Trading Symbol: TSX/NYSE AMERICAN: SVM
VANCOUVER, BC, Nov. 6, 2025 /PRNewswire/ – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX:SVM) (NYSE:SVM) reported its financial and operating results for the three months ended September 30, 2025 (“Q2 Fiscal 2026”). All amounts are expressed in US dollars, and figures may not add due to rounding.
HIGHLIGHTS FOR Q2 FISCAL 2026
Produced approximately 1.66 million ounces of silver, 2,085 ounces of gold, or approximately 1.84 million ounces of silver equivalent1, 14.23 million pounds of lead and 5.64 million pounds of zinc;
Sold approximately 1.66 million ounces of silver, 2,033 ounces of gold, 14.75 million pounds of lead, and 5.67 million pounds of zinc, for revenue of $83.3 million, an increase of 23% over the three months ended September 30, 2024 (“Q2 Fiscal 2025”);
All-in sustaining cost (“AISC”) per ounce of silver, net of by-product credits, of $13.94;
Net loss attributable to equity shareholders of $11.5 million, or $0.05 per share, mainly due to a $53.2 million non-cash charge on “mark to market” of the fair value of convertible notes;
Adjusted net income attributable to equity shareholders of $22.6 million, or $0.10 per share, after excluding the $53.2 million non-cash charge, a $21.6 million gain on investments, and other non-cash or one-time items;
Adjusted earnings before interest, income tax, depreciation and amortization (“EBITDA”) attributable to equity shareholders of $38.3 million, or $0.18 per share;
Generated cash flow from operating activities of $39.2 million, and free cash flow of $11.4 million;
Spent and capitalized $15.8 million on exploration, development, and equipment and facilities at the China operations;
Spent and capitalized $10.9 million at the Ecuador operations for the development and construction of the El Domo mine and permitting activities for the Condor project;
Ended the period with cash and cash equivalents and short-term investments of $382.3 million, an increase of $5.1 million from the previous quarter, and a portfolio of equity investments with a total market value of $180.2 million, an increase of $108.0 million from the previous quarter; and
Subsequent to quarter end, drew down the first $43.875 million from Wheaton Precious Metals International Ltd. under the $175.5 million stream financing agreement for the El Domo mine construction.
______________________
1 The company reports certain alternative performance (“non-GAAP”) measures, which include silver equivalent. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company’s financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further details of these measures.
CONSOLIDATED FINANCIAL RESULTS
Revenue in Q2 Fiscal 2026 was $83.3 million, up 23% compared to $68.0 million in Q2 Fiscal 2025, mainly due to increases of 28% and 37% in the selling prices for silver and gold respectively ($13.1 million of increased revenue), coupled with 1% more silver and 64% more gold produced and sold ($2.9 million of increased revenue).
Income from mine operations in Q2 Fiscal 2026 was $40.9 million, up 29% compared to $31.7 million in Q2 Fiscal 2025, mainly due to the increase in revenue mentioned above, partially offset by an increase of $3.9 million in production costs due to 15% more ore processed this quarter and an increase of $1.4 million in mineral rights royalties, which was implemented in China in the third quarter of Fiscal 2025.
Net loss attributable to equity shareholders of the Company in Q2 Fiscal 2026 was $11.5 million or $0.05 per share, compared to net income of $17.7 million or $0.09 per share in Q2 Fiscal 2025, which was mainly due to the impact of a $53.2 million non-cash charge on “mark to market” of the fair value of convertible notes.
The adjusted net income attributable to equity shareholders of the Company was $22.6 million or $0.10 per share, after excluding the $53.2 million non-cash charge, a $21.6 million gain on mark to market investments, and $2.5 million non-cash or one-time expenses, compared to $17.8 million or $0.09 per share in Q2 Fiscal 2025.
The adjusted EBITDA attributable to equity shareholders of the Company was $38.3 million or $0.18 per share compared to $29.3 million or $0.14 per share in Q2 Fiscal 2025.
Cash flow provided by operating activities in Q2 Fiscal 2026 was $39.2 million, up $16.1 million compared to $23.1 million in Q2 Fiscal 2025.
Free cash flow in Q2 Fiscal 2026 was $11.4 million, up $10.8 million compared to $0.6 million in Q2 Fiscal 2025 after the Company spent $9.0 million in Ecuador to advance construction at the El Domo Project and permitting activities for the Condor Project.
Cash, cash equivalents and short term investments at the end of the quarter were $382.3 million, up $5.1 million compared to $377.1 million as at June 30, 2025. The total market value of equity investments was $180.2 million as at September 30, 2025, an increase of $108.0 million from the previous quarter.
CONSOLIDATED FINANCIAL AND OPERATING RESULTS
Three months ended September 30,
Six months ended September 30,
2025
2024
Changes
2025
2024
Changes
Financial Results
Revenue (in thousands of $)
$ 83,330
$ 68,003
23 %
$ 164,664
$ 140,168
17 %
Mine operating earnings (in thousands of $)
40,858
31,661
29 %
76,681
68,175
12 %
Net income (loss) attributable to equity holders (in thousands of $)
(11,516)
17,707
(165) %
6,610
39,645
(83) %
Earnings (loss) per share – basic ($/share)
(0.05)
0.090
(159) %
0.030
0.210
(86) %
Adjusted earnings attributable to equity holders (in thousands of $)
22,551
17,761
27 %
43,599
38,379
14 %
Adjusted earnings per share – basic ($/share)
0.10
0.09
18 %
0.20
0.20
(1) %
EBITDA attributable to equity holders (in thousands of $)
5,567
29,124
(81) %
39,337
63,476
(38) %
EBITDA per share ($/share)
0.03
0.14
(82) %
0.18
0.33
(46) %
Adjusted EBITDA attributable to equity holders (in thousands of $)
38,312
29,293
31 %
73,290
62,325
18 %
Adjusted EBITDA per share ($/share)
0.175
0.14
22 %
0.3357
0.3269
3 %
Net cash generated from operating activities (in thousands of $)
39,180
23,128
69 %
87,461
63,083
39 %
Cash spent on capital expenditures (in thousands of $)
27,811
22,566
23 %
53,577
38,951
38 %
Free cash flow (in thousands of $)
11,370
562
1,923 %
33,884
24,132
40 %
Basic weighted average shares outstanding
218,585,686
203,532,135
7 %
218,290,025
190,625,815
15 %
Metals sold
Silver (million ounces)
1.66
1.64
1 %
3.48
3.38
3 %
Gold (ounces)
2,033
1,239
64 %
3,984
2,237
78 %
Lead (million pounds)
14.75
13.26
11 %
30.00
28.92
4 %
Zinc (million pounds)
5.67
5.89
(4) %
10.86
12.38
(12) %
Average Selling Price, Net of Value Added Tax and Smelter Charges
Silver ($/ounce)
33.89
26.49
28 %
31.60
26.41
20 %
Gold ($/ounce)
2,986
2,178
37 %
2,932
2,094
47 %
Lead ($/pound)
0.91
1.00
(9) %
0.94
1.00
(5) %
Zinc ($/pound)
0.98
1.13
(13) %
0.97
1.08
(4) %
Cost Data
Cash cost per ounce of silver, net of by-product credits ($)
(0.002)
(0.73)
100 %
0.58
(1.21)
148 %
All-in sustaining cost per ounce of silver, net of by-product credits ($)
13.94
11.66
20 %
13.70
10.72
28 %
Financial Position as at
September 30,
2025
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