Tiger Brokers

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

Dow Jones
Jan 13, 2023

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

Canada NewsWire

VANCOUVER, BC, Jan. 13, 2023 

 
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       Q4       Q3 F2022   Nine months ended 
                                           F2023    F2022               December 31, 
                     December   September   June     March    December  2022     2021 
                     31, 2022   30, 2022    30,      31,      31, 2021 
                                            2022     2022 
 
 
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         Q3 F2023   Q2 F2023    Q1       Q4       Q3 F2022   Nine months ended 
District                                   F2023    F2022               December 31, 
                     December   September   June     March    December  2022     2021 
                     31, 2022   30, 2022    30,      31,      31, 2021 
                                            2022     2022 
 
 
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      Q4      Q3 F2022   Nine months ended 
                                           F2023   F2022              December 31, 
                     December   September   June    March   December  2022     2021 
                     31, 2022   30, 2022    30,     31,     31, 2021 
                                            2022    2022 
 
 
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

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January 13, 2023 07:30 ET (12:30 GMT)

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