Trading Symbol:  TSX: SVM                               NYSE AMERICAN: SVM                                                                                                                  VANCOUVER, BC, May 23, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE:SVM) reported its financial and operating results for the three months ("Q4 Fiscal 2024") and twelve months ended March 31, 2024 ("Fiscal 2024"). All amounts are expressed in US dollars, and figures may not add due to rounding. HIGHLIGHTS FOR Q4 FISCAL 2024 Mined 195,160 tonnes of ore, milled 237,493 tonnes of ore, and produced approximately 1,916 ounces of gold, 1.2 million ounces of silver, or approximately 1.3 million ounces of silver equivalent, plus 12.5 million pounds of lead and 4.6 million pounds of zinc; Sold approximately 1,916 ounces of gold, 1.1 million ounces of silver, 11.9 million pounds of lead, and 4.4 million pounds of zinc, for revenue of $42.7 million; Reported net income attributable to equity shareholders of $5.5 million, or $0.03 per share; Realized adjusted earnings attributable to equity shareholders of $3.8 million, or $0.02 per share. The adjusted earnings were impacted by an increase of $2.5 million in withholding tax paid on funds distributed out of China as dividends to the Company in Q4 Fiscal 2024; Generated cash flow from operating activities of $10.2 million; Cash cost per ounce of silver, net of by-product credits, of $1.22; All-in sustaining cost per ounce of silver, net of by-product credits, of $14.36; and Spent and capitalized $0.8 million on exploration drilling, $9.5 million on underground development, and $3.1 million on equipment and facilities, including $0.8 million on construction of the new tailings storage facility. Strong balance sheet with $184.9 million in cash and cash equivalents and short-term investments. The Company holds a further equity investment portfolio in associates and other companies with a total market value of $112.3 million as at March 31, 2024. HIGHLIGHTS FOR FISCAL 2024  Mined 1,117,118 tonnes of ore, milled 1,106,195 tonnes of ore, and produced approximately 7,268 ounces of gold, 6.2 million ounces of silver, or approximately 6.8 million ounces of silver equivalent, plus 63.2 million pounds of lead and 23.4 million pounds of zinc; Sold approximately 7,268 ounces of gold, 6.2 million ounces of silver, 60.6 million pounds of lead, and 23.3 million pounds of zinc, for revenue of $215.2 million; Reported net income attributable to equity shareholders of $36.3 million, or $0.21 per share; Realized adjusted earnings attributable to equity shareholders of $39.3 million, or $0.22 per share; Generated cash flow from operating activities of $91.6 million; Recorded a gain of $7.7 million on the investment in OreCorp Limited (ASX: ORR) ("OreCorp"). Subsequent to March 31, 2024, the Company received A$42.5 million after accepting a competing offer to acquire OreCorp and a A$2.8 million break fee from OreCorp; Cash cost per ounce of silver, net of by-product credits, of negative $0.38; All-in sustaining cost per ounce of silver, net of by-product credits, of $11.38; Paid $4.4 million of dividends to the Company's shareholders; Spent $1.0 million to buy back 388,324 common shares of the Company under its Normal Course Issuer Bid; Spent and capitalized $6.2 million on exploration drilling, $45.0 million on underground development, and $12.9 million on equipment and facilities, including $6.2 million on construction of the new tailings storage facility. CONSOLIDATED FINANCIAL RESULTS Three months ended March 31, Year ended March 31, 2024 2023 Changes 2024 2023 Changes Financial Results Revenue (in thousands of $)  $              42,681 $              34,147 25 % $            215,187 $            208,129 3 % Mine operating earnings (in thousands of $)  13,038 9,776 33 % 80,589 70,783 14 % Net income (loss)  attributable to equity holders (in thousands of $)  5,529 235 2253 % 36,306 20,608 76 %  Earnings (loss) per share - basic ($/share) 0.03 0.00 2900 % 0.21 0.12 75 % Adjusted earnings attributable to equity holders (in thousands of $)  3,824 4,971 -23 % 39,322 37,027 6 % Adjusted earning per share - basic ($/share) 0.02 0.03 -33 % 0.22 0.21 5 % Net cash generated from operating activities (in thousands of $)  10,238 5,742 78 % 91,570 85,643 7 % Capitalized expenditures (in thousands of $)  13,437 9,457 42 % 64,041 57,823 11 % Metals sold  Gold (ounces)  1,916 1,000 92 % 7,268 4,400 65 %  Silver (in thousands of ounces)  1,139 1,073 6 % 6,235 6,637 -6 %  Lead (in thousands of pounds)  11,872 10,021 18 % 60,625 65,687 -8 %  Zinc (in thousands of pounds)  4,432 3,451 28 % 23,250 23,438 -1 %  Average Selling Price, Net of Value Added Tax and Smelter Charges  Gold ($/ounce) 1,899 1,620 17 % 1,792 1,511 19 % Silver ($/ounce) 20.74 18.18 14 % 19.93 17.11 16 % Lead ($/pound) 0.88 0.87 1 % 0.86 0.87 -1 % Zinc ($/pound) 0.86 0.89 -3 % 0.82 1.06 -23 %  Financial Position as at  March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Cash and cash equivalents and short-term investments (in thousands of $)  184,891 203,323 -9 % 184,891 203,323 -9 % Working capital (in thousands of $)  154,744 177,808 -13 % 154,744 177,808 -13 % 1. Q4 Fiscal 2024 Financial Results Net income attributable to equity holders of the Company in Q4 Fiscal 2024 was $5.5 million or $0.03 per share, compared to net income of $0.2 million or $0.00 per share in the three months ended March 31, 2023 ("Q4 Fiscal 2023"). Compared to Q4 Fiscal 2023, the Company's consolidated financial results in the current quarter were mainly impacted by i) increases of 92%, 6%, 18%, and 28%, respectively, in gold, silver, lead and zinc sold; ii) increases of 17%, 14%, and 1%, respectively, in the realized selling prices for gold, silver and lead, and the increase in payable factors applied to gold and lead in lead concentrates; iii) a decrease of 3% in the realized selling price for zinc; iv) an increase of $2.0 million gain in mark-to-market investments; and v) an increase of $3.2 million in income tax expenses.  Revenue in Q4 Fiscal 2024 was $42.7 million, up 25% compared to $34.1 million in Q4 Fiscal 2023. The increase is mainly due to i) an increase of $5.4 million arising from the increases in gold, silver, lead and zinc sold; ii) an increase of $3.3 million arising from increases in realized selling prices of gold, silver, and lead; offset by iv) a decrease of $0.1 million arising from a decrease in the realized selling price of zinc. Income from mine operations for Q4 Fiscal 2024 was $13.0 million, up 33% compared to $9.8 million in Q4 Fiscal 2023. The increase is mainly due to the increase in revenue achieved at the Ying Mining District. Income from mine operations at the Ying Mining District was $12.8 million, compared to $9.5 million in Q4 Fiscal 2023. Income from mine operations at the GC Mine was $0.2 million, compared to $0.4 million in Q4 Fiscal 2023. Cash flow provided by operating activities in Q4 Fiscal 2023 was $10.2 million, up $4.5 million compared to $5.7 million in Q4 Fiscal 2022. The Company ended the quarter with $184.9 million in cash and cash equivalents and short-term investments. The Company also holds a further equity investment in portfolio in associates and other companies with a total market value of $112.3 million as at March 31, 2024.  2. Fiscal 2024 Financial Results Net income attributable to equity holders of the Company in Fiscal 2024 was $36.3 million or $0.21 per share, compared to net income of $20.6 million or $0.12 per share for the twelve months ended March 31, 2023 ("Fiscal 2023"). Compared to Fiscal 2023, the Company's consolidated financial results were mainly impacted by i) increases of 19% and 16%, respectively, in the realized selling prices for gold and silver, and the increase in payable factors applied to gold and silver in lead concentrates; ii) decreases of 1% and 23% in the realized selling prices for lead and zinc; iii) an increase of 65% in gold sold, and decreases of 6%, 8%, and 1%, respectively, in silver, lead and zinc sold; iv) a decrease of 6% in per tonne production cost; and v) an increase of $10.0 million gain in mark-to-market investments, offset by an increased negative impact of $5.2 million from foreign exchange. Revenue in Fiscal 2024 was $215.2 million, up 3% compared to $208.1 million in Fiscal 2023. The increase is mainly due to i) an increase of $5.3 million arising from the increase in gold sold; ii) an increase of $19.9 million arising from the increase in the realized selling prices for silver and gold; offset by iv) a decrease of $12.6 million arising from the decrease in silver, lead and zinc sold; v) a decrease of $5.5 million arising from the decrease in the realized selling price for zinc.  Income from mine operations in Fiscal 2024 was $80.6 million, up 14% compared to $70.8 million in Fiscal 2023. The increase was mainly due to the increase in revenue and the decrease in mine operation costs achieved at the Ying Mining District. Income from mine operations at the Ying Mining District was $77.9 million, compared to $62.8 million in Fiscal 2023. Income from mine operations at the GC Mine was $3.1 million, compared to $8.4 million in Fiscal 2023. Cash flow provided by operating activities in Fiscal 2024 was $91.6 million, up $5.9 million compared to $85.6 million in Fiscal 2023. CONSOLIDATED OPERATIONAL RESULTS  Consolidated   Three months ended March 31,   Year ended March 31  2024 2023  Changes  2024 2023  Changes   Production Data   Ore Mined (tonne)  195,160 181,848 7 % 1,117,118 1,068,983 5 %  Ore Milled (tonne)       Gold Ore  21,843 - 100 % 58,262 - 100 %      ...