Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) has reported double-digit growth in the production and sales of silver, lead and gold in the first quarter ended 30 June 2022.
The China-focused firm said on a consolidated basis, sales increased 17%, 10%, and 14% for silver, lead, and gold, respectively but zinc fell 5% from the year-ago period.
Also on a consolidated basis, 300,104 tonnes of ore were mined during the quarter, up 30% over 1Q fiscal 2022, and 298,176 tonnes of ore were milled, up 23%.
READ: Silvercorp Metals records 13% revenue increase in fiscal year ended March 31, 2022
Silvercorp said it produced and sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, and 19.1 million pounds of lead, representing year-over-year production increases of 26%, 10%, and 20%, respectively, in the three months ended 30 June, but production of zinc fell 4% to 6.9 million pounds.
The company affirmed it is on track to produce 7.0-7.3 million ounces of silver, 6,300-7,900 ounces of gold, 68.4-71.3 million pounds of lead, and 32.0-34.5 million pounds of zinc in fiscal 2023.
At the Ying Mining District, 214,038 tonnes of ore were mined, up 50% over Q1 fiscal 2022, and 212,055 tonnes of ore were milled, up 36%.
Some 1.7 million ounces of silver, 1,100 ounces of gold, 16.7 million pounds of lead, and 1.9 million pounds of zinc were produced, representing increases of 32%, 10%, 26%, and 27%, respectively, from the year-ago period.
At the GC Mine, 86,066 tonnes of ore were mined, down 3% from the same period in fiscal 2022, while 86,121 tonnes of ore were milled, down 2%.
Approximately 164 thousand ounces of silver, 2.4 million pounds of lead, and 5.0 million pounds of zinc were produced, representing decreases of 14%, 9%, and 12%, respectively, over Q1 fiscal 2022.
The company said it expects to release its first-quarter unaudited financial results on Thursday, August 11, 2022, after market close.
Silvercorp is a Canadian mining company with a long history of profitability and growth potential. The company's strategy is to create shareholder value by focusing on generating free cashflow from long life mines; organic growth through extensive drilling for discovery; ongoing merger and acquisition efforts to unlock value; and long-term commitment to responsible mining and ESG.
Contact the author at jon.hopkins@proactiveinvestors.com