Silvercorp Reports Operational Results and Financial Results Release Date for the Second Quarter, Fiscal 2025

VANCOUVER, British Columbia – October 15, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production and sales figures for the second quarter of fiscal 2025 ended September 30, 2024 (“Q2 Fiscal 2025”). Silvercorp expects to release its Q2 Fiscal 2025 unaudited financial results on Thursday, November 7, 2024, after market close.

Q2 Fiscal 2025 Operational Results  

• Revenue of approximately $68.0 million, an increase of 26% over the same quarter last year (“Q2 Fiscal 2024”)
• Ore mined of 361,440 tonnes, up 32% over Q2 Fiscal 2024;
• Ore milled of 297,205 tonnes, up 14% over Q2 Fiscal 2024;
• Inventory stockpile ores grew to approximately 129,000 tonnes due to mill capacity constraints and will be processed starting the next quarter when the 1,500 tonnes per day expansion mill is in operation. Once being processed, the Company's metal production would have aligned with its Fiscal 2025 annual guidance.
• Silver production of 1.7 million ounces, an increase of 4% over Q2 Fiscal 2024; Silver equivalent (only silver and gold)ⁱ production of approximately 1.8 million ounces;
• Zinc production of approximately 5.8 million pounds, an increase of 26% over Q2 Fiscal 2024; and
• Lead production of approximately 13.2 million pounds, a decrease of 18% over Q2 Fiscal 2024.

Consolidated Operational Results for the Three Months Ended September 30, 2024 and 2023

At the Ying Mining District, a total of 272,046 tonnes of ore were mined in Q2 Fiscal 2025, up 23% over Q2 Fiscal 2024, and 210,498 tonnes of ore were milled, down 1% over Q2 Fiscal 2024. Approximately 1.5 million ounces of silver, 1,183 ounces of gold, 1.6 million ounces of silver equivalent, 12.0 million pounds of lead, and 1.8 million pounds of zinc were produced, representing a production increase of 1% in silver and decreases of 52%, 7%, 20%, and 18%, respectively, in gold, silver equivalent, lead and zinc over Q2 Fiscal 2024. Silver head grade of 240 g/t was higher than the Company’s Fiscal 2025 annual guidance of 235 g/t. The decrease in gold, lead and zinc production is mainly due to i) processed ore is 1% less with approximately 129,000 tonnes of unprocessed ore stockpiled and ii) lower lead and zinc head grades.

At the GC Mine, 89,394 tonnes of ore were mined, up 69% over Q2 Fiscal 2024, and 86,707 tonnes of ore were milled, up 80% over Q2 Fiscal 2024. Approximately 137 thousand ounces of silver, 1.2 million pounds of lead, and 4.0 million pounds of zinc were produced, representing increases of 63%, 18% and 67%, respectively, in silver, lead and zinc over Q2 Fiscal 2024.

Consolidated Operation Results for the Six Months Ended September 30, 2024 and 2023

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