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Silvercorp Reports Operational Results and the Financial Results Release Date for the First Quarter of Fiscal 2022

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Silvercorp Reports Operational Results and the Financial Results Release Date for the First Quarter of Fiscal 2022

 

 

 

 

 

Silvercorp Metals Inc.  (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the first quarter of fiscal year 2022 ended June 30, 2021. The Company expects to release its Q1 Fiscal 2022 unaudited financial results on Thursday, August 5, 2021 after market close.

 

In Q1 Fiscal 2022, the Company produced approximately 1.5 million ounces of silver, 1,000 ounces of gold, 15.9 million pounds of lead, and 7.2 million pounds of zinc, and sold approximately 1.6 million ounces of silver, 1,000 ounces of gold, 16.8 million pounds of lead, and 7.3 million pounds of zinc, representing decreases of 12%, 9%, and 20%, respectively, in silver, gold and lead sold, and an increase of 4% in zinc sold over the first quarter of fiscal 2021.

 

The production decline in the current quarter resulted mainly from the Company’s mining contracts renewal negotiations at the Ying Mining District. As reported in the Company’s news release dated April 28, 2021, the Company’s two-year mining contracts with the eight mining contractors at the Ying Mining District expired on March 31, 2021 and the parties reached a temporary two-month extension. During negotiations, some contract workers took breaks or left due to the uncertainty which caused some disruption to mining activities. When the contracts were renewed for an additional two year term in mid May 2021, it took some time for the contractors to bring back all their workers and ramp the operations back up to full capacity. Notwithstanding the production decline in Q1 Fiscal 2022, the Company expects to increase production in the remaining three quarters and meet its annual guidance to produce between 6.3 – 6.6 million ounces of silver, 65.7 – 68.9 million pounds of lead, and 26.9 – 28.5 million pounds of zinc in Fiscal 2022.

 

Q1 FISCAL 2022 OPERATING HIGHLIGHTS 

 

  • At the Ying Mining District, ore mined was 142,907 tonnes, down 18% compared to Q1 Fiscal 2021, and ore milled was 155,407 tonnes, down 13% over Q1 Fiscal 2021. Approximately 1.3 million ounces of silver, 1,000 ounces of gold, 13.3 million pounds of lead, and 1.5 million pounds of zinc were produced, representing production decreases of 17% in silver, 9% in gold, 22% in lead, and 21% in zinc over Q1 Fiscal 2021.
  • At the GC Mine, ore mined was 88,328 tonnes, up 10% over Q1 Fiscal 2021, and ore milled was 87,670 tonnes, up 4% over Q1 Fiscal 2021. Approximately 190 thousand ounces of silver, 2.6 million pounds of lead, and 5.7 million pounds of zinc were produced, representing an increase of 1% in zinc production, and decreases of 9% and 17% in silver and lead production over Q1 Fiscal 2021.
  • On a consolidated basis, ore mined was 231,235 tonnes, down 9% over Q1 Fiscal 2021, and ore milled was 243,077 tonnes, down 7% over Q1 Fiscal 2021. Approximately 1.5 million ounces of silver, 1,000 ounces of gold, 15.9 million pounds of lead, and 7.2 million pounds of zinc were produced, down 16%, 9%, 21%, and 4%, respectively, over Q1 Fiscal 2021.
  • On a consolidated basis, the Company sold approximately 1.6 million ounces of silver, 1,000 ounces of gold, 16.8 million pounds of lead, and 7.3 million pounds of zinc, representing decreases of 12%, 9%, and 20%, respectively, in silver, gold and lead sold, and an increase of 4% in zinc sold over Q1 Fiscal 2021.

 

The operational results for Q1 Fiscal 2022 are summarized as follows:

 

 Three months ended June 30, 2021   Three months ended June 30, 2020
 Ying Mining
District 
 GC   Consolidated   Ying Mining
District
 GC  Consolidated
 Production Data 
 Ore Mined (tonne)   142,907 88,328 231,235 174,176 80,379 254,555
 Ore Milled (tonne)  155,407 87,670 243,077 177,689 84,637 262,326
Head Grades 
Silver (gram/tonne)  279 80 207 293 93 228
Lead  (%)  4.2 1.5 3.2 4.6 1.9 3.7
Zinc (%)  0.8 3.3 1.7 0.8 3.4 1.6
 Recovery Rates 
Silver  (%)   94.7 84.1 93.2 94.7 82.8 93.1
Lead  (%)  95.7 89.3 94.6 96.2 89.8 95.1
Zinc (%)  59.7 89.3 80.7 63.8 87.3 79.5
 Metal production 
Silver (in thousands of ounces)  1,283 190 1,474 1,543 209 1,752
Gold (in thousands of ounces)  1.0 1.0 1.1 1.1
Lead (in thousands of pounds)  13,278 2,600 15,878 16,941 3,136 20,077
Zinc (in thousands of pounds)  1,519 5,679 7,198 1,920 5,613 7,533
 Metal sold 
Silver (in thousands of ounces)  1,447 195 1,642 1,672 200 1,872
Gold (in thousands of ounces)  1.0 1.0 1.1 1.1
Lead (in thousands of pounds)  14,175 2,635 16,810 17,779 3,106 20,885
Zinc (in thousands of pounds)  1,521 5,734 7,255 2,037 4,921 6,958

 

Ying Mining District

 

In Q1 Fiscal 2022, ore mined at the Ying Mining District was 142,907 tonnes, a decrease of 18%, compared to 174,176 tonnes in Q1 Fiscal 2021. Ore milled was 155,407 tonnes, with average head grades of 279 grams per tonne for silver, 4.2% for lead, and 0.8% for zinc, compared to 177,689 tonnes of ore milled with average head grades of 293 g/t for silver, 4.6% for lead, and 0.8% for zinc in Q1 Fiscal 2021. Metals production was approximately 1.3 million ounces of silver, 1,000 ounces of gold, 13.3 million pounds of lead, and 1.5 million pounds of zinc, compared to approximately 1.5 million ounces of silver, 1,100 ounces of gold, 16.9 million pounds of lead, and 1.9 million pounds of zinc in Q1 Fiscal 2021. The decrease was mainly due to the mining disruptions arising from the mining contracts renewal negotiations as discussed above.

 

GC Mine

 

In Q1 Fiscal 2022, ore mined at the GC Mine was 88,328 tonnes, an increase of 10% compared to 80,379 tonnes in Q1 Fiscal 2021. Ore milled was 87,670 tonnes, with average head grades of 80 g/t for silver, 1.5% for lead, and 3.3% for zinc, compared to 84,637 tonnes of ore milled with average head grades of 93 g/t for silver, 1.9% for lead and 3.4% for zinc in Q1 Fiscal 2021. Metals production was approximately 190 thousand ounces of silver, 2.6 million pounds of lead, and 5.7 million pounds of zinc, compared to approximately 209 thousand ounces of silver, 3.1 million pounds of lead, and 5.6 million pounds of zinc in Q1 Fiscal 2021.

 

About Silvercorp

 

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China.  The Company’s goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects.  Silvercorp balances profitability, social and environmental relationships, employees’ wellbeing, and sustainable development.

 

Posted July 14, 2021

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