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Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance

23.04.2024 | 14:00 Uhr | CNW

Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM

VANCOUVER, April 23, 2024 - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fourth quarter (Q4 Fiscal 2024) and fiscal year ended March 31, 2024 ("Fiscal 2024") and the production and cost guidance for the 2025 fiscal year ending March 31, 2025 ('Fiscal 2025"). The Company expects to release its Fiscal 2024 audited financial results on Thursday, May 23, 2024 after market close.

Q4 Fiscal 2024 Operational Results

  • Gold production of 1,916 ounces, up 92% over the same quarter last year ("Q4 Fiscal 2023");
  • Silver equivalent (only silver and gold)1 production of approximately 1.3 million ounces, up 11% over Q4 Fiscal 2023;
  • Lead production of approximately 12.5 million pounds, up 15% over Q4 Fiscal 2023; and
  • Zinc production of approximately 4.56 million pounds, up 27% over Q4 Fiscal 2023.


Fourth Quarter Fiscal 2024


Fourth Quarter Fiscal 2023



Ying Mining
District

GC

Consolidated


'Ying Mining
District

GC

Consolidated










Production Data









Ore Mined (tonnes)

147,122

48,038

195,160


132,205

49,643

181,848


Ore Milled (tonnes)









Gold ore

21,843

-

21,843


-

-

-


Silver ore

158,424

57,226

215,650


130,910

48,483

179,393



180,267

57,226

237,493


130,910

48,483

179,393











Head Grades









Silver (gram/tonne)

197

57



255

88



Lead (%)

3.1

1.1



3.6

1.3



Zinc (%)

0.6

2.5



0.6

2.5












Recovery Rates









Silver (%)

94.4

83.2



95.2

78.9



Lead (%)

95.0

89.8



95.3

90.9



Zinc (%)

70.2

89.3



68.3

89.3











Metal production









Gold (ounces)

1,916

-

1,916


1,000

-

1,000


Silver (in thousands of ounces)

1,063

87

1,150


997

109

1,106


Silver equivalent (in thousands of ounces)

1,237

87

1,324


1,086

109

1,195


Lead (in thousands of pounds)

11,317

1,210

12,527


9,688

1,250

10,938


Zinc (in thousands of pounds)

1,750

2,809

4,559


1,164

2,413

3,577










Metals sold









Gold (ounces)

1,916

-

1,916


1,000

-

1,000


Silver (in thousands of ounces)

1,052

87

1,139


966

107

1,073


Lead (in thousands of pounds)

10,821

1,051

11,872


8,924

1,097

10,021


Zinc (in thousands of pounds)

1,730

2,702

4,432


1,115

2,336

3,451










In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined at the Ying Mining District, up 11% over Q4 Fiscal 2023, and 180,267 tonnes of ore were milled, up 38% over Q4 Fiscal 2023. Approximately 1.1 million ounces of silver, 1,916 ounces of gold (or 1.2 million ounces of silver equivalent), 11.3 million pounds of lead, and 1.8 million pounds of zinc were produced, representing production increases of 92%,7%, 14%, 17%, and 50%, respectively, in silver, gold, silver equivalent, lead and zinc over Q4 Fiscal 2023.

At the GC Mine, 48,038 tonnes of ore were mined, down 3% over Q4 Fiscal 2023, and 57,226 tonnes of ore were milled, up 18% over Q4 Fiscal 2023. Approximately 87 thousand ounces of silver, 1.2 million pounds of lead, and 2.8 million pounds of zinc were produced, representing an increase of 16% in zinc, and decreases of 20% and 3%, respectively, in silver and lead over Q4 Fiscal 2023.

Fiscal 2024 Operational Results

  • Gold production of 7,268 ounces, an increase of 65% over Fiscal 2023;
  • Silver equivalent (only silver and gold) production of approximately 6.8 million ounces, a decrease of 2% over Fiscal 2023;
  • Lead production of approximately 63.2 million pounds, a decrease of 7% over Fiscal 2023; and
  • Zinc production of approximately 23.4 million pounds, a decrease of 1% over Fiscal 2023; and


Year ended March 31, 2024


Year ended March 31, 2023



Ying Mining
District

GC

Consolidated


Ying Mining
District

GC

Consolidated









Production Data









Ore Mined (tonnes)

827,112

290,006

1,117,118


769,024

299,959

1,068,983


Ore Milled (tonnes)









Gold ore

58,262

-

58,262


-

-

-


Silver ore

757,883

290,050

1,047,933


773,057

299,597

1,072,654



816,145

290,050

1,106,195


773,057

299,597

1,072,654











Head Grades









Silver (gram/tonne)

231

69



261

75



Lead (%)

3.4

1.2



3.8

1.3



Zinc (%)

0.7

2.6



0.7

2.8












Recovery Rates









Silver (%)

94.9

82.0



95.6

81.9



Lead (%)

95.1

90.5



95.0

89.8



Zinc (%)

70.6

90.0



63.2

89.9











Metal production









Gold (ounces)

7,268

-

7,268


4,400

-

4,400


Silver (in thousands of ounces)

5,677

527

6,204


6,024

593

6,617


Silver equivalent (in thousands of ounces)

6,317

527

6,844


6,404

593

6,997


Lead (in thousands of pounds)

56,269

6,902

63,171


60,254

7,814

68,068


Zinc (in thousands of pounds)

8,213

15,172

23,385


7,150

16,313

23,463










Metals sold









Gold (ounces)

7,268

-

7,268


4,400

-

4,400


Silver (in thousands of ounces)

5,717

518

6,235


6,049

588

6,637


Lead (in thousands of pounds)

54,292

6,333

60,625


58,240

7,447

65,687


Zinc (in thousands of pounds)

8,240

15,010

23,250


7,175

16,263

23,438










At the Ying Mining District, 827,112 tonnes of ore were mined, up 8% over Fiscal 2023, and 816,145 tonnes of ore were milled, up 6% over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268 ounces of gold (or 6.3 million ounces of silver equivalent), 56.3 million pounds of lead, and 8.2 million pounds of zinc were produced, representing increases of 65% and 15%, respectively, in gold and zinc, and decreases of 6%, 1% and 7%, respectively, in silver, silver equivalent and lead over Fiscal 2023.

The decrease in silver and lead production was mainly due to i) lower head grades achieved due to mining sequences; and ii) 58,262 tonnes of gold ores were mined and processed with grades of 1.8 grams per tonne ("g/t") gold, 77 g/t silver, 1.1% lead, and 0.2% zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate in Fiscal 2024. The gold recovery rate for gold ores processed was 92.0%.

At the GC Mine, 290,006 tonnes of ore were mined, down 3% over Fiscal 2023, and 290,050 tonnes of ore were milled, down 3% over Fiscal 2023. Approximately 527 thousand ounces of silver, 6.9 million pounds of lead, and 15.2 million pounds of zinc were produced, representing decreases of 11%, 12% and 7%, respectively, in silver, lead and zinc over Fiscal 2023. The decrease in metal production was mainly due to lower head grades achieved due to mining sequences.

Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance

i) Fiscal 2025 production and cash cost guidance

In Fiscal 2025, the Company expects to mine and process 1,151,000 to 1,256,000 tonnes of ore, yielding approximately 7,900 to 9,000 ounces of gold, 6.8 to 7.2 million ounces of silver, 64.2 to 69.3 million pounds of lead, and 27.1 to 30.1 million pounds of zinc. Fiscal 2025 production guidance represents production increases of approximately 4% to 14% in ores, 8% to 23% in gold, 9% to 17% in silver, 2% to 10% in lead, and 16% to 29% in zinc compared to the production results in Fiscal 2024.



Head Grade

Metal Productions

Production Costs


Ore processed

Gold

Silver

Lead

Zinc

Gold

Silver

Lead

Zinc

Cash Cost

AISC

Fiscal 2025 Guidance

(tonne)

(g/t)

(g/t)

( %)

( %)

(Koz)

(Koz)

(Klb)

(Klb)

($/t)

(S/t)

Gold ore

63,000

-

70,000

2.4

78

2.1

-

4.3

-

5.0

140

-

160

2,680

-

2,980










Silver ore

797,000

-

885,000

-

249

3.3

0.8

3.6

-

4.0

6,070

-

6,520

54,480

-

58,910

8,877

-

10,986







Ying Mining District

860,000

-

955,000

0.3

235

3.1

0.8

7.9

-

9.0

6,210

-

6,680

57,160

-

61,890

8,877

-

10,986

$ 83.7

-

$ 88.1

$ 142.3

-

$ 153.2

GC Mine

291,000

-

301,000

-

68

1.1

3.0




540

-

550

7,070

-

7,450

18,240

-

19,110

$ 54.4

-

$ 55.5

$ 99.3

-

$ 99.7

Consolidated

1,151,000

-

1,256,000





7.9

-

9.0

6,750

-

7,230

64,230

-

69,340

27,117

-

30,096

$ 77.0

-

$ 79.6

$ 143.6

-

$ 152.3



























The Ying Mining District plans to mine and process 860,000 to 955,000 tonnes of ore, including 63,000 to 70,000 tonnes of gold ore with an expected head grade of 2.4 g/t gold, to produce approximately 7,900 to 9,000 ounces of gold, 6.2 to 6.7 million ounces of silver, 57.2 to 61.9 million pounds of lead, and 8.9 to 11.0 million pounds of zinc for Fiscal 2025. This production guidance represents production increases of approximately 5% to 17% in ore, 8% to 23% in gold, 9% to 18% in silver, 2% to 10% in lead, and 8% to 34% in zinc compared to the actual production in Fiscal 2024.

The cash production cost is expected to be $83.7 to $88.1 per tonne of ore, and the all-in sustaining production cost is estimated at $142.4 to $153.3 per tonne of ore processed, comparable to the actual costs in Fiscal 2024.

The GC Mine plans to mine and process 291,000 to 301,000 tonnes of ore to produce 540 to 550 thousand ounces of silver, 7.1 to 7.5 million pounds of lead, and 18.2 to 19.1 million pounds of zinc. Fiscal 2025 production guidance at the GC Mine represents production increases of approximately 0% to 4% in ore, 2% to 4% in silver, 2% to 8% in lead, and 20% to 26% in zinc production compared to the production results in Fiscal 2024.

The cash production cost is expected to be $54.4 to $55.5 per tonne of ore, and the all-in sustaining production cost is estimated at $99.3 to $99.7 per tonne of ore processed.

ii) Fiscal 2025 capital expenditure guidance

In Fiscal 2025, the Company expects to incur a total $90.8 million of capital expenditures as summarized in the table below.











Capitalized Development Work and Expenditures

Expensed


Ramp and development
tunneling

Exploration tunneling

Diamond Drilling

Facilities and
Equipment

Total

Mining Preparation
Tunnneling

Diamond
Drilling


(Metres)

($ Million)

(Metres)

($ Million)

(Metres)

($ Million)

($ Million)

($ Million)

(Metres)

(Metres)

Fiscal 2025 Capitalized Work Plan and Capita Expenditure Estimates









Ying Mining District

45,100

27.3

45,800

17.4

137,700

3.4

30.6

78.7

37,800

117,300

GC Mine

8,000

4.5

9,700

5.0

51,500

1.3

0.3

11.1

7,100

18,700

Corporate and others

-

-

-

-

-

-

1.0

1.0

-

-

Consolidated

53,100

31.8

55,500

22.4

189,200

4.7

31.9

90.8

44,900

136,000












The total capital expenditures for mine optimization and facilities improvement at the Ying Mining District are estimated at $78.7 million. For mine optimization, the Company plans to spend a total $48.1 million comprised of the following capital expenditures:

(i)

Develop 45,100 metres of ramps and tunnels for transportation and access at estimated capitalized expenditures of $27.3 million (average $605/m). The main goal of these mine optimization programs is to have ramps and a trackless system replace current shafts, and to have more mechanized mining, such as using the shrinkage mining method to gradually replace the more labor intensive "Re-Suing" mining;

(ii)

Develop 45,800 metres of exploration tunnels at estimated capitalized costs of $17.4 million ($380/m); and

(iii)

Drill 137,700 metres of exploration diamond drill holes for future production at an estimated capitalized cost of $3.4 million;

For the tailing storage facilities ("TSF") and mill expansion and equipment, the Company plans to spend $30.6 million:

(i)

Complete the TSF by the 3rd quarter of 2024 with remaining expenditures of $15.9 million; and

(ii)

Add a 1,500 tonne per day flotation production line to the No. 2 Mill by the 4th Quarter of 2024 at a cost of $7.2 million per signed EPCM contract, and add two XRT Ore Sorting systems for $1.7 million. The XRT Ore Sorting system will help to sort out waste rock resulting from the increased dilution rate as the Company shifts to more shrinkage mining method from the "Re-Suing" mining method.

In addition to the capitalized tunneling and drilling work, the Ying Mining District also plans to complete and expense 37,800 metres of mining preparation tunnels and 117,300 metres of diamond drilling.

For the GC Mine, the Company plans to: i) complete and capitalize 8,000 metres of transportation ramps and mining development tunnels at estimated costs of $4.5 million ($562/m); ii) complete and capitalize 9,700 metres of exploration tunnels at estimated costs of $5.0 million ($515/m); iii) complete and capitalize 51,500 metres of diamond drilling at an estimated cost of $1.3 million; and iv) spend $0.3 million on equipment and facilities. The total capital expenditures at the GC Mine are budgeted at $11.1 million in Fiscal 2025.

In addition to the capitalized tunneling and drilling work, the Company also plans to complete and expense 7,100 metres of mining preparation tunnels and 18,700 metres of diamond drilling at the GC Mine.

The Kuanping Project is expected to receive all permits and licenses in the third quarter of 2024, and $1.0 million of capital expenditures are budgeted for the startup of mine construction.

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: investor@silvercorp.ca
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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/silvercorp-reports-operational-results-and-financial-results-release-date-for-fiscal-2024-and-issues-fiscal-2025-production-cash-costs-and-capital-expenditure-guidance-302124301.html

SOURCE Silvercorp Metals Inc.

 
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