UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13a-16 OR
15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
October 16,
2023
Commission File No. 0001-34184
SILVERCORP
METALS INC.
(Translation of registrant’s name into English)
Suite 1750 - 1066 West Hastings
Street
Vancouver, BC Canada V6E 3X1
(Address of principal executive office)
[Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]
Form 20-F [ ] Form
40-F [ X ]
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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Dated:
October 16, 2023 |
SILVERCORP METALS INC. |
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/s/ Derek Liu |
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Derek Liu |
|
Chief Financial Officer |
EXHIBIT INDEX
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EXHIBIT |
DESCRIPTION OF EXHIBIT |
Exhibit 99.1
Silvercorp Reports Operational Results and Financial
Results Release Date for Second Quarter, Fiscal 2024
VANCOUVER, BC, Oct. 16, 2023 /CNW/ - Silvercorp Metals
Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales
figures for the second quarter of fiscal year 2024 ended September 30, 2023 ("Q2 Fiscal 2024"). The Company expects
to release its Q2 Fiscal 2024 unaudited financial results on Thursday, November 9, 2023 after market close.
Q2 Fiscal 2024 Operational Results
- Gold production of 2,458 ounces, an increase of 105% over Q2 Fiscal
2023;
- Silver equivalent (only silver and gold)1 production
of approximately 1.8 million ounces; and
- Lead and zinc production of approximately 16.1 million pounds
and 4.6 million pounds, an 11% and 23% decrease over Q2 Fiscal 2023, respectively.
|
Second Quarter Fiscal 2024 |
|
Second Quarter Fiscal 2023 |
|
Ying Mining
District |
GC |
Consolidated |
|
Ying Mining
District |
GC |
Consolidated |
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|
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|
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Production Data |
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|
|
|
|
|
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|
Ore Mined (tonnes) |
220,636 |
52,829 |
273,465 |
|
215,927 |
75,054 |
290,981 |
|
Ore Milled (tonnes) |
212,868 |
48,239 |
261,107 |
|
216,262 |
75,381 |
291,643 |
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|
|
|
|
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|
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Head Grades |
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
235 |
66 |
|
|
257 |
72 |
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Lead (%) |
3.5 |
1.1 |
|
|
3.7 |
1.2 |
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Zinc (%) |
0.7 |
2.5 |
|
|
0.7 |
2.7 |
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|
|
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|
|
|
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|
Recovery Rates |
|
|
|
|
|
|
|
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Gold(%) |
91.1 |
- |
|
|
- |
- |
|
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Silver (%) |
95.0 |
82.7 |
|
|
95.5 |
81.0 |
|
|
Lead (%) |
95.0 |
90.2 |
|
|
94.1 |
88.5 |
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Zinc (%) |
71.1 |
89.8 |
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|
62.5 |
89.6 |
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|
|
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|
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|
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Metal production |
|
|
|
|
|
|
|
|
Gold (ounces) |
2,458 |
- |
2,458 |
|
1,200 |
- |
1,200 |
|
Silver (in thousands of ounces) |
1,506 |
84 |
1,590 |
|
1,657 |
141 |
1,798 |
|
Silver equivalent (in thousands of ounces) |
1,731 |
84 |
1,815 |
|
1,757 |
141 |
1,898 |
|
Lead (in thousands of pounds) |
15,018 |
1,047 |
16,065 |
|
16,201 |
1,782 |
17,983 |
|
Zinc (in thousands of pounds) |
2,197 |
2,404 |
4,601 |
|
1,976 |
4,010 |
5,986 |
|
|
|
|
|
|
|
|
|
Metals sold |
|
|
|
|
|
|
|
|
Gold (ounces) |
2,515 |
- |
2,515 |
|
1,200 |
- |
1,200 |
|
Silver (in thousands of ounces) |
1,498 |
80 |
1,578 |
|
1,649 |
140 |
1,789 |
|
Lead (in thousands of pounds) |
14,275 |
900 |
15,175 |
|
15,587 |
1,681 |
17,268 |
|
Zinc (in thousands of pounds) |
2,163 |
2,415 |
4,578 |
|
1,882 |
4,058 |
5,940 |
At the Ying Mining District, 220,636 tonnes of
ore were mined, up 2% over Q2 Fiscal 2023, and 212,868 tonnes of ore were milled, down 2% over Q2 Fiscal 2023. Approximately 1.5 million
ounces of silver, 2,458 ounces of gold (or 1.7 million ounces of silver equivalent), 15.0 million pounds of lead, and 2.2 million pounds
of zinc were produced, representing increases of 105% and 11%, respectively in gold and zinc, relatively the same in silver equivalent,
and decreases of 9% and 7%, respectively, in silver and lead over Q2 Fiscal 2023.
The decrease in silver and lead production was mainly
due to lower head grades achieved due to mining sequences and 12,800 tonnes of gold ores were mined and processed
with grades of 1.9 grams per tonne ("g/t") gold, 82 g/t silver, 0.8% lead, and 0.3% zinc to produce gravity gold concentrates,
silver-gold-lead (copper) concentrate, and zinc concentrate in Q2 Fiscal 2024. The gold recovery rate for gold ores processed was 91.1%.
As a result of processing gold gravity concentrate, the Company has poured its first gold and produced and sold 649 ounces of gold
doré in the current quarter.
At the GC Mine, 52,829 tonnes of ore were mined, down
30% over Q2 Fiscal 2023, and 48,239 tonnes of ore were milled, down 36% over Q2 Fiscal 2023. Approximately 84 thousand ounces of silver,
1.0 million pounds of lead, and 2.4 million pounds of zinc were produced, representing decreases of 40%, 41% and 40%, respectively, in
silver, lead and zinc, over Q2 Fiscal 2023. The decrease was mainly due to a production disruption of five weeks due to a series of improvement
measures and a district-wide cessation of industrial activity associated with improvements made to the provincial power grid at the GC
Mine in Q2 Fiscal 2024 (refer to the Company's September 5, 2023 news release).
Six Months Ended September 30, 2023 and 2022
Consolidated Operational Results
|
Six months ended September 30, 2023 |
|
Six months ended September 30, 2022 |
|
Ying Mining
District |
GC |
Consolidated |
|
Ying Mining
District |
GC |
Consolidated |
|
|
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|
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Production Data |
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Ore Mined (tonnes) |
434,384 |
142,301 |
576,685 |
|
429,965 |
161,120 |
591,085 |
|
Ore Milled (tonnes) |
421,677 |
134,525 |
556,202 |
|
428,317 |
161,502 |
589,819 |
|
|
|
|
|
|
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|
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Head Grades |
|
|
|
|
|
|
|
|
Silver (gram/tonne) |
244 |
75 |
|
|
262 |
72 |
|
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Lead (%) |
3.5 |
1.3 |
|
|
3.8 |
1.3 |
|
|
Zinc (%) |
0.7 |
2.7 |
|
|
0.7 |
2.8 |
|
|
|
|
|
|
|
|
|
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Recovery Rates |
|
|
|
|
|
|
|
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Gold(%) |
91.7 |
- |
|
|
- |
- |
|
|
Silver (%) |
95.0 |
82.7 |
|
|
95.6 |
82.3 |
|
|
Lead (%) |
95.3 |
90.6 |
|
|
94.8 |
89.3 |
|
|
Zinc (%) |
70.3 |
90.2 |
|
|
60.3 |
90.0 |
|
|
|
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|
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Metal production |
|
|
|
|
|
|
|
|
Gold (ounces) |
4,010 |
- |
4,010 |
|
2,300 |
- |
2,300 |
|
Silver (in thousands of ounces) |
3,103 |
267 |
3,370 |
|
3,353 |
305 |
3,658 |
|
Silver equivalent (in thousands of ounces) |
3,458 |
267 |
3,725 |
|
3,548 |
305 |
3,853 |
|
Lead (in thousands of pounds) |
30,400 |
3,481 |
33,881 |
|
32,919 |
4,152 |
37,071 |
|
Zinc (in thousands of pounds) |
4,310 |
7,112 |
11,422 |
|
3,904 |
9,008 |
12,912 |
|
|
|
|
|
|
|
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|
Metals sold |
|
|
|
|
|
|
|
|
Gold (ounces) |
4,010 |
- |
4,010 |
|
2,300 |
- |
2,300 |
|
Silver (in thousands of ounces) |
3,129 |
264 |
3,393 |
|
3,408 |
296 |
3,704 |
|
Lead (in thousands of pounds) |
29,277 |
3,228 |
32,505 |
|
32,347 |
4,046 |
36,393 |
|
Zinc (in thousands of pounds) |
4,295 |
7,203 |
11,498 |
|
3,917 |
8,951 |
12,868 |
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 discovery;
3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more
information, please visit our website at www.silvercorpmetals.com.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
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 and US 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.
Actual results may vary from forward-looking statements.
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:
global economic and social impact 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; 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" and in the Company's Annual Report on Form 40-F, and
in the Company's other filings with Canadian and U.S. securities regulators. 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, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions may
prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For
the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Additional information related to the Company, including
Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov,
and on the Company's website at www.silvercorpmetals.com.
__________________________________ |
1 Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio between the net realized selling prices of gold and silver achieved, and then adding the converted amount expressed in silver ounces to the ounces of silver. |
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SOURCE Silvercorp Metals Inc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2023/16/c3768.html
%CIK: 0001340677
CO: Silvercorp Metals Inc
CNW 07:30e 16-OCT-23
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