EX-99.1 2 exhibit99-1.htm NEWS RELEASE DATED JANUARY 13, 2022 Exhibit 99.1

Exhibit 99.1

NEWS RELEASE

Trading Symbol: TSX: SVM
  NYSE AMERICAN: SVM

SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE THIRD QUARTER OF FISCAL 2022

VANCOUVER, British Columbia – January 13, 2022 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/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.

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.

1




  • 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 Q3F2022 Q2F2022 Q1F2022 Q4F2021 Q3F2021 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  

2




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

Ying Mining District Q3F2022   Q2F2022   Q1F2022   Q4F2021   Q3F2021     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 Q3F2022   Q2F2022   Q1F2022   Q4F2021   Q3F2021     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.

3




Silvercorp balances profitability, social and environmental relationships, employees’ wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.

For further information
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: 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,

4




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.

5