Silvercorp Metals Inc. · TSX:SVM
Silvercorp Metals — Q4 2026 Earnings Presentation
72 slides from Silvercorp Metals's earnings presentation, May 29, 2026
Slide 1: Management's Discussion and Analysis
SILVERCORP METALS INC. MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share figures or otherwise stated)
Slide 2: Table of Contents
Table of Contents 1 Core Business and Strategy 2 2 Fourth Quarter of Fiscal Year 2026 Highlights 3 3 Fiscal 2026 Highlights 4 4 Operating Performance 4 5 Fiscal 2027 Production, Cash Costs, and Capital Expenditure Guidance 14 6 Acquisition of ZAAV 17 7 Investment in Associates 18 8 Overview of Finan
Slide 3: Management's Discussion and Analysis
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) This Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the signif
Slide 4: Fourth Quarter of Fiscal Year 2026 Highlights
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 2. Fourth quarter of Fiscal Year 2026 Highlights • Ongoing production during Chinese New Year: Produced
Slide 5: Fiscal 2026 Highlights
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 3. Fiscal 2026 Highlights • Steady silver equivalent production: Produced approximately 6.8 million oun
Slide 6: Production
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (i) Production For the year ended March 31, 2026, the Company produced approximately 6.8 million ounces
Slide 7: Capitalized Expenditures
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) construction camp, internal roads, including roads to the TSF construction site, and orders of major eq
Slide 8: Ying Mining District
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (b) Individual Mine Performance (i) Ying Mining District The following table summarizes the operational
Slide 9: Ying Mining District
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) attributable to lower cash cost, partially offset by an increase of 13% in sustaining capital expenditu
Slide 10: GC Mine
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (ii) GC Mine The following table summarizes the operational information at the GC Mine for the three mo
Slide 11: GC Mine
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Q4 Fiscal 2026 vs. Q4 Fiscal 2025 Approximately 0.1 million ounces of silver, 1.1 million pounds of lea
Slide 12: El Domo
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Klohn Crippen Berger (KCB) mobilized its technical team to site to provide specialist Construction Qual
Slide 13: Comparison of Fiscal 2026 Result and Fiscal 2026 Guidance
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Company will commence the development of underground access tunnels into the Camp and Los Cuyes deposit
Slide 14: Development and Capital Expenditures
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (ii) Development and Capital Expenditures The following table summarizes the development work and capit
Slide 15: Fiscal 2027 Production, Cash costs, and Capital Expenditure Guidance
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 5. Fiscal 2027 Production, Cash costs, and Capital Expenditure Guidance The Company reiterates its prod
Slide 16: Fiscal 2027 Guidance
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) The GC Mine plans to process 290,000 to 305,000 tonnes of ore to produce 0.46 to 0.49 million ounces of
Slide 17: Estimated Expenditures
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Estimated Expenditures Target (in millions of US$) Category Description Completion Schedule Fiscal 2027
Slide 18: Package #1 - Site Preparation/Roads/Channel/TSF/SWD
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Package #1 - Site Preparation/Roads/Channel/TSF/SWD Package #1 earthworks and related activities have b
Slide 19: Acquisition of ZAAV
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) On January 27, 2026, the Company completed the acquisition of a 100% interest in ZAAV under the SPA wit
Slide 20: Investment in Associates
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) The summary of the investment in NUAG common shares and its market value as at the respective reporting
Slide 21: Selected Annual and Quarterly Information
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) TIN at a deemed price of CAD$0.40 per share, for an aggregate consideration of CAD$6,000,000; and $13.5
Slide 22: Selected Annual and Quarterly Information
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Fiscal 2025 Quarter Ended Year ended (In thousands of USD, other than per share amounts) Jun 30, 2024 S
Slide 23: Overview of Financial Results
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (b) Overview of the Financial Results for year ended March 31, 2026 Net loss attributable to equity sha
Slide 24: Production Costs and Taxes
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Production costs expensed for the year ended March 31, 2026 were $115.3 million, up $7.0 million compar
Slide 25: General and Administrative Expenses
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Years ended March 31, 2026 2025 Change Amortization and depreciation $ 773 $ 660 17 % Office and admini
Slide 26: Q4 Fiscal 2026 Financial Results
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) time expenses, and the $6.6 million gain on mark-to-market of investments, compared to $14.7 million or
Slide 27: Production Costs and Taxes
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Production costs expensed in Q4 Fiscal 2026 were $29.7 million, down $5.0 million compared to $34.7 mil
Slide 28: Gain on Investments and Derivative Liabilities
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Dilution loss on investment in associate in Q4 Fiscal 2026 was $0.3 million, compared to $nil in Q4 Fis
Slide 29: Cash Flow
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) The following table summarizes the Company’s cash flow for the three months and years ended March 31, 2
Slide 30: Capital Resources
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Capital Resources The Company’s objective when managing capital is to maintain financial flexibility to
Slide 31: Convertible Notes
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 10. Convertible Notes On November 25, 2024, the Company issued the unsecured Convertible Senior Notes (
Slide 32: Derivative Liability
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) the cash settlement alternative now causes the conversion option to meet the “fixed-for-fixed” conditio
Slide 33: Risks and Uncertainties
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 12. Risks and Uncertainties The Company is exposed to a number of risks in conducting its business, inc
Slide 34: Foreign Currency Exposure
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Accounts Cash and Trade and Due from payable and Effect of +/- cash Short-term other related Prepaids a
Slide 35: Metal Price and Reserve Risk
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) price of base and precious metals may have a significant influence on the market price of the Company’s
Slide 36: Mineral Reserve and Mineral Resource Estimates
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (d) Mineral Reserve and Mineral Resource estimates may change adversely, and such changes may negativel
Slide 37: Mine Closure and Rehabilitation
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (f) Mineral projects have a finite life and eventual closure of the mineral projects will entail costs
Slide 38: Actual Capital Costs and Returns
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (i) Actual capital costs, operating costs, production and economic returns may differ significantly fro
Slide 39: Permitting and Development Requirements
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Program Design; 5) Mineral Right Valuation Report including reconciliation of resource; 6) Project Soci
Slide 40: Title and Ownership Risks
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Title insurance is generally not available for mineral properties in China and the Company’s ability to
Slide 41: Future Funding and Financing
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) our working capital needs, upgrade our existing facilities or expand our business. These or other facto
Slide 42: Contractor Safety and Environmental Standards
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) affected by the performance of the third-party contractors. Although we monitor the works of the third-
Slide 43: Permits and Environmental Compliance
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Nearly all mining projects require government approval and permits relating to environmental, social, l
Slide 44: Climate Change Risks
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) The physical risks of climate change could also adversely impact our operations. These risks include, a
Slide 45: El Domo Litigation and Environmental License
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) With respect to the acquisition of Adventus, there was a litigation brought by a group of plaintiffs ag
Slide 46: Legal and Regulatory Risks in Ecuador
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) of property, ownership of assets, environmental legislation, labour relations, limitations on repatriat
Slide 47: Tax and Repatriation Risks
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) challenged or revised by the tax authorities, which could result in significant additional taxes, penal
Slide 48: Community Relations and Social Licence
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) exploration, development or operations on its mineral projects. New Pacific will place a high priority
Slide 49: Internal Control over Financial Reporting
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) • providing reasonable assurance that unauthorized acquisition, use or disposition of company assets th
Slide 50: Competition for Opportunities
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) identification and evaluation of assets and business opportunities and companies on their own behalf an
Slide 51: Macroeconomic and Political Conditions
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) and future economic conditions, levels of employment, inflation or deflation, household income, interes
Slide 52: Overseas Listing Trial Measures
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) assets, or take any other measures as per the competent authorities’ requirements, so as to eliminate o
Slide 53: Labour and Social Insurance Regulations
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (nn) The enforcement of the labour contract laws, social insurance law, and other labour related regula
Slide 54: UNESCO Heritage Site Overlap
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) As instructed by the Center for Court Representation under the Ministry of Justice, an international en
Slide 55: Alternative Performance Measures
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 15. Alternative Performance (Non-GAAP) Measures The Company uses the following alternative performance
Slide 56: EBITDA and Adjusted EBITDA
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) *Non-recurring and non-routine items refer to the expenses recorded in "Property evaluation and busines
Slide 57: Free Cash Flow
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Management believes EBITDA and adjusted EBITDA are useful to investors and the Company in evaluating op
Slide 58: Costs per Ounce of Silver
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) (f) Costs per Ounce of Silver Cash cost and AISC per ounce of silver, net of by-product credits, are no
Slide 59: Cash Costs and AISC Reconciliation
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) The following table provides a reconciliation of cash costs and AISC per ounce of silver, net of by-pro
Slide 60: Cash Costs and AISC Reconciliation
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Three months ended March 31, 2025 Ying Mining District GC El Domo Condor Other Consolidated Production
Slide 61: Cash Costs and AISC Reconciliation
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Year ended March 31, 2026 Ying Mining District GC El Domo Condor Other Consolidated Production cost exp
Slide 62: Cash Costs and AISC Reconciliation
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Year ended March 31, 2025 Ying Mining District GC El Domo Condor Other Consolidated Production cost exp
Slide 63: All-in Sustaining Production Cost
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) and administrative expenses, government fees and other taxes, reclamation costs accretion, lease liabil
Slide 64: All-in Sustaining Production Cost
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Three months ended March 31, 2025 Ying Mining District GC El Domo Condor Other Consolidated Production
Slide 65: All-in Sustaining Production Cost
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Year ended March 31, 2026 Ying Mining District GC El Domo Condor Other Consolidated Production cost exp
Slide 66: All-in Sustaining Production Cost
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Year ended March 31, 2025 Ying Mining District GC El Domo Condor Other Consolidated Production cost exp
Slide 67: Accounting Policies, Judgement and Estimates
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 16. Accounting Policies, Judgement and Estimates (a) Material Accounting Policies The Company has appli
Slide 68: Outstanding Share Data
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 17. Other MD&A Requirements Additional information relating to the Company: (a) may be found on SEDAR+
Slide 69: Corporate Governance, Safety, Environmental and Social Responsibility
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) Policy, which are then approved by the Board of the Company. All of the Company’s directors and officer
Slide 70: Disclosure Controls and Procedures
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) As of March 31, 2026, based on the evaluation, management concluded that the disclosure controls and pr
Slide 71: Directors and Officers
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) 23. Directors and Officers As at the date of this MD&A, the Company’s directors and officers are as fol
Slide 72: Forward Looking Statements
SILVERCORP METALS INC. Management’s Discussion and Analysis For the year ended March 31, 2026 (Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated) • increasing labour cost; • exploration and development programs; • feasibility and engineering reports