Silvercorp’s Revenue Jumps 23%: Operational Growth and Project Advancements Highlight Q2 Fiscal 2026
Revenue and Production Up Despite Operational Hurdles
Silvercorp Metals (TSX/NYSE: SVM) reported Q2 Fiscal 2026 operational results that saw revenue climb to approximately $83.3 million, up 23% from a year ago. This surge comes alongside steady production: silver output reached 1.7 million ounces (+0.2%), and gold output saw a remarkable 76% jump, despite weather and temporary closures affecting mine performance. Lead production increased 8% while zinc output declined 3% year-over-year.
Production Figures: Mining Districts See Mixed Performance
The Ying Mining District processed 265,002 tonnes of ore, a notable 26% increase year-over-year. Silver output in the district was steady, but the real standout was gold—up to 2,085 ounces from 1,183, supporting overall revenue growth. Production temporarily slowed due to mine closures, but the company reports a return to normal operations.
GC Mine processed fewer tonnes (76,249, down 12%) due to adverse weather but managed slight gains in lead and zinc production. Both districts pushed ahead with aggressive drilling and exploration, reflecting Silvercorp's focus on organic growth.
| Key Metric | Q2 FY26 (Ying) | Q2 FY26 (GC) | Q2 FY25 (Ying) | Q2 FY25 (GC) |
|---|---|---|---|---|
| Ore Processed (tonnes) | 265,002 | 76,249 | 210,498 | 86,707 |
| Silver Produced (Koz) | 1,529 | 130 | 1,518 | 137 |
| Gold Produced (oz) | 2,085 | - | 1,183 | - |
| Lead Produced (Klb) | 12,928 | 1,306 | 11,970 | 1,232 |
| Zinc Produced (Klb) | 1,423 | 4,221 | 1,795 | 4,016 |
Mine Expansion and Exploration Activities Fuel Growth Prospects
The quarter featured significant progress on new projects. The El Domo mine saw material removal surge by 249% quarter-over-quarter. Preparations for a major construction camp neared completion, and tailings storage work commenced. Exploration tunneling and drilling remained robust across key projects, signaling management’s focus on long-term growth potential.
Operational Metrics Show Efficiency and Some Pressures
Despite production gains, ore grades were lower: the Ying District’s silver ore averaged 207 grams/tonne (vs. 254 g/t a year ago). Recovery rates, however, stayed strong with gold at 94.2% and silver at 94.8% (Ying) and 85.8% (GC). Zinc recovery dipped, especially at Ying (to 65.8% from 70.4%).
| Recovery Rate | Q2 FY26 (Ying) | Q2 FY26 (GC) | Q2 FY25 (Ying) | Q2 FY25 (GC) |
|---|---|---|---|---|
| Gold (%) | 94.2 | - | 92.2 | - |
| Silver (%) | 94.8 | 85.8 | 94.9 | 82.2 |
| Lead (%) | 93.5 | 89.0 | 94.0 | 87.9 |
| Zinc (%) | 65.8 | 91.1 | 70.4 | 90.2 |
Forward Outlook: Key Catalysts on the Horizon
Silvercorp will report unaudited financials on November 6, 2025, giving investors a closer look at margins, cash flow, and the bottom-line impact of operational advances. The market will be watching closely to see how robust output, ongoing mine development, and sustained exploration will affect future performance—especially in the face of fluctuating grades and recent operational hiccups.
Takeaway: Expansion Momentum with Focus on Execution Risks
Silvercorp’s Q2 Fiscal 2026 results highlight solid top-line growth and bold project advancement. While ore grades have softened and zinc volumes declined, consistent recovery rates and ongoing development at multiple sites underline the company’s long-term ambitions. As the company moves into its next earnings release, investors should keep a close eye on grade stability, cost control, and how new projects start to contribute to overall output.
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