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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
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
Canada NewsWire
VANCOUVER, BC, Feb. 9, 2026
Trading Symbol:(EQNX::nobreakspace) TSX/NYSE AMERICAN: SVM
VANCOUVER, BC, Feb. 9, 2026 /CNW/ -(EQNX::nobreakspace)Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the three months ended December 31, 2025 ("Q3 Fiscal 2026"). All amounts are expressed in US dollars, and figures may not add due to rounding.
HIGHLIGHTS FOR Q3 Fiscal 2026
- Steady Silver Equivalent Production: Produced approximately 1.9 million ounces of silver, 2,096 ounces of gold, or approximately 2.0 million ounces of silver equivalent1 (silver and gold only);
- Record Quarterly Revenue: Sold approximately 1.9 million ounces of silver, 2,250 ounces of gold, 16.4 million pounds of lead, and 7.0 million pounds of zinc, for revenue of $126.1 million, an increase of 51% over the three months ended December 31, 2024 ("Q3 Fiscal 2025");
- Realized silver selling price: $49.0 per ounce after smelter deduction, with silver representing 72% of the quarterly revenue;
- Cash cost per ounce of silver (net of by-product credits)1: negative $3.02, significant improvement from negative $1.88 in Q3 Fiscal 2025;
- All-in sustaining cost per ounce of silver ("AISC")1 (net of by-product credits): $12.86, remaining flat with $12.75 in Q3 Fiscal 2025;
- Adjusted net income1 attributable to equity shareholders: $47.9 million, or $0.22 per share, after excluding non-cash or one-time items, compared to $22.0 million or $0.10 per share in Q3 Fiscal 2025;
- Adjusted earnings before interest, income tax, depreciation and amortization ("EBITDA")1: $66.7 million, or $0.30 per share, compared to $40.1 million or $0.18 per share in Q3 Fiscal 2025;
- Net loss attributable to equity shareholders: $15.8 million, or $0.07 per share, mainly due to a $60.2 million non-cash charge on "mark-to-market" of the fair value of convertible notes;
- Record cash flow from operating activities: $132.9 million, up $88.1 million, compared to $44.8 million in Q3 Fiscal 2025, including the $43.9 million draw-down from Wheaton Precious Metals in October 2025;
- Record free cash flow1: $89.6 million, up $69.0 million, compared to $20.5 million in Q3 Fiscal 2025; and
- Cash position: Ended the period with cash and cash equivalents and short-term investments of $462.8 million, an increase of $80.6 million from the previous quarter, and a portfolio of equity investments with a total market value of $233.2 million, an increase of $53.0 million from the previous quarter.
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1 | Non-GAAP measures, please refer to MD&A section 12 for reconciliation. |
CONSOLIDATED FINANCIAL AND OPERATING RESULTS
Three months ended December 31, | Nine months ended December 31, | ||||||
2025 | 2024 | Changes | 2025 | 2024 | Changes | ||
Financial Results (in thousands of $, except per share) | |||||||
Revenue | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace) 126,112 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace) 83,614 | 51(EQNX::nobreakspace)% | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace) 290,776 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace) 223,782 | 30(EQNX::nobreakspace)% | |
Mine operating earnings | 77,068 | 29,230 | 164(EQNX::nobreakspace)% | 153,749 | 97,405 | 58(EQNX::nobreakspace)% | |
Net income (loss)* | (15,832) | 26,130 | (161)(EQNX::nobreakspace)% | (9,222) | 65,775 | (114)(EQNX::nobreakspace)% | |
Per share - basic | (0.07) | 0.12 | (160)(EQNX::nobreakspace)% | (0.04) | 0.33 | (113)(EQNX::nobreakspace)% | |
Adjusted earnings* | 47,931 | 21,963 | 118(EQNX::nobreakspace)% | 91,531 | 60,342 | 52(EQNX::nobreakspace)% | |
Per share - basic | 0.22 | 0.10 | 115(EQNX::nobreakspace)% | 0.42 | 0.30 | 38(EQNX::nobreakspace)% | |
EBITDA* | 5,984 | 43,760 | (86)(EQNX::nobreakspace)% | 45,321 | 107,236 | (58)(EQNX::nobreakspace)% | |
Per share | 0.03 | 0.20 | (86)(EQNX::nobreakspace)% | 0.21 | 0.54 | (61)(EQNX::nobreakspace)% | |
Adjusted EBITDA* | 66,735 | 40,122 | 66(EQNX::nobreakspace)% | 140,024 | 102,447 | 37(EQNX::nobreakspace)% | |
Per share | 0.30 | 0.18 | 64(EQNX::nobreakspace)% | 0.64 | 0.51 | 25(EQNX::nobreakspace)% | |
Cash flow from operating activities | 132,943 | 44,847 | 196(EQNX::nobreakspace)% | 220,404 | 107,930 | 104(EQNX::nobreakspace)% | |
Sustaining capital expenditures | 13,727 | 14,152 | (3)(EQNX::nobreakspace)% | 36,516 | 34,580 | 6(EQNX::nobreakspace)% | |
Growth capital expenditures | 29,648 | 10,173 | 191(EQNX::nobreakspace)% | 60,436 | 28,696 | 111(EQNX::nobreakspace)% | |
Free cash flow | 89,568 | 20,522 | 336(EQNX::nobreakspace)% | 123,452 | 44,654 | 176(EQNX::nobreakspace)% | |
Basic weighted average shares outstanding | 218,585,686 | 217,475,279 | 1(EQNX::nobreakspace)% | 218,290,025 | 199,608,181 | 9(EQNX::nobreakspace)% | |
Metals sold | |||||||
Silver (million ounces) | 1.9 | 2.0 | (4)(EQNX::nobreakspace)% | 5.4 | 5.3 | --(EQNX::nobreakspace)% | |
Gold (ounces) | 2,250 | 1,875 | 20(EQNX::nobreakspace)% | 6,234 | 4,112 | 52(EQNX::nobreakspace)% | |
Lead (million pounds) | 16.4 | 17.1 | (4)(EQNX::nobreakspace)% | 46.4 | 46.0 | 1(EQNX::nobreakspace)% | |
Zinc (million pounds) | 7.0 | 6.6 | 6(EQNX::nobreakspace)% | 17.9 | 19.0 | (6)(EQNX::nobreakspace)% | |
Average Selling Price,(EQNX::nobreakspace)Net of Value Added Tax and Smelter Charges | |||||||
Silver ($/ounce) | 48.97 | 27.20 | 80(EQNX::nobreakspace)% | 37.66 | 26.70 | 41(EQNX::nobreakspace)% | |
Gold ($/ounce) | 3,666 | 2,322 | 58(EQNX::nobreakspace)% | 3,197 | 2,198 | 45(EQNX::nobreakspace)% | |
Lead ($/pound) | 0.98 | 0.94 | 4(EQNX::nobreakspace)% | 0.95 | 0.98 | (3)(EQNX::nobreakspace)% | |
Zinc(EQNX::nobreakspace)(EQNX::nobreakspace)($/pound) | 1.08 | 1.22 | (11)(EQNX::nobreakspace)% | 1.01 | 1.12 | (10)(EQNX::nobreakspace)% | |
Cost Data per ounce of silver, net of by-product credits ($) | |||||||
Cash cost | (3.02) | (1.88) | (61)(EQNX::nobreakspace)% | (0.68) | (1.46) | 53(EQNX::nobreakspace)% | |
All-in sustaining cost | 12.86 | 12.75 | 1(EQNX::nobreakspace)% | 13.41 | 11.46 | 17(EQNX::nobreakspace)% | |
Financial Position (in thousands of $) as at | December 31, | September 30, | December 31, (EQNX::nobreakspace)2025 | March 31, 2025 | |||
Cash and cash equivalents and short-term investments | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace) 462,840 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace) 382,254 | 21(EQNX::nobreakspace)% | 462,840 | 369,056 | 25(EQNX::nobreakspace)% | |
Working capital | 94,573 | 311,882 | (70)(EQNX::nobreakspace)% | 94,573 | 310,359 | (70)(EQNX::nobreakspace)% | |
*Attributable to equity holders |
INDIVIDUAL MINE OPERATING PERFORMANCE
The Ying Mining District delivered a strong Q3 Fiscal 2026, with record ore mined of 365,370 tonnes, up 23% over Q3 Fiscal 2025, driven by increased use of shrinkage mining relative to cut-and-fill re-suing. Mill throughput was 328,425 tonnes, up 18% over Q3 Fiscal 2025.
Production was approximately 1.7 million ounces of silver, 2,096 ounces of gold, or 1.9 million ounces of silver equivalent, 14.7 million pounds of lead, and 1.9 million pounds of zinc, representing an increase of 2% in gold and decreases of 2%, 4%, 4%, and 16% in silver, silver equivalent, lead and zinc, respectively, over Q3 Fiscal 2025. Lower production was due to lower head grades, as a result of the XRT sorter undergoing maintenance in October 2025 and higher dilution associated with shrinkage mining.
Cash cost per tonne of ore was $75.80 in Q3 Fiscal 2026, down 11% from Q3 Fiscal 2025 and below the Fiscal 2026 guidance range of $86.8(EQNX::endash)$88.4. The improvement reflects ongoing mine mechanization and greater use of cost-efficient shrinkage mining, boosting mine and mill productivity. On a per ounce of silver, net of by-product credits basis, cash cost was negative $1.22, compared with negative $0.30 in Q3 Fiscal 2025, driven by these factors and a $3.5 million increase in by-product credits.
AISC per tonne of ore improved 11% in Q3 Fiscal 2026, to $134.06, remaining below the Fiscal 2026 guidance range of $157.8(EQNX::endash)$160.5. On a per ounce of silver, net of by-product credits basis, AISC was $11.32, supporting robust margins amid higher silver prices.
The mines in the Ying Mining District are expected to be closed for three weeks during the Chinese New Year period in February, but the process plant will continue to operate during the holiday to process the 61,105 tonnes stockpiled at the end of this quarter together with ore stockpiled in January 2026.
Ying Mining District | Three months ended | Nine months ended December 31, | ||||||
December 31, | September | June 30, 2025 | March 31, | December 31, | 2025 | 2024 | ||
Ore processed (tonnes) | ||||||||
Silver-lead ore | 299,217 | 235,168 | 252,958 | 265,199 | 255,783 | 787,343 | 661,972 | |
Gold ore | 29,208 | 29,834 | 30,397 | 39,025 | 21,912 | 89,439 | 47,463 | |
328,425 | 265,002 | 283,355 | 304,224 | 277,695 | 876,782 | 709,435 | ||
Average head grades for silver-lead ore | ||||||||
Silver (grams/tonne) | 190 | 207 | 217 | 189 | 226 | 204 | 239 | |
Lead (%) | 2.3 | 2.6 | 2.8 | 2.9 | 2.9 | 2.6 | 3.0 | |
Zinc (%) | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.5 | 0.6 | |
Average head grades for gold-ore | ||||||||
Gold (grams/tonne) | 1.2 | 1.4 | 1.5 | 1.4 | 2.1 | 1.3 | 1.9 | |
Silver (grams/tonne) | 57 | 81 | 51 | 62 | 67 | 63 | 80 | |
Lead (%) | 1.1 | 0.9 | 0.8 | 0.7 | 0.7 | 0.9 | 1.0 | |
Recovery rates | ||||||||
Silver (%) | 95.3 | 94.8 | 94.6 | 94.2 | 94.7 | 95.5 | 94.8 | |
Gold (%)** | 92.8 | 94.2 | 93.4 | 91.7 | 94.6 | 93.5 | 93.6 | |
Lead (%) | 93.6 | 93.5 | 94.1 | 92.3 | 94.0 | 93.8 | 94.1 | |
Zinc (%) | 63.0 | 65.8 | 64.3 | 67.3 | 68.9 | 64.2 | 70.6 | |
Cash Costs | ||||||||
Cash cost ($/tonne) | 75.80 | 82.89 | 83.08 | 84.90 | 84.92 | 80.18 | 89.21 | |
AISC ($/tonne) | 134.06 | 139.22 | 129.83 | 120.62 | 150.87 | 134.13 | 146.58 | |
Cash cost, net of by-product credits ($/ounce of silver) | (1.22) | 0.97 | 1.26 | 3.05 | (0.30) | 0.30 | (0.14) | |
AISC, net of by-product credits ($/ounce of silver) | 11.32 | 11.75 | 10.10 | 11.35 | 11.05 | 11.04 | 9.16 | |
Metal Production |
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