VANCOUVER, British Columbia – February 9, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reported its financial and operating results for the three months ended December 31, 2022 (“Q3 Fiscal 2023”). All amounts are expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR Q3 FISCAL 2023
Mined 296,050 tonnes of ore, milled 303,442 tonnes of ore, and produced approximately 1.9 million ounces of silver, 1,100 ounces of gold, 20.1 million pounds of lead, and 7.0 million pounds of zinc;
Sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 19.3 million pounds of lead, and 7.1 million pounds of zinc, for revenue of $58.7 million;
Realized adjusted earnings attributable to equity holders of $11.8 million, or $0.07 per share. The adjustments were made to remove impacts from impairment charges, share-based compensation, foreign exchange, mark-to-market equity investments, and the share of associates’ operating results;
Reported net income attributable to equity holders of $11.9 million, or $0.07 per share;
Generated cash flow from operating activities of $25.7 million;
Cash costs per ounce of silver, net of by-product credits, of negative $1.15;
All-in sustaining costs per ounce of silver, net of by-product credits, of $9.28;
Spent and capitalized $1.4 million on exploration drilling, $9.0 million on underground development, and $2.8 million on construction of the new mill and tailings storage facility;
Strong balance sheet with $210.3 million in cash and cash equivalents and short-term investments. The Company holds a further portfolio of equity investments in associates and other companies with a total market value of $121.8 million as at December 31, 2022.
FISCAL 2024 PRODUCTION GUIDANCE
To mine and process 1,100,000 to 1,170,000 tonnes of ores, yielding approximately 4,400 to 5,500 ounces of gold, 6.8 to 7.2 million ounces of silver, 70.5 to 73.8 million pounds of lead, and 27.7 to 29.7 million pounds of zinc.
The guidance represents a production increase of approximately 3% to 8% in ores, 1% to 26% in gold, 3% to 8% in silver, 3% to 8% in lead, and 14% to 23% in zinc compared to the expected production results in Fiscal 2023.
CONSOLIDATED FINANCIAL RESULTS

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