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Silvercorp Metals Inc
Symbol SVM
Shares Issued 175,201,464
Close 2021-01-15 C$ 7.24
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Silvercorp Metals produces 1.7M oz Ag, 900 oz Au in Q3

2021-01-15 07:19 ET - News Release

Mr. Lon Shaver reports

SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE THIRD QUARTER OF FISCAL 2021

Silvercorp Metals Inc. has provided production and sales figures for the third quarter of fiscal 2021 ended Dec. 31, 2020. The company produced approximately 1.7 million ounces of silver, 900 ounces of gold, 17.1 million pounds of lead and 8.7 million pounds of zinc, and sold approximately 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead and 9.0 million pounds of zinc in Q3 fiscal 2021. For the first nine months of fiscal 2021, the company produced approximately 5.1 million ounces of silver, 3,200 ounces of gold, 56.3 million pounds of lead and 23.3 million pounds of zinc.

The company is on track to produce between 6.2 million and 6.5 million ounces of silver, 66.1 million and 68.5 million pounds of lead, and 24.5 million and 26.7 million pounds of zinc in fiscal 2021, in line with the annual production guidance previously reported in the company's news release dated Feb. 6, 2020. The company will report its unaudited financial and operating results for Q3 fiscal 2021, expected to be released on Thursday, Feb. 4, 2021, after market close.

Q3 fiscal 2021 operating highlights

At the Ying mining district, the company mined 182,268 tonnes of ore, a 3-per-cent increase compared with the third quarter of fiscal 2020, and milled 162,905 tonnes of ore, down 7 per cent over Q3 fiscal 2020. This decrease was caused by power rationing in December, 2020, as the local government is subject to an annual environmental emissions KPI assessment. Approximately 1.5 million ounces of silver, 900 ounces of gold, 14.4 million pounds of lead and 1.9 million pounds of zinc were produced, representing a 7-per-cent increase in gold production, and decreases of 6 per cent in silver, 13 per cent in lead and 25 per cent in zinc production compared with Q3 fiscal 2020.

At the GC mine, the company mined 97,177 tonnes of ore, a 12-per-cent increase over Q3 fiscal 2020, and milled 97,743 tonnes of ore, a 9-per-cent increase over Q3 fiscal 2020. Approximately 212,000 ounces of silver, 2.8 million pounds of lead and 6.8 million pounds of zinc were produced, representing a 23-per-cent increase in zinc production, and decreases of 2 per cent in silver and 21 per cent in lead production compared with Q3 fiscal 2020.

On a consolidated basis, the company mined 279,445 tonnes of ore, a 6-per-cent increase over Q3 fiscal 2020, and milled 260,648 tonnes of ore, a decrease of 2 per cent compared with Q3 fiscal 2020. Approximately 1.7 million ounces of silver, 900 ounces of gold, 17.1 million pounds of lead and 8.7 million pounds of zinc were produced, representing increases of 7 per cent in gold and 8 per cent in zinc production, and decreases of 6 per cent in silver and 15 per cent in lead production compared with Q3 fiscal 2020.

On a consolidated basis, the company sold approximately 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead and 9.0 million pounds of zinc, representing increases of 14 per cent in gold and 7 per cent in zinc sold, and decreases of 4 per cent in silver and 11 per cent in lead sold compared with Q3 fiscal 2020.

The operational results for Q3 fiscal 2021 are summarized as displayed in the "Q3 operating results" table.

                                Q3 OPERATING RESULTS

                                                    Three months ended Dec. 31, 2020

                                                Ying
                                              mining
                                            district              GC    Consolidated

Production data
Ore mined (tonne)                            182,268          97,177         279,445
Ore milled (tonne)                           162,905          97,743         260,648

Head grades
Silver (gram/tonne)                              297              82             216
Lead (%)                                         4.3             1.4             3.2
Zinc (%)                                         0.8             3.5             1.8

Recovery rates
Silver (%)                                      93.9            82.6
Lead (%)                                        96.4            89.6
Zinc (%)                                        63.3            89.7

Sales data
Silver (in thousands of ounces)                1,446             201           1,647
Gold (in thousands of ounces)                    0.8               -             0.8
Lead (in thousands of pounds)                 14,207           2,599          16,806
Zinc (in thousands of pounds)                  2,241           6,724           8,965

Metal production
Silver (in thousands of ounces)                1,464             212           1,676
Gold (in thousands of ounces)                    0.9               -             0.9
Lead (in thousands of pounds)                 14,361           2,750          17,111
Zinc (in thousands of pounds)                  1,857           6,816           8,673



                                Q3 OPERATING RESULTS

                                                  Three months ended Dec. 31, 2019

                                              Ying
                                            mining
                                          district              GC    Consolidated

Production data
Ore mined (tonne)                          176,149          86,437         262,586
Ore milled (tonne)                         175,488          89,372         264,860

Head grades
Silver (gram/tonne)                            296              96             228
Lead (%)                                       4.6             2.0             3.7
Zinc (%)                                       0.9             3.3             1.7

Recovery rates
Silver  (%)                                                   96.1            78.0
Lead (%)                                                      96.3            90.4
Zinc (%)                                                      70.3            85.5

Sales data
Silver (in thousands of ounces)              1,475             234           1,709
Gold (in thousands of ounces)                  0.7               -             0.7
Lead (in thousands of pounds)               14,912           3,867          18,779
Zinc (in thousands of pounds)                2,882           5,471           8,353

Metal production
Silver (in thousands of ounces)              1,563             216           1,779
Gold (in thousands of ounces)                  0.9                             0.9
Lead (in thousands of pounds)               16,548           3,496          20,044
Zinc (in thousands of pounds)                2,483           5,552           8,035



The operational results for the first nine months of fiscal 2021 are summarized in the "Nine-month 2021 operational results" table.

                                     NINE-MONTH 2021 OPERATIONAL RESULTS

                                                             Nine months ended Dec. 31, 2020

                                                  Ying
                                                mining
                                              district                GC               BYP      Consolidated

Production data
Ore mined (tonne)                              537,464           264,389                 -           801,853
Ore milled (tonne)                             519,677           267,230                 -           786,908
                                                                                                              -
Head grades                                                                                                   -
Silver (gram/tonne)                                293                85                 -               222
Lead (%)                                           4.4               1.7                 -               3.5
Zinc (%)                                           0.8               3.4                 -               1.7

Recovery rates
Silver (%)                                        94.4              82.6                 -
Lead (%)                                          96.2              89.5                 -
Zinc (%)                                          61.7              88.2                 -

Sales data
Silver (in thousands of ounces)                  4,674               585                 -             5,259
Gold (in thousands of ounces)                      2.9                 -               1.2               4.1
Lead (in thousands of pounds)                   47,571             8,671                 -            56,242
Zinc (in thousands of pounds)                    5,662            17,672                 -            23,334

Metal production
Silver (in thousands of ounces)                  4,532               604                 -             5,135
Gold (in thousands of ounces)                      3.2                 -                 -               3.2
Lead (in thousands of pounds)                   47,382             8,892                 -            56,274
Zinc (in thousands of pounds)                    5,420            17,919                 -            23,340


                           NINE-MONTH 2021 OPERATIONAL RESULTS

                                                     Nine months ended Dec. 31, 2019   

                                                Ying
                                              mining
                                            district                GC      Consolidated

Production data
Ore mined (tonne)                            528,818           250,417           779,235
Ore milled (tonne)                           532,317           257,367           789,684

Head grades
Silver (gram/tonne)                              311                97               241
Lead (%)                                         4.6               1.9               3.7
Zinc (%)                                         0.9               3.3               1.7

Recovery rates
Silver (%)                                                        96.1              76.9
Lead (%)                                                          95.9              89.2
Zinc (%)                                                          62.6              85.8

Sales data
Silver (in thousands of ounces)                4,848               610             5,458
Gold (in thousands of ounces)                    2.8                 -               2.8
Lead (in thousands of pounds)                 46,137             9,553            55,690
Zinc (in thousands of pounds)                  6,400            15,942            22,342

Metal production
Silver (in thousands of ounces)                4,978               617             5,595
Gold (in thousands of ounces)                    3.1                 -               3.1
Lead (in thousands of pounds)                 49,863             9,738            59,601
Zinc (in thousands of pounds)                  6,338            15,967            22,304




Ying mining district

In Q3 fiscal 2021, ore mined at the Ying mining district was 182,268 tonnes, an increase of 3 per cent compared with 176,149 tonnes in Q3 fiscal 2020. Ore milled was 162,905 tonnes, with average head grades of 297 grams per tonne (g/t) for silver, 4.3 per cent for lead and 0.8 per cent for zinc, compared with 175,488 tonnes of ore milled with average head grades of 296 g/t for silver, 4.6 per cent for lead and 0.9 per cent for zinc in Q3 fiscal 2020. The decrease in ore milled during the quarter was caused by the milling operations being temporarily suspended for seven days due to power rationing. The company expects to process the unmilled ores in Q4 fiscal 2021. Metals production at the Ying mining district in Q3 fiscal 2021 was approximately 1.5 million ounces of silver, 14.4 million pounds of lead and 1.9 million pounds of zinc, compared with approximately 1.6 million ounces of silver, 16.5 million pounds of lead and 2.5 million pounds of zinc produced in Q3 fiscal 2020.

For the first nine months of fiscal 2021, metals production at the Ying mining district was approximately 4.5 million ounces of silver, 47.4 million pounds of lead and 5.4 million pounds of zinc, compared with approximately 4.9 million ounces of silver, 49.9 million pounds of lead and 6.3 million pounds of zinc during the same prior year period. The Ying mining district is on track to achieve its annual guidance to produce 5.6 million to 5.8 million ounces of silver, 56.6 million to 58.0 million pounds of lead, and 7.0 million to 8.0 million pounds of zinc in fiscal 2021.

GC mine

In Q3 fiscal 2021, ore mined at the GC mine was 97,177 tonnes, an increase of 12 per cent compared with 86,437 tonnes in Q3 fiscal 2020. Ore milled was 97,743 tonnes, with average head grades of 82 grams per tonne for silver, 1.4 per cent for lead and 3.5 per cent for zinc, compared with 89,372 tonnes of ore milled with average head grades of 96 g/t for silver, 2.0 per cent for lead and 3.3 per cent for zinc in Q3 fiscal 2020. Metals production at the GC mine in Q3 fiscal 2021 was approximately 212,000 ounces of silver, 2.8 million pounds of lead and 6.8 million pounds of zinc, compared with approximately 216,000 ounces of silver, 3.5 million pounds of lead and 5.6 million pounds of zinc produced in Q3 fiscal 2020.

For the first nine months of fiscal 2021, metals production at the GC mine was approximately 604,000 ounces of silver, 8.9 million pounds of lead and 17.9 million pounds of zinc, compared with approximately 617,000 ounces of silver, 9.7 million pounds of lead and 16.0 million pounds of zinc in the same prior year period. The GC mine is on track to achieve its annual guidance to produce 600,000 to 700,000 ounces of silver, 9.5 million to 10.5 million pounds of lead, and 17.5 million to 18.7 million pounds of zinc in fiscal 2021.

About Silvercorp Metals Inc.

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' well-being, and sustainable development.

We seek Safe Harbor.

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