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

时间:2023-10-16

Trading Symbol:        TSX: SVM
NYSE AMERICAN: SVM

 

VANCOUVER, British Columbia – October 16, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production and sales figures for the second quarter of fiscal year 2024 ended September 30, 2023 (“Q2 Fiscal 2024”). The Company expects to release its Q2 Fiscal 2024 unaudited financial results on Thursday, November 9, 2023 after market close.
 
Q2 Fiscal 2024 Operational Results
 

  • Gold production of 2,458 ounces, an increase of 105% over Q2 Fiscal 2023;
  • Silver equivalent (only silver and gold)[1] production of approximately 1.8 million ounces; and
  • Lead and zinc production of approximately 16.1 million pounds and 4.6 million pounds, an 11% and 23% decrease over Q2 Fiscal 2023, respectively.

[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.

 
At the Ying Mining District, 220,636 tonnes of ore were mined, up 2% over Q2 Fiscal 2023, and 212,868 tonnes of ore were milled, down 2% over Q2 Fiscal 2023. Approximately 1.5 million ounces of silver, 2,458 ounces of gold (or 1.7 million ounces of silver equivalent), 15.0 million pounds of lead, and 2.2 million pounds of zinc were produced, representing increases of 105% and 11%, respectively in gold and zinc, relatively the same in silver equivalent, and decreases of 9% and 7%, respectively, in silver and lead over Q2 Fiscal 2023.
 
The decrease in silver and lead production was mainly due to lower head grades achieved due to mining sequences and 12,800 tonnes of gold ores were mined and processed with grades of 1.9 grams per tonne (“g/t”) gold, 82 g/t silver, 0.8% lead, and 0.3% zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate in Q2 Fiscal 2024. The gold recovery rate for gold ores processed was 91.1%. As a result of processing gold gravity concentrate, the Company has poured its first gold and produced and sold 649 ounces of gold doré in the current quarter.
 
At the GC Mine, 52,829 tonnes of ore were mined, down 30% over Q2 Fiscal 2023, and 48,239 tonnes of ore were milled, down 36% over Q2 Fiscal 2023. Approximately 84 thousand ounces of silver, 1.0 million pounds of lead, and 2.4 million pounds of zinc were produced, representing decreases of 40%, 41% and 40%, respectively, in silver, lead and zinc, over Q2 Fiscal 2023. The decrease was mainly due to a production disruption of five weeks due to a series of improvement measures and a district-wide cessation of industrial activity associated with improvements made to the provincial power grid at the GC Mine in Q2 Fiscal 2024 (refer to the Company’s September 5, 2023 news release).
 
Six Months Ended September 30, 2023 and 2022 Consolidated Operational Results