Silvercorp Metals (SVM) investor relations material

Executive summary

• Achieved record Q3 revenue of $126.1 million, up 51% year-over-year, driven by higher silver prices and strong operational performance.

• Cash flow from operating activities reached $133 million, up 196% year-over-year; free cash flow was $90 million, up 336%.

• Adjusted net income was $47.9 million ($0.22/share), up 118% from last year, excluding a $60 million non-cash derivative liability charge.

• Net income reported as -$15.8 million due to the non-cash charge related to convertible notes.

• Produced 1.9 million ounces of silver, 2,096 ounces of gold, and 2.0 million ounces of silver equivalent.

Financial highlights

• Realized silver price increased 80% to $49.0/oz after smelter deductions; silver contributed 72% of Q3 revenue.

• Adjusted EBITDA was $66.7 million, up 66% year-over-year.

• Q3 operating cash flow (adjusted for one-time items) was $79.6 million, up 129% year-over-year.

• Cash and short-term investments totaled $463 million, up over $80 million from September 30.

• Investments in associates and other companies valued at nearly $260 million as of December 31.

Outlook and guidance

• Throughput at Ying mine expected at the lower end of guidance due to Q2 challenges and lower grades, despite higher tons milled.

• Extra ore stockpiled to support Q4 production during Chinese New Year; Ying Mining District mines will close for three weeks, but processing will continue.

• Kuanping Mine expected to start initial ore production in June 2026.

• GC Mine to process about 50,000 tonnes of ore in Q4 Fiscal 2026.