Trading Symbol:        TSX: SVM
                                   
NYSE AMERICAN: SVM

VANCOUVER, BC, Jan. 13, 2022 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the third quarter ended December 31, 2021 ("Q3 Fiscal 2022"). The Company expects to release its Q3 Fiscal 2022 unaudited financial results along with the annual production guidance for the fiscal year ended March 31, 2023 on Tuesday, February 8, 2022 after market close.

Silvercorp Metals Inc. Logo (CNW Group/Silvercorp Metals Inc)

In Q3 Fiscal 2022, the Company increased production to approximately 1.8 million ounces of silver, 1,100 ounces of gold, 19.0 million pounds of lead, and 8.0 million pounds of zinc, representing increases of 8%, 38%, 8%, and 7%, respectively, in silver, gold, lead and zinc over the second quarter ended September 30, 2021 ("Q2 Fiscal 2022").

For the first nine months of Fiscal 2022, the Company produced approximately 5.0 million ounces of silver, 2,900 ounces of gold, 52.5 million pounds of lead, and 22.7 million pounds of zinc. Recently, strict Covid 19 quarantine policy imposed by local governments where our mines are located has caused uncertainty for workers travelling home and back during Chinese New Year holiday, which may have some impact on production for the fourth quarter.

Q3 FISCAL 2022 OPERATING HIGHLIGHTS 

  • At the Ying Mining District, 200,946 tonnes of ore were mined, up 10% over the same prior year quarter ("Q3 Fiscal 2021"), and 214,982 tonnes of ore were milled, up 32% over Q3 Fiscal 2021. Approximately 1.6 million ounces of silver, 1,100 ounces of gold, 16.4 million pounds of lead, and 2.3 million pounds of zinc were produced, representing increases of 13%, 22%, 14% and 26%, respectively, in silver, gold, lead and zinc over Q3 Fiscal 2021 as the Company increased the milling tonnage, offset by lower head grades experienced at the Ying Mining District. As reported in the Company's news release dated November 4, 2021, the SGX Mine at the Ying Mining District suspended production for ten days as a precautionary measure due to heavy rainfall experienced in the Yellow River region, impacting ore production and head grades in the current quarter.
  • At the GC Mine, 91,126 tonnes of ore were mined, down 6% over Q3 Fiscal 2021, and 89,790 tonnes of ore were milled, down 8% over Q3 Fiscal 2021. Approximately 187 thousand ounces of silver, 2.6 million pounds of lead, and 5.7 million pounds of zinc were produced, representing decreases of 12%, 6% and 17%, respectively, in silver, lead, and zinc over Q3 Fiscal 2021.
  • On a consolidated basis, 292,072 tonnes of ore were mined, up 5% over Q3 Fiscal 2021, and 304,772 tonnes of ore were milled, up 17% over Q3 Fiscal 2021. Approximately 1.8 million ounces of silver, 1,100 ounces of gold, 19.0 million pounds of lead, and 8.0 million pounds of zinc were produced, representing increases of 9%, 22%, and 11%, respectively, in silver, gold and lead, and a decrease of 7% in zinc over Q3 Fiscal 2021.
  • On a consolidated basis, the Company sold approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.2 million pounds of lead, and 7.6 million pounds of zinc, representing increases of 4%, 38%, and 2%, respectively, in silver, gold and lead sold, and a decrease of 15% in zinc sold over Q3 Fiscal 2021.

The consolidated operational results for the past five quarters are summarized as follows:

Consolidated

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021

Q3 F2021


Nine months ended December 31,



 December 31, 2021 

 September 30, 2021 

 June 30, 2021 

 March 31, 2021 

 December 31, 2020 


2021

2020











 Production Data 










 Ore Mined (tonne)  

292,072

292,468

231,235

163,072

279,445


815,775

801,853


 Ore Milled (tonne) 

304,772

271,816

243,077

180,674

260,648


819,665

786,907












 Head Grades 










      Silver (gram/tonne) 

205

214

207

228

216


208

222


      Lead  (%) 

3.1

3.2

3.2

3.3

3.2


3.2

3.5


      Zinc (%) 

1.5

1.6

1.7

1.5

1.8


1.6

1.7












 Recovery Rates 










      Silver  (%)  

93.8

94.1

93.2

92.5

92.3


93.7

92.9


      Lead  (%) 

94.4

94.5

94.6

94.3

95.3


94.5

95.1


      Zinc (%) 

80.1

79.3

80.7

79.0

82.4


80.0

79.9











 Metal production 










 Silver (in thousands of ounces) 

1,834

1,696

1,474

1,195

1,677


5,003

5,136


 Gold (in thousands of ounces) 

1.1

0.8

1.0

0.3

0.9


2.9

3.2


 Lead (in thousands of pounds) 

18,978

17,613

15,878

12,156

17,111


52,469

56,274


 Zinc (in thousands of pounds) 

8,030

7,483

7,198

4,672

8,673


22,711

23,339











 Metals sold 










 Silver (in thousands of ounces) 

1,721

1,729

1,642

1,056

1,647


5,092

5,259


 Gold  (in thousands of ounces) 

1.1

0.8

1.0

0.7

0.8


2.9

4.1


 Lead (in thousands of pounds) 

17,155

17,319

16,810

10,876

16,806


51,284

56,242


 Zinc  (in thousands of pounds) 

7,588

7,626

7,255

4,580

8,965


22,469

23,334

The operational results at the Ying Mining District for the past five quarters are summarized as follows:

Ying Mining District

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021

Q3 F2021


Nine months ended December 31,



 December 31, 2021 

 September 30, 2021 

 June 30, 2021 

 March 31, 2021 

 December 31, 2020 


2021

2020











 Production Data 










 Ore Mined (tonne)  

200,946

206,933

142,907

112,561

182,268


550,786

537,464


 Ore Milled (tonne) 

214,982

182,173

155,407

131,725

162,905


552,562

519,677












 Head Grades 










      Silver (gram/tonne) 

258

283

279

280

297


272

293


      Lead  (%) 

3.7

4.0

4.2

3.9

4.3


3.9

4.4


      Zinc (%) 

0.8

0.7

0.8

0.8

0.8


0.8

0.8












 Recovery Rates 










      Silver  (%)  

95.1

95.4

94.7

93.7

93.9


95.1

94.4


      Lead  (%) 

95.2

95.5

95.7

95.1

96.4


95.5

96.2


      Zinc (%) 

64.0

56.0

59.7

65.0

63.3


60.3

61.7











 Metal production 










 Silver (in thousands of ounces) 

1,647

1,517

1,283

1,083

1,464


4,447

4,532


 Gold (in thousands of ounces) 

1.1

0.8

1.0

0.3

0.9


2.9

3.2


 Lead (in thousands of pounds) 

16,392

14,671

13,278

10,504

14,361


44,341

47,382


 Zinc (in thousands of pounds) 

2,347

1,584

1,519

1,496

1,857


5,450

5,420











 Metals sold 










 Silver (in thousands of ounces) 

1,561

1,553

1,447

936

1,446


4,561

4,674


 Gold  (in thousands of ounces) 

1.1

0.8

1.0

0.7

0.8


2.9

2.9


 Lead (in thousands of pounds) 

15,003

14,436

14,175

9,137

14,207


43,614

47,571


 Zinc  (in thousands of pounds) 

1,947

1,617

1,521

1,306

2,241


5,085

5,662

The operational results at the GC Mine for the past five quarters are summarized as follows:

GC Mine

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021

Q3 F2021


Nine months ended December 31,



 December 31, 2021 

 September 30, 2021 

 June 30, 2021 

 March 31, 2021 

 December 31, 2020 


2021

2020











 Production Data 










 Ore Mined (tonne)  

91,126

85,535

88,328

50,511

97,177


264,989

264,389


 Ore Milled (tonne) 

89,790

89,643

87,670

48,949

97,743


267,103

267,230












 Head Grades 










     Silver (gram/tonne) 

78

73

80

87

82


77

85


      Lead  (%) 

1.5

1.7

1.5

1.7

1.4


1.5

1.7


      Zinc (%) 

3.2

3.3

3.3

3.3

3.5


3.3

3.4












 Recovery Rates 










      Silver  (%)  

83.5

84.4

84.1

81.9

82.6


84.0

82.6


      Lead  (%) 

89.0

89.5

89.3

89.7

89.6


89.3

89.5


      Zinc (%) 

89.8

89.6

89.3

88.2

89.7


89.6

88.2











 Metal production 










 Silver (in thousands of ounces) 

187

179

190

112

213


556

604


 Lead (in thousands of pounds) 

2,586

2,942

2,600

1,652

2,750


8,128

8,892


 Zinc (in thousands of pounds) 

5,683

5,899

5,679

3,176

6,816


17,261

17,919











 Metals sold 










 Silver (in thousands of ounces) 

160

176

195

120

201


531

585


 Lead (in thousands of pounds) 

2,152

2,883

2,635

1,739

2,599


7,670

8,671


 Zinc  (in thousands of pounds) 

5,641

6,009

5,734

3,274

6,724


17,384

17,672

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; legislative and regulatory initiatives addressing global climate change or other environmental concerns; 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

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