SILVERCORP REPORTS ADJUSTED NET INCOME OF $151 MILLION, $0.69 PER SHARE, AND CASH FLOW FROM OPERATING ACTIVITIES OF $310.6 MILLION FOR FISCAL 2026

Silvercorp released its full‑year and Q4 fiscal 2026 earnings after the close on May 26, 2026.
- Record annual revenue of $438.1 m (+47 % YoY) and record quarterly revenue of $147.4 m (+96 %). - Adjusted net income jumped to $150.8 m ($0.69/share), a doubling from $75.1 m in fiscal 2025. - Cash flow from operations reached $310.6 m (+124 %), free cash flow $181.3 m (+208 %). - Realized silver price averaged $46.44/oz (up 72 %), pushing cash cost net of by‑product credits to –$0.94/oz. - Full‑year silver production was ~6.8 Moz, gold ~8,723 oz, lead 60.0 Mlb, zinc 21.7 Mlb. - The Chaarat acquisition (70 % of the Tulkubash/Kyzyltash gold projects) closed on Jan 27, 2026; $92 m paid to Chaarat and $60 m to the Kyrgyz government for a licence extension to 2062. - Cash and short‑term investments stood at $422.3 m (Mar 31, 2026), with an equity portfolio valued at $274.6 m. - The company also filed for a triple‑primary listing and global offering on the Hong Kong Stock Exchange.

The earnings confirmation is largely routine despite stellar numbers.
- Top‑line revenue and production had already been pre‑announced on April 16, 2026, leaving little surprise.
- The realized silver price, cost improvements, and cash‑flow strength were widely anticipated given the metal’s rally; the stock had already repriced from ~$5 to the high teens. - No new strategic investors or unexpected capital transactions were disclosed. - The massive cash generation reinforces an already strong balance sheet, but it does not alter the investment thesis dramatically. - The only minor new detail is the magnitude of free cash flow ($181 m), which exceeds prior guidance; however, with El Domo’s budget overrun and delay announced in February, the market is now focused on execution rather than historic profitability. Thus the news is positive, but it falls squarely into the category of expected, incremental follow‑up – a routine positive.

Silvercorp Metals Inc. is a Canadian‑headquartered mining company focused primarily on silver production from the Ying Mining District in China, a long‑life, low‑cost operation also yielding lead and zinc. The district processes over 1.3 Mtpa of ore and serves as the company’s cash engine.
Beyond China, Silvercorp is developing two large gold projects:
- El Domo in Ecuador (construction‑stage copper‑gold deposit, 70 % owned after the Adventus acquisition).
- Tulkubash/Kyzyltash in Kyrgyzstan (the largest undeveloped gold deposits in the West Tien Shan belt, 70 % operator interest in a JV with Kyrgyzaltyn).
A Condor gold‑silver‑zinc‑lead PEA in Ecuador adds further upside.