EX-99.1 2 exhibit99-1.htm NEWS RELEASE DATED APRIL 14, 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 FISCAL 2022

VANCOUVER, British Columbia – April 14, 2022 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production and sales figures for the fiscal year 2022 ended March 31, 2022 (“Fiscal 2022”). The Company expects to release its Fiscal 2022 audited financial results on Thursday, May 26, 2022 after market close.

In Fiscal 2022, the Company produced approximately 6.1 million ounces of silver, 3,400 ounces of gold, 64.4 million pounds of lead, and 26.8 million pounds of zinc, slightly below the guidance of 6.3 to 6.6 million ounces of silver, 65.7 to 68.9 million pounds of lead, and 26.9 to 28.5 million pounds of zinc. The shortfall was mainly due to the disruptions arising from the mining contract renewal negotiation process and the heavy rainfall experienced at the Ying Mining District as reported in previous quarters.

The Company reiterates its Fiscal 2023 production guidance of 7.0 to 7.3 million ounces of silver, 6,300 to 7,900 ounces of gold, 68.4 to 71.3 million pounds of lead, and 32.0 to 34.5 million pounds of zinc. Fiscal 2023 production guidance represents anticipated increases of 14% to 19% in silver, 85% to 132% in gold, 6% to 11% in lead, and 19% to 29% in zinc compared to Fiscal 2022 production results.

FISCAL 2022 OPERATING HIGHLIGHTS

  • At the Ying Mining District, 681,398 tonnes of ore were mined, up 5% over Fiscal 2021, and 684,293 tonnes of ore were milled, up 5% over Fiscal 2021. Approximately 5.5 million ounces of silver, 3,400 ounces of gold, 54.9 million pounds of lead, and 6.8 million pounds of zinc were produced, representing decreases of 2%, 3%, 5%, and 2%, respectively, in silver, gold, lead, and zinc over Fiscal 2021.

  • At the GC Mine, 314,882 tonnes of ore were mined, comparable to 314,900 tonnes in Fiscal 2021, and 318,042 tonnes of ore were milled, up 1% over Fiscal 2021. Approximately 640 thousand ounces of silver, 9.5 million pounds of lead, and 20.0 million pounds of zinc were produced, representing decreases of 11%, 9% and 5%, respectively, in silver, lead, and zinc over Fiscal 2021.

  • On a consolidated basis, 996,280 tonnes of ore were mined, up 3% over Fiscal 2021, and 1,002,335 tonnes of ore were milled, up 4% over Fiscal 2021. Approximately 6.1 million ounces of silver, 3,400 ounces of gold, 64.4 million pounds of lead, and 26.8 million pounds of zinc were produced, representing decreases of 3%, 3%, 6%, and 4%, respectively, in silver, gold, lead, and zinc over Fiscal 2021.

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  • On a consolidated basis, the Company sold approximately 6.3 million ounces of silver, 63.6 million pounds of lead, 26.8 million pounds of zinc, and 3,400 ounces of gold, representing decreases of 1%, 5%, and 4%, respectively, in silver, lead, zinc and an 8% increase in gold sold excluding the one-time sale of 1,200 ounces of gold from the BYP Mine in Fiscal 2021.

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

Consolidated   Q4 F2022     Q3 F2022     Q2 F2022     Q1 F2022     Q4 F2021       Year ended March 31,  
    March 31, 2022     December 31, 2021     September 30, 2021     June 30, 2021     March 31, 2021       2022     2021  
Production Data                                            

Ore Mined (tonne)

   180,505     292,072     292,468     231,235     163,072       996,280     964,925  

Ore Milled (tonne)

   182,670     304,772     271,816     243,077     180,674       1,002,335     967,581  

 

                                            

Head Grades

                                            

Silver (gram/tonne)

   213     205     214     207     228       209     223  

Lead (%)

   3.2     3.1     3.2     3.2     3.3       3.2     3.4  

Zinc (%)

   1.4     1.5     1.6     1.7     1.5       1.5     1.7  

 

                                            

Recovery Rates

                                            

Silver (%)

   94.2     93.8     94.1     93.2     92.5       93.8     92.7  

Lead (%)

   95.2     94.4     94.5     94.6     94.3       94.6     95.0  

Zinc (%)

   75.8     80.1     79.3     80.7     79.0       79.3     80.0  
                                             
Metal production                                            

Silver (in thousands of ounces)

   1,146     1,834     1,696     1,474     1,195       6,149     6,331  

Gold (in thousands of ounces)

   0.5     1.1     0.8     1.0     0.3       3.4     3.5  

Lead (in thousands of pounds)

   11,962     18,978     17,613     15,878     12,156       64,431     68,430  

Zinc (in thousands of pounds)

   4,101     8,030     7,483     7,198     4,672       26,812     28,011  
                                             
Metals sold                                            

Silver (in thousands of ounces)

   1,173     1,721     1,729     1,642     1,056       6,265     6,315  

Gold (in thousands of ounces)

   0.5     1.1     0.8     1.0     0.7       3.4     4.7  

Lead (in thousands of pounds)

   12,279     17,155     17,319     16,810     10,876       63,563     67,118  

Zinc (in thousands of pounds)

   4,340     7,588     7,626     7,255     4,580       26,809     27,914  

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

Ying Mining District   Q4 F2022     Q3 F2022     Q2 F2022     Q1 F2022     Q4 F2021       Year ended March 31,  
    March 31, 2022     December 31, 2021     September 30, 2021     June 30, 2021     March 31, 2021       2022     2021  
Production Data                                            

Ore Mined (tonne)

   130,612     200,946     206,933     142,907     112,561       681,398     650,025  

Ore Milled (tonne)

   131,731     214,982     182,173     155,407     131,725       684,293     651,402  
                                             

Head Grades

                                            

Silver (gram/tonne)

   271     258     283     279     280       272     290  

Lead (%)

   3.9     3.7     4.0     4.2     3.9       3.9     4.3  

Zinc (%)

   0.8     0.8     0.7     0.8     0.8       0.8     0.8  
                                             

Recovery Rates

                                            

Silver (%)

   95.2     95.1     95.4     94.7     93.7       95.1     94.2  

Lead (%)

   96.1     95.2     95.5     95.7     95.1       95.6     96.0  

Zinc (%)

   57.4     64.0     56.0     59.7     65.0       59.7     62.4  
                                             
Metal production                                            

Silver (in thousands of ounces)

   1,062     1,647     1,517     1,283     1,083       5,509     5,615  

Gold (in thousands of ounces)

   0.5     1.1     0.8     1.0     0.3       3.4     3.5  

Lead (in thousands of pounds)

   10,542     16,392     14,671     13,278     10,504       54,883     57,886  

Zinc (in thousands of pounds)

   1,317     2,347     1,584     1,519     1,496       6,767     6,916  
                                             
Metals sold                                            

Silver (in thousands of ounces)

   1,058     1,561     1,553     1,447     936       5,619     5,610  

Gold (in thousands of ounces)

   0.5     1.1     0.8     1.0     0.7       3.4     3.5  

Lead (in thousands of pounds)

   10,278     15,003     14,436     14,175     9,137       53,892     56,708  

Zinc (in thousands of pounds)

   1,524     1,947     1,617     1,521     1,306       6,609     6,968  

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

GC Mine   Q4 F2022     Q3 F2022     Q2 F2022     Q1 F2022     Q4 F2021       Year ended March 31,  
    March 31, 2022     December 31, 2021     September 30, 2021     June 30, 2021     March 31, 2021       2022     2021  
Production Data                                            

Ore Mined (tonne)

   49,893     91,126     85,535     88,328     50,511       314,882     314,900  

Ore Milled (tonne)

   50,939     89,790     89,643     87,670     48,949       318,042     316,179  
                                             

Head Grades

                                            

Silver (gram/tonne)

   62     78     73     80     87       75     85  

Lead (%)

   1.4     1.5     1.7     1.5     1.7       1.5     1.7  

Zinc (%)

   2.8     3.2     3.3     3.3     3.3       3.2     3.4  
                                             

Recovery Rates

                                            

Silver (%)

   82.4     83.5     84.4     84.1     81.9       83.8     82.5  

Lead (%)

   88.7     89.0     89.5     89.3     89.7       89.2     89.6  

Zinc (%)

   89.8     89.8     89.6     89.3     88.2       89.6     88.2  
                                             
Metal production                                            

Silver (in thousands of ounces)

   84     187     179     190     112       640     716  

Lead (in thousands of pounds)

   1,420     2,586     2,942     2,600     1,652       9,548     10,544  

Zinc (in thousands of pounds)

   2,784     5,683     5,899     5,679     3,176       20,045     21,095  
                                             
Metals sold                                            

Silver (in thousands of ounces)

   115     160     176     195     120       646     705  

Lead (in thousands of pounds)

   2,001     2,152     2,883     2,635     1,739       9,671     10,410  

Zinc (in thousands of pounds)

   2,816     5,641     6,009     5,734     3,274       20,200     20,946  

About Silvercorp

Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for

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discovery; 3) equity investments in potential world class opportunities; 4) ongoing merger and acquisition efforts to unlock value; and 5) long term commitment to responsible mining and ESG. 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.

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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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