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

时间:2024-01-15

VANCOUVER, British Columbia – January 15, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production and sales figures for the third quarter ended December 31, 2023 of fiscal year 2024 (“Q3 Fiscal 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.

[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, 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