Silvercorp Metals (SVM) Mining Forum Americas 2026 summary

Strategic growth and diversification

• Profitable silver operations in China continue, with a run rate of 7.5 million ounces silver equivalent and additional lead and zinc output; all-in sustaining cost for silver is $15/oz.

• New projects include El Domo (Ecuador), Tulkubash and Kyzyltash (Kyrgyzstan), and Condor (Ecuador), expanding the portfolio beyond China.

• El Domo is on track for commissioning in July 2027, with $284 million CapEx and $571 million NPV at 8% discount; Wheaton is contributing $175 million.

• Tulkubash heap leach project in Kyrgyzstan is under construction, targeting gold production by late 2027 or early 2028; Kyzyltash drilling is underway with a $30 million budget.

• Condor project in Ecuador completed a PEA, targeting staged development with initial small-scale mining and future expansion.

Operational and financial highlights

• Revenue is projected to grow from $470 million to $500–600 million over the next few years, with diversification into copper and gold.

• Ying Mining District in China is expanding with a third mill (3,000 tpd, $30 million CapEx), operational by mid-2025.

• Peer-leading margins and return on equity, but trading at a discount to peers on metrics like price to NAV and EV/EBITDA.

• Shareholder base shifted from 60% retail to 65% institutional ownership over the past year.

• Announced intention to seek a Hong Kong listing, with initial filing in May and target listing in early 2027.

Project updates and risk management

• El Domo construction is progressing, with major infrastructure underway and equipment en route.

• Tulkubash project has begun open pit stripping, heap leach pad, and plant construction; mining license extended to 2062.

• Kyzyltash drilling revealed new ore structures, potentially increasing resource size and open pit potential; PEA targeted for 2027.

• Condor project aims for community support by processing local ore and phased permitting for staged growth.

• Risk in Kyrgyzstan is mitigated by a joint venture with the government, direct economic participation, and adoption of Western best practices.