Trading Symbol: TSX: SVM
NYSE
AMERICAN: SVM
VANCOUVER, BC, April 14, 2022
/PRNewswire/ - 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