Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
Canada NewsWire
VANCOUVER, BC, April 23, 2024
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, April 23, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fourth quarter (Q4 Fiscal 2024) and fiscal year ended March 31, 2024 ("Fiscal 2024") and the production and cost guidance for the 2025 fiscal year ending March 31, 2025 ('Fiscal 2025"). The Company expects to release its Fiscal 2024 audited financial results on Thursday, May 23, 2024 after market close.
Q4 Fiscal 2024 Operational Results
- Gold production of 1,916 ounces, up 92% over the same quarter last year ("Q4 Fiscal 2023");
- Silver equivalent (only silver and gold)1 production of approximately 1.3 million ounces, up 11% over Q4 Fiscal 2023;
- Lead production of approximately 12.5 million pounds, up 15% over Q4 Fiscal 2023; and
- Zinc production of approximately 4.56 million pounds, up 27% over Q4 Fiscal 2023.
Fourth Quarter Fiscal 2024 | Fourth Quarter Fiscal 2023 | |||||||
Ying Mining | GC | Consolidated | 'Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 147,122 | 48,038 | 195,160 | 132,205 | 49,643 | 181,848 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 21,843 | - | 21,843 | - | - | - | ||
Silver ore | 158,424 | 57,226 | 215,650 | 130,910 | 48,483 | 179,393 | ||
180,267 | 57,226 | 237,493 | 130,910 | 48,483 | 179,393 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 197 | 57 | 255 | 88 | ||||
Lead (%) | 3.1 | 1.1 | 3.6 | 1.3 | ||||
Zinc (%) | 0.6 | 2.5 | 0.6 | 2.5 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.4 | 83.2 | 95.2 | 78.9 | ||||
Lead (%) | 95.0 | 89.8 | 95.3 | 90.9 | ||||
Zinc (%) | 70.2 | 89.3 | 68.3 | 89.3 | ||||
Metal production | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,063 | 87 | 1,150 | 997 | 109 | 1,106 | ||
Silver equivalent (in thousands of ounces) | 1,237 | 87 | 1,324 | 1,086 | 109 | 1,195 | ||
Lead (in thousands of pounds) | 11,317 | 1,210 | 12,527 | 9,688 | 1,250 | 10,938 | ||
Zinc (in thousands of pounds) | 1,750 | 2,809 | 4,559 | 1,164 | 2,413 | 3,577 | ||
Metals sold | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,052 | 87 | 1,139 | 966 | 107 | 1,073 | ||
Lead (in thousands of pounds) | 10,821 | 1,051 | 11,872 | 8,924 | 1,097 | 10,021 | ||
Zinc (in thousands of pounds) | 1,730 | 2,702 | 4,432 | 1,115 | 2,336 | 3,451 | ||
In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined at the Ying Mining District, up 11% over Q4 Fiscal 2023, and 180,267 tonnes of ore were milled, up 38% over Q4 Fiscal 2023. Approximately 1.1 million ounces of silver, 1,916 ounces of gold (or 1.2 million ounces of silver equivalent), 11.3 million pounds of lead, and 1.8 million pounds of zinc were produced, representing production increases of 92%,7%, 14%, 17%, and 50%, respectively, in silver, gold, silver equivalent, lead and zinc over Q4 Fiscal 2023.
At the GC Mine, 48,038 tonnes of ore were mined, down 3% over Q4 Fiscal 2023, and 57,226 tonnes of ore were milled, up 18% over Q4 Fiscal 2023. Approximately 87 thousand ounces of silver, 1.2 million pounds of lead, and 2.8 million pounds of zinc were produced, representing an increase of 16% in zinc, and decreases of 20% and 3%, respectively, in silver and lead over Q4 Fiscal 2023.
Fiscal 2024 Operational Results
- Gold production of 7,268 ounces, an increase of 65% over Fiscal 2023;
- Silver equivalent (only silver and gold) production of approximately 6.8 million ounces, a decrease of 2% over Fiscal 2023;
- Lead production of approximately 63.2 million pounds, a decrease of 7% over Fiscal 2023; and
- Zinc production of approximately 23.4 million pounds, a decrease of 1% over Fiscal 2023; and
Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||
Ying Mining | GC | Consolidated | Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 827,112 | 290,006 | 1,117,118 | 769,024 | 299,959 | 1,068,983 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 58,262 | - | 58,262 | - | - | - | ||
Silver ore | 757,883 | 290,050 | 1,047,933 | 773,057 | 299,597 | 1,072,654 | ||
816,145 | 290,050 | 1,106,195 | 773,057 | 299,597 | 1,072,654 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 231 | 69 | 261 | 75 | ||||
Lead (%) | 3.4 | 1.2 | 3.8 | 1.3 | ||||
Zinc (%) | 0.7 | 2.6 | 0.7 | 2.8 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.9 | 82.0 | 95.6 | 81.9 | ||||
Lead (%) | 95.1 | 90.5 | 95.0 | 89.8 | ||||
Zinc (%) | 70.6 | 90.0 | 63.2 | 89.9 | ||||
Metal production | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,677 | 527 | 6,204 | 6,024 | 593 | 6,617 | ||
Silver equivalent (in thousands of ounces) | 6,317 | 527 | 6,844 | 6,404 | 593 | 6,997 | ||
Lead (in thousands of pounds) | 56,269 | 6,902 | 63,171 | 60,254 | 7,814 | 68,068 | ||
Zinc (in thousands of pounds) | 8,213 | 15,172 | 23,385 | 7,150 | 16,313 | 23,463 | ||
Metals sold | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,717 | 518 | 6,235 | 6,049 | 588 | 6,637 | ||
Lead (in thousands of pounds) | 54,292 | 6,333 | 60,625 | 58,240 | 7,447 | 65,687 | ||
Zinc (in thousands of pounds) | 8,240 | 15,010 | 23,250 | 7,175 | 16,263 | 23,438 | ||
At the Ying Mining District, 827,112 tonnes of ore were mined, up 8% over Fiscal 2023, and 816,145 tonnes of ore were milled, up 6% over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268 ounces of gold (or 6.3 million ounces of silver equivalent), 56.3 million pounds of lead, and 8.2 million pounds of zinc were produced, representing increases of 65% and 15%, respectively, in gold and zinc, and decreases of 6%, 1% and 7%, respectively, in silver, silver equivalent and lead over Fiscal 2023.
The decrease in silver and lead production was mainly due to i) lower head grades achieved due to mining sequences; and ii) 58,262 tonnes of gold ores were mined and processed with grades of 1.8 grams per tonne ("g/t") gold, 77 g/t silver, 1.1% lead, and 0.2% zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate in Fiscal 2024. The gold recovery rate for gold ores processed was 92.0%.
At the GC Mine, 290,006 tonnes of ore were mined, down 3% over Fiscal 2023, and 290,050 tonnes of ore were milled, down 3% over Fiscal 2023. Approximately 527 thousand ounces of silver, 6.9 million pounds of lead, and 15.2 million pounds of zinc were produced, representing decreases of 11%, 12% and 7%, respectively, in silver, lead and zinc over Fiscal 2023. The decrease in metal production was mainly due to lower head grades achieved due to mining sequences.
Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
i) Fiscal 2025 production and cash cost guidance |
In Fiscal 2025, the Company expects to mine and process 1,151,000 to 1,256,000 tonnes of ore, yielding approximately 7,900 to 9,000 ounces of gold, 6.8 to 7.2 million ounces of silver, 64.2 to 69.3 million pounds of lead, and 27.1 to 30.1 million pounds of zinc. Fiscal 2025 production guidance represents production increases of approximately 4% to 14% in ores, 8% to 23% in gold, 9% to 17% in silver, 2% to 10% in lead, and 16% to 29% in zinc compared to the production results in Fiscal 2024.
Head Grade |
|
|
||||||||||||||||||
Do not sell my personal information