Trading
Symbol:
|
TSX: SVM
|
|
NYSE AMERICAN:
SVM
|
VANCOUVER, BC, Jan. 13,
2023 /PRNewswire/ - 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.
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SOURCE Silvercorp Metals Inc