Silvercorp Sets Revenue Record but Faces Mixed Production Metrics in Q3 Fiscal 2026
Q3 Revenue Hits $126.1M, Outpacing Silver Output
Silvercorp Metals Inc. (TSX/NYSE American: SVM) booked a record-setting quarterly revenue of approximately $126.1 million for the third quarter ended December 31, 2025—a 51% increase from the prior year. Yet, this financial milestone occurred as silver production fell 4% year-over-year to 1.9 million ounces, with gold production holding steady at 2,096 ounces, and lead and zinc output moving in opposite directions (lead down 4%, zinc up 5%).
Ore Processing Volumes Up, but Head Grades Pressure Output
The company processed 415,520 tonnes of ore this quarter, an increase of 15% over Q3 Fiscal 2025, but lower head grades and higher dilution—impacted by maintenance of the XRT sorter in October and a pivot to more shrinkage mining—dragged on overall metal yields. The Ying Mining District, Silvercorp’s core hub, led the tonnage increase, offsetting a decrease in silver and lead concentrations per tonne.
| Category | Q3 Fiscal 2026 (Consolidated) | Q3 Fiscal 2025 (Consolidated) | Year-over-Year Change (%) |
|---|---|---|---|
| Revenue (million USD) | 126.1 | 83.5 | +51 |
| Ore Processed (tonnes) | 415,520 | 361,810 | +15 |
| Silver Produced (million oz) | 1.9 | 1.9 | -4 |
| Silver Equivalent (million oz) | 2.0 | 2.1 | -5 |
| Gold Produced (oz) | 2,096 | 2,056 | +2 |
| Lead Produced (million lb) | 16.4 | 17.1 | -4 |
| Zinc Produced (million lb) | 7.0 | 6.7 | +5 |
Head Grades and Recovery Rates Reveal Operational Challenges
Silvercorp’s latest quarter shows lower average head grades for key metals like silver and lead, especially at the Ying Mining District. Silver grades dropped from 226 grams/tonne last year to 190, and lead grades eased from 2.9% to 2.3%. Zinc grades also slipped. Minor recoveries in certain areas (notably silver and zinc at the GC mine) helped to blunt these declines, but operational headwinds were clear.
| Metal | Head Grade FY26 (Ying) | Head Grade FY25 (Ying) | Recovery Rate FY26 (Ying) | Recovery Rate FY25 (Ying) |
|---|---|---|---|---|
| Silver (g/t) | 190 | 226 | 95.3% | 94.7% |
| Lead (%) | 2.3 | 2.9 | 93.6% | 94.0% |
| Zinc (%) | 0.4 | 0.6 | 63.0% | 68.9% |
Strategic Focus and Exploration Activity Remain Robust
Despite softer grades, Silvercorp’s operational focus is evident: the company stockpiled over 61,000 tonnes of ore at Ying to process during the upcoming Chinese New Year, and ramped up exploration, logging over 89,200 meters of drilling and 22,271 meters of exploration tunneling across both primary mines. Meanwhile, construction at the emerging Kuanping mine advanced with 3,297 meters of ramp development completed.
Takeaway: Revenue Growth and Ore Capacity Show Resilience Amid Headwinds
Silvercorp’s performance this quarter lays bare a classic mining industry challenge: scaling up throughput and revenue even as raw ore quality ebbs and flows. The bumper revenue figure is encouraging, and investors will be watching the February 9, 2026 financial report for detail on margins and future guidance. This cycle’s results underscore Silvercorp’s ability to flex production strategies and advance growth projects—even as operational headwinds temper metal yields. For those interested in precious metals plays, Silvercorp’s adaptability and updated operational metrics are worth further scrutiny.
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