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Silvercorp Reports Operational Results

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Silvercorp Reports Operational Results

 

 

 

 

 

Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the third quarter ended December 31, 2023 of fiscal year 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.

 

Posted January 16, 2024

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