Silvercorp Metals (TSX/NYSE American: SVM / WKN A0EAS0) has presented the operating figures for the second quarter of fiscal year 2026, which ended on September 30, 2025. According to this, Silvercorp achieved preliminary revenue of around US$83.3 million – an increase of 23% compared to the same quarter of the previous year – with largely stable silver production. At the same time, the company reports progress on several projects, including the El Domo mine complex, which is under construction. Silvercorp intends to publish the complete quarterly figures on Thursday, November 6, 2025, after the close of trading.
Q2 Overview: Silvercorp’s Key Figures
During the reporting period, Silvercorp mined 1.7 million ounces of silver, which corresponds to a slight increase of 0.2% compared to Q2 FY2025. Based on silver and gold equivalents, production totaled 1.84 million ounces (+5%). Lead production was 14.2 million pounds, 8% higher, while zinc production was 5.6 million pounds, down 3%.
The company also reports continued high activity in exploration: A total of 77,507 meters of drilling were completed and 14,437 meters of exploration tunnels were driven across the group. At the same time, the construction of new capacities is progressing, both underground and in open-pit mining, which should support Silvercorp’s future production base.
Ying and GC: Production in Detail
In the Ying mining district, 265,002 tonnes of ore were processed – 26% more than in the same quarter of the previous year. This resulted in approximately 1.529 million ounces of silver (+1%), 2,085 ounces of gold (+76%) or 1.708 million ounces of silver equivalent (+6%) as well as 12.928 million pounds of lead (+8%) and 1.423 million pounds of zinc (−21%). Silvercorp points out that production in the quarter was impaired by the temporary shutdown of certain mining areas; these areas have now been reopened and operations have normalized, according to the company. For further resource expansion, 64,330 meters were drilled in Ying and 12,638 meters of exploration tunnels were created.
In the GC mine, on the other hand, 76,249 tonnes of ore were processed, 12% less than in the same period last year. Output amounted to approximately 130,000 ounces of silver (−5%), 1.306 million pounds of lead (+6%) and 4.221 million pounds of zinc (+5%). Silvercorp attributes the declines, among other things, to heavy rainfall and typhoon conditions, which interrupted operations for about ten days. Here, too, funds flowed into the further development of the system: 13,176 meters of drilling and 1,799 meters of exploration tunnels were completed.
Progress on Growth Projects El Domo, Kuanping and Condor
In addition to the operating mines, Silvercorp is addressing several growth projects. During the second quarter, approximately 1.29 million cubic meters of material were moved during the construction of the El Domo mine – an increase of 249% compared to the previous quarter. The camp for the workers with 481 beds is largely completed and is scheduled to be fully operational in October 2025. Site clearing for the planned tailings facility began in September; 15,700 cubic meters of topsoil were excavated to prepare the foundation for the starter dam. Four sections of the external power line have already been awarded, and the final section is in detailed planning. In addition, equipment orders totaling approximately US$22.2 million were triggered. These milestones suggest that Silvercorp is continuing to concretize the transition from the construction phase to the operating phase.
There is also movement underground: On the Kuanping project, Silvercorp reports 831 meters of advance on the main ramp and 613 meters of exploration drifts. Such infrastructure work is typical preliminary work to develop future mining chambers and secure logistics for material and personnel transport.
In addition, the company has initiated a Preliminary Economic Assessment (PEA) for potential underground mining on the Condor project. The completion of this study is expected for the third quarter of fiscal year 2026. A PEA typically serves to outline the basic technical and economic parameters of a project and can serve as a basis for decision-making for further studies (e.g. pre-feasibility). For Silvercorp, the result could provide indications of how the project can be integrated into the existing portfolio of silver, gold, lead and zinc activities.
Looking ahead: Publication of Figures on November 6
Silvercorp intends to publish the final, unaudited financial figures for the second quarter of fiscal year 2026 on Thursday, November 6, 2025, after the close of trading. In advance, the operating data – probably primarily due to the higher silver price – show an increase in revenue with stable silver production and higher lead volumes, while zinc was somewhat weaker. At the same time, Silvercorp is driving forward the development of important projects – with significant construction progress at El Domo as well as ongoing development and exploration work in Ying, GC and Kuanping.
