Silvercorp Metals (SVM) investor relations material

Executive summary

• Achieved adjusted net income of $53.9 million (CAD 53.9 million, $0.24/share) and cash flow from operations of $61.7 million for Q1, with revenue up 70% year-over-year to $138.7 million (CAD 139 million), driven by a 135% higher realized silver price.

• Produced 1.5 million ounces of silver, 2,536 ounces of gold, 13.7 million pounds of lead, and 4.2 million pounds of zinc; silver accounted for 77% of revenue.

• Ended the quarter with $387.1 million in cash and short-term investments, after significant capital expenditures and a $60 million acquisition payment.

• Operations in China and at the GC Mine were voluntarily suspended mid-to-late June for comprehensive safety upgrades in compliance with new regulations.

• Major growth projects advanced in Ecuador and Kyrgyzstan, with robust balance sheet supporting ongoing investments.

Financial highlights

• Revenue rose 70% year-over-year to $138.7 million (CAD 139 million), driven by a 135% increase in realized silver prices.

• Net income reached $59.4 million ($0.27/share), including $11 million investment gain and $6 million from asset sale.

• Adjusted EBITDA reached $77.3 million ($0.35/share), a 121% increase year-over-year.

• Free cash flow was $28.6 million, up 27% year-over-year.

• Cash and short-term investments at quarter-end: $387.1 million, with undrawn loan facilities of US $220 million.

Outlook and guidance

• Production at the Ying Mining District is expected to be reduced by 40–50% in Q2 due to ongoing safety system upgrades.

• El Domo mine construction in Ecuador is on track for commissioning by July 2027.

• Management is waiting for more visibility before updating full-year production and cost guidance.

• The company continues to advance permitting and development at the Condor, Tulkubash, Kyzyltash, and Kuanping projects.

• No significant concerns about capital spending delays at El Domo; project remains on track for next summer.