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      Silvercorp Reports Operational Results and Financial Results Release Date for Third Quarter, Fiscal 2024

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

      News provided by

      Silvercorp Metals Inc

      Jan 15, 2024, 17:15 ET

      Share this article

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      Trading Symbol:           TSX: SVM
                                              NYSE AMERICAN: SVM

      VANCOUVER, BC, Jan. 15, 2024 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the third quarter ended December 31, 2023 of fiscal year 2024 ("Q3 Fiscal 2024"). The Company expects to release its Q3 Fiscal 2024 unaudited financial results on Thursday, February 8, 2024 after market close.

      Q3 Fiscal 2024 Operational Results
      • Gold production of 1,342 ounces, an increase of 22% over Q3 Fiscal 2023;

      • Silver equivalent (only silver and gold)1 production of approximately 1.8 million ounces;

      • Zinc production of approximately 7.4 million pounds, an increase of 6% over Q3 Fiscal 2023; and

      • Lead production of approximately 16.8 million pounds, a decrease of 16% over Q3 Fiscal 2023.


       Third Quarter Fiscal 2024


       Third Quarter Fiscal 2023



      Ying Mining

      District

                     GC

       Consolidated 


      Ying Mining

      District

                     GC

       Consolidated 










       Production Data 









       Ore Mined (tonnes)  

      245,606

      99,667

      345,273


      206,854

      89,196

      296,050


       Ore Milled (tonnes) 









       Gold ore 

      12,726

      -

      12,726


      -

      -

      -


       Silver ore 

      201,475

      98,299

      299,774


      213,830

      89,612

      303,442



      214,201

      98,299

      312,500


      213,830

      89,612

      303,442











       Head Grades 









            Silver (gram/tonne) 

      235

      68



      262

      75



            Lead  (%) 

      3.5

      1.1



      4.0

      1.4



            Zinc (%) 

      0.7

      2.7



      0.7

      2.8












       Recovery Rates 









            Silver (%) 

      94.9

      80.3



      95.7

      83.0



            Lead  (%) 

      94.8

      90.9



      95.4

      90.3



            Zinc (%) 

      71.4

      90.1



      66.4

      90.1











       Metal production 









       Gold (ounces) 

      1,342

      -

      1,342


      1,100

      -

      1,100


       Silver (in thousands of ounces) 

      1,511

      173

      1,684


      1,674

      179

      1,853


       Silver equivalent (in thousands of ounces) 

      1,622

      173

      1,795


      1,770

      179

      1,949


       Lead (in thousands of pounds) 

      14,552

      2,211

      16,763


      17,647

      2,412

      20,059


       Zinc (in thousands of pounds) 

      2,153

      5,251

      7,404


      2,082

      4,892

      6,974










       Metals sold 









       Gold  (ounces) 

      1,342

      -

      1,342


      1,100

      -

      1,100


       Silver (in thousands of ounces) 

      1,536

      167

      1,703


      1,675

      185

      1,860


       Lead (in thousands of pounds) 

      14,194

      2,054

      16,248


      16,969

      2,304

      19,273


       Zinc  (in thousands of pounds) 

      2,215

      5,105

      7,320


      2,143

      4,976

      7,119

      At the Ying Mining District, 245,606 tonnes of ore were mined, up 19% over Q3 Fiscal 2023, and 214,201 tonnes of ore were milled, a slight increase over Q3 Fiscal 2023. Approximately 1.5 million ounces of silver, 1,342 ounces of gold (or 1.6 million ounces of silver equivalent), 14.6 million pounds of lead, and 2.2 million pounds of zinc were produced, representing increases of 22% and 3%, respectively in gold and zinc, and decreases of 10%, 8% and 18%, respectively, in silver, silver equivalent and lead over Q3 Fiscal 2023. 

      The decrease in silver and lead production was mainly due to i) lower head grades achieved due to mining sequences; ii) 60,095 tonnes of ores were stockpiled and will be processed in the fourth quarter during the Chinese New Year; and iii) 12,700 tonnes of gold ores were mined and processed with grades of 1.9 grams per tonne ("g/t") gold, 74 g/t silver, 1.0% lead, and 0.1% zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate in Q3 Fiscal 2024. The gold recovery rate for gold ores processed was 91.2%.

      At the GC Mine, 99,667 tonnes of ore were mined, up 12% over Q3 Fiscal 2023, and 98,299 tonnes of ore were milled, up 10% over Q3 Fiscal 2023. Approximately 173 thousand ounces of silver, 2.2 million pounds of lead, and 5.3 million pounds of zinc were produced, representing decreases of 3% and 8%, respectively, in silver and lead, and an increase of 7% in zinc, over Q3 Fiscal 2023. The decrease in silver and lead production was mainly due to lower head grades achieved due to mining sequences.

      Nine Months Ended December 31, 2023 and 2022 Consolidated Operational Results


       Nine months ended December 31, 2023 


       Nine months ended December 31, 2022 



      Ying Mining

      District

                     GC

       Consolidated 


      Ying Mining

      District

                     GC

       Consolidated 










       Production Data 









       Ore Mined (tonnes)  

      679,990

      241,968

      921,958


      636,819

      250,316

      887,135


       Ore Milled (tonnes) 









       Gold ore 

      36,419

      -

      36,419


      -

      -

      -


       Silver ore 

      599,459

      232,824

      832,283


      642,147

      251,114

      893,261



      635,878

      232,824

      868,702


      642,147

      251,114

      893,261











       Head Grades 









            Silver (gram/tonne) 

      241

      72



      262

      73



            Lead  (%) 

      3.5

      1.2



      3.9

      1.3



            Zinc (%) 

      0.7

      2.7



      0.7

      2.8












       Recovery Rates 









            Silver (%) 

      95.0

      81.8



      95.7

      82.5



            Lead  (%) 

      95.1

      90.7



      95.0

      89.6



            Zinc (%) 

      70.7

      90.2



      62.3

      90.1











       Metal production 









       Gold (ounces) 

      5,352

      -

      5,352


      3,400

      -

      3,400


       Silver (in thousands of ounces) 

      4,614

      440

      5,054


      5,027

      484

      5,511


       Silver equivalent (in thousands of ounces) 

      5,080

      440

      5,520


      5,318

      484

      5,802


       Lead (in thousands of pounds) 

      44,952

      5,692

      50,644


      50,566

      6,564

      57,130


       Zinc (in thousands of pounds) 

      6,463

      12,363

      18,826


      5,986

      13,900

      19,886










       Metals sold 









       Gold  (ounces) 

      5,352

      -

      5,352


      3,400

      -

      3,400


       Silver (in thousands of ounces) 

      4,665

      431

      5,096


      5,083

      481

      5,564


       Lead (in thousands of pounds) 

      43,471

      5,282

      48,753


      49,316

      6,350

      55,666


       Zinc  (in thousands of pounds) 

      6,510

      12,308

      18,818


      6,060

      13,927

      19,987

      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.silvercorpmetals.com.

      For further information
      Silvercorp Metals Inc.
      Lon Shaver
      President
      Phone: (604) 669-9397
      Toll Free 1(888) 224-1881
      Email: [email protected]
      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 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 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.

      _______________________

      1 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.

      SOURCE Silvercorp Metals Inc

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