Silvercorp Posts Record Annual Revenue in Fiscal 2026 and Sets Production Targets for the Year Ahead

• Annual revenue reached approximately $438.1 million in fiscal 2026, up 47% from the prior year, with Q4 contributing a record $147.4 million, up 96% over the same quarter last year
• Ore processed for the full year totalled 1,475,512 tonnes, up 12% year on year and above the upper end of the company's annual guidance of 1,369,000 tonnes
• Fiscal 2027 guidance targets 6.8 to 7.1 million ounces of silver, up to 10,000 ounces of gold, and up to 65.8 million pounds of lead across the company's China operations
• A new processing facility at the Ying Mining District is under construction, with commissioning targeted for Q1 fiscal 2028 and expected to bring net milling capacity to 6,300 tonnes per day
• The El Domo copper-gold project in Ecuador remains on budget at $283.6 million, with open pit stripping commenced in April 2026 and completion targeted for 1 July 2027

Silvercorp Metals Inc. (TSX/NYSE American: SVM) is a Canadian-based mining company producing silver, gold, lead, and zinc. The company's strategy focuses on generating free cash flow from long-life mines, pursuing organic growth through extensive exploration drilling, completing strategic acquisitions, and maintaining a long-term commitment to responsible mining and ESG practices. Silvercorp operates producing mines in China and is advancing construction and development-stage projects in Ecuador and Kyrgyzstan.

Fiscal 2026 Q4 and Annual Operational Results

Silvercorp recorded annual revenue of approximately $438.1 million for fiscal 2026, up 47% from the prior year. Ore throughput for the full year reached 1,475,512 tonnes, up 12% year on year and above the company's annual guidance ceiling of 1,369,000 tonnes. The Ying Mining District processed 1,188,459 tonnes of ore, up 17% over fiscal 2025, while the GC Mine processed 287,053 tonnes, down 4% from the prior year.

Gold production rose 16% year on year to approximately 8,723 ounces, the strongest individual metal gain for the year. Silver output came in at approximately 6.8 million ounces, down 1% from fiscal 2025. Silver equivalent production, which converts gold volumes into silver terms using the ratio between the net realised selling prices of each metal, was approximately 7.5 million ounces, broadly flat year on year. Lead production at Ying was 55.1 million pounds, down 3%, while zinc production at the GC Mine reached 15.1 million pounds, up 3%.

The fourth quarter saw revenue of approximately $147.4 million, up 96% over the same quarter in fiscal 2025. Production volumes in Q4 were lower across most metals at the Ying Mining District, primarily due to a planned increase in shrinkage stoping, a mining technique where broken ore remains in the excavated area as a working platform, which was associated with lower ore grades during the period. The GC Mine posted quarterly gains across all three metals, with lead production up 51% over the same quarter in fiscal 2025. Over the quarter, more than 54,000 metres of drilling and 14,600 metres of exploration tunnelling were completed across both mines. Silvercorp's MSCI ESG rating was upgraded from A to AA during Q4.

Fiscal 2027 Production and Cost Guidance

For fiscal 2027, Silvercorp is guiding for 1,526,600 to 1,607,000 tonnes of ore to be processed, a 3% to 9% increase from fiscal 2026. Silver production is targeted at 6.8 to 7.1 million ounces, gold at 9,500 to 10,000 ounces, lead at 62.7 to 65.8 million pounds, and zinc at 22.3 to 23.4 million pounds. These ranges represent year-on-year increases across all metals, with gold guided up 9% to 15% and lead up 4% to 9%. The Ying Mining District will account for the majority of output, while the GC Mine is guiding a 20% to 26% increase in lead production compared to fiscal 2026.

The consolidated cash cost per tonne of ore processed, which covers direct mining, shipping, and milling expenses, is guided at $83.3 to $85.4 for fiscal 2027. The all-in sustaining cost (AISC) per tonne, a broader measure that also includes administrative costs, regulatory fees, reclamation provisions, and the capital required to sustain existing operations, is estimated at $155.3 to $161.2 per tonne. Both figures are higher than the $80.2 cash cost and $134.1 AISC per tonne recorded over the first nine months of fiscal 2026. The company attributes the increases to anticipated rises in contractor unit costs and a larger planned programme of development tunnelling and facility construction.

At the GC Mine, the cash cost per tonne is guided at $63.1 to $64.6, compared to $57.8 recorded over the first nine months of fiscal 2026. The AISC at the GC Mine is estimated at $90.4 to $93.3 per tonne, compared to $82.9 in the same period, with the increase attributed to a higher volume of exploration tunnelling planned for fiscal 2027. An updated NI 43-101 technical report for the Ying Mining District is expected in the coming weeks. NI 43-101 is the Canadian regulatory standard for disclosing mineral resources and mine plans, and the report is expected to contain further detail on the near and longer-term mine plan underlying the fiscal 2027 guidance.

Capital Expenditure Plans and Project Development

Total capital expenditure at the Ying Mining District in fiscal 2027 is estimated at $124.1 million. The most significant item is the No. 3 Mill, a new ore processing facility with a total construction budget of $31.6 million, of which $22.7 million is allocated to fiscal 2027. The mill is designed to add 3,000 tonnes per day of processing capacity and is scheduled for commissioning in Q1 fiscal 2028. Upon completion, the older No. 1 Mill will be decommissioned, leaving the Ying Mining District with a net effective milling capacity of 6,300 tonnes per day, with annual throughput targeted to reach 1.6 million tonnes per year by fiscal year 2029. Additional fiscal 2027 spending at Ying includes $26.1 million for facility and equipment upgrades, $2.8 million for drilling, $3 million for exploration tunnelling, and $2 million for development ramps to access newly identified mineralised areas. The GC Mine has a capital budget of $10.1 million covering ramp development, exploration tunnelling, and equipment, while the Kuanping underground mine in China has a fiscal 2027 budget of $6.8 million for ramp and tunnel development.

In Ecuador, the El Domo copper-gold project is advancing under a total budget of $283.6 million, consistent with the February 2026 revised estimate, with a completion date of 1 July 2027. Open pit stripping commenced in April 2026, with an estimated 4.1 million cubic metres of sediment and waste rock to be removed. Site preparation, the ore shed, camp, and internal roads are complete, and orders for major processing equipment have been placed. A 14-megawatt diesel generating set is scheduled for delivery to site by December 2026 and will be installed and operational before the completion of the processing plant, ensuring power is available for commissioning ahead of the external power line being finalised.

At the Condor project in Ecuador, Silvercorp plans to obtain an environmental permit for small-scale mining in fiscal 2027. Once obtained, this would allow for 3,000 metres of underground tunnelling to access main ore bodies and underground drilling to upgrade mineral resource categories, with a pre-feasibility or feasibility study for a 5,000 tonne per day underground mine to follow based on those results. Total capital expenditure at Condor is estimated at $10.9 million for fiscal 2027. Guidance for the company's Kyrgyzstan operations, which includes the Tulkubash and Kyzyltash gold projects, will be issued in a separate press release.

Looking Ahead

Silvercorp's audited financial results for fiscal 2026 are scheduled for release on 25 May 2026, after market close. An updated NI 43-101 technical report for the Ying Mining District is expected in the coming weeks, covering the near and longer-term mine plan. The El Domo project is targeted for completion on 1 July 2027, following which the company will operate producing assets in both China and Ecuador. Guidance for the Kyrgyzstan operations will be issued separately.

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