Silvercorp Reports Operational Results and Financial Results Release Date for the Second Quarter, Fiscal 2025
Rhea-AI Summary
Silvercorp Metals Inc. (TSX/NYSE American: SVM) reports Q2 Fiscal 2025 production and sales figures, with financial results to be released on November 7, 2024. Highlights include:
- Revenue of approximately $68.0 million, up 26% year-over-year
- Ore mined increased 32% to 361,440 tonnes
- Silver production rose 4% to 1.7 million ounces
- Zinc production up 26% to 5.8 million pounds
- Lead production decreased 18% to 13.2 million pounds
The Ying Mining District saw a 23% increase in ore mined, while the GC Mine reported significant increases in ore mined (69%) and milled (80%). A stockpile of 129,000 tonnes of ore due to mill capacity constraints will be processed in the next quarter when the expanded mill becomes operational.
Positive
- Revenue increased by 26% to $68.0 million compared to Q2 Fiscal 2024
- Ore mined increased by 32% to 361,440 tonnes
- Silver production rose by 4% to 1.7 million ounces
- Zinc production increased by 26% to 5.8 million pounds
- GC Mine reported 69% increase in ore mined and 80% increase in ore milled
Negative
- Lead production decreased by 18% to 13.2 million pounds
- Inventory stockpile of 129,000 tonnes due to mill capacity constraints
- Gold production at Ying Mining District decreased by 52%
- Silver equivalent production at Ying Mining District decreased by 7%
News Market Reaction – SVM
On the day this news was published, SVM declined 2.05%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Trading Symbol: TSX/NYSE American: SVM
Q2 Fiscal 2025 Operational Results
- Revenue of approximately
$68.0 million 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 | Q2 Fiscal 2024 | ||||||
Ying Mining District | GC | Consolidated | 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) | 240 | 61 | 235 | 66 | |||
Lead (%) | 2.8 | 0.8 | 3.5 | 1.1 | |||
Zinc (%) | 0.6 | 2.4 | 0.7 | 2.5 | |||
Recovery Rates | |||||||
Silver (%) | 94.9 | 82.2 | 95.0 | 82.7 | |||
Lead (%) | 94 | 87.9 | 95.0 | 90.2 | |||
Zinc (%) | 70.4 | 90.2 | 71.7 | 89.8 | |||
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
At the GC Mine, 89,394 tonnes of ore were mined, up
Consolidated Operation Results for the Six Months Ended September 30, 2024 and 2023
Six monthes ended September 30, 2024 | Six months ended September 30, 2023 | ||||||
Ying Mining District | GC | Consolidated | 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 (%) | 94.9 | 83.2 | 95.0 | 82.7 | |||
Lead (%) | 94.2 | 89.1 | 95.3 | 90.6 | |||
Zinc (%) | 71.4 | 90.3 | 70.3 | 90.2 | |||
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: investor@silvercorp.ca
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
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
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.
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SOURCE Silvercorp Metals Inc