Silvercorp Q2 Production 292.468K Tons Ore Mined

Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX:SVM) (NYSE:SVM) reports production and sales figures for the second quarter of fiscal year 2022 ended September 30, 2021 (“Q2 Fiscal 2022”). The Company expects to release its Q2 Fiscal 2022 unaudited financial results on Thursday, November 4, 2021 after market close.

In Q2 Fiscal 2022, the Company increased production to approximately 1.7 million ounces of silver, 800 ounces of gold, 17.6 million pounds of lead, and 7.5 million pounds of zinc, representing increases of 15%, 11%, and 4%, respectively, in silver, lead and zinc, and a decrease of 20% in gold over the first quarter ended June 30, 2021 (“Q1 Fiscal 2022”). At the Ying Mining District, ore mined in Q2 Fiscal 2022 was 206,933 tonnes, up 64,026 tonnes or 45% over Q1 Fiscal 2022. Ore milled was 182,173 tonnes, up 26,766 tonnes or 17% over Q1 Fiscal 2022, but 24,760 tonnes lower than mined as a result of transportation interruptions caused by lengthy heavy rains in Q2 Fiscal 2022. The Company expects to maintain a similar mining production rate and increase the milling tonnage at the Ying Mining District in the next quarter.

For the first six months of Fiscal 2022, the Company produced approximately 3.2 million ounces of silver, 1,800 ounces of gold, 33.5 million pounds of lead, and 14.7 million pounds of zinc. The Company is on track to meet its annual guidance to produce between 6.3 – 6.6 million ounces of silver, 65.7 – 68.9 million pounds of lead, and 26.9 – 28.5 million pounds of zinc in Fiscal 2022.

Q2 FISCAL 2022 OPERATING HIGHLIGHTS 

• At the Ying Mining District, ore mined was 206,933 tonnes, up 14% over the same prior year quarter (“Q2 Fiscal 2021”), and ore milled was 182,173 tonnes, up 2% over Q2 Fiscal 2021. Approximately 1.5 million ounces of silver, 800 ounces of gold, 14.7 million pounds of lead, and 1.6 million pounds of zinc were produced, representing decreases of 1% in silver, 27% in gold, 9% in lead, and 4% in zinc over Q2 Fiscal 2021 as 24,760 tonnes or 12% of ore mined in the current quarter have yet to be processed due to the heavy rains.

 

• At the GC Mine, ore mined was 85,535 tonnes, down 1% over Q2 Fiscal 2021, and ore milled was 89,643 tonnes, up 6% over Q2 Fiscal 2021. Approximately 179 thousand ounces of silver, 2.9 million pounds of lead, and 5.9 million pounds of zinc were produced, representing an increase of 7% in zinc, and decreases of 2% in silver and 2% in lead over Q2 Fiscal 2021.

 

• On a consolidated basis, ore mined was 292,468 tonnes, up 9% over Q2 Fiscal 2021, and ore milled was 271,816 tonnes, up 3% over Q1 Fiscal 2021. Approximately 1.7 million ounces of silver, 800 ounces of gold, 17.6 million pounds of lead, and 7.5 million pounds of zinc were produced, representing decreases of 1%, 27%, and 8%, respectively, in silver, gold and lead, and an increase of 5% in zinc over Q2 Fiscal 2021.

 

• On a consolidated basis, the Company sold approximately 1.7 million ounces of silver, 800 ounces of gold, 17.3 million pounds of lead, and 7.6 million pounds of zinc, representing decreases of 1%, 64%, and 7%, respectively, in silver, gold and lead sold, and an increase of 3% in lead sold over Q2 Fiscal 2021. Gold sold in Q2 Fiscal 2021 included 1,200 ounces from the BYP Mine.

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

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

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

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