SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR FISCAL 2022

 
 

  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.

 
 

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

 
 

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.  

 
 
 

 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-2022-301525561.html  

 

SOURCE Silvercorp Metals Inc

 

 

 

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

 
 

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