Silvercorp Metals Inc. reported revenue of $138.7 million for the first quarter of fiscal 2027 ended June 30, 2026, marking a 70% increase compared to $81.3 million in the same period of the previous fiscal year.

The revenue growth was driven largely by a 135% higher average realized silver price of $69.38 per ounce, up from $29.54 per ounce in the first quarter of fiscal 2026. Silver accounted for 77% of total quarterly revenue. During the quarter, Silvercorp produced approximately 1.5 million ounces of silver and 2,536 ounces of gold, totaling roughly 1.7 million ounces of silver equivalent.

Net income attributable to equity shareholders reached $59.4 million, or $0.27 per basic share, marking a 228% increase over the $18.1 million, or $0.08 per share, reported in the first quarter of fiscal 2026. Adjusted earnings attributable to equity shareholders rose 156% to $53.9 million, or $0.24 per share, compared to $21.0 million, or $0.10 per share, in the prior-year period. Operating cash flow stood at $61.7 million, up 28% from $48.3 million, while free cash flow increased 27% to $28.6 million.

Silvercorp ended the quarter with a treasury position of $387.1 million in cash, cash equivalents, and short-term investments, down from $422.3 million as of March 31, 2026. The decrease followed $37.7 million in capital expenditures for development and construction, alongside a $60.0 million payment to close the acquisition of the Chaarat ZAAV mine. In addition, the company held a portfolio of equity investments valued at $303.6 million at the end of the quarter.

Operations during the quarter faced temporary adjustments in China. Starting in mid-June, Silvercorp voluntarily suspended operations at its Ying Mining District and the GC Mine to conduct comprehensive self-reviews and implement underground "Six Major Safety Systems" upgrades in compliance with new Chinese government regulations. The Ying safety upgrades carry a budget of approximately $11.5 million, and production at the district is expected to be impacted by 40% to 50% in the second quarter of fiscal 2027. Despite the suspension, the Department of Natural Resources of Guangdong Province approved a development and utilization plan in August 2026 to officially reclassify the GC Mine from a lead-zinc operation to a silver mine.

In Ecuador, capital expenditures at the El Domo project totaled $12.3 million during the quarter, bringing cumulative project spending to $66.2 million. Construction advanced with open-pit pre-stripping and earthworks, supported by the subsequent receipt of a $43.9 million installment under a $175.5 million stream financing agreement. Silvercorp is targeting initial commissioning at El Domo by July 2027.

In Kyrgyzstan, the Tulkubash project advanced with $0.6 million in capital expenditures as the newly appointed mining contractor, China Railway 19th Bureau Group Co., Ltd., began constructing access roads and preparing the heap leach pad foundation. A bankable feasibility study for Tulkubash was scheduled for completion in mid-August 2026.

Over the 30-day period leading up to August 11, 2026, silver traded at $65.04 per ounce, reflecting an 8.65% increase over the period.

Read the full announcement: SILVERCORP REPORTS ADJUSTED NET INCOME OF $53.9 MILLION, $0.24 PER SHARE, AND CASH FLOW FROM OPERATING ACTIVITIES OF $61.7 MILLION FOR Q1 FISCAL 2027