUCTION GUIDANCE UPDATE
The Company reiterates its Fiscal 2021 production g uidance which was previously announced in the
Company’s news release dated February 6, 2020, as t he Company’s operations are back to normal. The
Company may reduce or defer certain discretionary c apital expenditures as a cost-saving measure in lig ht
of decreases in metal prices due to Covid-19 impacts.
About Silvercorp
Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentra tes
from mines in China. The Company’s goal is to conti nuously create healthy returns to shareholders
through efficient management, organic growth and th e acquisition of profitable projects. Silvercorp
balances profitability, social and environmental re lationships, employees’ wellbeing, and sustainable
development. 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: [email protected]
Website: www.silvercorp.ca
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CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this n ews release constitute “forward-looking statements” within the
meaning of the United States Private Securities Lit igation Reform Act of 1995 and “forward-looking inf ormation”
within the meaning of applicable Canadian provincia l securities laws (collectively, “forward-looking statements”). Any
statements or information that express or involve d iscussions with respect to predictions, expectation s, beliefs, plans,
projections, objectives, assumptions or future even ts or performance (often, but not always, using wor ds or phrases
such as “expects”, “is expected”, “anticipates”, “b elieves”, “plans”, “projects”, “estimates”, “assume s”, “intends”,
“strategies”, “targets”, “goals”, “forecasts”, “obj ectives”, “budgets”, “schedules”, “potential” or va riations thereof or
stating that certain actions, events or results “ma y”, “could”, “would”, “might” or “will” be taken, o ccur or be
achieved, or the negative of any of these terms and similar expressions) are not statements of histori cal fact and may
be forward-looking statements. Forward-looking sta tements 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 ap provals; availability of funds from production to f inance the
Company’s operations; and access to and availabilit y of funding for future construction, use of procee ds 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: fluctuating commodity prices; calculation of resources, reserve s and
mineralization and precious and base metal recovery ; interpretations and assumptions of mineral resour ce and
mineral reserve estimates; exploration and developm ent 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 conditi ons; economic factors affecting the Company; timing , estimated
amount, capital and operating expenditures and econ omic returns of future production; integration of f uture
acquisitions into the Company’s existing operations ; competition; operations and political conditions; regulatory
environment in China and Canada; environmental risk s; foreign exchange rate fluctuations; insurance; r isks and
hazards of mining operations; key personnel; confli cts 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 statem ents. Forward-
looking statements are statements about the future and are inherently uncertain, and actual achievemen ts of the
Company or other future events or conditions may di ffer 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 hea ding “Risk Factors”. Although the Company has atte mpted to
identify important factors that could cause actual results to differ materially, there may be other fa ctors that cause
results not to be as anticipated, estimated, descri bed or intended. Accordingly, readers should not p lace undue
reliance on forward-looking statements.
The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opini ons of
management as of the date of this news release, and other than as required by applicable securities la ws, the
Company does not assume any obligation to update fo rward-looking statements if circumstances or manage ment’s
assumptions, beliefs, expectations or opinions shou ld 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.