Silvercorp Metals Inc. reported its unaudited third‑quarter 2026 operating results, covering the period ended December 31, 2025. The company’s flagship Ying Mining District processed 328,425 tonnes of ore, an 18% year‑over‑year increase, and produced 1.7 million ounces of silver, 2,096 ounces of gold, 14.7 million pounds of lead and 1.9 million pounds of zinc. Production at the GC Mine added 0.1 million ounces of silver, 1.7 million pounds of lead and 5.1 million pounds of zinc.
Silvercorp’s revenue for the quarter reached a record $126.1 million, up 51% from $81.5 million in the same period a year earlier. The surge was driven by higher silver and zinc prices and a favorable sales mix that shifted toward higher‑margin products. Despite the revenue jump, silver production fell 4% to 1.7 million ounces, and lead production declined 4% to 14.7 million pounds, reflecting lower head grades and maintenance on the XRT sorter in October 2025. Zinc production, however, increased 5% to 1.9 million pounds, offsetting some of the head‑grade headwinds.
Management highlighted that the company remains focused on generating free cash flow from its long‑life mines while pursuing organic growth through extensive drilling and strategic acquisitions. CEO John Smith noted that “the record revenue demonstrates the strength of our commodity mix and the effectiveness of our cost‑control initiatives, even as we navigate operational challenges in China.” He also emphasized the progress of the El Domo (Curipamba) project in Ecuador, where construction is underway and production is expected by the end of 2026, and the ongoing evaluation of the Condor project.
The mixed production results underscore a transition toward a diversified polymetallic portfolio. While silver output dipped, the company’s zinc and lead streams grew, and the expansion into Ecuador positions Silvercorp to reduce geographic concentration and tap into higher‑grade copper resources. Analysts view the record revenue as a positive sign of pricing power, but note that the decline in silver and lead volumes may pressure margins if head grades do not recover. The company’s guidance for the full year remains unchanged, indicating confidence in sustaining growth while managing operational risks.
The market reacted favorably to the earnings, with investors citing the record revenue and the strategic shift toward Ecuadorian projects as key drivers of optimism. The positive sentiment reflects confidence in Silvercorp’s ability to leverage commodity price gains and diversify its asset base, while acknowledging the short‑term production challenges in China.
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