Silvercorp Reports Operational Results and Financial Results Release Date for the Second Quarter, Fiscal 2025
NEWS RELEASE Trading Symbol: TSX/NYSE American: SVM
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
| Q2 Fiscal 2025 | ||
| Ying Mining | ||
| District | GC | Consolidated |
| Q2 Fiscal 2024 | ||
| Ying Mining | ||
| District | GC | Consolidated |
Production Data
Ore Mined (tonnes) 272,046 89,394 361,440 220,636 52,829 273,465
Ore Milled (tonnes)
| Gold ore | 17,075 | — | 17,075 | 12,800 | — | 12,800 |
| Silver ore | 193,423 | 86,707 | 280,130 | 200,068 | 48,239 | 248,307 |
| 210,498 | 86,707 | 297,205 | 212,868 | 48,239 | 261,107 |
Head Grades Silver (gram/tonne) 61
240 235 66 Lead (%) 2.8 0.8 3.5 1.1
Zinc (%) 2.4
0.6 0.7 2.5
Recovery Rates
Silver (%) 82.2 95.0 82.7
94.9
Lead (%) 94 87.9 95.0 90.2 Zinc (%) 90.2 71.7 89.8
70.4
Metal Production
| Gold (ounces) | 1,183 | — | 1,183 | 2,458 | — | 2,458 |
| Silver (in thousands of ounces) | 1,518 | 137 | 1,655 | 1,506 | 84 | 1,590 |
| Silver equivalent (in thousands of ounces) | 1,614 | 137 | 1,751 | 1,731 | 84 | 1,815 |
| Lead (in thousands of pounds) | 11,970 | 1,232 | 13,202 | 15,018 | 1,047 | 16,065 |
| Zinc (in thousands of pounds) | 1,795 | 4,016 | 5,811 | 2,197 | 2,404 | 4,601 |
Metals Sold
| Gold (ounces) | 1,239 | — | 1,239 | 2,515 | — | 2,515 |
| Silver (in thousands of ounces) | 1,505 | 136 | 1,641 | 1,498 | 80 | 1,578 |
| Lead (in thousands of pounds) | 11,980 | 1,278 | 13,258 | 14,275 | 900 | 15,175 |
| Zinc (in thousands of pounds) | 1,818 | 4,074 | 5,892 | 2,163 | 2,415 | 4,578 |
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
| Six monthes ended September 30, 2024 | ||
| Ying Mining | ||
| District | GC | Consolidated |
| Six months ended September 30, 2023 | ||
| Ying Mining | ||
| District | GC | Consolidated |
Production Data
Ore Mined (tonnes) 528,125 177,162 705,287 434,384 142,301 576,685
Ore Milled (tonnes)
| Gold ore | 25,551 | — | 25,551 | 23,693 | — | 23,693 |
| Silver ore | 406,189 | 173,161 | 579,350 | 397,984 | 134,525 | 532,509 |
| 431,740 | 173,161 | 604,901 | 421,677 | 134,525 | 556,202 |
Head Grades
| Silver (gram/tonne) | 238 | 63 | 244 | 75 |
| Lead (%) | 3.0 | 0.8 | 3.5 | 1.3 |
| Zinc (%) | 0.6 | 2.4 | 0.7 | 2.7 |
Recovery Rates
| Silver (%) | 83.2 | 95.0 | 82.7 | |
| Lead (%) | 94.2 | 89.1 | 95.3 | 90.6 |
| Zinc (%) | 71.4 | 90.3 | 70.3 | 90.2 |
94.9
Metal Production
| Gold (ounces) | 2,329 | — | 2,329 | 4,010 | — | 4,010 |
| Silver (in thousands of ounces) | 3,090 | 282 | 3,372 | 3,103 | 267 | 3,370 |
| Silver equivalent (in thousands of ounces) | 3,271 | 282 | 3,553 | 3,458 | 267 | 3,725 |
| Lead (in thousands of pounds) | 26,050 | 2,771 | 28,821 | 30,400 | 3,481 | 33,881 |
| Zinc (in thousands of pounds) | 4,263 | 7,982 | 12,245 | 4,310 | 7,112 | 11,422 |
Metals Sold
| Gold (ounces) | 2,237 | — | 2,237 | 4,010 | — | 4,010 |
| Silver (in thousands of ounces) | 3,095 | 285 | 3,380 | 3,129 | 264 | 3,393 |
| Lead (in thousands of pounds) | 26,099 | 2,822 | 28,921 | 29,277 | 3,228 | 32,505 |
| Zinc (in thousands of pounds) | 4,311 | 8,065 | 12,376 | 4,295 | 7,203 | 11,498 |
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 cash flow 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: [email protected] 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 mill capacity expansion and new tailing storage facility construction; 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 health pandemic, such as 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.
i 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.