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Silvercorp Reports Operational Results and the Financial Results Release Date for Fiscal 2021

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Silvercorp Metals reported strong production figures for Fiscal 2021, producing approximately 6.3 million ounces of silver and 68.4 million pounds of lead, aligning with guidance. Zinc production was notably higher at 28.0 million pounds, exceeding expectations. The Ying Mining District saw production increases across silver, gold, and lead, while the GC Mine also delivered solid results. The company will disclose detailed financial results on May 20, 2021.

Positive
  • Produced 6.3 million ounces of silver, meeting guidance.
  • Achieved 28.0 million pounds of zinc, exceeding guidance.
  • Overall ore mined increased by 8.9% compared to Fiscal 2020.
Negative
  • Slightly missed zinc production guidance at the Ying Mining District.

Trading Symbol:  TSX/NYSE AMERICAN: SVM

VANCOUVER, BC, April 15, 2021 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for fiscal year 2021 ended March 31, 2021 ("Fiscal 2021"). The Company's Fiscal 2021 financial results are expected to be released on Thursday, May 20, 2021 after market close.

In Fiscal 2021, the Company produced approximately 6.3 million ounces of silver and 68.4 million pounds of lead, meeting the production guidance of between 6.2 – 6.5 million ounces of silver and 66.1 – 68.5 million pounds of lead. The Company also produced approximately 28.0 million pounds of zinc, beating the guidance to produce between 24.5 – 26.7 million pounds of zinc.  

FISCAL 2021 OPERATING HIGHLIGHTS 

  • At the Ying Mining District, ore mined was 650,025 tonnes, up 8.7% over Fiscal 2020, and ore milled was 651,402 tonnes, up 8.3% over Fiscal 2020. Approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead, and 6.9 million pounds of zinc were produced, representing increases of 0.4% in silver production, 6.1% in gold production, and 2.6% in lead production, and a decrease of 5.7% in zinc production over Fiscal 2020.

  • At the GC Mine, ore mined was 314,900 tonnes, up 9.5% over Fiscal 2020, and ore milled was 316,179 tonnes, up 8.8% over Fiscal 2020. Approximately 716 thousand ounces of silver, 10.5 million pounds of lead, and 21.1 million pounds of zinc were produced, representing increases of 2.4% in silver production and 15.6% in zinc production, and a decrease of 3.6% in lead production over Fiscal 2020.

  • On a consolidated basis, ore mined was 964,925 tonnes, up 8.9% over Fiscal 2020, with ore milled of 967,582 tonnes, up 8.4% over Fiscal 2020. Approximately 6.3 million ounces of silver, 3,500 ounces of gold, 68.4 million pounds of lead, and 28.0 million pounds of zinc were produced, up 0.6%, 6.1%, 1.6%, and 9.5%, respectively, over Fiscal 2020.

  • On a consolidated basis, Silvercorp sold approximately 6.3 million ounces of silver, 4,700 ounces of gold, 67.1 million pounds of lead, and 27.9 million pounds of zinc, up 0.9%, 42.8%, 2.7%, and 9.9%, respectively, over Fiscal 2020.

The operational results for the full year Fiscal 2021 are summarized as follows:




 Year ended March 31, 2021 


 Year ended March 31, 2020 



Ying Mining
District

GC

BYP

 Consolidated 


Ying Mining
District

GC

 Consolidated 











 Production Data 










 Ore Mined (tonne)  

650,025

314,900

-

964,925


598,197

287,633

885,830


 Ore Milled (tonne) 

651,402

316,179

-

967,581


601,605

290,610

892,215





-







 Head Grades 



-







      Silver (gram/tonne) 

290

85

-

223


309

97

240


      Lead  (%) 

4.3

1.7

-

3.4


4.6

1.9

3.7


      Zinc (%) 

0.8

3.4

-

1.7


0.9

3.3

1.7












 Recovery Rates 










      Silver  (%)  

94.2

82.5

-

92.7


96.0

77.4

93.5


      Lead  (%) 

96.0

89.6

-

95.0


95.9

89.3

94.8


      Zinc (%) 

62.4

88.2

-

80.0


63.2

86.0

77.8











 Sales Data 










 Silver (in thousands of ounces) 

5,610

705

-

6,315


5,558

699

6,257


 Gold  (in thousands of ounces) 

3.5

-

1.2

4.7


3.3

-

3.3


 Lead (in thousands of pounds) 

56,708

10,410

-

67,118


54,459

10,885

65,344


 Zinc  (in thousands of pounds) 

6,968

20,946

-

27,914


7,264

18,137

25,401











 Metal production 










 Silver (in thousands of ounces) 

5,615

716

-

6,330


5,592

699

6,291


 Gold  (in thousands of ounces) 

3.5

-

-

3.5


3.3

-

3.3


 Lead  (in thousands of pounds) 

57,886

10,544

-

68,430


56,436

10,937

67,373


 Zinc   (in thousands of pounds) 

6,916

21,096

-

28,012


7,337

18,244

25,581

The operational results for the fourth quarter ended March 31, 2021 ("Q4 Fiscal 2021") are summarized as follows:



 Three months ended March 31, 2021 


 Three months ended March 31, 2021 



Ying Mining
District

GC

 Consolidated 


Ying Mining
  District

GC

 Consolidated 










 Production Data 









 Ore Mined (tonne)  

112,561

50,511

163,072


69,379

37,216

106,595


 Ore Milled (tonne) 

131,725

48,949

180,674


69,188

33,243

102,431











 Head Grades 









      Silver (gram/tonne) 

280

87

228


297

94

231


      Lead  (%) 

3.9

1.7

3.3


4.6

1.8

3.7


      Zinc (%) 

0.8

3.3

1.5


1.0

3.5

1.8











 Recovery Rates 









      Silver  (%)  

93.7

81.9

92.5


95.3

80.7

93.4


      Lead  (%) 

95.1

89.7

94.4


95.7

90.4

94.8


      Zinc (%) 

65.0

88.2

79.0


67.7

87.7

80.3










 Sales Data 









 Silver (in thousands of ounces) 

936

120

1,056


711

89

800


 Gold  (in thousands of ounces) 

0.7

-

0.7


0.5

-

0.5


 Lead (in thousands of pounds) 

9,137

1,739

10,876


8,322

1,332

9,654


 Zinc  (in thousands of pounds) 

1,306

3,274

4,580


865

2,194

3,059










 Metal production 









 Silver (in thousands of ounces) 

1,083

112

1,195


614

82

696


 Gold (in thousands of ounces) 

0.3

-

0.3


0.2

-

0.2


 Lead (in thousands of pounds) 

10,504

1,652

12,156


6,573

1,199

7,772


 Zinc (in thousands of pounds) 

1,496

3,176

4,672


999

2,277

3,276

 

Ying Mining District

In Q4 Fiscal 2021, ore mined at the Ying Mining District was 112,561 tonnes, an increase of 62%, compared to 69,379 tonnes in the fourth quarter of Fiscal 2020 ("Q4 Fiscal 2020"). Ore milled was 131,725 tonnes, with average head grades of 280 grams per tonne ("g/t") for silver, 3.9% for lead, and 0.8% for zinc, compared to 69,188 tonnes of ore milled with average head grades of 297 g/t for silver, 4.6% for lead, and 1.0% for zinc in Q4 Fiscal 2020. The Company mined and processed increased ore during the quarter as result of an extra month shutdown due to Covid-19 in Q4 Fiscal 2020. Metals production at the Ying Mining District in Q4 Fiscal 2021 was approximately 1.1 million ounces of silver, 300 ounces of gold, 10.5 million pounds of lead, and 1.5 million pounds of zinc, compared to approximately 0.6 million ounces of silver, 200 ounces of gold, 6.6 million pounds of lead, and 1.0 million pounds of zinc in Q4 Fiscal 2020.    

In Fiscal 2021, metals production at the Ying Mining District was approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead and 6.9 million pounds of zinc, compared to approximately 5.6 million ounces of silver, 3,300 ounces of gold, 56.4 million pounds of lead and 7.3 million pounds of zinc in Fiscal 2020. The Ying Mining District met its guidance to produce between 5.6 – 5.8 million ounces of silver and 56.6 – 58.0 million pounds of lead, but was slightly below its guidance to produce between 7.0 – 8.0 million pounds of zinc in Fiscal 2021.

GC Mine

In Q4 Fiscal 2021, ore mined at the GC Mine was 50,511 tonnes, an increase of 36% compared to 37,216 tonnes in Q4 Fiscal 2020. Ore milled was 48,949 tonnes, with average head grades of 87 g/t for silver, 1.7% for lead, and 3.3% for zinc, compared to 33,243 tonnes of ore milled with average head grades of 94 g/t for silver, 1.8% for lead and 3.5% for zinc in Q4 Fiscal 2020. Metals production at the GC Mine in Q4 Fiscal 2021 was approximately 112 thousand ounces of silver, 1.7 million pounds of lead, and 3.2 million pounds of zinc, compared to approximately 82 thousand ounces of silver, 1.2 million pounds of lead, and 2.3 million pounds of zinc in Q4 Fiscal 2020.   

In Fiscal 2021, metals production at the GC Mine was approximately 716 thousand ounces of silver, 10.5 million pounds of lead, and 21.1 million pounds of zinc, compared to approximately 699 thousand ounces of silver, 10.9 million pounds of lead, and 18.2 million pounds of zinc in Fiscal 2020. The GC Mine met or surpassed its guidance to produce between 600 – 700 thousand ounces of silver, 9.5 – 10.5 million pounds of lead, and 17.5 – 18.7 million pounds of zinc in Fiscal 2021.

About Silvercorp

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' wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.

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 provincial 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 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.

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: social and economic impacts of 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".  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. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

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SOURCE Silvercorp Metals Inc

FAQ

What were Silvercorp Metals' production figures for Fiscal 2021?

Silvercorp produced approximately 6.3 million ounces of silver, 68.4 million pounds of lead, and 28.0 million pounds of zinc in Fiscal 2021.

When will Silvercorp Metals release its financial results for Fiscal 2021?

Silvercorp is expected to release its financial results on May 20, 2021, after market close.

Did Silvercorp Metals meet its production guidance for Fiscal 2021?

Yes, Silvercorp met the production guidance for silver and lead, and exceeded the guidance for zinc.

How did the Ying Mining District perform in Fiscal 2021?

The Ying Mining District produced approximately 5.6 million ounces of silver and 57.9 million pounds of lead, meeting its guidance.

What are the key highlights from the fourth quarter of Fiscal 2021 for Silvercorp Metals?

In Q4 Fiscal 2021, Silvercorp mined 112,561 tonnes at the Ying Mining District, resulting in approximately 1.1 million ounces of silver produced.

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