Silvercorp Metals posts record $126.1M quarterly revenue, strengthens cash position
- Silvercorp posted record Q3 revenue of $126.1M, driven by ~1.9M oz silver sales and $49/oz realized price.
- Cash cost per silver ounce improved to negative $3.02; adjusted net income $47.9M and adjusted EBITDA $66.7M.
- Operating cash flow reached $132.9M; free cash flow $89.6M; cash and short‑term investments $462.8M, equity $233.2M.
Silvercorp posts record quarterly revenue and strengthens cash position
Silvercorp Metals reports a strong Q3 fiscal 2026 performance, driven by higher metal sales and improved silver realizations. The company produces about 1.9 million ounces of silver and 2,096 ounces of gold, selling roughly 1.9 million ounces of silver, 2,250 ounces of gold, 16.4 million pounds of lead and 7.0 million pounds of zinc. Quarterly revenue reaches a record $126.1 million, up 51% year‑on‑year, with silver accounting for 72% of revenue and a realized silver selling price of $49.00 per ounce after smelter deductions.
Operational cost metrics show continued margin strength despite rising input pressures. Cash cost per ounce of silver, net of by‑product credits, improves to negative $3.02 from negative $1.88 a year earlier, while all‑in sustaining cost (AISC) per ounce stands at $12.86, broadly unchanged from $12.75 in the prior-year quarter. On an adjusted basis, net income attributable to equity shareholders is $47.9 million, or $0.22 per share, and adjusted EBITDA is $66.7 million, reflecting stronger underlying operations compared with Q3 fiscal 2025.
The reported net loss of $15.8 million primarily reflects a $60.2 million non‑cash mark‑to‑market charge on convertible notes, but cash generation is robust. Operating cash flow hits a record $132.9 million (including a $43.9 million draw from Wheaton Precious Metals) and free cash flow reaches $89.6 million. Silvercorp ends the quarter with $462.8 million in cash and short‑term investments and equity investments valued at $233.2 million, giving it flexibility to fund operations, exploration and potential strategic initiatives.
Critical‑minerals market tightness raises strategic stakes
Industry data show tightening fundamentals across several critical metals as demand outpaces near‑term supply growth. The International Copper Study Group now projects a 150,000‑tonne refined copper deficit for 2026, reversing earlier surplus forecasts, while consultancies and governments push for coordinated supply‑chain responses. Silvercorp is cited among companies positioned across an expanding critical‑minerals spectrum as policymakers widen focus beyond rare earths to high‑risk metals.
Policy and processing capacity present opportunity for miners
Governments in the EU, U.S. and Japan are expected to sign a trilateral memorandum on critical raw materials cooperation, and industry voices urge coordinated mineral ecosystems linking producers, processors and buyers. The push for Western processing and refining capacity — highlighted by recent tungsten and antimony supply concerns — creates potential avenues for Silvercorp to leverage strong cash flows into downstream partnerships, offtake deals or capacity investments that reduce reliance on concentrated global suppliers.