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Silvercorp Metals Inc
Symbol SVM
Shares Issued 174,870,964
Close 2020-10-15 C$ 9.93
Recent Sedar Documents

Silvercorp produces 1.7 million oz Ag in Q2 fiscal 2021

2020-10-15 17:22 ET - News Release

Mr. Lon Shaver reports

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

Silvercorp Metals Inc. has released production and sales figures for the second quarter of fiscal 2021 ended Sept. 30, 2020. The company produced approximately 1.7 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead and 7.1 million pounds of zinc, and sold approximately 1.7 million ounces of silver, 2,200 ounces of gold, 18.6 million pounds of lead and 7.4 million pounds of zinc in second quarter fiscal 2021. For the first six months of fiscal 2021, the company produced approximately 3.5 million ounces of silver, 39.2 million pounds of lead and 14.7 million pounds of zinc. The company is on track to produce between 6.2 million and 6.5 million ounces of silver, between 66.1 million and 68.5 million pounds of lead, and between 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 Q2 fiscal 2021, expected to be released on Nov. 5, 2020, after market close.

Q2 fiscal 2021 consolidated operational highlights:

  • Ore mined of 267,852 tonnes, a 3-per-cent increase over Q2 fiscal 2020;
  • Sold approximately 1.7 million ounces of silver, 2,200 ounces of gold, 18.6 million pounds of lead and 7.4 million pounds of zinc, representing an increase of 98 per cent and 11 per cent in gold and zinc sold, and a decrease of 8 per cent and 3 per cent in silver and lead sold over Q2 fiscal 2020;
  • Produced approximately 1.7 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead and 7.1 million pounds of zinc, representing an increase of 2 per cent in zinc production, and a decrease of 8 per cent, 6 per cent and 3 per cent in silver, gold and lead production over Q2 fiscal 2020.

The operational results for Q2 fiscal 2021 are summarized in the attached second quarter operating results table.

                                        SECOND QUARTER OPERATING RESULTS 

                                      Three months ended Sept. 30, 2020            Three months ended Sept. 30, 2019 

                               Ying mining        GC       BYP    Consolidated    Ying mining       GC    Consolidated
                                  district                                           district
Production data
Ore mined (tonne)                  181,020    86,833         -         267,853        176,085   83,172         259,257
Ore milled (tonne)                 179,083    84,850         -         263,933        179,147   86,134         265,281
Head grades
Silver (gram/tonne)                    288        81         -                            306      100
Lead (%)                               4.4       1.8         -                            4.5      2.0
Zinc (%)                               0.7       3.4         -                            0.8      3.2
Recovery rates
Silver (%)                            94.4      82.5         -                           96.2     75.9
Lead (%)                              96.1      89.2         -                           95.7     88.3
Zinc (%)                              57.9      87.3         -                           58.6     86.1
Sales data
Silver (in thousands of ounces)      1,556       184         -           1,740          1,711      183           1,894
Gold (in thousands of ounces)          1.0         -       1.2             2.2            1.1        -             1.1
Lead (in thousands of pounds)       15,585     2,966         -          18,551         16,389    2,680          19,069
Zinc (in thousands of pounds)        1,384     6,027         -           7,411          1,428    5,227           6,655
Metal production
Silver (in thousands of ounces)      1,525       182         -           1,707          1,651      210           1,860
Gold (in thousands of ounces)          1.1                   -             1.1            1.2                      1.2
Lead (in thousands of pounds)       16,080     3,006         -          19,085         16,388    3,279          19,667
Zinc (in thousands of pounds)        1,643     5,490         -           7,133          1,813    5,199           7,011

The operational results for the first six months of fiscal 2021 are summarized in the attached six-month operating results table.

    
                                           SIX-MONTH OPERATING RESULTS 

                                       Six months ended Sept. 30, 2020            Six months ended Sept. 30, 2019  

                                Ying mining         GC    BYP   Consolidated   Ying mining         GC   Consolidated
                                   district                                       district
Production data
Ore mined (tonne)                   355,196    167,212      -        522,408       352,669    163,980        516,649
Ore milled (tonne)                  356,772    169,487      -        526,259       356,828    167,996        524,824
Head grades
Silver (gram/tonne)                     290         87      -                          318         97
Lead (%)                                4.5        1.8      -                          4.5        1.9
Zinc (%)                                0.8        3.4      -                          0.9        3.3
Recovery rates
Silver (%)                             94.6       82.7      -                         96.0       76.4
Lead (%)                               96.1       89.5      -                         95.7       88.5
Zinc (%)                               60.9       87.3      -                         58.5       85.9
Sales data
Silver (in thousands of ounces)       3,228        384      -          3,612         3,373        376          3,749
Gold (in thousands of ounces)           2.1          -    1.2            3.3           2.1          -            2.1
Lead (in thousands of pounds)        33,364      6,072      -         39,436        31,225      5,686         36,911
Zinc (in thousands of pounds)         3,421     10,948      -         14,369         3,518     10,471         13,989
Metal production
Silver (in thousands of ounces)       3,068        391      -          3,459         3,415        401          3,816
Gold (in thousands of ounces)           2.2          -      -            2.2           2.2          -            2.2
Lead (in thousands of pounds)        33,021      6,142      -         39,163        33,316      6,242         39,558
Zinc (in thousands of pounds)         3,563     11,103      -         14,667         3,860     10,415         14,275

Ying mining district

In Q2 fiscal 2021, ore mined at the Ying mining district was 181,020 tonnes, an increase of 3 per cent, compared with 176,085 in Q2 fiscal 2020. Ore milled was 179,083 tonnes, with average head grades of 288 grams per tonne for silver, 4.4 per cent for lead and 0.7 per cent for zinc, compared with 179,147 tonnes of ore milled with average head grades of 306 g/t for silver, 4.5 per cent for lead and 0.8 per cent for zinc in Q2 fiscal 2020. Metal production at the Ying mining district in Q2 fiscal 2021 was approximately 1.5 million ounces of silver, 16.1 million pounds of lead and 1.6 million pounds of zinc, compared with approximately 1.7 million ounces of silver, 16.4 million pounds of lead and 1.8 million pounds of zinc produced in Q2 fiscal 2020.

For the first six months of fiscal 2021, metal production at the Ying mining district was approximately 3.1 million ounces of silver, 33.0 million pounds of lead and 3.6 million pounds of zinc. The Ying mining district is on track to achieve its annual guidance to produce between 5.6 million and 5.8 million ounces of silver, between 56.6 million and 58.0 million pounds of lead, and between 7.0 million and 8.0 million pounds of zinc in fiscal 2021.

GC mine

In Q2 fiscal 2021, ore mined at the GC mine was 86,833 tonnes, an increase of 4 per cent, compared with 83,172 in Q2 fiscal 2020. Ore milled was 84,850 tonnes, with average head grades of 81 g/t for silver, 1.8 per cent for lead and 3.4 per cent for zinc, compared with 86,134 tonnes of ore milled with average head grades of 100 g/t for silver, 2.0 per cent for lead and 3.2 per cent for zinc in Q2 fiscal 2020. Metal production at the GC mine in Q2 fiscal 2021 was approximately 182,000 ounces of silver, 3.0 million pounds of lead and 5.5 million pounds of zinc, compared with approximately 210,000 ounces of silver, 3.3 million pounds of lead and 5.2 million pounds of zinc produced in Q2 fiscal 2020.

For the first six months of fiscal 2021, metal production at the GC mine was approximately 391,000 ounces of silver, 6.1 million pounds of lead and 11.1 million pounds of zinc. The GC mine is on track to achieve its annual guidance to produce between 600,000 and 700,000 ounces of silver, between 9.5 million and 10.5 million pounds of lead, and between 17.5 million and 18.7 million pounds of zinc in fiscal 2021.

BYP mine

In Q2 fiscal 2020, the company sold all remaining gold concentrate inventories that had been produced by the mine before it was placed on care and maintenance.

Filing of National Instrument 43-101 technical report on Ying mining district

The company has filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) on the Ying mining district prepared by AMC Mining Consultants (Canada) Ltd. previously reported in the news release dated Aug. 31, 2020. There are no material differences in the report from those results in the company's news release dated Aug. 31, 2020, and the full report can be found on SEDAR under the company's profile and on the company's website.

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.

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