Silvercorp Metals

What Silvercorp Metals does

Silvercorp Metals Inc. is a Canadian precious and base metals mining company headquartered in Vancouver, British Columbia, that acquires, explores, develops, and operates silver, gold, lead, and zinc properties. The company sells metal concentrates — silver, gold, lead, zinc, and (from FY2028 onward) copper-gold — directly to global smelters and commodity trading houses under offtake agreements. Silver is the dominant revenue stream, representing 72% of FY2026 revenue of $438.1 million, while lead and zinc sales generate by-product credits that push cash cost net of by-products to negative $0.94 per ounce. Headquartered in Vancouver with producing mines in Henan Province (Ying Mining District) and Guangdong Province (GC Mine), China, Silvercorp is actively building out a multi-geography portfolio: the El Domo copper-gold mine in Ecuador is under construction with a July 2027 production target, the Tulkubash and Kyzyltash gold projects in Kyrgyzstan (70% interest) are in development, and the Condor Gold project in Ecuador is at PEA stage with permitting underway.

The core technology stack centers on underground polymetallic mining — narrow-vein shrinkage stoping and cut-and-fill resuing at the Ying District, XRT (X-ray transmission) ore sorting to upgrade head grades, and flotation processing for silver-lead-zinc and copper-gold concentrates. A proprietary sequential selective flotation flowsheet developed for the El Domo copper-gold ore is documented to deliver materially higher copper, gold, and silver recoveries than the conventional bulk flotation baseline. The company is publicly listed on TSX and NYSE American (ticker: SVM), reporting under NI 43-101 technical-reporting standards, with a shareholder base that includes institutional investors such as JPMorgan Chase and Baillie Gifford.

Silvercorp's business model is commodity-concentrate offtake sales, supplemented by precious-metals streaming financing (Wheaton Precious Metals), strategic equity investments (notably a ~27.4% stake in Tincorp Metals), and the recent acquisition of a 70% interest in Kyrgyz projects funded partly through convertible notes ($150M, November 2024) and a Standard Chartered-arranged syndicated loan facility ($220M equivalent, April 2026). Capital allocation also includes bolt-on M&A (Adventus Mining, July 2024) and asset rationalization (divestitures of Santa Barbara to Tincorp and Santiago/Pijilí/Tarqui-Quimi to Salazar in 2026). The company declared a semi-annual dividend of US$0.0125 per share in May 2026 and holds $422.3M in cash plus a $274.6M equity portfolio at the end of Q4 FY2026, and recently applied for a triple primary listing on the Hong Kong Stock Exchange to broaden its capital-market reach beyond North America.

Name

Silvercorp Metals

Legal name

Silvercorp Metals Inc.

Website

https://silvercorpmetals.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

Silvercorp Metals is a Vancouver-based Canadian mining company producing silver, lead, zinc, and gold concentrates from underground mines in China, developing the El Domo copper-gold project in Ecuador toward 2027 production, and operating gold projects in Kyrgyzstan. The company sells metal concentrates directly to global smelters under offtake agreements.

Ownership category

akta.pro rank

Product category

Silver Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Other Metal Ore Mining (21229)

SIC

Gold And Silver Ores (1040), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Silver Mining (IMAKAEAB)

akta.pro secondary industries

Gold Mining (IMAKAEAA), Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC)

Keywords

• Silver mining
• Precious metals production
• Polymetallic ore processing
• Underground mine operations
• Mineral resource development

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Silver Sales: Silvercorp generates the majority of its revenue from selling silver concentrates produced at its Ying Mining District and GC Mine in China. Silver represented 72% of total FY2026 revenue of $438.1 million, with realized silver prices of $46.44/oz in FY2026 and $78.6/oz in Q4 FY2026.
2. Gold Sales: Gold sales from the Ying Mining District and GC Mine, with gold ounces produced alongside silver and base metals. Gold represented approximately 6-8% of total revenue in FY2026.
3. Lead and Zinc Concentrate Sales: Lead and zinc concentrates sold as by-products from polymetallic mining operations in China. By-product credits significantly reduce the effective cash cost of silver production, with negative cash costs per ounce of silver net of by-product credits in FY2026.
4. Copper-Gold Concentrate (Future): Upon completion of the El Domo mine in Ecuador (target: July 2027), Silvercorp will generate revenue from copper-gold concentrate sales. The project has a $284 million construction budget and metallurgical improvements (sequential flotation) are expected to enhance copper, gold, and silver recoveries.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Silvercorp Metals is a Canadian mining company that acquires, explores, develops, and operates silver, gold, lead, and zinc mining properties. It produces and sells metal concentrates from its underground Ying Mining District (seven mines plus the KP mine in Henan Province, China) and GC Mine (Guangdong Province, China), with construction-stage copper-gold production from El Domo in Ecuador targeted for July 2027 and gold projects in Kyrgyzstan under development. Revenue is generated by selling silver, gold, lead, and zinc concentrates directly to global smelters and commodity trading firms under offtake agreements.

Product overview

Silvercorp Metals is a Canadian mining company operating a portfolio of silver, gold, lead, and zinc mining assets across three countries. The company's core producing assets are the Ying Mining District (underground silver-lead-zinc-gold mines in Henan Province, China) and the GC Mine (underground silver-lead-zinc mine in Guangdong Province, China). The company is developing three major construction and development projects: El Domo (copper-gold in Ecuador), Tulkubash and Kyzyltash (gold in Kyrgyzstan), and Condor (gold in Ecuador). Silvercorp also holds the BYP Mine in permitting phase in China. The company's strategy focuses on free cash flow generation from long-life mines, organic growth through exploration drilling, M&A for value unlocking, and responsible mining with ESG commitment.

Differentiator

Problem solved

Functional benefit

Products and services

• Ying Mining District (silver-lead-zinc-gold) Underground polymetallic mining operation in Henan Province, China producing silver, lead, zinc, and gold concentrates from seven mines (SGX, HZG, HPG, TLP, LME, LMW, DCG) plus the KP mine. The district contains approximately 106 Moz of silver reserves with a 17-year mine life through 2042 and pre-tax NPV of $1,275M at 5% discount.
• GC Mine (silver-lead-zinc) Underground silver-lead-zinc mine in Guangdong Province, China, with annual production capacity of 300,000 tonnes, recently reclassified from lead-zinc to silver mine classification to allow larger-scale operations. The mine produced silver, lead, and zinc concentrates and has 18.3 million tonnes of Measured and Indicated Mineral Resources as of December 31, 2025.
• El Domo (copper-gold project under construction) High-grade copper-gold project under construction in Ecuador's Bolívar and Los Ríos provinces, expected to come online by July 2027 with a $284 million construction budget. The project features a sequential flotation process for copper-gold concentrate production and will add copper-gold revenue stream to the company.
• Tulkubash & Kyzyltash (gold projects in development) Two gold projects in the Kyrgyz Republic operated by Silvercorp (70% interest) through a joint venture with Kyrgyzaltyn (30%). Tulkubash is an open-pit heap leach operation (Phase 1, 4 million tonnes/year) and Kyzyltash is a sulfide deposit (Phase 2) utilizing flotation and bacterial oxidation. Mining license valid to 2062 following a 30-year extension in 2026.
• Condor (gold project in permitting) Gold project in Ecuador's Zamora Chinchipe Province with NI 43-101 Preliminary Economic Assessment showing $522M after-tax NPV, 29% IRR, and 13-year mine life. Currently in the permitting phase with small-scale mining environmental license application pending.
• BYP Mine (in permitting) Mining project in China currently in the permitting stage, listed as a Permitting project on the company's website.
• Silver-lead-zinc-gold concentrate products Saleable silver, gold, lead, and zinc metal concentrates produced from the Ying Mining District and GC Mine and sold to global smelters and commodity trading houses under offtake agreements. Silver represented 72% of FY2026 revenue ($438.1M), with realized silver prices averaging $46.44/oz (FY2026) and $78.6/oz (Q4 FY2026).

Quantifiable outcome

• Revenue of $438.1M in FY2026, up 47% YoY
• +5 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• AMC Mining Consultants (Canada) Ltd.coreImplementation/ SI/ Consulting Partner · 26 May 2026AMC Mining Consultants (Canada) Ltd. prepared the independent NI 43-101 Technical Report for the Ying Mining District in Henan Province, China, with mineral reserves and resources effective December 31, 2025. The report documents the 50% increase in mineral reserve tonnes and 20% increase in silver ounces.
• Tincorp Metals Inc.minorStrategic or Co-development Partner · 15 May 2026Silvercorp sold its 100%-owned subsidiary Santa Barbara Metals Inc., holding the Santa Barbara Gold-Copper Project in southeastern Ecuador, to Tincorp Metals for US$13.5 million in cash plus 15 million Tincorp common shares. Silvercorp retained a 1.5% net smelter return (NSR) royalty and subsequently disclosed beneficial ownership of approximately 27.4% of Tincorp's outstanding common shares, making it a significant minority shareholder.
• Salazar Resources LimitedcoreStrategic or Co-development Partner · 8 April 2026Salazar Resources acquired the Santiago, Pijili, and Tarqui-Quimi exploration projects from Silvercorp, consolidating its Ecuador copper-gold portfolio. Silvercorp retains a 25% carried-through-to-production interest in the El Domo deposit at the Curipamba Project and a 1.5% NSR royalty on the sold projects. Salazar and Silvercorp co-developed the El Domo project with Silvercorp as operator.
• SRK Consulting (China) Ltd.coreImplementation/ SI/ Consulting Partner · 4 February 2026SRK Consulting China Ltd. prepared the updated Technical Report for the El Domo copper-gold project in Ecuador (effective date December 31, 2025) and the updated GC Mine technical report. The firm provides independent qualified person sign-off for NI 43-101 regulatory filings.
• Kyrgyzaltyn JSCcoreStrategic or Co-development Partner · 23 January 2026Kyrgyzaltyn, the Kyrgyz state-owned mining company, holds a 30% free-carried interest in Chaarat ZAAV CJSC, the joint venture entity holding the Tulkubash and Kyzyltash gold projects. Silvercorp holds 70% and operates the joint venture. The Kyrgyz government issued a new mining license extending the valid period from June 25, 2032 to June 25, 2062 (30-year extension).
• China Railway 19th Bureau Group Co., Ltd.coreImplementation/ SI/ Consulting Partner · 21 August 2024China Railway 19th Bureau Group is contracted for mining construction and operations at the El Domo project in Ecuador. The mining contract covers a $35 million construction phase and $63 million operations phase over a five-year term for the El Domo mine.

Scale indicators15 records

Recent moves7 records

Expansion highlights7 records

Emerging players

• Polymet Mining: Copper-nickel-PGM developer advancing the NorthMet project in Minnesota. Partial overlap with Silvercorp on the polymetallic mining and US-listed silver/precious-metal exposure axis, though focused on copper-nickel rather than silver-gold.
• MAG Silver Corp. Silver-focused miner with its flagship Juanicipio project in Mexico (joint ventured with Fresnillo). Comparable on silver-primary valuation thesis and polymetallic concentrate economics, but single-asset and earlier-stage than Silvercorp.

Direct peers

• Pan American Silver: One of the world's largest primary silver miners with a multi-mine portfolio including operations in Mexico, Peru, Bolivia, and Argentina. Closely comparable to Silvercorp on primary silver production, AISC benchmarking, and reserve scale; cited by Silvercorp itself as a peer at $15.43/oz AISC vs. Silvercorp's $14.25/oz.
• First Majestic Silver: Primary silver producer operating mines in Mexico with growing doré and concentrate output. Direct peer for Silvercorp on AISC benchmarking ($20.90/oz cited), production mix, and silver-focused equity narrative.
• Endeavour Silver: Mid-tier silver-gold miner with three producing mines in Mexico. Comparable to Silvercorp on silver-focused production profile, AISC ranking (Endeavour $30.53/oz cited), and polymetallic by-product credits.
• Hecla Mining Company: Long-standing silver and gold producer with mines across the US, Mexico, and Canada, generating by-product lead/zinc credits. Comparable on silver-primary revenue mix, polymetallic mining methods, and growth-via-acquisition strategy.
• Coeur Mining: US-listed silver and gold producer with operations across the Americas, including Palmarejo (Mexico) and Kensington (Alaska). Comparable on silver-primary revenue mix, polymetallic output, and focus on long-life underground silver mines.

Broad incumbents

• Newmont Corporation: World's largest gold miner with copper and silver by-products from a global mine portfolio. Broader-incumbent peer for Silvercorp given Silvercorp's gold production (6-8% of FY2026 revenue) and expansion into copper assets via El Domo, even though Newmont is gold-primary.

Regional players

• Hochschild Mining plc: Underground precious-metals miner principally operating in the Americas (Peru, Argentina, Brazil). Comparable on polymetallic silver-gold underground mining, by-product base-metal credits, and consolidation/M&A growth strategy, though regional exposure differs from Silvercorp's China/Ecuador focus.
• Zijin Mining: China's largest gold and one of the largest copper miners, with growing silver output and global operations. Comparable as a regional peer given Silvercorp's dominant China operations and overlapping polymetallic (silver-lead-zinc-gold) by-product profile, though Zijin is far larger and gold/copper-primary.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SilvercorpSVM
• LinkedInlinkedin.com/company/silvercorp-metals-inc
• Facebookfacebook.com/SilvercorpMetalsSVM

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Silvercorp Metals