Silvercorp Metals (SVM) Q2 2027 earnings summary

Executive summary

• Ying safety-system upgrades materially reduced Q2 output; works were substantially completed, inspected and approved for operations to resume.

• Adjusted earnings were $18.4M, or $0.08/share; operating cash flow was $62.7M, including a $43.9M Wheaton drawdown.

Financial highlights

• Revenue was $72.1M, down 13% YoY; lower production was partly offset by higher realized silver and gold prices.

• Net income attributable to equity shareholders was $5.3M, or $0.02/share; adjusted earnings were $18.4M, or $0.08/share, down 19% YoY.

• Adjusted EBITDA attributable to equity shareholders was $37.7M, down 2% YoY; operating cash flow rose 60% to $62.7M.

• Free cash flow was $4.7M versus $11.4M YoY, reflecting planned mine-building investment.

Outlook and guidance

• El Domo production is targeted to start in November 2027; construction budget rose to $298.2M from $283.6M, with further cost or schedule changes possible.

• GC restart is targeted for November 2027, subject to updated design approval, construction and a new safety permit; timing and production levels remain uncertain.

• Condor permitting is expected to be completed in June 2027; underground access development is planned after the environmental license is secured.