Trading Symbol:  TSX: SVM                              NYSE AMERICAN: SVM        VANCOUVER, BC, Aug. 13, 2024 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE:SVM) reported its financial and operating results for the three months ended June 30, 2024 ("Q1 Fiscal 2025"). All amounts are expressed in US dollars, and figures may not add due to rounding. HIGHLIGHTS FOR Q1 FISCAL 2025  Mined 343,847 tonnes of ore, milled 307,696 tonnes of ore, and produced approximately 1,146 ounces of gold, 1.7 million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 15.6 million pounds of lead and 6.4 million pounds of zinc; Sold approximately 998 ounces of gold, 1.7 million ounces of silver, 15.7 million pounds of lead, and 6.5 million pounds of zinc, for revenue of $72.2 million; Reported net income attributable to equity shareholders of $21.9 million, or $0.12 per share; Realized adjusted basic earnings attributable to equity shareholders of $20.6 million, or $0.12 per share; Generated cash flow from operating activities of $40.0 million; Cash cost per ounce of silver, net of by-product credits, of negative $1.67; All-in sustaining cost per ounce of silver, net of by-product credits, of $9.82; Spent and capitalized $1.0 million on exploration drilling, $13.9 million on underground exploration and development, and $4.6 million on equipment and facilities, including $2.8 million on construction of the new tailing storage facility; Strong balance sheet with $215.7 million in cash and cash equivalents and short-term investments. This was after a $18.8 million private placement into Adventus Mining Corporation ("Adventus") in May 2024 to fund its operations as part of the Company's acquisition of Adventus via a plan of arrangement. The Company also holds a further equity investment portfolio in associates and other companies with a total market value of $108.2 million as at June 30, 2024; Inventory stockpile ore amounted to 59,293 tonnes not yet processed due to mill capacity constraints, with additional ore to be added to the stockpile in the coming quarter. If the stockpile had been processed, the Company's metal production would have aligned with its Fiscal 2025 annual guidance, and is anticipated to be processed when the 1,500 tonne per day new mill is in operation by November 2024; and Announced the completion of the acquisition of Adventus on July 31, 2024 to create geographically diversified mining company by adding the advanced El Domo Project and the Condor Projects, both located in Ecuador. CONSOLIDATED FINANCIAL RESULTS Three months ended June 30, 2024 2023 Changes Financial Results Revenue (in thousands of $) $         72,165 $            60,006 20 % Mine operating earnings (in thousands of $) 36,514 23,301 57 % Net income (loss) attributable to equity holders (in thousands of $) 21,938 9,217 138 %  Earnings (loss) per share - basic ($/share) 0.12 0.05 137 % Adjusted earnings attributable to equity holders (in thousands of $) 20,618 12,369 67 % Adjusted earnings per share - basic ($/share) 0.12 0.07 71 % Net cash generated from operating activities (in thousands of $) 39,955 28,881 38 % Capitalized expenditures (in thousands of $) 19,656 15,916 23 % Metals sold Gold (ounces) 998 1,495 -33 % Silver (in thousands of ounces) 1,739 1,815 -4 % Lead (in thousands of pounds) 15,663 17,330 -10 % Zinc (in thousands of pounds) 6,484 6,920 -6 % Average Selling Price, Net of Value Added Tax and Smelter Charges Gold ($/ounce) 1,990 1,682 18 % Silver ($/ounce) 26.34 19.37 36 % Lead ($/pound) 0.99 0.84 18 % Zinc ($/pound) 1.01 0.82 23 % Financial Position as at June 30, 2024 March 31, 2024 Cash and cash equivalents and short-term investments (in thousands of $) 215,739 184,891 17 % Working capital (in thousands of $) 178,893 154,744 16 % Net income attributable to equity shareholders of the Company in Q1 Fiscal 2025 was $21.9 million or $0.12 per share, compared to net income of $9.2 million or $0.05 per share in the three months ended June 30, 2023 ("Q1 Fiscal 2024"). Compared to Q1 Fiscal 2024, the Company's consolidated financial results were mainly impacted by i) increases of 18% 36%, 18% and 23%, respectively, in the realized selling prices for gold, silver, lead and zinc; ii) an increase of $1.1 million in gain on investment, and iii) an increase of $4.0 million in the positive impact from foreign exchange, offset by iv) decreases of 33%, 4%, 10%, and 6%, respectively, in gold, silver, lead and zinc sold; and v) an increase of $2.0 million in corporate administrative and business development expenditures. Excluding certain non-cash, non-recurring, and non-routine items, the adjusted basic earnings to equity shareholders were $20.6 million or $0.12 per share compared to $12.4 million or $0.07 per share in the prior year quarter. Revenue in Q1 Fiscal 2025 was $72.2 million, up 20% compared to $60.0 million in Q1 Fiscal 2024. The increase is mainly due to an increase of $17.3 million arising from the increase in the realized selling prices offset by a decrease of $5.1 million as a result of less metals sold. Compared to Q1 Fiscal 2024, the average realized selling prices for silver and gold in Q1 Fiscal 2025 increased by 36% and 18%, respectively, while the average silver and gold prices quoted on the SME increased by 32% and 20%, and the average silver and gold prices quoted on the LME increased by 19% and 18%, respectively. Income from mine operations in Q1 Fiscal 2025 was $36.5 million, up 57% compared to $23.3 million in Q1 Fiscal 2024. The increase was mainly due to the increase in revenue arising from the increases in the net realized metal selling prices. Income from mine operations at the Ying Mining District was $33.6 million, compared to $21.7 million in Q1 Fiscal 2024. Income from mine operations at the GC Mine was $3.0 million, compared to $1.7 million in Q1 Fiscal 2024. Cash flow provided by operating activities in Q1 Fiscal 2025 was $40.0 million, up $11.1 million, compared to $28.9 million in Q1 Fiscal 2024. The Company ended the quarter with $215.7 million in cash and cash equivalents and short-term investments, up 17% or $30.8 million compared to $184.9 million as at March 31, 2024. This was after a $18.8 million private placement into Adventus in April 2024 to fund its operations as part of the Company's acquisition of Adventus via a plan of arrangement. The Company also holds an equity investment portfolio in associates and other companies with a total market value of $108.2 million as at June 30, 2024. CONSOLIDATED OPERATIONAL RESULTS Three months ended June 30, 2024 2023 Changes Production Data Ore Mined (tonnes) 343,847 303,220 13 % Ore Milled (tonnes)     Gold Ore 8,476 10,893 -22 %     Silver Ore 299,220 284,202 5 % 307,696 295,095 4 % Metal Production      Gold (ounces) 1,146 1,552 -26 %      Silver (in thousands of ounces) 1,717 1,780 -4 %      Silver equivalent (in thousands of ounces) 1,802 1,912 -6 %      Lead (in thousands of pounds) 15,619 17,816 -12 %      Zinc (in thousands of pounds) 6,434 6,821 -6 % Cost Data Production cost ($/tonne) 80.37 78.63 2 % All-in sustaining production cost ($/tonne) 139.96 134.08 4 % Cash cost per ounce of silver, net of by-product credits ($) (1.67) (0.31) -439 % All-in sustaining cost per ounce of silver, net of by-product credits ($)