Precious Metals

Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fiscal year 2022 ended March 31, 2022 ("Fiscal 2022"). The Company expects to release its Fiscal 2022 audited financial results on Thursday, May 26, 2022 after market close.

In Fiscal 2022, the Company produced approximately 6.1 million ounces of silver, 3,400 ounces of gold, 64.4 million pounds of lead, and 26.8 million pounds of zinc, slightly below the guidance of 6.3 to 6.6 million ounces of silver, 65.7 to 68.9 million pounds of lead, and 26.9 to 28.5 million pounds of zinc. The shortfall was mainly due to the disruptions arising from the mining contract renewal negotiation process and the heavy rainfall experienced at the Ying Mining District as reported in previous quarters.

The Company reiterates its Fiscal 2023 production guidance of 7.0 to 7.3 million ounces of silver, 6,300 to 7,900 ounces of gold, 68.4 to 71.3 million pounds of lead, and 32.0 to 34.5 million pounds of zinc. Fiscal 2023 production guidance represents anticipated increases of 14% to 19% in silver, 85% to 132% in gold, 6% to 11% in lead, and 19% to 29% in zinc compared to Fiscal 2022 production results.

FISCAL 2022 OPERATING HIGHLIGHTS

  • At the Ying Mining District, 681,398 tonnes of ore were mined, up 5% over Fiscal 2021, and 684,293 tonnes of ore were milled, up 5% over Fiscal 2021. Approximately 5.5 million ounces of silver, 3,400 ounces of gold, 54.9 million pounds of lead, and 6.8 million pounds of zinc were produced, representing decreases of 2%, 3%, 5%, and 2%, respectively, in silver, gold, lead, and zinc over Fiscal 2021.

  • At the GC Mine, 314,882 tonnes of ore were mined, comparable to 314,900 tonnes in Fiscal 2021, and 318,042 tonnes of ore were milled, up 1% over Fiscal 2021. Approximately 640 thousand ounces of silver, 9.5 million pounds of lead, and 20.0 million pounds of zinc were produced, representing decreases of 11%, 9% and 5%, respectively, in silver, lead, and zinc over Fiscal 2021.

  • On a consolidated basis, 996,280 tonnes of ore were mined, up 3% over Fiscal 2021, and 1,002,335 tonnes of ore were milled, up 4% over Fiscal 2021. Approximately 6.1 million ounces of silver, 3,400 ounces of gold, 64.4 million pounds of lead, and 26.8 million pounds of zinc were produced, representing decreases of 3%, 3%, 6%, and 4%, respectively, in silver, gold, lead, and zinc over Fiscal 2021.

  • On a consolidated basis, the Company sold approximately 6.3 million ounces of silver, 63.6 million pounds of lead, 26.8 million pounds of zinc, and 3,400 ounces of gold, representing decreases of 1%, 5%, and 4%, respectively, in silver, lead, zinc and an 8% increase in gold sold excluding the one-time sale of 1,200 ounces of gold from the BYP Mine in Fiscal 2021.

The consolidated operational results for the past five quarters are summarized as follows:

Consolidated

Q4 F2022

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021


Year ended March 31,



March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021


2022

2021











Production Data










Ore Mined (tonne)

180,505

292,072

292,468

231,235

163,072


996,280

964,925


Ore Milled (tonne)

182,670

304,772

271,816

243,077

180,674


1,002,335

967,581












Head Grades










Silver (gram/tonne)

213

205

214

207

228


209

223


Lead  (%)

3.2

3.1

3.2

3.2

3.3


3.2

3.4


Zinc (%)

1.4

1.5

1.6

1.7

1.5


1.5

1.7












Recovery Rates










Silver  (%)

94.2

93.8

94.1

93.2

92.5


93.8

92.7


Lead  (%)

95.2

94.4

94.5

94.6

94.3


94.6

95.0


Zinc (%)

75.8

80.1

79.3

80.7

79.0


79.3

80.0











Metal production










Silver (in thousands of ounces)

1,146

1,834

1,696

1,474

1,195


6,149

6,331


Gold (in thousands of unces)

0.5

1.1

0.8

1.0

0.3


3.4

3.5


Lead (in thousands of pounds)

11,962

18,978

17,613

15,878

12,156


64,431

68,430


Zinc (in thousands of pounds)

4,101

8,030

7,483

7,198

4,672


26,812

28,011











Metals sold










Silver (in thousands of ounces)

1,173

1,721

1,729

1,642

1,056


6,265

6,315


Gold  (in thousands of ounces)

0.5

1.1

0.8

1.0

0.7


3.4

4.7


Lead (in thousands of pounds)

12,279

17,155

17,319

16,810

10,876


63,563

67,118


Zinc  (in thousands of pounds)

4,340

7,588

7,626

7,255

4,580


26,809

27,914

The operational results at the Ying Mining District for the past five quarters are summarized as follows:

Ying Mining District

Q4 F2022

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021


Year ended March 31,



March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021


2022

2021











Production Data










Ore Mined (tonne)

130,612

200,946

206,933

142,907

112,561


681,398

650,025


Ore Milled (tonne)

131,731

214,982

182,173

155,407

131,725


684,293

651,402












Head Grades










Silver (gram/tonne)

271

258

283

279

280


272

290


Lead  (%)

3.9

3.7

4.0

4.2

3.9


3.9

4.3


Zinc (%)

0.8

0.8

0.7

0.8

0.8


0.8

0.8












Recovery Rates










Silver  (%)

95.2

95.1

95.4

94.7

93.7


95.1

94.2


Lead  (%)

96.1

95.2

95.5

95.7

95.1


95.6

96.0


Zinc (%)

57.4

64.0

56.0

59.7

65.0


59.7

62.4











Metal production










Silver (in thousands of ounces)

1,062

1,647

1,517

1,283

1,083


5,509

5,615


Gold (in thousands of ounces)

0.5

1.1

0.8

1.0

0.3


3.4

3.5


Lead (in thousands of pounds)

10,542

16,392

14,671

13,278

10,504


54,883

57,886


Zinc (in thousands of pounds)

1,317

2,347

1,584

1,519

1,496


6,767

6,916











Metals sold










Silver (in thousands of ounces)

1,058

1,561

1,553

1,447

936


5,619

5,610


Gold  (in thousands of ounces)

0.5

1.1

0.8

1.0

0.7


3.4

3.5


Lead (in thousands of pounds)

10,278

15,003

14,436

14,175

9,137


53,892

56,708


Zinc  (in thousands of pounds)

1,524

1,947

1,617

1,521

1,306


6,609

6,968

The operational results at the GC Mine for the past five quarters are summarized as follows:

GC Mine

Q4 F2022

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021


Year ended March 31,



March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021


2022

2021











Production Data










Ore Mined (tonne)

49,893

91,126

85,535

88,328

50,511


314,882

314,900


Ore Milled (tonne)

50,939

89,790

89,643

87,670

48,949


318,042

316,179












Head Grades










Silver (gram/tonne)

62

78

73

80

87


75

85


Lead  (%)

1.4

1.5

1.7

1.5

1.7


1.5

1.7


Zinc (%)

2.8

3.2

3.3

3.3

3.3


3.2

3.4












Recovery Rates










Silver  (%)

82.4

83.5

84.4

84.1

81.9


83.8

82.5


Lead  (%)

88.7

89.0

89.5

89.3

89.7


89.2

89.6


Zinc (%)

89.8

89.8

89.6

89.3

88.2


89.6

88.2











Metal production










Silver (in thousands of ounces)

84

187

179

190

112


640

716


Lead (in thousands of pounds)

1,420

2,586

2,942

2,600

1,652


9,548

10,544


inc (in thousands of pounds)

2,784

5,683

5,899

5,679

3,176


20,045

21,095











Metals sold










Silver (in thousands of ounces)

115

160

176

195

120


646

705


Lead (in thousands of pounds)

2,001

2,152

2,883

2,635

1,739


9,671

10,410


Zinc  (in thousands of pounds)

2,816

5,641

6,009

5,734

3,274


20,200

20,946











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) equity investments in potential world class opportunities; 4) ongoing merger and acquisition efforts to unlock value; and 5) long term commitment to responsible mining and ESG. 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; 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.

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SOURCE Silvercorp Metals Inc

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2022/14/c5550.html

News Provided by Canada Newswire via QuoteMedia

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About Silvercorp Metals Inc.
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SOURCE Silvercorp Metals Inc
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