Silvercorp Metals Revenue Rises 70% on Higher Silver Prices
The company reported revenue of $138.7 million for the first quarter of fiscal 2027
Silvercorp Metals Inc. (SVM), a precious metals producer, reported revenue of $138.7 million for the three months ended June 30, 2026. This figure represents a 70% increase over the same period in the prior year. The company said the growth was mainly driven by an average realized silver price of $69.38 per ounce, which was 135% higher than the previous year. Silver accounted for 77% of the quarterly revenue.
Production for the quarter totaled approximately 1.5 million ounces of silver and 2,536 ounces of gold, or approximately 1.7 million ounces of silver equivalent. The company sold approximately 1.5 million ounces of silver, 2,454 ounces of gold, 13.7 million pounds of lead, and 4.2 million pounds of zinc during the period.
Adjusted earnings attributable to equity shareholders rose to $53.9 million, or $0.24 a share, compared to $21.0 million or $0.10 a share in the first quarter of fiscal 2026. Adjusted EBITDA attributable to equity shareholders was $77.3 million, or $0.35 a share, up from $35.0 million or $0.16 a share in the prior-year period. Net income attributable to equity shareholders was $59.4 million, or $0.27 a share.
Costs per ounce of silver increased during the quarter. The cash cost per ounce of silver, net of by-product credits, was $1.33, compared to $1.11 in the first quarter of fiscal 2026. The all-in sustaining cost per ounce of silver, net of by-product credits, rose 36% to $18.38 from $13.49 in the prior-year period. The company attributed this increase mainly to government taxes that were 72% higher due to increased revenue and a decrease in the amount of metals produced and sold.
Cash flow from operating activities was $61.7 million, an increase of $13.4 million from the $48.3 million reported in the first quarter of fiscal 2026.
The company capitalized $22.3 million for exploration, development, equipment, and facilities at its China operations. Additional spending included $12.9 million for Ecuador operations, primarily for the development and construction of the El Domo mine, and $2.6 million for the construction of the Chaarat ZAAV mine.