Silvercorp Reports Operational Results and the Financial Results Release Date for Fiscal 2021

 
 

   Trading Symbol:   TSX/NYSE AMERICAN:   SVM   

 

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for fiscal year 2021 ended March 31, 2021 ("Fiscal 2021"). The Company's Fiscal 2021 financial results are expected to be released on Thursday, May 20, 2021 after market close.

 
 

  Silvercorp Metals Inc.logo (CNW Group/Silvercorp Metals Inc) 

 
 

In Fiscal 2021, the Company produced approximately 6.3 million ounces of silver and 68.4 million pounds of lead, meeting the production guidance of between 6.2 – 6.5 million ounces of silver and 66.1 – 68.5 million pounds of lead. The Company also produced approximately 28.0 million pounds of zinc, beating the guidance to produce between 24.5 – 26.7 million pounds of zinc.

 

   FISCAL 2021 OPERATING HIGHLIGHTS   

 
  • At the Ying Mining District, ore mined was 650,025 tonnes, up 8.7% over Fiscal 2020, and ore milled was 651,402 tonnes, up 8.3% over Fiscal 2020. Approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead, and 6.9 million pounds of zinc were produced, representing increases of 0.4% in silver production, 6.1% in gold production, and 2.6% in lead production, and a decrease of 5.7% in zinc production over Fiscal 2020.

  •  
  • At the GC Mine, ore mined was 314,900 tonnes, up 9.5% over Fiscal 2020, and ore milled was 316,179 tonnes, up 8.8% over Fiscal 2020. Approximately 716 thousand ounces of silver, 10.5 million pounds of lead, and 21.1 million pounds of zinc were produced, representing increases of 2.4% in silver production and 15.6% in zinc production, and a decrease of 3.6% in lead production over Fiscal 2020.

  •  
  • On a consolidated basis, ore mined was 964,925 tonnes, up 8.9% over Fiscal 2020, with ore milled of 967,582 tonnes, up 8.4% over Fiscal 2020. Approximately 6.3 million ounces of silver, 3,500 ounces of gold, 68.4 million pounds of lead, and 28.0 million pounds of zinc were produced, up 0.6%, 6.1%, 1.6%, and 9.5%, respectively, over Fiscal 2020.

  •  
  • On a consolidated basis, Silvercorp sold approximately 6.3 million ounces of silver, 4,700 ounces of gold, 67.1 million pounds of lead, and 27.9 million pounds of zinc, up 0.9%, 42.8%, 2.7%, and 9.9%, respectively, over Fiscal 2020.
  •  

The operational results for the full year Fiscal 2021 are summarized as follows:

 
 
                                                                                                                                                                                                                                                                                
 
 
 

   Year ended March 31, 2021   

 
 
 

  Year ended March 31, 2020  

 
 
 
 

   Ying Mining
District
 
 

 
 

   GC   

 
 

   BYP   

 
 

   Consolidated   

 
 
 

  Ying Mining
District
 

 
 

  GC  

 
 

  Consolidated  

 
 
 
 
 
 
 
 
 
 
 
 

   Production Data   

 
 
 
 
 
 
 
 
 
 
 

   Ore Mined (tonne)   

 
 

   650,025   

 
 

   314,900   

 
 

   -   

 
 

   964,925   

 
 
 

  598,197  

 
 

  287,633  

 
 

  885,830  

 
 
 

   Ore Milled (tonne)   

 
 

   651,402   

 
 

   316,179   

 
 

   -   

 
 

   967,581   

 
 
 

  601,605  

 
 

  290,610  

 
 

  892,215  

 
 
 
 
 
 

   -   

 
 
 
 
 
 
 
 

   Head Grades   

 
 
 
 

   -   

 
 
 
 
 
 
 
 

   Silver (gram/tonne)   

 
 

   290   

 
 

   85   

 
 

   -   

 
 

   223   

 
 
 

  309  

 
 

  97  

 
 

  240  

 
 
 

   Lead  (%)   

 
 

   4.3   

 
 

   1.7   

 
 

   -   

 
 

   3.4   

 
 
 

  4.6  

 
 

  1.9  

 
 

  3.7  

 
 
 

   Zinc (%)   

 
 

   0.8   

 
 

   3.4   

 
 

   -   

 
 

   1.7   

 
 
 

  0.9  

 
 

  3.3  

 
 

  1.7  

 
 
 
 
 
 
 
 
 
 
 
 
 

   Recovery Rates   

 
 
 
 
 
 
 
 
 
 
 

   Silver  (%)   

 
 

   94.2   

 
 

   82.5   

 
 

   -   

 
 

   92.7   

 
 
 

  96.0  

 
 

  77.4  

 
 

  93.5  

 
 
 

   Lead  (%)   

 
 

   96.0   

 
 

   89.6   

 
 

   -   

 
 

   95.0   

 
 
 

  95.9  

 
 

  89.3  

 
 

  94.8  

 
 
 

   Zinc (%)   

 
 

   62.4   

 
 

   88.2   

 
 

   -   

 
 

   80.0   

 
 
 

  63.2  

 
 

  86.0  

 
 

  77.8  

 
 
 
 
 
 
 
 
 
 
 
 

   Sales Data   

 
 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   5,610   

 
 

   705   

 
 

   -   

 
 

   6,315   

 
 
 

  5,558  

 
 

  699  

 
 

  6,257  

 
 
 

   Gold  (in thousands of ounces)   

 
 

   3.5   

 
 

   -   

 
 

   1.2   

 
 

   4.7   

 
 
 

  3.3  

 
 

  -  

 
 

  3.3  

 
 
 

   Lead (in thousands of pounds)   

 
 

   56,708   

 
 

   10,410   

 
 

   -   

 
 

   67,118   

 
 
 

  54,459  

 
 

  10,885  

 
 

  65,344  

 
 
 

   Zinc  (in thousands of pounds)   

 
 

   6,968   

 
 

   20,946   

 
 

   -   

 
 

   27,914   

 
 
 

  7,264  

 
 

  18,137  

 
 

  25,401  

 
 
 
 
 
 
 
 
 
 
 
 

   Metal production   

 
 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   5,615   

 
 

   716   

 
 

   -   

 
 

   6,330   

 
 
 

  5,592  

 
 

  699  

 
 

  6,291  

 
 
 

   Gold  (in thousands of ounces)   

 
 

   3.5   

 
 

   -   

 
 

   -   

 
 

   3.5   

 
 
 

  3.3  

 
 

  -  

 
 

  3.3  

 
 
 

   Lead  (in thousands of pounds)   

 
 

   57,886   

 
 

   10,544   

 
 

   -   

 
 

   68,430   

 
 
 

  56,436  

 
 

  10,937  

 
 

  67,373  

 
 
 

   Zinc   (in thousands of pounds)   

 
 

   6,916   

 
 

   21,096   

 
 

   -   

 
 

   28,012   

 
 
 

  7,337  

 
 

  18,244  

 
 

  25,581  

 
 
 

 

 

The operational results for the fourth quarter ended March 31, 2021 ("Q4 Fiscal 2021") are summarized as follows:

 

 

 
 
                                                                                                                                                                                                                                                     
 
 
 

   Three months ended March 31, 2021   

 
 
 

  Three months ended March 31, 2021  

 
 
 
 

   Ying Mining
District
 
 

 
 

   GC   

 
 

   Consolidated   

 
 
 

  Ying Mining
District
 

 
 

  GC  

 
 

  Consolidated  

 
 
 
 
 
 
 
 
 
 
 

   Production Data   

 
 
 
 
 
 
 
 
 
 

   Ore Mined (tonne)   

 
 

   112,561   

 
 

   50,511   

 
 

   163,072   

 
 
 

  69,379  

 
 

  37,216  

 
 

  106,595  

 
 
 

   Ore Milled (tonne)   

 
 

   131,725   

 
 

   48,949   

 
 

   180,674   

 
 
 

  69,188  

 
 

  33,243  

 
 

  102,431  

 
 
 
 
 
 
 
 
 
 
 
 

   Head Grades   

 
 
 
 
 
 
 
 
 
 

   Silver (gram/tonne)   

 
 

   280   

 
 

   87   

 
 

   228   

 
 
 

  297  

 
 

  94  

 
 

  231  

 
 
 

   Lead  (%)   

 
 

   3.9   

 
 

   1.7   

 
 

   3.3   

 
 
 

  4.6  

 
 

  1.8  

 
 

  3.7  

 
 
 

   Zinc (%)   

 
 

   0.8   

 
 

   3.3   

 
 

   1.5   

 
 
 

  1.0  

 
 

  3.5  

 
 

  1.8  

 
 
 
 
 
 
 
 
 
 
 
 

   Recovery Rates   

 
 
 
 
 
 
 
 
 
 

   Silver  (%)   

 
 

   93.7   

 
 

   81.9   

 
 

  92.5  

 
 
 

  95.3  

 
 

  80.7  

 
 

  93.4  

 
 
 

   Lead  (%)   

 
 

   95.1   

 
 

   89.7   

 
 

  94.4  

 
 
 

  95.7  

 
 

  90.4  

 
 

  94.8  

 
 
 

   Zinc (%)   

 
 

   65.0   

 
 

   88.2   

 
 

  79.0  

 
 
 

  67.7  

 
 

  87.7  

 
 

  80.3  

 
 
 
 
 
 
 
 
 
 
 

   Sales Data   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   936   

 
 

   120   

 
 

   1,056   

 
 
 

  711  

 
 

  89  

 
 

  800  

 
 
 

   Gold  (in thousands of ounces)   

 
 

   0.7   

 
 

   -   

 
 

   0.7   

 
 
 

  0.5  

 
 

  -  

 
 

  0.5  

 
 
 

   Lead (in thousands of pounds)   

 
 

   9,137   

 
 

   1,739   

 
 

   10,876   

 
 
 

  8,322  

 
 

  1,332  

 
 

  9,654  

 
 
 

   Zinc  (in thousands of pounds)   

 
 

   1,306   

 
 

   3,274   

 
 

   4,580   

 
 
 

  865  

 
 

  2,194  

 
 

  3,059  

 
 
 
 
 
 
 
 
 
 
 

   Metal production   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   1,083   

 
 

   112   

 
 

   1,195   

 
 
 

  614  

 
 

  82  

 
 

  696  

 
 
 

   Gold (in thousands of ounces)   

 
 

   0.3   

 
 

   -   

 
 

   0.3   

 
 
 

  0.2  

 
 

  -  

 
 

  0.2  

 
 
 

   Lead (in thousands of pounds)   

 
 

   10,504   

 
 

   1,652   

 
 

   12,156   

 
 
 

  6,573  

 
 

  1,199  

 
 

  7,772  

 
 
 

   Zinc (in thousands of pounds)   

 
 

   1,496   

 
 

   3,176   

 
 

   4,672   

 
 
 

  999  

 
 

  2,277  

 
 

  3,276  

 
 
 

 

 

  Ying Mining District  

 

In Q4 Fiscal 2021, ore mined at the Ying Mining District was 112,561 tonnes, an increase of 62%, compared to 69,379 tonnes in the fourth quarter of Fiscal 2020 ("Q4 Fiscal 2020"). Ore milled was 131,725 tonnes, with average head grades of 280 grams per tonne ("g/t") for silver, 3.9% for lead, and 0.8% for zinc, compared to 69,188 tonnes of ore milled with average head grades of 297 g/t for silver, 4.6% for lead, and 1.0% for zinc in Q4 Fiscal 2020. The Company mined and processed increased ore during the quarter as result of an extra month shutdown due to Covid-19 in Q4 Fiscal 2020. Metals production at the Ying Mining District in Q4 Fiscal 2021 was approximately 1.1 million ounces of silver, 300 ounces of gold, 10.5 million pounds of lead, and 1.5 million pounds of zinc, compared to approximately 0.6 million ounces of silver, 200 ounces of gold, 6.6 million pounds of lead, and 1.0 million pounds of zinc in Q4 Fiscal 2020.

 

In Fiscal 2021, metals production at the Ying Mining District was approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead and 6.9 million pounds of zinc, compared to approximately 5.6 million ounces of silver, 3,300 ounces of gold, 56.4 million pounds of lead and 7.3 million pounds of zinc in Fiscal 2020. The Ying Mining District met its guidance to produce between 5.6 – 5.8 million ounces of silver and 56.6 – 58.0 million pounds of lead, but was slightly below its guidance to produce between 7.0 – 8.0 million pounds of zinc in Fiscal 2021.

 

  GC Mine  

 

In Q4 Fiscal 2021, ore mined at the GC Mine was 50,511 tonnes, an increase of 36% compared to 37,216 tonnes in Q4 Fiscal 2020. Ore milled was 48,949 tonnes, with average head grades of 87 g/t for silver, 1.7% for lead, and 3.3% for zinc, compared to 33,243 tonnes of ore milled with average head grades of 94 g/t for silver, 1.8% for lead and 3.5% for zinc in Q4 Fiscal 2020. Metals production at the GC Mine in Q4 Fiscal 2021 was approximately 112 thousand ounces of silver, 1.7 million pounds of lead, and 3.2 million pounds of zinc, compared to approximately 82 thousand ounces of silver, 1.2 million pounds of lead, and 2.3 million pounds of zinc in Q4 Fiscal 2020.

 

In Fiscal 2021, metals production at the GC Mine was approximately 716 thousand ounces of silver, 10.5 million pounds of lead, and 21.1 million pounds of zinc, compared to approximately 699 thousand ounces of silver, 10.9 million pounds of lead, and 18.2 million pounds of zinc in Fiscal 2020. The GC Mine met or surpassed its guidance to produce between 600 – 700 thousand ounces of silver, 9.5 – 10.5 million pounds of lead, and 17.5 – 18.7 million pounds of zinc in Fiscal 2021.

 

  About Silvercorp  

 

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China .  The Company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects.  Silvercorp balances profitability, social and environmental relationships, employees' wellbeing, and sustainable development. 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; 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.  

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/silvercorp-reports-operational-results-and-the-financial-results-release-date-for-fiscal-2021-301270191.html  

 

SOURCE Silvercorp Metals Inc

 
 

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