SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE THIRD QUARTER OF FISCAL 2023

 
 
 

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

 
 
 
    
 

   Trading Symbol:   

 
 

   TSX: SVM   

 
 
 

   NYSE AMERICAN: SVM   

 
 
 

   VANCOUVER, BC   ,   Jan. 13, 2023   /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE: SVM) reports production and sales figures for the third quarter of fiscal 2023 ended December 31, 2022 ("Q3 Fiscal 2023"). The Company expects to release its Q3 Fiscal 2023 unaudited financial results on Thursday, February 9, 2023 after market close.

 

In Q3 Fiscal 2023, the Company produced approximately 1.9 million ounces of silver, 1,100 ounces of gold, 20.1 million pounds of lead, and 7.0 million pounds of zinc, representing increases of 1%, 0%, and 6%, respectively, in silver, gold, and lead, and a decrease of 13% in zinc compared to the third quarter ended December 31, 2021 ("Q3 Fiscal 2022").

 

For the first nine months of Fiscal 2023, the Company produced approximately 5.5 million ounces of silver, 3,400 ounces of gold, 57.1 million pounds of lead, and 19.9 million pounds of zinc, representing increases of 10%, 17%, and 9%, respectively, in silver, gold and lead, and a decrease of 12% in zinc compared to the same prior year period.

 

   Q3 FISCAL 2023 OPERATING HIGHLIGHTS   

 
  • On a consolidated basis, 296,050 tonnes of ore were mined, up 1% over Q3 Fiscal 2022, and 303,442 tonnes of ore were milled, effectively the same as in Q3 Fiscal 2022.
  •  
  • On a consolidated basis, the Company sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 19.3 million pounds of lead, and 7.1 million pounds of zinc, compared to approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.2 million pounds of lead and 7.6 million pounds of zinc in Q3 Fiscal 2022.
  •  
  • At the Ying Mining District, 206,854 tonnes of ore were mined, up 3% over Q3 Fiscal 2022, and 213,830 tonnes of ore were milled, down 1% over Q3 Fiscal 2022. Approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.6 million pounds of lead, and 2.1 million pounds of zinc were produced, representing increases of 2%, 0%, and 8%, respectively, in silver, gold, and lead,  and a decrease of 11% in zinc compared to Q3 Fiscal 2022.
  •  
  • At the GC Mine, 89,196 tonnes of ore were mined, down 2% over Q3 Fiscal 2022, and 89,612 tonnes of ore were milled, essentially the same as in Q3 Fiscal 2022, and up 19% over last quarter. Approximately 179 thousand ounces of silver, 2.4 million pounds of lead, and 4.9 million pounds of zinc were produced, representing decreases of 4%, 7% and 14%, respectively, in silver, lead and zinc compared to Q3 Fiscal 2022, but up 27%, 35% and 22% respectively, in silver, lead and zinc over last quarter.
  •  

The consolidated operational results for the past five quarters and for the nine months ended December 31, 2022 and 2021 are summarized as follows:

 
 
                                                                                                                                                                                                                                                                                      
 

   Consolidated   

 
 

   Q3 F2023   

 
 

   Q2 F2023   

 
 

   Q1 F2023   

 
 

   Q4 F2022   

 
 

   Q3 F2022   

 
 
 

   Nine months ended December 31,   

 
 
 

   December 31, 2022   

 
 

   September 30, 2022   

 
 

   June 30, 2022   

 
 

   March 31, 2022   

 
 

   December 31, 2021   

 
 
 

   2022   

 
 

   2021   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Production Data   

 
 
 
 
 
 
 
 
 
 

   Ore Mined (tonne)   

 
 

   296,050   

 
 

  290,981  

 
 

  300,104  

 
 

  180,505  

 
 

  292,072  

 
 
 

   887,135   

 
 

  815,775  

 
 

   Ore Milled (tonne)   

 
 

   303,442   

 
 

  291,643  

 
 

  298,176  

 
 

  182,670  

 
 

  304,772  

 
 
 

   893,261   

 
 

  819,665  

 
 
 
 
 
 
 
 
 
 
 

   Head Grades   

 
 
 
 
 
 
 
 
 
 

   Silver (gram/tonne)   

 
 

   207   

 
 

  209  

 
 

  210  

 
 

  213  

 
 

  205  

 
 
 

   209   

 
 

  208  

 
 

   Lead  (%)   

 
 

   3.3   

 
 

  3.1  

 
 

  3.1  

 
 

  3.2  

 
 

  3.1  

 
 
 

   3.2   

 
 

  3.2  

 
 

   Zinc (%)   

 
 

   1.3   

 
 

  1.2  

 
 

  1.4  

 
 

  1.4  

 
 

  1.5  

 
 
 

   1.3   

 
 

  1.6  

 
 
 
 
 
 
 
 
 
 
 

   Recovery Rates   

 
 
 
 
 
 
 
 
 
 

   Silver  (%)   

 
 

   94.4   

 
 

  94.2  

 
 

  94.5  

 
 

  94.2  

 
 

  93.8  

 
 
 

   94.4   

 
 

  93.7  

 
 

   Lead  (%)   

 
 

   94.7   

 
 

  93.6  

 
 

  94.7  

 
 

  95.2  

 
 

  94.4  

 
 
 

   94.3   

 
 

  94.5  

 
 

   Zinc (%)   

 
 

   81.3   

 
 

  78.2  

 
 

  78.1  

 
 

  75.8  

 
 

  80.1  

 
 
 

   79.2   

 
 

  80.0  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Metal production   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   1,853   

 
 

  1,798  

 
 

  1,860  

 
 

  1,146  

 
 

  1,834  

 
 
 

   5,511   

 
 

  5,003  

 
 

   Gold (in thousands of ounces)   

 
 

   1.1   

 
 

  1.2  

 
 

  1.1  

 
 

  0.5  

 
 

  1.1  

 
 
 

   3.4   

 
 

  2.9  

 
 

   Lead (in thousands of pounds)   

 
 

   20,059   

 
 

  17,983  

 
 

  19,088  

 
 

  11,962  

 
 

  18,978  

 
 
 

   57,130   

 
 

  52,469  

 
 

   Zinc (in thousands of pounds)   

 
 

   6,974   

 
 

  5,986  

 
 

  6,926  

 
 

  4,101  

 
 

  8,030  

 
 
 

   19,886   

 
 

  22,711  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Metals sold   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   1,860   

 
 

  1,789  

 
 

  1,915  

 
 

  1,173  

 
 

  1,721  

 
 
 

   5,564   

 
 

  5,092  

 
 

   Gold  (in thousands of ounces)   

 
 

   1.1   

 
 

  1.2  

 
 

  1.1  

 
 

  0.5  

 
 

  1.1  

 
 
 

   3.4   

 
 

  2.9  

 
 

   Lead (in thousands of pounds)   

 
 

   19,273   

 
 

  17,268  

 
 

  19,125  

 
 

  12,279  

 
 

  17,155  

 
 
 

   55,666   

 
 

  51,284  

 
 

   Zinc  (in thousands of pounds)   

 
 

   7,119   

 
 

  5,940  

 
 

  6,928  

 
 

  4,340  

 
 

  7,588  

 
 
 

   19,987   

 
 

  22,469  

 
 
 

 

 

The operational results at the Ying Mining District for the past five quarters and for the nine months ended December 31, 2022 and 2021 are summarized as follows:

 
 
                                                                                                                                                                                                                                                                                      
 

   Ying Mining District   

 
 

   Q3 F2023   

 
 

   Q2 F2023   

 
 

   Q1 F2023   

 
 

   Q4 F2022   

 
 

   Q3 F2022   

 
 
 

   Nine months ended December 31,   

 
 
 

   December 31, 2022   

 
 

   September 30, 2022   

 
 

   June 30, 2022   

 
 

   March 31, 2022   

 
 

   December 31, 2021   

 
 
 

   2022   

 
 

   2021   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Production Data   

 
 
 
 
 
 
 
 
 
 

   Ore Mined (tonne)   

 
 

   206,854   

 
 

  215,927  

 
 

  214,038  

 
 

  130,612  

 
 

  200,946  

 
 
 

   636,819   

 
 

  550,786  

 
 

   Ore Milled (tonne)   

 
 

   213,830   

 
 

  216,262  

 
 

  212,055  

 
 

  131,731  

 
 

  214,982  

 
 
 

   642,147   

 
 

  552,562  

 
 
 
 
 
 
 
 
 
 
 

   Head Grades   

 
 
 
 
 
 
 
 
 
 

   Silver (gram/tonne)   

 
 

   262   

 
 

  257  

 
 

  267  

 
 

  271  

 
 

  258  

 
 
 

   262   

 
 

  272  

 
 

   Lead  (%)   

 
 

   4.0   

 
 

  3.7  

 
 

  3.9  

 
 

  3.9  

 
 

  3.7  

 
 
 

   3.9   

 
 

  3.9  

 
 

   Zinc (%)   

 
 

   0.7   

 
 

  0.7  

 
 

  0.7  

 
 

  0.8  

 
 

  0.8  

 
 
 

   0.7   

 
 

  0.8  

 
 
 
 
 
 
 
 
 
 
 

   Recovery Rates   

 
 
 
 
 
 
 
 
 
 

   Silver  (%)   

 
 

   95.7   

 
 

  95.5  

 
 

  95.7  

 
 

  95.2  

 
 

  95.1  

 
 
 

   95.7   

 
 

  95.1  

 
 

   Lead  (%)   

 
 

   95.4   

 
 

  94.1  

 
 

  95.4  

 
 

  96.1  

 
 

  95.2  

 
 
 

   95.0   

 
 

  95.5  

 
 

   Zinc (%)   

 
 

   66.4   

 
 

  62.5  

 
 

  58.1  

 
 

  57.4  

 
 

  64.0  

 
 
 

   62.3   

 
 

  60.3  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Metal production   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   1,674   

 
 

  1,657  

 
 

  1,696  

 
 

  1,062  

 
 

  1,647  

 
 
 

   5,027   

 
 

  4,447  

 
 

   Gold (in thousands of ounces)   

 
 

   1.1   

 
 

  1.2  

 
 

  1.1  

 
 

  0.5  

 
 

  1.1  

 
 
 

   3.4   

 
 

  2.9  

 
 

   Lead (in thousands of pounds)   

 
 

   17,647   

 
 

  16,201  

 
 

  16,718  

 
 

  10,542  

 
 

  16,392  

 
 
 

   50,566   

 
 

  44,341  

 
 

   Zinc (in thousands of pounds)   

 
 

   2,082   

 
 

  1,976  

 
 

  1,928  

 
 

  1,317  

 
 

  2,347  

 
 
 

   5,986   

 
 

  5,450  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Metals sold   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   1,675   

 
 

  1,649  

 
 

  1,759  

 
 

  1,058  

 
 

  1,561  

 
 
 

   5,083   

 
 

  4,561  

 
 

   Gold  (in thousands of ounces)   

 
 

   1.1   

 
 

  1.2  

 
 

  1.1  

 
 

  0.5  

 
 

  1.1  

 
 
 

   3.4   

 
 

  2.9  

 
 

   Lead (in thousands of pounds)   

 
 

   16,969   

 
 

  15,587  

 
 

  16,760  

 
 

  10,278  

 
 

  15,003  

 
 
 

   49,316   

 
 

  43,614  

 
 

   Zinc  (in thousands of pounds)   

 
 

   2,143   

 
 

  1,882  

 
 

  2,035  

 
 

  1,524  

 
 

  1,947  

 
 
 

   6,060   

 
 

  5,085  

 
 
 

 

 

The operational results at the GC Mine for the past five quarters and for the nine months ended December 31, 2022 and 2021 are summarized as follows:

 
 
                                                                                                                                                                                                                                                                    
 

   GC Mine   

 
 

   Q3 F2023   

 
 

   Q2 F2023   

 
 

   Q1 F2023   

 
 

   Q4 F2022   

 
 

   Q3 F2022   

 
 
 

   Nine months ended December 31,   

 
 
 

   December 31, 2022   

 
 

   September 30, 2022   

 
 

   June 30, 2022   

 
 

   March 31, 2022   

 
 

   December 31, 2021   

 
 
 

   2022   

 
 

   2021   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Production Data   

 
 
 
 
 
 
 
 
 
 

   Ore Mined (tonne)   

 
 

   89,196   

 
 

  75,054  

 
 

  86,066  

 
 

  49,893  

 
 

  91,126  

 
 
 

   250,316   

 
 

  264,989  

 
 

   Ore Milled (tonne)   

 
 

   89,612   

 
 

  75,381  

 
 

  86,121  

 
 

  50,939  

 
 

  89,790  

 
 
 

   251,114   

 
 

  267,103  

 
 
 
 
 
 
 
 
 
 
 

   Head Grades   

 
 
 
 
 
 
 
 
 
 

   Silver (gram/tonne)   

 
 

   75   

 
 

  72  

 
 

  71  

 
 

  62  

 
 

  78  

 
 
 

   73   

 
 

  77  

 
 

   Lead  (%)   

 
 

   1.4   

 
 

  1.2  

 
 

  1.4  

 
 

  1.4  

 
 

  1.5  

 
 
 

   1.3   

 
 

  1.5  

 
 

   Zinc (%)   

 
 

   2.8   

 
 

  2.7  

 
 

  2.9  

 
 

  2.8  

 
 

  3.2  

 
 
 

   2.8   

 
 

  3.3  

 
 
 
 
 
 
 
 
 
 
 

   Recovery Rates   

 
 
 
 
 
 
 
 
 
 

   Silver  (%)   

 
 

   83.0   

 
 

  81.0  

 
 

  83.4  

 
 

  82.4  

 
 

  83.5  

 
 
 

   82.5   

 
 

  84.0  

 
 

   Lead  (%)   

 
 

   90.3   

 
 

  88.5  

 
 

  89.8  

 
 

  88.7  

 
 

  89.0  

 
 
 

   89.6   

 
 

  89.3  

 
 

   Zinc (%)   

 
 

   90.1   

 
 

  89.6  

 
 

  90.4  

 
 

  89.8  

 
 

  89.8  

 
 
 

   90.1   

 
 

  89.6  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Metal production   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   179   

 
 

  141  

 
 

  164  

 
 

  84  

 
 

  187  

 
 
 

   484   

 
 

  556  

 
 

   Lead (in thousands of pounds)   

 
 

   2,412   

 
 

  1,782  

 
 

  2,370  

 
 

  1,420  

 
 

  2,586  

 
 
 

   6,564   

 
 

  8,128  

 
 

   Zinc (in thousands of pounds)   

 
 

   4,892   

 
 

  4,010  

 
 

  4,998  

 
 

  2,784  

 
 

  5,683  

 
 
 

   13,900   

 
 

  17,261  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Metals sold   

 
 
 
 
 
 
 
 
 
 

   Silver (in thousands of ounces)   

 
 

   185   

 
 

  140  

 
 

  156  

 
 

  115  

 
 

  160  

 
 
 

   481   

 
 

  531  

 
 

   Lead (in thousands of pounds)   

 
 

   2,304   

 
 

  1,681  

 
 

  2,365  

 
 

  2,001  

 
 

  2,152  

 
 
 

   6,350   

 
 

  7,670  

 
 

   Zinc  (in thousands of pounds)   

 
 

   4,976   

 
 

  4,058  

 
 

  4,893  

 
 

  2,816  

 
 

  5,641  

 
 
 

   13,927   

 
 

  17,384  

 
 
 

 

 

  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) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. 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; 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.  

 

  Additional information related to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR at www.sedar.com , on EDGAR at www.sec.gov , and on the Company's website at www.silvercorp.ca .  

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/silvercorp-reports-operational-results-and-the-financial-results-release-date-for-the-third-quarter-of-fiscal-2023-301721204.html  

 

SOURCE Silvercorp Metals Inc

 

 

 

 Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/January2023/13/c3994.html  

 
 

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