Northwire Canada EditionThursday, November 5, 2026
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Gold 4,113.50 +1.0% Silver 52.38 +0.2% Copper 6.21 −3.4% Oil 90.52 +2.7% Palladium 1,034.00 +3.1% GRZ 5.25 −8.7% TNGD 5.20 +2.0% IMG 24.46 −0.1% III 6.05 −2.6% SCMI 0.900 −5.3% TSK 0.810 −1.2% MEK 0.040 +0.0% GAU 2.99 +2.0% SVM 11.69 −3.5% NGEX 20.70 −4.6% WPM 185.96 +1.2% ETG 2.58 −7.9% CG 29.87 −0.2% EMO 0.190 −2.6% TUF 0.660 −5.7% APMI 0.095 −13.6% Gold 4,113.50 +1.0% Silver 52.38 +0.2% Copper 6.21 −3.4% Oil 90.52 +2.7% Palladium 1,034.00 +3.1% GRZ 5.25 −8.7% TNGD 5.20 +2.0% IMG 24.46 −0.1% III 6.05 −2.6% SCMI 0.900 −5.3% TSK 0.810 −1.2% MEK 0.040 +0.0% GAU 2.99 +2.0% SVM 11.69 −3.5% NGEX 20.70 −4.6% WPM 185.96 +1.2% ETG 2.58 −7.9% CG 29.87 −0.2% EMO 0.190 −2.6% TUF 0.660 −5.7% APMI 0.095 −13.6%
Earnings

SILVERCORP REPORTS ADJUSTED NET INCOME OF $18.4 MILLION, $0.08 PER SHARE, AND CASH FLOW FROM OPERATING ACTIVITIES OF $62.7 MILLION FOR Q2 FISCAL 2027

By The Northwire Desk — AI Analysis Nov 05, 2026 · 17:05 SVM · 11.69 Silvercorp Metals Inc.
SVM · Price

Silvercorp Metals Inc. (SVM) reported adjusted net income of $18.4 million, or $0.08 per share, for the second quarter of fiscal 2027, alongside cash flow from operations of $62.7 million. The company attributed these results to higher silver and gold prices, which partially offset a significant decline in production volumes. Revenue for the quarter was $72.1 million, a 13% decrease from the prior year period. This decline was driven by lower production volumes, despite an 82% increase in the average realized silver price to $61.83 per ounce and a 32% increase in the gold price to $3,955 per ounce.

Adjusted net income compared to $22.6 million, or $0.10 per share, in the same period last year. Net income was $5.3 million, or $0.02 per share, compared to a loss of $11.5 million in the prior year. Adjusted EBITDA stood at $37.7 million, or $0.17 per share, down slightly from $38.3 million, or $0.18 per share, in the previous year. Cash flow from operations increased 60% year-over-year, including a $43.9 million draw-down from Wheaton Precious Metals. Free cash flow was $4.7 million, down 59% due to planned growth capital expenditures. The company ended the quarter with a cash position of $383.7 million in cash and short-term investments.

Production metrics reflected substantial year-over-year declines across most commodities. Silver production fell 47% to 0.9 million ounces, while gold production dropped 23% to 1,371 ounces. Silver equivalent production decreased 42% to approximately 1.0 million ounces. Lead production fell 49% to 7.5 million pounds, and zinc production declined 81% to 1.1 million pounds. Consequently, cost metrics per ounce of silver, net of by-product credits, rose significantly. Cash costs increased due to lower volume and safety costs, while All-In Sustaining Costs (AISC) rose to $24.13 from $13.94 in the prior year period.

At the Ying Mining District in China, production dropped 41% year-over-year as the company undertook major safety improvement works required by new government regulations. These works, which included tunnel enlargement, equipment upgrades, and cable replacements, cost approximately $13.4 million in the second quarter. The safety works are now substantially complete, and operations have resumed. The company has secured capacity expansion licenses for 1.32 million tonnes per annum and is currently updating production safety permits. Total capital expenditures for China operations, including the Ying, GC, and Kuanping sites, amounted to $26.6 million.

Mining activities at the GC Mine remain suspended indefinitely due to regulatory deviations from the original 2014 technical design and an expired safety permit. The company expects to submit an updated mine development design in December 2026, with government acceptance anticipated by March 2027. Phase 1 construction is estimated to take six to eight months following approval, targeting a production resumption date of November 2027. Silvercorp is currently evaluating strategic alternatives for the GC Mine, including a potential sale.

In Ecuador, the El Domo Project saw capital expenditures of $14.2 million. The construction budget has been updated to $298.2 million, an increase of $14.6 million, due to impacts from Super El Niño rainfall. The company targets the commencement of production at El Domo in November 2027. At the Condor Project, Silvercorp increased its ownership to 100%. The company is advancing the Free, Prior, and Informed Consent (FPIC) and Citizen Participation Process, with license documentation expected to commence after June 2027.

At the Chaarat ZAAV Project in Kyrgyzstan, capital expenditures totaled $9.2 million. A drilling program completed 25,414 meters to upgrade resources, and heap leach pad site preparation was completed by contractor CRCC19. Additionally, the company completed the initial draw-down of RMB 750 million, approximately US$112 million, under RMB 1.5 billion syndicated term loan facilities for general corporate purposes and working capital.

Read the original news release →

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