SILVERCORP REPORTS ADJUSTED NET INCOME OF $47.9 MILLION, $0.22 PER SHARE, AND CASH FLOW FROM OPERATING ACTIVITIES OF $132.9 MILLION FOR Q3 FISCAL 2026

Executive Summary

• Silvercorp reported record quarterly revenue of $126.1 M (+51% YoY) and adjusted net income of $47.9 M ($0.22/share).
• Operating cash flow surged to $132.9 M (up $88.1 M YoY); free cash flow reached $89.6 M.
• Silver production ~1.7 M oz (down 2% YoY) while gold output rose 2%; cash cost per ounce of silver improved to –$3.02, and AISC held at $12.86/oz.

Key Details

• Financial Highlights
• Revenue: $126.1 M vs. $83.6 M prior year (+51%).
• Adjusted earnings: $47.9 M ($0.22/share) vs. $21.96 M ($0.10/share).
• Net loss of $15.8 M driven by a $60.2 M non‑cash mark‑to‑market charge on convertible notes.
• Operating cash flow: $132.9 M (↑196% YoY).
• Free cash flow: $89.6 M (↑336% YoY).

• Cash & equivalents at period end: $462.8 M (+21%).

• Production Metrics

• Silver produced: 1.7 M oz (≈1.9 M oz eq).
• Gold produced: 2,096 oz (+2% YoY).
• Lead: 14.7 M lbs (‑4% YoY).
• Zinc: 1.9 M lbs (+6% YoY).

• Ore mined in Ying District: 365,370 t (+23%).

• Cost Performance

• Cash cost per ounce of silver (net of by‑product credits): –$3.02 (improved from –$1.88).
• All‑in sustaining cost (AISC) per ounce of silver: $12.86 (flat YoY).

• Cash cost per tonne of ore: $75.80 (‑11% YoY, below guidance).

• Mine‑by‑Mine Updates

• Ying Mining District: Record ore mined; mill throughput 328,425 t (+18%). Lower silver output due to XRT sorter maintenance and higher dilution.

• GC Mine: Produced 0.1 M oz silver, 1.7 M lbs lead, 5.1 M lbs zinc (zinc +15% YoY). Expected Q4 ore processing ~50,000 t.

• Capital Expenditures

• Total capex Q3 FY2026: $44.3 M (+75% YoY).
• Major spend on El Domo ($18.0 M) and Kuanping ($2.4 M) development projects.

• Underground ramp, tunnel & drilling in Ying District: $17.7 M (ramps) + $4.0 M (plant/equipment).

• Guidance & Outlook

• Process plant to remain operational during Chinese New Year holiday; stockpiled ore will be processed post‑holiday.
• Kuanping mine expected to begin initial production in June 2026, with ore shipped to Ying processing plant.

Notable Quotes

(No direct CEO/President quotes were included in the release.)