Benzinga | Oct 14, 2021 05:08PM EDT

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:

Q1 Q4 Six monthsConsolidated Q2 F2022 F2022 F2021 Q3 F2021 Q2 F2021 ended September 30,

September June March December September 30, 2021 30, 31, 31, 2020 30, 2020 2021 2020 2021 2021

ProductionData

292,468 231,235 163,072 279,445 267,853 523,703 522,408Ore Mined (tonne)

271,816 243,077 180,674 260,648 263,933 514,893 526,259Ore Milled (tonne)

Head Grades

214 207 228 216 221 211 225Silver (gram/ tonne)

3.2 3.2 3.3 3.2 3.5 3.2 3.6Lead (%)

1.6 1.7 1.5 1.8 1.6 1.6 1.6Zinc (%)



Recovery Rates

94.1 93.2 92.5 92.3 93.0 93.7 93.1Silver (%)

94.5 94.6 94.3 95.3 94.9 94.5 95.1Lead (%)

79.3 80.7 79.0 82.4 78.0 79.9 78.9Zinc (%)

Metalproduction



Silver (in 1,696 1,474 1,195 1,676 1,707 3,169 3,459thousands ofounces)



Gold (in 0.8 1.0 0.3 0.9 1.1 1.8 2.2thousands ofounces)



Lead (in 17,613 15,878 12,156 17,111 19,086 33,491 39,163thousands ofpounds)



Zinc (in 7,483 7,198 4,672 8,673 7,133 14,681 14,666thousands ofpounds)

Metals sold



Silver (in 1,729 1,642 1,056 1,647 1,740 3,371 3,612thousands ofounces)



Gold (in 0.8 1.0 0.7 0.8 2.2 1.8 3.3thousands ofounces)



Lead (in 17,319 16,810 10,876 16,806 18,551 34,129 39,436thousands ofpounds)

Zinc (inthousands of 7,626 7,255 4,580 8,965 7,411 14,881 14,369pounds)

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

Ying Mining Q1 Q4 Six monthsDistrict Q2 F2022 F2022 F2021 Q3 F2021 Q2 F2021 ended September 30,

September June March December September 30, 2021 30, 31, 31, 2020 30, 2020 2021 2020 2021 2021

ProductionData

206,933 142,907 112,561 182,268 181,020 349,840 355,196Ore Mined (tonne)

182,173 155,407 131,725 162,905 179,083 337,580 356,772Ore Milled (tonne)

Head Grades

Silver (gram/ 283 279 280 297 288 281 290tonne)

4.0 4.2 3.9 4.3 4.4 4.1 4.5Lead (%)

0.7 0.8 0.8 0.8 0.7 0.8 0.8Zinc (%)



Recovery Rates

95.4 94.7 93.7 93.9 94.4 95.1 94.6Silver (%)

95.5 95.7 95.1 96.4 96.1 95.6 96.1Lead (%)

56.0 59.7 65.0 63.3 57.9 57.8 60.9Zinc (%)

Metalproduction



Silver (in 1,517 1,283 1,083 1,464 1,525 2,800 3,068thousands ofounces)



Gold (in 0.8 1.0 0.3 0.9 1.1 1.8 2.2thousands ofounces)



Lead (in 14,671 13,278 10,504 14,361 16,080 27,949 33,021thousands ofpounds)



Zinc (in 1,584 1,519 1,496 1,857 1,643 3,103 3,563thousands ofpounds)

Metals sold



Silver (in 1,553 1,447 936 1,446 1,556 3,000 3,228thousands ofounces)



Gold (in 0.8 1.0 0.7 0.8 1.0 1.8 2.1thousands ofounces)



Lead (in 14,436 14,175 9,137 14,207 15,585 28,611 33,364thousands ofpounds)

Zinc (inthousands of 1,617 1,521 1,306 2,241 1,384 3,138 3,421pounds)

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

Q1 Q4 Six monthsGC Mine Q2 F2022 F2022 F2021 Q3 F2021 Q2 F2021 ended September 30,

September June March December September 30, 2021 30, 31, 31, 2020 30, 2020 2021 2020 2021 2021

ProductionData

85,535 88,328 50,511 97,177 86,833 173,863 167,212Ore Mined (tonne)

89,643 87,670 48,949 97,743 84,850 177,313 169,487Ore Milled (tonne)

Head Grades

73 80 87 82 81 77 87Silver (gram/ tonne)

1.7 1.5 1.7 1.4 1.8 1.6 1.8Lead (%)

3.3 3.3 3.3 3.5 3.4 3.3 3.4Zinc (%)

Recovery Rates

84.4 84.1 81.9 82.6 82.5 84.2 82.7Silver (%)

89.5 89.3 89.7 89.6 89.2 89.4 89.5Lead (%)

89.6 89.3 88.2 89.7 87.3 89.5 87.3Zinc (%)

Metalproduction



Silver (in 179 190 112 212 182 369 391thousands ofounces)



Lead (in 2,942 2,600 1,652 2,750 3,006 5,542 6,142thousands ofpounds)



Zinc (in 5,899 5,679 3,176 6,816 5,490 11,578 11,103thousands ofpounds)

Metals sold



Silver (in 176 195 120 201 184 371 384thousands ofounces)



Lead (in 2,883 2,635 1,739 2,599 2,966 5,518 6,072thousands ofpounds)

Zinc (inthousands of 6,009 5,734 3,274 6,724 6,027 11,743 10,948pounds)

About Silvercorp