Silvercorp Metals (SVM) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $84 million, up 43% year-over-year, driven by higher realized metal prices and increased gold, silver, and lead sales.

• Operating cash flow reached a record $45 million, up 90% year-over-year.

• Silver production hit 1.9 million ounces, up 16% year-over-year, with the Ying Mine as the primary contributor.

• Adjusted net income was $22 million ($0.10/share), up 92% year-over-year, excluding a $11.6 million derivative gain and $8.9 million one-time royalty payment.

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

Financial highlights

• Net income attributable to equity holders was $26.1 million ($0.12/share), up 149% year-over-year.

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

• Cash cost per ounce of silver (net of byproducts) was negative $1.88 in Q3; all-in sustaining cost per ounce was $12.75.

• Average realized prices: gold $2,322/oz (+35%), silver $27.20/oz (+35%), lead $0.94/lb (+8%), zinc $1.22/lb (+49%).

• Working capital at $300.2 million, up 94% from March 2024.

Outlook and guidance

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

• All-in sustaining production costs year-to-date are in line with annual guidance of $144–$152 per ton.

• Initial production at El Domo copper-gold project targeted for the second half of 2026.

• Fiscal 2026 production and capital expenditure guidance will be provided in April 2025, pending El Domo process plant design.

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