- Silvercorp generated $81.3 million in revenue, a 13% increase year-over-year.
- The company produced 2.0 million ounces of silver equivalent, including 1.8 million ounces of silver and 2,050 ounces of gold.
- Adjusted net income rose to $21.0 million, or $0.10 per share.
- Operating cash flow of $48.3 million is a quarterly record, up 21% from the prior year.
- The balance sheet remains strong with $377.1 million in cash and short-term investments.
- Capital expenditures focused on underground mine optimization at Ying and construction at the El Domo and Kuanping projects.
Silvercorp Metals (NYSE American/TSX: SVM), a Canadian mining company producing silver, gold, lead, and zinc, opened its 2026 fiscal year with stronger production volumes and a notable rise in revenues, while continuing to advance its growth projects. The company, which operates profitable mines in China, reported financial and operating results for the three months ended June 30, 2025, showing higher sales of both silver and gold (https://ibn.fm/byzvd).
According to the quarterly release, Silvercorp sold 1.8 million ounces of silver and nearly 2,000 ounces of gold, alongside lead and zinc by-products, generating revenue of $81.3 million. That represents a 13% increase from the $72.2 million posted a year earlier. Higher gold output and sales and stronger average selling prices for both silver and gold helped drive the gain.
Net income for the quarter was $18.1 million, or $0.08 per share, down from $21.9 million, or $0.12 per share, in the same period last year. The slight decline was largely attributed to a $4.8 million non-cash charge on the fair value of derivative liabilities tied to convertible notes issued in 2024, as well as the effect of additional shares issued during the acquisition of Adventus Mining Corporation in July 2024. When adjusted for these non-cash and one-time items, net income came in at $21.0 million, or $0.10 per share, a modest increase from the $20.6 million achieved last year.
Operating cash flow improved to $48.3 million—a quarterly record, compared with $40.0 million in the prior-year quarter. Free cash flow stood at $22.5 million, after accounting for $24.2 million in capital expenditures.
Silvercorp ended the quarter with $377.1 million in cash and short-term investments, a $8.1 million increase from the previous quarter. The company also holds equity investments valued at $72.2 million. In addition, it retains access to a $175 million stream financing commitment from Wheaton Precious Metals International, earmarked for the El Domo project in Ecuador.
The company’s all-in sustaining cost (“AISC”) for silver rose to $13.49 per ounce, up from $9.82 a year earlier. Silvercorp attributed this to higher production costs, new mineral rights royalties introduced in China, and additional administrative expenses tied to Adventus. Despite these cost pressures, cash costs per ounce of silver remained relatively low at $1.11 per ounce, supported by by-product credits.
Production rose across most key metals, reaching approximately 2.0 million ounces of silver equivalent. Silver output reached 1.83 million ounces, a 6% year-over-year increase, while gold surged 79% to 2,050 ounces. Lead production was reported to reach 15.7 million pounds, while zinc production was roughly 5.2 million pounds.
At the Ying Mining District, Silvercorp’s flagship operation, output included 1.7 million ounces of silver, 2,050 ounces of gold, and 14.6 million pounds of lead. This represented growth in most categories, with zinc production the exception, down 25% year-over-year.
Capital expenditures totaled $24.2 million, up 23% from the prior year. These funds supported exploration and underground mine optimization at the Ying mines in China, the construction of the El Domo mine in Ecuador, and the start of development work at the Kuanping mine.
The company spent $18.8 million on its Chinese operations and $5.4 million advancing El Domo, a high-grade copper-gold VMS deposit in central Ecuador. The company moved over 370,000 cubic meters of material in Q1 as part of mine construction, which remains on track for late 2026 production. Located near Ecuador’s key port city of Guayaquil, El Domo benefits from access to national infrastructure and power, reducing capital intensity and logistical risk. The company is targeting a total capital investment of $240.5 million, consistent with a feasibility study completed in 2021.
El Domo marks a strategic shift for Silvercorp as it expands into copper, a commodity expected to see sustained long-term demand due to electrification trends and global infrastructure initiatives. Once in production, the asset could complement the company’s silver and base metals portfolio and reduce geographical concentration risk.
Construction also began at the Kuanping mine, another early-stage development project in China. Silvercorp completed 481 meters of ramp development and initial tunneling during the quarter, indicating forward momentum on new project delivery alongside existing operations.
Silvercorp’s strategy remains focused on generating free cash flow from long-life mines while allocating capital to organic growth and acquisition opportunities. The company has built an 18-year track record of profitable operations and maintains a portfolio of assets across China, Ecuador, and, indirectly, Bolivia through its 28% stake in New Pacific Metals Corp.
The strong start to fiscal 2026, paired with the company’s evolving project pipeline, position Silvercorp to deliver steady cash flows and long-term asset growth as it pushes deeper into copper and gold production.
For a video of GOLDINVEST’s recent interview with Lon Shaver, President of Silvercorp Metals, visit https://ibn.fm/PIg4k.
For more information, visit the company’s website at www.SilvercorpMetals.com.
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