Silvercorp Reports Operational Results and Financial Results Release Date for the Second Quarter, Fiscal 2027

Silvercorp Metals Inc. (SVM) released operational and production data for the second quarter of fiscal 2027, covering the period ended September 30, 2026. The company announced that full financial results will be released on November 5, 2026. The current release contains no income statement, cash flow, or balance sheet data.

At the Ying Mining District, the company processed 213,320 tonnes of ore, a 20% year-over-year decline. Production figures for the quarter included 0.9 million ounces of silver (down 41%), 1,371 ounces of gold (down 34%), 1.0 million ounces of silver-equivalent (down 42%), 7.6 million pounds of lead (down 41%), and 0.7 million pounds of zinc (down 51%). Silvercorp stated that the decline was "in line with an expected 40-50% impact previously disclosed on June 29, 2026." Production at Ying resumed during the quarter, ending at a 90% operating rate. The company noted that safety works were "substantially completed, inspected by the government and approved to resume operations," with approximately $13.4 million spent on these works in Q2.

Revenue for the quarter was $72.1 million, a 13% decrease year-over-year. This decline occurred despite an 82% increase in the realized silver price to $61.83 per ounce and a 32% rise in the gold price to $3,955 per ounce.

Operations at the GC Mine were suspended since late June 2026. The suspension follows the determination that the 2014 China-standard mine design has not been updated to reflect changes in geology and tunnelling. The company processed only 477 tonnes of stockpiled ore during the quarter. The design update is targeted for completion by the end of December 2026, with Guangdong provincial approval expected in March 2027. Phase 1 upgrade and production resumption are targeted for November 2027. Silvercorp claims that GC contributes "less than 10%" of revenue.

For the six months ended September 30, 2026, consolidated production included 2.4 million ounces of silver, 3,907 ounces of gold, 2.6 million ounces of silver-equivalent, 21.2 million pounds of lead, and 5.2 million pounds of zinc.

At the El Domo project in Ecuador, 1,009,239 cubic meters of excavation and pre-stripping were completed. However, construction faced significant delays due to 620 mm of rain, which is 489% above the six-year average. The site experienced 77 days of rain-related stoppage, and finished works were repeatedly damaged. Tailings storage facility construction was "especially" impacted by water management issues, though process plant civil works are progressing.

At the Chaarat ZAAV project in Kyrgyzstan, a camp has been built and 1,880 meters of access road have been advanced to the Tulkubash ore body. Pit pre-stripping has commenced, and heap leach pad site preparation is complete, involving 0.93 million cubic meters of cut. The installation of the liner and drainage system has been pushed to "Spring 2027."

At the Kuanping project in China, the company completed 1,507 meters of ramp development, 462 meters of exploration tunnelling, and 4,759 meters of drilling. At the Ying No. 3 mill, foundations for the machine shop, crushed ore silo, and main plant are complete, and excavation for the tailings thickener is underway.

Silvercorp Metals Inc. (SVM) reported a 41–42% decline in silver and silver-equivalent output at its Ying mine, a reduction that was pre-announced on June 29, 2026, and reiterated during the Q1 FY2027 earnings cycle. The market had already priced in the weak quarter, with SVM shares falling from $17.00 on August 10, prior to the earnings release, to $13.78 on October 19, representing a decline of roughly 19%.

The latest release introduces several new developments regarding the company’s operations. Ying has returned to a 90% operating rate at the end of the quarter, and safety works have received government approval, a development that de-risks volumes for Q3 FY2027. Conversely, the GC project is now facing a suspension of approximately 17 months, extending from late June 2026 to November 2027. This timeline includes a formal re-permitting path involving mine design, provincial approval, and a Phase 1 upgrade, marking a material worsening from the originally guided impact of approximately 50% in Q3.

At the El Domo mine, severe weather has posed significant challenges, with rainfall recorded at 489% above average. The event resulted in 77 lost days, repeated re-work, and specific damage to the tailings storage facility (TSF), which is considered the highest-risk construction package. These issues present a live schedule and cost threat ahead of the July 2027 target.

Silvercorp has not yet revised its FY2027 guidance, despite first-half production figures suggesting that the 6.8–7.1 moz silver target may be unattainable. A formal reduction in guidance is anticipated in the near future.

Silvercorp Metals Inc. (SVM) is a Canadian-domiciled producer with operating mines in China and a portfolio of development assets in Ecuador and Kyrgyzstan.

The Ying Mining District in Henan, China, serves as the company’s primary cash engine, comprising seven mines (SGX, HPG, HZG, TLP, LME, LMW, DCG) that feed two mills at approximately 4,000 tpd. SGX alone accounts for 38% of reserves tonnes and 44% of silver. A third mill, with a capacity of 3,000 tpd, is currently under construction and targeted for completion in Q1 FY2028, which will increase net capacity to approximately 6,500 tpd following the decommissioning of No. 1 mill.

In Guangdong, China, the GC Mine is an underground silver-lead-zinc operation in which Silvercorp holds a 99% interest. The asset was reclassified from a lead-zinc mine to a silver mine following approval on August 4, 2026, and is currently suspended. Additionally, the Kuanping satellite mine is under construction in China, with initial ore targeted for this fiscal year.

In Ecuador, Silvercorp holds a 75% interest in El Domo, a 100%-funded copper-gold-silver open pit and underground project currently in construction. Commissioning is targeted for July 1, 2027, with Salazar Resources holding a 25% fully carried interest. The company also owns 100% of the Condor underground gold project, for which a Preliminary Economic Assessment (PEA) has been filed and a permit secured for small-scale mining.

In Kyrgyzstan, Silvercorp holds a 70% joint venture interest in Chaarat ZAAV / Tulkubash & Kyzyltash, with state-owned Kyrgyzaltyn holding the remaining 30% as a free-carried interest. The licence has been extended to 2062. Tulkubash Phase 1, a heap leach operation, is in construction, while Kyzyltash Phase 2, a sulphide project utilizing BIOX/CIL processing, is in the study phase.

Silvercorp also holds equity stakes in New Pacific Metals (27.8%, Bolivia), Auro Metals (27.5%, Ecuador), and Tincorp Metals (~27.4%). The company is led by Chair and CEO Dr. Rui Feng, President Lon Shaver, and Interim CFO Winnie Wang. The board includes Yikang Liu, Paul Simpson, Marina Katusa, Ken Robertson, and Helen Cai.