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Silvercorp reports a Mineral Reserve increase of 50% in tonnes and 20% in silver ounces for the Ying Mining District

Silvercorp’s Ying District reserve extension adds 20% silver ounces and extends mine life to 2042.

By The Northwire Desk — AI Analysis Jun 12, 2026 · 08:00 SVM · 14.71 Silvercorp Metals Inc.

Executive Summary

Silvercorp updated its NI 43-101 Technical Report for the Ying Mining District, revealing a 50% increase in total Mineral Reserve tonnes and a 20% increase in contained silver ounces versus the 2024 report.
Updated reserves stand at 19.08 Mt (Proven & Probable) grading 174 g/t Ag, 0.17 g/t Au, 2.47% Pb, 0.80% Zn, and 0.04% Cu.
Contained metals total 106 Moz Ag, 107 koz Au, 472 kt Pb, 150 kt Zn, and 6.7 kt Cu.
The updated 17-year Life of Mine (LOM) plan projects ore production ramping from ~1.2 Mt in FY2026 to >1.6 Mt by FY2029, extending mine life through 2042.
Economic analysis at long-term prices ($28/oz Ag, $2,800/oz Au) and a 5% discount rate projects a pre-tax NPV of $1,275M and post-tax NPV of $1,030M.
Operating cost assumptions include mining at $75.43/t, milling at $12.40/t, royalties at $9.87/t, and sustaining/growth capex at $19.08/t.
Mining methods are predominantly cut-and-fill resuing (64%) and shrinkage stoping (32%), with dilution averaging 17-20% and recovery factors of 92-95%.
A 20% increase in cut-off grades results in an approximate 16% reduction in total Ying AgEq ounces, indicating moderate sensitivity.
Mine-by-mine contributions: SGX leads with 38% of tonnes and 44% of Ag; TLP contributes 18% of tonnes; LMW contributes 13% of tonnes; KP reports its first Mineral Reserves of 0.21 Mt.

Material Impact

The reserve update is fundamentally positive but aligns with prior expectations and does not constitute a market-moving catalyst. It validates the longevity and economics of the Ying district, which remains the company's cash engine.
The ~30% stock decline from the May 13 high ($21.52) to the Jun 9 low ($14.05) already priced in the El Domo budget increase ($284M, 6-month delay) and broader precious metals volatility.
This news provides a fundamental floor rather than a re-rating trigger. It extends mine life by 17 years and adds 20% more silver ounces, but it does not alter near-term production guidance, cost structure, or capital allocation plans.
The market's revealed expectation into this print is neutral-to-slightly-positive, as the technical update is expected and the stock has already corrected to a more attractive valuation multiple.

SVM · Price

Company Overview

Silvercorp is a producing precious and base metals miner with operations in China, Ecuador, and Kyrgyzstan.
Flagship asset: Ying Mining District (China), a multi-mine silver-lead-zinc-gold operation with extended mine life through 2042.
Growth assets: El Domo (Ecuador, silver-gold-copper-zinc-lead), Tulkubash/Kyzyltash (Kyrgyzstan, gold), Condor (Ecuador, gold-silver-zinc-lead), and Kuanping (China, silver).
The company operates under NI 43-101 standards, with technical reports prepared by independent qualified persons.
Jurisdictional mix includes stable Chinese operations, emerging Ecuadorian projects, and a new Kyrgyzstan joint venture.

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