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

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

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

Canada NewsWire

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

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 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: [email protected]
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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/silvercorp-reports-operational-results-and-the-financial-results-release-date-for-the-third-quarter-of-fiscal-2023-301721204.html

SOURCE Silvercorp Metals Inc

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/13/c3994.html

Copyright CNW Group 2023

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).