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Silvercorp Metals on track to meet fiscal 2021 output guidance as it reports solid first quarter numbers

The China-focused underground mine operator produced around 1.8 million ounces of silver, 20.1 million pounds of lead and 7.5 million pounds of zinc in the three months to June 30, 2020

Silvercorp Metals Inc -
The group expects to produce between 6.2 and 6.5 million ounces of silver, 66.1 and 68.5 million pounds of lead, and 24.5 and 26.7 million pounds of zinc in fiscal 2021

Silvercorp Metals Inc (NSYEAMERICAN:SVM) (TSX:SVM) has said it is on track to meet its production guidance for fiscal 2021 as it reported solid first-quarter output numbers.

The China-focused underground mine operator said it produced around 1.8 million ounces of silver, 20.1 million pounds of lead and 7.5 million pounds of zinc in the three months to June 30, 2020. Silver output was 10% down on the same period last year, while zinc output was up 4%, and lead production was lifted by 1%.

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The figures come from the miner's flagship Ying project in the Ying mining district, together with its GC mine in the Guangdong province of China.

Ore mined at Ying was 174,176 tonnes, a slight decrease on the 176,584 tonnes seen in 1Q of fiscal 2020, while ore milled was 177,689 tonnes, with average head grades of 293 grams per tonne (g/t) silver, 4.6% for lead, and 0.8% for zinc.

Meanwhile, Silvercorp revealed that ore mined at the GC Mine was 80,379 tonnes, also a slight decrease compared to 80,808 tonnes in the first quarter of fiscal 2020. Ore milled was 84,637 tonnes with head grades of 93 g/t for silver, 1.9% for lead, and 3.4% for zinc.

The group confirmed in the first quarter statement that it was on track to produce between 6.2 and 6.5 million ounces of silver, 66.1 and 68.5 million pounds of lead, and 24.5 and 26.7 million pounds of zinc in fiscal 2021, as it previously reported in February.

Silvercorp said it expects to report sales volumes, and unaudited financial and operating results for the first fiscal quarter after the market close on August 6, 2020.

Shares in Toronto added 9.4% to C$8.98 each. In New York, they gained 8.7% to US$6.60.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

Quick facts: Silvercorp Metals Inc

Price: 8.98 CAD

TSX:SVM
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Market Cap: $1.57 billion
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