Silvercorp Reports Operational Results and the Financial Results Release Date for the First Quarter of Fiscal 2024

Trading Symbol:        TSX: SVM
NYSE AMERICAN: SVM

VANCOUVER, British Columbia – July 13, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production and sales figures for the first quarter of fiscal year 2024 ended June 30, 2023 (“Q1 Fiscal 2024”). The Company expects to release its Q1 Fiscal 2024 unaudited financial results on Thursday, August 3, 2023 after market close.
 
Production highlights

• Gold and silver production are on track to achieve Fiscal 2024 annual guidance;
• Silver equivalent (including silver and gold)^[1] production of approximately 1.9 million ounces, effectively the same as Q1 Fiscal 2023;
• Gold production of 1,552 ounces; 41% increase over Q1 Fiscal 2023;
• Silver production of approximately 1.8 million ounces; 4% decrease over Q1 Fiscal 2023; and
• Zinc and lead production of approximately 17.8 million pounds and 6.8 million pounds; 7% and 2% decreases, respectively, over Q1 Fiscal 2023.

 
The lower silver and lead production is primarily due to a decrease in head grades at the Ying Mining District in line with the planned mining sequences and Mineral Reserves.

The Company reiterates its Fiscal 2024 production guidance of approximately 6.8 to 7.2 million ounces of silver, 4,400 to 5,500 ounces of gold, 70.5 to 73.8 million pounds of lead, and 27.7 to 29.7 million pounds of zinc.
 

^[1] Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio of 1:84, and then adding the converted amount expressed in silver ounces to the ounces of silver.
 
First Quarter Fiscal 2024 Consolidated Operating Highlights

 
At the Ying Mining District, 213,748 tonnes of ore were mined, effectively the same as Q1 Fiscal 2023, and 208,809 tonnes of ore were milled, down 2% over Q1 Fiscal 2023. Approximately 1.6 million ounces of silver, 1,552 ounces of gold, 15.4 million pounds of lead, and 2.1 million pounds of zinc were produced, representing increases of 41% and 10%, respectively in gold and zinc, and decreases of 6% and 8%, respectively, in silver and lead over Q1 Fiscal 2023.
 
At the GC Mine, 89,472 tonnes of ore were mined, up 4% over Q1 Fiscal 2023, and 86,286 tonnes of ore were milled, effectively the same as Q1 Fiscal 2023. Approximately 183 thousand ounces of silver, 2.4 million pounds of lead, and 4.7 million pounds of zinc were produced, representing increases of 12% and 3%, respectively, in silver and lead, and a decrease of 6% in zinc, over Q1 Fiscal 2023.