Silvercorp Metals (SVM) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $84 million, up 43% year-over-year, and record operating cash flow of $45 million, up 90% year-over-year.

• Attributable net income reached $26.1 million ($0.12/share), up 149% year-over-year; adjusted net income was $22 million ($0.10/share), up 92% from Q3 Fiscal 2024.

• Record silver production of 1.9 million ounces, up 16% year-over-year, driven by strong performance at the Ying Mine.

• Cash and short-term investments totaled $355 million at quarter-end, up 92% from March 2024.

• Cash flow from operations reached $44.8 million, a 90% increase year-over-year.

Financial highlights

• Realized gold and silver prices rose 35%, zinc 49%, and lead 8% year-over-year.

• Silver contributed 63% of net realized Q3 revenue, up from 59% last year.

• Gold, silver, and lead sales volumes increased 40%, 15%, and 5% respectively; zinc sales decreased 10%.

• Mine operating earnings increased 25% to $29.2 million.

• $2 million increase in admin expenses and a one-time $12 million government payment for mining license renewal at SGX Mine.

Outlook and guidance

• Confident in achieving silver production guidance of 6.7–7.2 million ounces for Fiscal 2025.

• Mill expansion at Ying Mine completed, increasing capacity from 2,500 to 4,000 tons per day.

• El Domo copper-gold project in Ecuador on track for initial production in the second half of 2026; capital budget and production targets to be updated in April.

• Inventory stockpiles of ~145,000 tonnes to be processed in Q4 Fiscal 2025.