VANCOUVER, BC, May 26, 2026 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE:SVM) reported its financial and operating results for the three months ("Q4 Fiscal 2026") and twelve months ("Fiscal 2026") ended March 31, 2026. All amounts are expressed in US dollars, and figures may not add due to rounding.
HIGHLIGHTS FOR Q4 FISCAL 2026
Ongoing production during Chinese New Year: Produced approximately 1.5 million ounces of silver, 2,492 ounces of gold, or approximately 1.6 million ounces of silver equivalent1 (silver and gold only) during the quarter;
Record quarterly revenue: Sold approximately 1.5 million ounces of silver, 2,623 ounces of gold, 13.6 million pounds of lead, and 3.9 million pounds of zinc, for revenue of $147.4 million, an increase of 96% over the three months ended March 31, 2025 ("Q4 Fiscal 2025"), mainly driven by a 183% higher average realized silver price of $78.6 per ounce, with silver representing 78% of the quarterly revenue;
Cash cost per ounce of silver1 (net of by-product credits): Negative $1.92, significant improvement from $2.49 in Q4 Fiscal 2025 attributable to the more mechanized and less expensive shrinkage mining method;
All-in sustaining cost ("AISC") per ounce of silver1 (net of by-product credits): $17.35, 21% higher than $14.31 in Q4 Fiscal 2025, mainly due to higher government taxes linked to increased revenue and higher sustaining capital expenditures;
Record adjusted earnings before interest, income tax, depreciation and amortization ("EBITDA")1 attributable to equity shareholders of $98.1 million, or $0.44 per share, compared to $29.8 million or $0.14 per share in Q4 Fiscal 2025;
Record adjusted net income1 attributable to equity shareholders of $59.3 million, or $0.27 per share, after excluding the non-cash or one-time items, compared to $14.7 million or $0.07 per share in Q4 Fiscal 2025;
Net loss attributable to equity shareholders of $0.7 million, or $0.003 per share, mainly due to a $60.4 million non-cash charge on "mark-to-market" of the fair value of the derivative liabilities related to the convertible notes. In Q4 Fiscal 2026 the Company removed the Convertible Notes' cash settlement option, reclassifying the conversion feature from a derivative liability to equity to avoid future fair value volatility in the Profit & Loss account;
Robust cash flow from operating activities of $90.2 million, up $59.5 million, compared to $30.7 million in Q4 Fiscal 2025;
Capital expenditures: Spent and capitalized $14.6 million on exploration, development, and equipment and facilities at the China operations and $14.6 million at the Ecuador operations for the development and construction of the El Domo mine;
Strong free cash flow1 of $57.9 million, up $43.7 million, compared to $14.2 million in Q4 Fiscal 2025;
Completed the acquisition of holding 70% Chaarat ZAAV CJSC ("ZAAV") with a $92 million cash payment to Chaarat Gold Holdings Limited ("Chaarat") on January 23, 2026 and a further $60 million payment to the Kyrgyz government subsequent to the quarter after the government issued to ZAAV a new mining license and license agreement extending the valid period of the mining license a further 30 years from June 25, 2032 to June 25, 2062; and
Strong treasury position: ended the period with cash and cash equivalents and short-term investments of $422.3 million, a decrease of $40.5 million from December 31, 2025, and a portfolio of equity investments with a total market value of $274.6 million, an increase of $41.4 million from December 31, 2025.
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1
Non-GAAP measures, please refer to MD&A section 15 for reconciliation.
HIGHLIGHTS FOR FISCAL 2026
Steady silver equivalent production: Produced approximately 6.8 million ounces of silver and 8,723 ounces of gold, or approximately 7.5 million ounces of silver equivalent1;
Realized silver selling price of $46.44 per ounce after smelter deductions, increased 72% from $26.95 in Fiscal 2025;
Record annual revenue of $438.1 million, an increase of 47% over the year ended March 31, 2025 ("Fiscal 2025"), with silver representing 72% of the total revenue;
Cash cost per ounce of silver1(net of by-product credits): negative $0.94, improved from negative $0.54 in Fiscal 2025;
AISC per ounce of silver1 (net of by-product credits): $14.25, 18% higher than $12.12 in Fiscal 2025, mainly due to higher government taxes linked to increased revenue and an increase in sustaining capital expenditures to increase mining capacity at Ying;
Adjusted EBITDA1 attributable to equity shareholders of $238.1 million, or $1.09 per share, compared to $132.2 million or $0.65 per share in Fiscal 2025;
Adjusted net income1 attributable to equity shareholders of $150.8 million, or $0.69 per share, after excluding non-cash or one-time items, compared to $75.1 million or $0.37 per share in Fiscal 2025;
Net loss attributable to equity shareholders of $9.9 million, or $0.05 per share, mainly due to a $178.5 million non-cash charge on "mark-to-market" of the fair value of the derivative liabilities primarily related to the convertible notes;
Cash flow from operating activities of $310.6 million, up $171.9 million, compared to $138.6 million in Fiscal 2025;
Capital expenditures: spent and capitalized $75.0 million on exploration, development, and equipment and facilities at the China operations and $49.4 million at the Ecuador operations for the development and construction of the El Domo mine and permitting activities for the Condor project;
Free cash flow1 of $181.3 million, up $122.5 million, compared to $58.8 million in Q4 Fiscal 2025;
Continued excellence in ESG practices: MSCI ESG rating improved from A to AA, placing the company at a leading level within the industry; Sustainalytics risk score of 21.9, falling within the medium risk category, reflecting the company's effective ESG risk management.
CONSOLIDATED FINANCIAL AND OPERATING RESULTS
Three months ended March 31,
Years ended March 31,
2026
2025
Changes
2026
2025
Changes
Financial Results (in thousands of $, except per share)
Revenue
$ 147,359
$ 75,113
96 %
$ 438,135
$ 298,895
47 %
Mine operating earnings
99,959
26,146
282 %
253,708
123,551
105 %
Net loss*
(722)
(7,585)
(91) %
(9,944)
58,190
(117) %
Per share - basic
(0.003)
(0.03)
(91) %
(0.05)
0.29
(116) %
Adjusted earnings*
59,255
14,747
302 %
150,786
75,089
101 %
Per share - basic
0.27
0.07
296 %
0.69
0.37
87 %
EBITDA*
38,887
9,680
302 %
84,207
116,916
(28) %
Per share
0.18
0.04
296 %
0.38
0.57
(33) %
Adjusted EBITDA*
98,102
29,764
230 %
238,127
132,211
80 %
Per share
0.44
0.14
225 %
1.09
0.65
67 %
Cash flow from operating activities
90,164
30,701
194 %
310,568
138,631
124 %
Sustaining capital expenditures
12,551
9,353
34 %
49,067
43,931
12 %
Growth capital expenditures
19,750
7,175
175 %
80,186
35,871
124 %
Free cash flow
57,863
14,174
308 %
181,315
58,828
208 %
Basic weighted average shares outstanding
220,862,813
217,452,033
1 %
219,425,164
204,008,035
7 %
Metals sold
Silver (million ounces)
1.5
1.6
(9) %
6.8
6.9
(2) %
Gold (ounces)
2,623
3,465
(24) %
8,857
7,577
17 %
Lead (million pounds)
13.6
16.3
(17) %
60.0
62.3
(4) %
Zinc (million pounds)
3.9
4.5
(14) %
21.7
23.5
(7) %
Average Selling Price, Net of Value Added Tax and Smelter Charges
Silver ($/ounce)
78.56
27.78
183 %
46.44
26.95
72 %
Gold ($/ounce)
4,408
2,533
74 %
3,556
2,351
51 %
Lead ($/pound)
0.98
0.93
5 %
0.96
0.96
— %
Zinc ($/pound)
1.25
1.06
18 %
1.06
1.11
(5) %
Cost Data per ounce of silver, net of by-product credits ($)
Cash cost
(1.92)
2.49
(177) %
(0.94)
(0.54)
(74) %
All-in sustaining cost
17.35
14.31
21 %
14.25
12.12
18 %
Financial Position (in thousands of $) as at
March 31, 2026
December 31,2025
March 31, 2026
March 31,2025
Cash and cash equivalents and short-term investments
$ 422,335
$ 462,840
(9) %
422,335
462,840
14 %
Working capital
319,461
94,573
238 %
319,461
310,359
3 %
*Attributable to equity holders
INDIVIDUAL MINE OPERATING PERFORMANCE
(i) Ying Mining District
Q4 Fiscal 2026
The Ying Mining District delivered a stable Q4 Fiscal 2026, ...
