Silvercorp Metals Outlines Operational Performance and Fiscal Projections

April 24, 2024

Silvercorp Metals Inc. has reported its production results for the fourth quarter of fiscal 2024, which ended on March 31, 2024, and has provided guidance for fiscal 2025. The company anticipates releasing its audited financial results for fiscal 2024 on May 23, 2024, after market close.

Q4 Fiscal 2024 Highlights:

Gold production increased significantly by 92% compared to the same period last year, totaling 1,916 ounces.
Silver equivalent production rose by 11% year-over-year, reaching approximately 1.3 million ounces.
Lead and zinc production also saw increases, with lead up by 15% to approximately 12.5 million pounds and zinc by 27% to approximately 4.56 million pounds.

The detailed operational data shows that the Ying Mining District and the GC mining sites have experienced varied production changes. At Ying, there was an 11% increase in ore mined and a 38% increase in ore milled compared to the fourth quarter of fiscal 2023. The GC Mine, however, saw a slight decrease in ore mined but an 18% increase in ore milled.

Fiscal 2024 Yearly Performance:

Overall, the company produced 7,268 ounces of gold, marking a 65% increase from the previous fiscal year.
Silver production slightly decreased by 2%, totaling about 6.8 million ounces.
Lead production saw a decrease of 7% to approximately 63.2 million pounds, while zinc production essentially remained stable with a minimal 1% decrease to about 23.4 million pounds.

Fiscal 2025 Guidance:

For the upcoming fiscal year ending March 31, 2025, Silvercorp aims to mine and process between 1,151,000 to 1,256,000 tonnes of ore.
The company projects gold production to be between 7,900 to 9,000 ounces, and silver production to range from 6.8 to 7.2 million ounces.
Lead and zinc production are expected to be between 64.2 to 69.3 million pounds and 27.1 to 30.1 million pounds, respectively.

Silvercorp has set its capital expenditure for fiscal 2025 at approximately $90.8 million, focused on further development and optimization of its mining operations. The major investments include significant tunneling and drilling at both Ying Mining District and GC Mine, along with the installation of new milling and ore sorting technologies.