VANCOUVER, BC, Feb. 9, 2026 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE:SVM) reported its financial and operating results for the three months ended December 31, 2025 ("Q3 Fiscal 2026"). All amounts are expressed in US dollars, and figures may not add due to rounding.
HIGHLIGHTS FOR Q3 Fiscal 2026
Steady Silver Equivalent Production: Produced approximately 1.9 million ounces of silver, 2,096 ounces of gold, or approximately 2.0 million ounces of silver equivalent1 (silver and gold only);
Record Quarterly Revenue: Sold approximately 1.9 million ounces of silver, 2,250 ounces of gold, 16.4 million pounds of lead, and 7.0 million pounds of zinc, for revenue of $126.1 million, an increase of 51% over the three months ended December 31, 2024 ("Q3 Fiscal 2025");
Realized silver selling price: $49.0 per ounce after smelter deduction, with silver representing 72% of the quarterly revenue;
Cash cost per ounce of silver (net of by-product credits)1: negative $3.02, significant improvement from negative $1.88 in Q3 Fiscal 2025;
All-in sustaining cost per ounce of silver ("AISC")1 (net of by-product credits): $12.86, remaining flat with $12.75 in Q3 Fiscal 2025;
Adjusted net income1 attributable to equity shareholders: $47.9 million, or $0.22 per share, after excluding non-cash or one-time items, compared to $22.0 million or $0.10 per share in Q3 Fiscal 2025;
Adjusted earnings before interest, income tax, depreciation and amortization ("EBITDA")1: $66.7 million, or $0.30 per share, compared to $40.1 million or $0.18 per share in Q3 Fiscal 2025;
Net loss attributable to equity shareholders: $15.8 million, or $0.07 per share, mainly due to a $60.2 million non-cash charge on "mark-to-market" of the fair value of convertible notes;
Record cash flow from operating activities: $132.9 million, up $88.1 million, compared to $44.8 million in Q3 Fiscal 2025, including the $43.9 million draw-down from Wheaton Precious Metals in October 2025;
Record free cash flow1: $89.6 million, up $69.0 million, compared to $20.5 million in Q3 Fiscal 2025; and
Cash position: Ended the period with cash and cash equivalents and short-term investments of $462.8 million, an increase of $80.6 million from the previous quarter, and a portfolio of equity investments with a total market value of $233.2 million, an increase of $53.0 million from the previous quarter.
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1
Non-GAAP measures, please refer to MD&A section 12 for reconciliation.
CONSOLIDATED FINANCIAL AND OPERATING RESULTS
Three months ended December 31,
Nine months ended December 31,
2025
2024
Changes
2025
2024
Changes
Financial Results (in thousands of $, except per share)
Revenue
$ 126,112
$ 83,614
51 %
$ 290,776
$ 223,782
30 %
Mine operating earnings
77,068
29,230
164 %
153,749
97,405
58 %
Net income (loss)*
(15,832)
26,130
(161) %
(9,222)
65,775
(114) %
Per share - basic
(0.07)
0.12
(160) %
(0.04)
0.33
(113) %
Adjusted earnings*
47,931
21,963
118 %
91,531
60,342
52 %
Per share - basic
0.22
0.10
115 %
0.42
0.30
38 %
EBITDA*
5,984
43,760
(86) %
45,321
107,236
(58) %
Per share
0.03
0.20
(86) %
0.21
0.54
(61) %
Adjusted EBITDA*
66,735
40,122
66 %
140,024
102,447
37 %
Per share
0.30
0.18
64 %
0.64
0.51
25 %
Cash flow from operating activities
132,943
44,847
196 %
220,404
107,930
104 %
Sustaining capital expenditures
13,727
14,152
(3) %
36,516
34,580
6 %
Growth capital expenditures
29,648
10,173
191 %
60,436
28,696
111 %
Free cash flow
89,568
20,522
336 %
123,452
44,654
176 %
Basic weighted average shares outstanding
218,585,686
217,475,279
1 %
218,290,025
199,608,181
9 %
Metals sold
Silver (million ounces)
1.9
2.0
(4) %
5.4
5.3
— %
Gold (ounces)
2,250
1,875
20 %
6,234
4,112
52 %
Lead (million pounds)
16.4
17.1
(4) %
46.4
46.0
1 %
Zinc (million pounds)
7.0
6.6
6 %
17.9
19.0
(6) %
Average Selling Price, Net of Value Added Tax and Smelter Charges
Silver ($/ounce)
48.97
27.20
80 %
37.66
26.70
41 %
Gold ($/ounce)
3,666
2,322
58 %
3,197
2,198
45 %
Lead ($/pound)
0.98
0.94
4 %
0.95
0.98
(3) %
Zinc ($/pound)
1.08
1.22
(11) %
1.01
1.12
(10) %
Cost Data per ounce of silver, net of by-product credits ($)
Cash cost
(3.02)
(1.88)
(61) %
(0.68)
(1.46)
53 %
All-in sustaining cost
12.86
12.75
1 %
13.41
11.46
17 %
Financial Position (in thousands of $) as at
December 31,2025
September 30,2025
December 31,
2025
March 31,
2025
Cash and cash equivalents and short-term investments
$ 462,840
$ 382,254
21 %
462,840
369,056
25 %
Working capital
94,573
311,882
(70) %
94,573
310,359
(70) %
*Attributable to equity holders
INDIVIDUAL MINE OPERATING PERFORMANCE
The Ying Mining District delivered a strong Q3 Fiscal 2026, with record ore mined of 365,370 tonnes, up 23% over Q3 Fiscal 2025, driven by increased use of shrinkage mining relative to cut-and-fill re-suing. Mill throughput was 328,425 tonnes, up 18% over Q3 Fiscal 2025.
Production was approximately 1.7 million ounces of silver, 2,096 ounces of gold, or 1.9 million ounces of silver equivalent, 14.7 million pounds of lead, and 1.9 million pounds of zinc, representing an increase of 2% in gold and decreases of 2%, 4%, 4%, and 16% in silver, silver equivalent, lead and zinc, respectively, over Q3 Fiscal 2025. Lower production was due to lower head grades, as a result of the XRT sorter undergoing maintenance in October 2025 and higher dilution associated with shrinkage mining.
Cash cost per tonne of ore was $75.80 in Q3 Fiscal 2026, down 11% from Q3 Fiscal 2025 and below the Fiscal 2026 guidance range of $86.8–$88.4. The improvement reflects ongoing mine mechanization and greater use of cost-efficient shrinkage mining, boosting mine and ...
