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

 

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSXNYSE American: SVM) reports production and sales figures for the second quarter of Fiscal 2021 ended September 30, 2020 ("Q2 Fiscal 2021"). The Company produced approximately 1.7 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and 7.1 million pounds of zinc and sold approximately 1.7 million ounces of silver, 2,200 ounces of gold, 18.6 million pounds of lead, and 7.4 million pounds of zinc in Q2 Fiscal 2021. For the first six months of Fiscal 2021, the Company produced approximately 3.5 million ounces of silver, 39.2 million pounds of lead, and 14.7 million pounds of zinc. The Company is on track to produce between 6.2 6.5 million ounces of silver, 66.1 68.5 million pounds of lead, and 24.5 26.7 million pounds of zinc in Fiscal 2021, in line with the annual production guidance previously reported in the Company's news release dated February 6, 2020. The Company will report its unaudited financial and operating results for Q2 Fiscal 2021, expected to be released on Thursday, November 5, 2020 after market close.

 

   Q     2     FISCAL     2021     CONSOLIDATED     OPERATION     AL     HIGHLIGHTS   

 
  • Ore mined of 267,852 tonnes, a 3% increase over Q2 Fiscal 2020;
  •  
  • Sold approximately 1.7 million ounces of silver, 2,200 ounces of gold, 18.6 million pounds of lead, and 7.4 million pounds of zinc, representing an increase of 98% and 11% in gold and zinc sold, and a decrease of 8% and 3% in silver and lead sold over Q2 Fiscal 2020; and
  •  
  • Produced approximately 1.7 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and 7.1 million pounds of zinc, representing an increase of 2% in zinc production, and a decrease of 8%, 6%, and 3% in silver, gold, and lead production over Q2 Fiscal 2020.
  •  

The operational results for Q2 Fiscal 2021 are summarized as follows:

 
                                                                                                                                                                                                                                                                                                            
     Three months ended September 30, 2020    Three months ended September 30, 2019
     Ying Mining District    GC    BYP    Consolidated    Ying Mining District GC Consolidated
           
   Production Data          
    Ore Mined   (tonne)    181,020    86,833    -    267,853    176,085 83,172 259,257
    Ore Milled   (tonne)    179,083    84,850    -    263,933    179,147 86,134 265,281
           
    Head Grades          
    Silver   (gram/tonne)    288    81    -     306 100  
    Lead   (%)    4.4    1.8    -     4.5 2.0  
    Zinc   (%)    0.7    3.4    -     0.8 3.2  
           
    Recovery Rates          
    Silver   (%)    94.4    82.5    -     96.2 75.9  
    Lead   (%)    96.1    89.2    -     95.7 88.3  
    Zinc   (%)    57.9    87.3    -     58.6 86.1  
           
   Sales Data          
    Silver   (in thousands of ounces)    1,556    184    -    1,740    1,711 183 1,894
    Gold   (in thousands of ounces)    1.0    -    1.2    2.2    1.1 - 1.1
    Lead   (in thousands of pounds)    15,585    2,966    -    18,551    16,389 2,680 19,069
    Zinc   (in thousands of pounds)    1,384    6,027    -    7,411    1,428 5,227 6,655
           
   Metal production          
    Silver   (in thousands of ounces)    1,525    182    -    1,707    1,651 210 1,860
    Gold   (in thousands of ounces)    1.1     -    1.1    1.2   1.2
    Lead   (in thousands of pounds)    16,080    3,006    -    19,085    16,388 3,279 19,667
    Zinc   (in thousands of pounds)    1,643    5,490    -    7,133    1,813 5,199 7,011
 

 
The operational results for the first six months of Fiscal 2021 are summarized as follows:

 
                                                                                                                                                                                                                                                                                                            
     Six months ended September 30, 2020    Six months ended September 30, 2019
     Ying Mining District    GC    BYP    Consolidated    Ying Mining District GC Consolidated
           
   Production Data          
    Ore Mined   (tonne)    355,196    167,212    -    522,408    352,669 163,980 516,649
    Ore Milled   (tonne)    356,772    169,487    -    526,259    356,828 167,996 524,824
       -       
    Head Grades      -       
    Silver   (gram/tonne)    290    87    -     318 97  
    Lead   (%)    4.5    1.8    -     4.5 1.9  
    Zinc   (%)    0.8    3.4    -     0.9 3.3  
       -       
    Recovery Rates      -       
    Silver   (%)    94.6    82.7    -     96.0 76.4  
    Lead   (%)    96.1    89.5    -     95.7 88.5  
    Zinc   (%)    60.9    87.3    -     58.5 85.9  
           
   Sales Data          
    Silver   (in thousands of ounces)    3,228    384    -    3,612    3,373 376 3,749
    Gold   (in thousands of ounces)    2.1    -    1.2    3.3    2.1 - 2.1
    Lead   (in thousands of pounds)    33,364    6,072    -    39,436    31,225 5,686 36,911
    Zinc   (in thousands of pounds)    3,421    10,948    -    14,369    3,518 10,471 13,989
           
   Metal production          
    Silver   (in thousands of ounces)    3,068    391    -    3,459    3,415 401 3,816
    Gold   (in thousands of ounces)    2.2    -    -    2.2    2.2 - 2.2
    Lead   (in thousands of pounds)    33,021    6,142    -    39,163    33,316 6,242 39,558
    Zinc   (in thousands of pounds)    3,563    11,103    -    14,667    3,860 10,415 14,275
 

  
Ying Mining District
 

 

In Q2 Fiscal 2021, ore mined at the Ying Mining District was 181,020 tonnes, an increase of 3%, compared to 176,085 in Q2 Fiscal 2020. Ore milled was 179,083 tonnes, with average head grades of 288 grams per tonne ("g/t") for silver, 4.4% for lead, and 0.7 % for zinc, compared to 179,147 tonnes of ore milled with average head grades of 306 g/t for silver, 4.5% for lead and 0.8% for zinc in Q2 Fiscal 2020. Metals production at the Ying Mining District in Q2 Fiscal 2021 was approximately 1.5 million ounces of silver, 16.1 million pounds of lead, and 1.6 million pounds of zinc, compared to approximately 1.7 million ounces of silver, 16.4 million pounds of lead, and 1.8 million pounds of zinc produced in Q2 Fiscal 2020.

 

For the first six months of Fiscal 2021, metal production at the Ying Mining District was approximately 3.1 million ounces of silver, 33.0 million pounds of lead and 3.6 million pounds of zinc. The Ying Mining District is on track to achieve its annual guidance to produce between 5.6 – 5.8 million ounces of silver, 56.6 – 58.0 million pounds of lead and 7.0 – 8.0 million pounds of zinc in Fiscal 2021.

 

  GC Mine  

 

In Q2 Fiscal 2021, ore mined at the GC Mine was 86,833 tonnes, an increase of 4% compared to 83,172 in Q2 Fiscal 2020. Ore milled was 84,850 tonnes, with average head grades of 81 g/t for silver, 1.8% for lead, and 3.4 % for zinc, compared to 86,134 tonnes of ore milled with average head grades of 100 g/t for silver, 2.0% for lead and 3.2% for zinc in Q2 Fiscal 2020. Metals production at the GC Mine in Q2 Fiscal 2021 was approximately 182 thousand ounces of silver, 3.0 million pounds of lead, and 5.5 million pounds of zinc, compared to approximately 210 thousand ounces of silver, 3.3 million pounds of lead, and 5.2 million pounds of zinc produced in Q2 Fiscal 2020.

 

For the first six months of Fiscal 2021, metal production at the GC Mine was approximately 391 thousand ounces of silver, 6.1 million pounds of lead and 11.1 million pounds of zinc. The GC Mine is on track to achieve its annual 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.

 

  BYP Mine  

 

In Q2 Fiscal 2020, the Company sold all remaining gold concentrate inventories that had been produced by the mine before it was placed on care and maintenance.

 

  Filing of NI 43-101 Technical Report on Ying Mining District  

 

The Company has filed on SEDAR an independent technical report (the "Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects on the Ying Mining District prepared by AMC Mining Consultants (Canada) Ltd. previously reported in the news release dated August 31, 2020. There are no material differences in the Report from those results in the Company's news release dated August 31, 2020 and the full Report can be found on SEDAR under the Company's profile at www.sedar.com and on the Company's website at www.silvercorp.ca.

 

  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 .

 

  For further information  

 

Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
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; 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.  

 

  Primary Logo 

 

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Silver bar surrounded by shiny silver nuggets on a black background.

Top 5 Canadian Silver Stocks of 2025

Silver prices surged during the second quarter of 2025, surpassing the US$37 per ounce mark and reaching their highest levels in 14 years.

The price movements stem from a tightening supply and demand situation, which has seen above-ground inventories squeezed due to an increasing need from industrial sectors, particularly the growing photovoltaics industry.

However, demand has also increased due to heightened investor interest in alternative safe-haven assets, as gold prices reached record highs. The shifting sentiment comes amid uncertainty over a US trade policy that could reduce the world's gross domestic product by 1 percent.

Keep reading...Show less
Silver bar chart going up.

5 Silver Stocks With Dividends

Silver is a notoriously volatile metal capable of wide price swings in either direction. However, the metal is also seen by many as a safe-haven investment and a hedge against inflation.

While investing in silver bullion is one popular method for gaining exposure, silver-mining companies offer another route.

Silver-mining companies with strong balance sheets and experienced management teams are able to capitalize on high silver prices and weather the storm of low silver prices. Some of the most profitable silver-mining companies are even able to offer investors dividends, which may be appealing for those who are in it for the long haul.

Keep reading...Show less
Rapid Successfully Undertakes $10.5M Capital Raising to Fund Acquisition of the Webbs and Conrads NSW Silver Projects

Rapid Successfully Undertakes $10.5M Capital Raising to Fund Acquisition of the Webbs and Conrads NSW Silver Projects

Rapid Critical Metals Limited (‘Rapid,’ ‘RCM’ or ‘Company’) is pleased to announce that the Company has received firm commitments from institutional, sophisticated and professional investors for the placement of 437,500,000New Fully Paid Ordinary Shares (New Shares) at an issue price of A$0.024 per new share (post 12-for-1 consolidation) to raise gross proceeds of A$10.5 million (Placement). The Placement comprises two tranches:

Keep reading...Show less
Silver bars with rising chart, "Weekly Editor's Picks" text overlay.

Editor's Picks: Silver Price Hits 13 Year High, Gold Takes a Breather

Gold was on the decline this week, closing just below US$3,370 per ounce, after tensions in the Middle East pushed it past the US$3,430 level toward the end of last week.

All eyes were on the US Federal Reserve, which in a widely expected move left interest rates unchanged on Wednesday (June 18) following its two day meeting. The central bank cut rates in December 2024, but has kept them steady for its last four gatherings.

US President Donald Trump wasn't pleased, calling Powell "too late" in a Thursday (June 19) post on Truth Social. While speculation that Trump will fire Powell has died down, the president did recently say he intends to announce his next pick for the Fed leader position "very soon."

Keep reading...Show less

Latest Press Releases

Related News

×