Trading
Symbol:
TSX/NYSE American: SVM
VANCOUVER, BC, Oct. 15,
2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or
the "Company") (TSX: SVM) (NYSE American: SVM) reports production
and sales figures for the second quarter of fiscal 2025 ended
September 30, 2024 ("Q2 Fiscal
2025"). Silvercorp expects to release its Q2 Fiscal 2025 unaudited
financial results on Thursday, November 7,
2024, after market close.
Q2 Fiscal 2025 Operational Results
- Revenue of approximately $68.0
million, an increase of 26% over the same quarter last year
("Q2 Fiscal 2024")
- Ore mined of 361,440 tonnes, up 32% over Q2 Fiscal 2024;
- Ore milled of 297,205 tonnes, up 14% over Q2 Fiscal 2024;
- Inventory stockpile ores grew to approximately 129,000 tonnes
due to mill capacity constraints and will be processed starting the
next quarter when the 1,500 tonnes per day expansion mill is in
operation. Once being processed, the Company's metal production
would have aligned with its Fiscal 2025 annual guidance.
- Silver production of 1.7 million ounces, an increase of 4% over
Q2 Fiscal 2024; Silver equivalent (only silver and
gold)i production of approximately 1.8 million
ounces;
- Zinc production of approximately 5.8 million pounds, an
increase of 26% over Q2 Fiscal 2024; and
- Lead production of approximately 13.2 million pounds, a
decrease of 18% over Q2 Fiscal 2024.
Consolidated Operational Results for the Three Months Ended
September 30, 2024 and 2023
|
Q2 Fiscal
2025
|
|
Q2 Fiscal
2024
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
Ying Mining
District
|
GC
|
Consolidated
|
Production
Data
|
|
|
|
|
|
|
|
Ore Mined
(tonnes)
|
272,046
|
89,394
|
361,440
|
|
220,636
|
52,829
|
273,465
|
Ore Milled
(tonnes)
|
|
|
|
|
|
|
|
Gold
ore
|
17,075
|
—
|
17,075
|
|
12,800
|
—
|
12,800
|
Silver
ore
|
193,423
|
86,707
|
280,130
|
|
200,068
|
48,239
|
248,307
|
|
210,498
|
86,707
|
297,205
|
|
212,868
|
48,239
|
261,107
|
Head
Grades
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
240
|
61
|
|
|
235
|
66
|
|
Lead
(%)
|
2.8
|
0.8
|
|
|
3.5
|
1.1
|
|
Zinc
(%)
|
0.6
|
2.4
|
|
|
0.7
|
2.5
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
Silver
(%)
|
94.9
|
82.2
|
|
|
95.0
|
82.7
|
|
Lead
(%)
|
94
|
87.9
|
|
|
95.0
|
90.2
|
|
Zinc
(%)
|
70.4
|
90.2
|
|
|
71.7
|
89.8
|
|
|
|
|
|
|
|
|
|
Metal
Production
|
|
|
|
|
|
|
|
Gold
(ounces)
|
1,183
|
—
|
1,183
|
|
2,458
|
—
|
2,458
|
Silver (in thousands
of ounces)
|
1,518
|
137
|
1,655
|
|
1,506
|
84
|
1,590
|
Silver equivalent
(in thousands of ounces)
|
1,614
|
137
|
1,751
|
|
1,731
|
84
|
1,815
|
Lead (in thousands
of pounds)
|
11,970
|
1,232
|
13,202
|
|
15,018
|
1,047
|
16,065
|
Zinc (in thousands
of pounds)
|
1,795
|
4,016
|
5,811
|
|
2,197
|
2,404
|
4,601
|
|
|
|
|
|
|
|
|
Metals
Sold
|
|
|
|
|
|
|
|
Gold
(ounces)
|
1,239
|
—
|
1,239
|
|
2,515
|
—
|
2,515
|
Silver (in thousands
of ounces)
|
1,505
|
136
|
1,641
|
|
1,498
|
80
|
1,578
|
Lead (in thousands
of pounds)
|
11,980
|
1,278
|
13,258
|
|
14,275
|
900
|
15,175
|
Zinc (in thousands
of pounds)
|
1,818
|
4,074
|
5,892
|
|
2,163
|
2,415
|
4,578
|
At the Ying Mining District, a total of 272,046 tonnes of ore
were mined in Q2 Fiscal 2025, up 23% over Q2 Fiscal 2024, and
210,498 tonnes of ore were milled, down 1% over Q2 Fiscal 2024.
Approximately 1.5 million ounces of silver, 1,183 ounces of gold,
1.6 million ounces of silver equivalent, 12.0 million pounds of
lead, and 1.8 million pounds of zinc were produced, representing a
production increase of 1% in silver and decreases of 52%, 7%, 20%,
and 18%, respectively, in gold, silver equivalent, lead and zinc
over Q2 Fiscal 2024. Silver head grade of 240 g/t was higher than
the Company's Fiscal 2025 annual guidance of 235 g/t. The decrease
in gold, lead and zinc production is mainly due to i) processed ore
is 1% less with approximately 129,000 tonnes of unprocessed ore
stockpiled and ii) lower lead and zinc head grades.
At the GC Mine, 89,394 tonnes of ore were mined, up 69% over Q2
Fiscal 2024, and 86,707 tonnes of ore were milled, up 80% over Q2
Fiscal 2024. Approximately 137 thousand ounces of silver, 1.2
million pounds of lead, and 4.0 million pounds of zinc were
produced, representing increases of 63%, 18% and 67%, respectively,
in silver, lead and zinc over Q2 Fiscal 2024.
Consolidated Operation Results for the Six Months Ended
September 30, 2024 and 2023
|
Six monthes ended
September 30, 2024
|
|
Six months ended
September 30, 2023
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
Ying Mining
District
|
GC
|
Consolidated
|
Production
Data
|
|
|
|
|
|
|
|
Ore Mined
(tonnes)
|
528,125
|
177,162
|
705,287
|
|
434,384
|
142,301
|
576,685
|
Ore Milled
(tonnes)
|
|
|
|
|
|
|
|
Gold
ore
|
25,551
|
—
|
25,551
|
|
23,693
|
—
|
23,693
|
Silver
ore
|
406,189
|
173,161
|
579,350
|
|
397,984
|
134,525
|
532,509
|
|
431,740
|
173,161
|
604,901
|
|
421,677
|
134,525
|
556,202
|
Head
Grades
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
238
|
63
|
|
|
244
|
75
|
|
Lead
(%)
|
3.0
|
0.8
|
|
|
3.5
|
1.3
|
|
Zinc
(%)
|
0.6
|
2.4
|
|
|
0.7
|
2.7
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
Silver
(%)
|
94.9
|
83.2
|
|
|
95.0
|
82.7
|
|
Lead
(%)
|
94.2
|
89.1
|
|
|
95.3
|
90.6
|
|
Zinc
(%)
|
71.4
|
90.3
|
|
|
70.3
|
90.2
|
|
|
|
|
|
|
|
|
|
Metal
Production
|
|
|
|
|
|
|
|
Gold
(ounces)
|
2,329
|
—
|
2,329
|
|
4,010
|
—
|
4,010
|
Silver (in thousands
of ounces)
|
3,090
|
282
|
3,372
|
|
3,103
|
267
|
3,370
|
Silver equivalent
(in thousands of ounces)
|
3,271
|
282
|
3,553
|
|
3,458
|
267
|
3,725
|
Lead (in thousands
of pounds)
|
26,050
|
2,771
|
28,821
|
|
30,400
|
3,481
|
33,881
|
Zinc (in thousands
of pounds)
|
4,263
|
7,982
|
12,245
|
|
4,310
|
7,112
|
11,422
|
|
|
|
|
|
|
|
|
Metals
Sold
|
|
|
|
|
|
|
|
Gold
(ounces)
|
2,237
|
—
|
2,237
|
|
4,010
|
—
|
4,010
|
Silver (in thousands
of ounces)
|
3,095
|
285
|
3,380
|
|
3,129
|
264
|
3,393
|
Lead (in thousands
of pounds)
|
26,099
|
2,822
|
28,921
|
|
29,277
|
3,228
|
32,505
|
Zinc (in thousands
of pounds)
|
4,311
|
8,065
|
12,376
|
|
4,295
|
7,203
|
11,498
|
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 cash flow 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.silvercorpmetals.com.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
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 and US 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 mill capacity
expansion and new tailing storage facility construction; 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.
Actual results may vary from forward-looking statements.
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: global economic and social impact of health pandemic,
such as 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; 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" and in the Company's Annual Report on
Form 40-F, and in the Company's other filings with Canadian and
U.S. securities regulators. 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.
Assumptions may prove to be incorrect and actual results may differ
materially from those anticipated. Consequently, guidance cannot be
guaranteed. 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.sedarplus.ca, on EDGAR at
www.sec.gov, and on the Company's website at
www.silvercorpmetals.com.
i Silver equivalent is calculated by converting
the gold metal quantity to its silver equivalent using the ratio
between the net realized selling prices of gold and silver
achieved, and then adding the converted amount expressed in silver
ounces to the ounces of silver.
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SOURCE Silvercorp Metals Inc