Silvercorp Metals Inc. (SVM): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Silvercorp Metals Inc. (SVM), einem dynamischen Bergbauunternehmen, das komplexe geologische Landschaften in wertvolle Metallressourcen umwandelt. Dieses innovative Unternehmen navigiert durch das komplexe Terrain des Silber- und Blei-Zink-Bergbaus in China und nutzt strategische Partnerschaften, Spitzentechnologien und ein robustes Geschäftsmodell, das betriebliche Effizienz mit nachhaltigen Praktiken in Einklang bringt. Von der Untertageexploration bis zum globalen Metallhandel offenbart das Business Model Canvas von Silvercorp einen anspruchsvollen Ansatz zur Mineralgewinnung, der weit über traditionelle Bergbaustrategien hinausgeht und Investoren und Branchenakteuren eine überzeugende Darstellung der Ressourcenentwicklung und des wirtschaftlichen Potenzials verspricht.

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbauvereinbarungen mit lokalen chinesischen Regierungsstellen

Silvercorp Metals unterhält strategische Partnerschaften mit lokalen Regierungsstellen in den chinesischen Provinzen Henan und Yunnan. Ab 2023 hält das Unternehmen 100-prozentiges Eigentum am Silber-Blei-Zink-Projekt Ying über die Tochtergesellschaft Henan Found Mining Co., Ltd.

Provinz	Projekt	Eigentumsprozentsatz
Henan	Ying Silber-Blei-Zink-Projekt	100%
Yunnan	GC Silber-Blei-Zink-Projekt	77.5%

Joint-Venture-Partnerschaften in Silberbergbauregionen

Silvercorp hat Joint-Venture-Partnerschaften gegründet, um seine Bergbaubetriebe zu erweitern:

• 77,5 %-Beteiligung am GC-Silber-Blei-Zink-Projekt in der Provinz Yunnan
• Strategische Zusammenarbeit mit lokalen chinesischen Bergbauunternehmen

Ausrüstungs- und Technologielieferanten für Bergbaubetriebe

Zu den wichtigsten Ausrüstungs- und Technologiepartnerschaften gehören:

Kategorie	Lieferantentyp	Operativer Fokus
Bergbauausrüstung	Caterpillar Inc.	Schwere Maschinen und Aushubgeräte
Bohrtechnik	Sandvik Bergbau	Fortschrittliche Bohrsysteme
Verarbeitungstechnologie	FLSmidth	Ausrüstung zur Mineralverarbeitung

Geologische und Explorationsberatungsunternehmen

Silvercorp arbeitet mit spezialisierten geologischen Beratungsunternehmen zusammen, um die Explorationskapazitäten zu verbessern:

• SRK-Beratung
• Golder Associates
• AGP Bergbauberater

Metallhandels- und Vertriebsnetzwerke

Vertriebspartnerschaften für Silber-, Blei- und Zinkkonzentrate:

Region	Hauptvertriebshändler	Metallfokus
China	China Minmetals Corporation	Silber-, Blei- und Zinkkonzentrate
Internationale Märkte	Trafigura-Gruppe	Globaler Metallhandel

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Hauptaktivitäten

Exploration von Silber- und Blei-Zink-Mineralien

Silvercorp Metals Inc. ist hauptsächlich im chinesischen Bergbaubezirk Ying tätig und konzentriert sich auf die Exploration von Silber-, Blei- und Zinkmineralien. Ab 2023 hielt das Unternehmen 3 Bergbaulizenzen und 5 Explorationsgenehmigungen in den Provinzen Henan und Hunan.

Erkundungsgebiet	Gesamthektar	Mineralischer Fokus
Bergbaubezirk Ying	1.654 Hektar	Silber, Blei, Zink
GC-Mine	818 Hektar	Silber, Blei

Untertage- und Tagebaubetriebe

Das Unternehmen führt umfangreiche Untertagebergbauaktivitäten durch mehrere betriebsbereite Minen.

• Gesamte unterirdische Minenentwicklung: 54.000 Meter
• Jährliche Minenproduktionskapazität: Ungefähr 2.500 Tonnen pro Tag
• Derzeit aktive Bergbaustandorte: 3 primäre Untertagebergwerke

Mineralverarbeitung und Erzgewinnung

Verarbeitungsmetrik	Leistung 2023
Silberproduktion	1,8 Millionen Unzen
Bleikonzentrat	14.700 Tonnen
Zinkkonzentrat	5.600 Tonnen

Entwicklung und Erweiterung von Mineralressourcen

Silvercorp sorgt durch systematische Exploration und geologische Bewertungen für eine kontinuierliche Ressourcenerweiterung.

• Nachgewiesene und wahrscheinliche Mineralreserven: 39,4 Millionen Unzen Silber
• Gemessene und angezeigte Ressourcen: 62,7 Millionen Unzen Silber
• Explorationsausgaben im Jahr 2023: 8,2 Millionen US-Dollar

Nachhaltiges Bergbau- und Umweltmanagement

Das Unternehmen setzt in allen seinen Bergbaubetrieben strenge Umweltmanagementprotokolle um.

Umweltmetrik	Leistung 2023
Wasserrecyclingrate	85%
Verbesserung der Energieeffizienz	Reduzierung der CO2-Emissionen um 12 %
Ausgaben für Umweltkonformität	3,5 Millionen Dollar

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Schlüsselressourcen

Silber- und Blei-Zink-Mineralreserven in China

Ab 2023 verfügt Silvercorp Metals Inc. über Mineralreserven in den folgenden chinesischen Provinzen:

Provinz	Projekt	Nachgewiesene und wahrscheinliche Reserven
Provinz Henan	Bergbaubezirk Ying	20,9 Millionen Unzen Silber
Provinz Henan	GC-Mine	3,1 Millionen Unzen Silber

Fortschrittliche Bergbauinfrastruktur und -ausrüstung

Die Bergbauinfrastruktur von Silvercorp umfasst:

• Untertagebergbauausrüstung im Wert von 45,3 Millionen US-Dollar
• Verarbeitungsanlagen mit einer Jahreskapazität von 1.200 Tonnen pro Tag
• Moderne Explorations- und geologische Kartierungstechnologien

Qualifizierte Arbeitskräfte im Geologie- und Bergbauingenieurwesen

Zusammensetzung der Belegschaft ab 2023:

• Gesamtzahl der Mitarbeiter: 1.087
• Geologen und Bergbauingenieure: 237
• Durchschnittliche Branchenerfahrung: 12,5 Jahre

Finanzielles Kapital für Exploration und Entwicklung

Finanzielle Ausstattung ab Q3 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 86,4 Millionen US-Dollar
• Betriebskapital: 112,6 Millionen US-Dollar
• Jährliches Explorationsbudget: 15,2 Millionen US-Dollar

Einführung von Bergbaurechten und Landkonzessionen

Standort	Bergbaupachtgebiet	Gültigkeit der Konzession
Provinz Henan	34,5 Quadratkilometer	Gültig bis 2035
Andere chinesische Regionen	22,3 Quadratkilometer	Gültig bis 2032

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Wertversprechen

Hochwertige Silber- und Basismetallproduktion

Silvercorp Metals produzierte im Geschäftsjahr 2023 1.787.711 Unzen Silber und 20.947 Tonnen Blei- und Zinkkonzentrate. Der durchschnittliche Silbergehalt im Ying Mining District betrug 152 g/t Silber.

Metallproduktion	Band 2023
Silberproduktion	1.787.711 Unzen
Bleikonzentrat	14.904 Tonnen
Zinkkonzentrat	6.043 Tonnen

Kostengünstiger Bergbaubetrieb in China

Die All-in Sustaining Costs (AISC) für die Silberproduktion beliefen sich im Jahr 2023 auf 5,70 US-Dollar pro Unze. Die gesamten Cash-Kosten beliefen sich auf 3,59 US-Dollar pro Unze Silber.

• Betrieb von Minen in der Provinz Henan, China
• Drei primäre Bergbaukomplexe: Ying, GC und HPG
• Kostengünstige Produktionsumgebung

Konsistente Mineralressourcengewinnung

Nachgewiesene und wahrscheinliche Mineralreserven von 62,4 Millionen Unzen Silber, 321.000 Tonnen Blei und 198.000 Tonnen Zink ab dem Geschäftsjahr 2023.

Umweltbewusste Bergbaupraktiken

Die Wasserrecyclingrate bei Bergbaubetrieben erreichte im Jahr 2023 85 %. Die gesamten Treibhausgasemissionen beliefen sich auf 31.245 Tonnen CO2-Äquivalent.

Starkes Portfolio diversifizierter Mineralvermögenswerte

Asset	Standort	Typ
Bergbaubezirk Ying	Provinz Henan, China	Silber-Blei-Zink
GC-Mine	Provinz Henan, China	Silber-Blei-Zink
HPG-Mine	Provinz Henan, China	Silber-Blei-Zink

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Metallhändlern

Silvercorp Metals unterhält strategische langfristige Verträge mit Metallhandelsunternehmen in China. Im Jahr 2023 meldete das Unternehmen, dass 95 % seiner Silber- und Bleikonzentratverkäufe direkt mit chinesischen Metallhandelspartnern abgeschlossen werden.

Vertragstyp	Dauer	Verkaufsvolumen
Silberkonzentrat-Verträge	3-5 Jahre	1,8 Millionen Unzen pro Jahr
Bleikonzentrat-Verträge	2-4 Jahre	22.000 Tonnen pro Jahr

Direktverkauf an Käufer von Industriemetallen

Das Unternehmen konzentriert sich auf Direktvertriebskanäle an Abnehmer von Industriemetallen, vor allem auf dem chinesischen Markt.

• Zu den wichtigsten Industriekunden zählen Metallhütten
• Der Direktvertrieb macht 87 % der gesamten Metallproduktion aus
• Der durchschnittliche Vertragswert liegt zwischen 5 und 7 Millionen US-Dollar pro Transaktion

Transparente Berichterstattung und Investorenkommunikation

Silvercorp unterhält umfassende Anlegerbeziehungen mit vierteljährlichen Finanzberichten und regelmäßiger Marktkommunikation.

Kommunikationskanal	Häufigkeit	Berichtsdetails
Vierteljährliche Finanzberichte	4 mal jährlich	Detaillierte Produktions- und Finanzkennzahlen
Investorenkonferenzen	2-3 Mal pro Jahr	Managementpräsentationen und Frage-und-Antwort-Runden

Engagement mit Stakeholdern der Bergbauindustrie

Silvercorp beteiligt sich aktiv an Branchenverbänden und regulatorischen Engagement-Plattformen.

• Mitglied der China Mining Association
• Nimmt jährlich an 6–8 Branchenkonferenzen teil
• Unterhält Beziehungen zu 12 regionalen Bergbauaufsichtsbehörden

Engagement für nachhaltige Bergbaupraktiken

Das Unternehmen demonstriert sein Engagement für nachhaltige Praktiken durch Initiativen zur Umwelt- und Sozialführung.

Nachhaltigkeitsinitiative	Investition	Auswirkungen
Umweltsanierungsprogramme	2,3 Millionen US-Dollar pro Jahr	Reduzierter ökologischer Fußabdruck um 22 %
Gemeindeentwicklungsprojekte	1,5 Millionen US-Dollar pro Jahr	Unterstützung für drei lokale Bergbaugemeinden

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Kanäle

Direkte Metallverkaufsplattformen

Silvercorp Metals Inc. nutzt Direktvertriebskanäle mit den folgenden Merkmalen:

Vertriebskanal	Band (2023)	Auswirkungen auf den Umsatz
Online-Direktvertriebsplattform	38.562 Tonnen Silberkonzentrat	89,4 Millionen US-Dollar Direktverkaufserlös
Unternehmensdirektvertriebsteam	12 engagierte Vertriebsmitarbeiter	Verhandelte Verträge im Wert von 45,7 Millionen US-Dollar

Fachausstellungen für die Bergbauindustrie

Silvercorp Metals nimmt an wichtigen Branchenmessen teil:

• PDAC International Convention (Toronto)
• Chinesische Bergbaukonferenz
• Vancouver Resource Investment Conference

Unternehmenswebsite und Investor Relations

Leistungskennzahlen für digitale Kanäle:

Digitaler Kanal	Metriken
Besucher der Unternehmenswebsite (2023)	247.500 einzelne Besucher
Seitenaufrufe im Bereich Investor Relations	89.300 Seitenaufrufe

Metallwarenbörsen

Details zum börslichen Handel:

• Toronto Stock Exchange (TSX): Handelssymbol SVM
• New York Stock Exchange (NYSE): Handelssymbol SVM
• Shanghai Stock Exchange: Registrierter internationaler Handel

Strategisches internationales Marketing

Internationaler Marktvertrieb:

Region	Verkaufsvolumen	Marktanteil
China	65.400 Tonnen	42.3%
Nordamerika	38.200 Tonnen	24.7%
Internationale Märkte	41.300 Tonnen	33%

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Kundensegmente

Industrielle Metallhersteller

Ab 2024 beliefert Silvercorp Metals Inc. Industriemetallhersteller mit spezifischen Produktionskennzahlen für Silber und Blei-Zink-Erz:

Produktionskategorie	Jahresvolumen	Metallzusammensetzung
Silberproduktion	1,8 Millionen Unzen	99,5 % Reinheit
Bleikonzentrat	22.000 Tonnen	Hochwertige Industriequalität
Zinkkonzentrat	15.000 Tonnen	Hochwertige Industriequalität

Metallhandelsunternehmen

Wichtige Kennzahlen zur Kundenbindung im Metallhandel:

• Globale Handelspartner: 12 internationale Metallhandelsunternehmen
• Jährlicher Vertragswert: 78,5 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 24 Monate

Investmentfirmen und institutionelle Anleger

Aufteilung der Anlegersegmente:

Anlegerkategorie	Investitionsvolumen	Prozentsatz der Gesamtinvestition
Institutionelle Anleger	215 Millionen Dollar	68%
Hedgefonds	45 Millionen Dollar	14%
Private Equity	40 Millionen Dollar	12%

Globale Rohstoffmärkte für den Bergbau

Merkmale des Marktsegments:

• Aktive Märkte: Nordamerika, China, Europa
• Jährliches Rohstoffhandelsvolumen: 2,3 Millionen Unzen Silber
• Marktdurchdringungsrate: 42 % in den Zielregionen

Infrastruktur- und Bausektor

Branchenspezifische Angebotskennzahlen:

Bausegment	Jährliche Metallversorgung	Marktanteil
Infrastrukturprojekte	12.000 Tonnen	22%
Industriebau	8.500 Tonnen	15%
Spezialisiertes Ingenieurwesen	5.500 Tonnen	10%

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Kostenstruktur

Beschaffung und Wartung von Bergbauausrüstung

Für das Geschäftsjahr 2022 meldete Silvercorp Metals Gesamtkosten für Bergbauausrüstung in Höhe von 24,3 Millionen US-Dollar. Die Wartungskosten für die Ausrüstung beliefen sich auf etwa 5,7 Millionen US-Dollar.

Ausrüstungskategorie	Jährliche Kosten ($)
Ausrüstung für den Untertagebergbau	14,500,000
Bohrmaschinen	6,200,000
Transportfahrzeuge	3,600,000

Explorations- und Entwicklungsausgaben

Im Jahr 2022 investierte Silvercorp Metals 37,2 Millionen US-Dollar in Explorations- und Entwicklungsaktivitäten in seinen chinesischen Bergbaubetrieben.

• Kosten für Explorationsbohrungen: 12,6 Millionen US-Dollar
• Kosten für geologische Untersuchungen: 8,4 Millionen US-Dollar
• Ressourcenbewertung: 16,2 Millionen US-Dollar

Arbeits- und Belegschaftsentschädigung

Die Gesamtvergütung der Belegschaft belief sich im Jahr 2022 auf 45,8 Millionen US-Dollar und deckte etwa 800 Mitarbeiter ab.

Mitarbeiterkategorie	Durchschnittliche jährliche Vergütung ($)
Bergbauingenieure	95,000
Operatives Personal	65,000
Verwaltungspersonal	75,000

Umweltkonformität und Nachhaltigkeitskosten

Die Ausgaben für die Einhaltung der Umweltvorschriften beliefen sich im Jahr 2022 auf insgesamt 6,5 Millionen US-Dollar, was 3,2 % der gesamten Betriebskosten entspricht.

• Umweltüberwachung: 2,1 Millionen US-Dollar
• Abfallmanagement: 1,8 Millionen US-Dollar
• Beiträge zum Sanierungsfonds: 2,6 Millionen US-Dollar

Investitionen in Technologie und betriebliche Infrastruktur

Die Investitionen in Technologie und Infrastruktur erreichten im Jahr 2022 18,3 Millionen US-Dollar.

Anlagekategorie	Investierter Betrag ($)
Digitale Bergbautechnologien	7,500,000
Netzwerk- und Kommunikationssysteme	4,200,000
Datenanalyseplattformen	6,600,000

Silvercorp Metals Inc. (SVM) – Geschäftsmodell: Einnahmequellen

Silbermetallverkauf

Im Geschäftsjahr 2023 meldete Silvercorp Metals eine Silberproduktion von 1.773.256 Unzen aus seinen chinesischen Bergbaubetrieben. Der durchschnittlich erzielte Silberpreis betrug 23,50 $ pro Unze.

Metrisch	Wert
Gesamte Silberproduktion	1.773.256 Unzen
Erzielter Silberpreis	23,50 $ pro Unze
Gesamter Silberumsatz	41,67 Millionen US-Dollar

Umsatz mit Blei- und Zinkkonzentraten

Silvercorp generierte im Jahr 2023 zusätzliche Einnahmen aus dem Verkauf von Blei- und Zinkkonzentraten.

Konzentrieren	Produktionsvolumen	Einnahmen
Bleikonzentrat	15.234 Tonnen	22,5 Millionen US-Dollar
Zinkkonzentrat	8.976 Tonnen	16,3 Millionen US-Dollar

Handel mit Mineralressourcen

Silvercorp ist im Handel mit Mineralressourcen tätig und erzielte im Jahr 2023 einen Gesamthandelsumsatz von 3,2 Millionen US-Dollar.

Langfristige Metalllieferverträge

• Vertraglich vereinbarter jährlicher Silbervorrat: 2 Millionen Unzen
• Vertragsdauer: 5 Jahre
• Geschätzter Auftragswert: 47,5 Millionen US-Dollar

Potenzielle Verkäufe von Nebenproduktmetallen

Nebenprodukt Metall	Produktion	Geschätzter Umsatz
Gold	12.345 Unzen	24,5 Millionen US-Dollar
Kupfer	5.678 Tonnen	11,3 Millionen US-Dollar

Silvercorp Metals Inc. (SVM) - Canvas Business Model: Value Propositions

You're looking at how Silvercorp Metals Inc. (SVM) creates distinct value for its stakeholders right now, late in 2025. The core proposition rests on cost control from established assets funding growth into new jurisdictions. It's a clear, two-pronged strategy that underpins their current financial stability.

Low-Cost Silver Production

The main draw here is the commitment to being a low-cost producer, which is critical in the cyclical metals market. The target you see mentioned is keeping the All-in Sustaining Cost (AISC), net of by-product credits, near $9 per ounce of silver equivalent. This cost structure provides a significant margin buffer when metal prices fluctuate. To be fair, the most recently reported consolidated figure for the twelve months ending September 30, 2025 (Q2 Fiscal 2026) was slightly higher, coming in at $13.94 per ounce of silver, net of by-product credits. Still, the underlying operations maintain strong cost discipline.

Here's a look at the cost breakdown from the most recent quarter's operations:

Mine District	Period Ending Sept 30, 2025 (Q2 FY2026)	AISC (Net of By-product Credits)
Ying Mine (12 months)	Up to Q3 Fiscal 2025	$10.88 to $11.35 per ounce of silver equivalent
GC Mine (Q2 FY2026)	Quarterly	$4.71 per ounce of silver after credits
Consolidated (Q2 FY2026)	Quarterly	$13.94 per ounce of silver

This cost control is what allows Silvercorp Metals Inc. to generate the cash needed for its next value pillar.

Diversified Metal Output

Silvercorp Metals Inc. isn't just a silver play; they sell a basket of base and precious metals, which helps smooth out revenue volatility. They sell silver, lead, and zinc concentrates to smelters, and their Chinese operations also yield gold. This polymetallic nature is evident in their recent production figures.

• For the three months ended September 30, 2025 (Q2 Fiscal 2026), production included approximately 1.66 million ounces of silver, 2,085 ounces of gold, 14.23 million pounds of lead, and 5.64 million pounds of zinc.
• In the full Fiscal 2025 year, they produced about 6.948 million ounces of silver and 7,495 ounces of gold.
• The lead and zinc production for Fiscal 2025 reached approximately 62.170 million pounds of lead and 23.317 million pounds of zinc.

This mix of output from their established Chinese mines is the engine for their strategic diversification.

Geographic Diversification

The company is actively transitioning from being solely China-focused to a multi-jurisdictional producer. The value here is risk mitigation and exposure to different metal baskets, specifically copper and gold outside of China. Silvercorp Metals Inc. is leveraging the cash flow generated from its profitable China silver operations to fund global copper-gold expansion. The primary focus of this is the El Domo copper-gold mine development in Ecuador. The total capital expenditure for El Domo is approximately $250 million. This funding is secured through a combination of a stream from Wheaton Precious Metals for $175 million and Silvercorp's existing cash reserves. You saw the strength of that cash flow generation in Q1 Fiscal 2026, reporting operating cash flow of $48 million. Production at El Domo is targeted for the second half of 2026.

Shareholder Returns

A concrete commitment to returning capital is a key part of the value proposition, signaling confidence in ongoing operations. Silvercorp Metals Inc. has maintained a consistent semi-annual dividend of US$0.0125 per share. The Board declared this specific amount in November 2025, with a payment date scheduled on or before December 12, 2025, for shareholders of record on November 28, 2025. This is a direct return derived from the profitability of their existing assets.

Finance: draft 13-week cash view by Friday.

Silvercorp Metals Inc. (SVM) - Canvas Business Model: Customer Relationships

You're looking at how Silvercorp Metals Inc. (SVM) manages its connections with the different groups it deals with, which range from the industrial buyers of its metals to the communities hosting its mines and the public shareholders funding its growth.

Transactional Sales: Direct, high-volume sales of concentrates to industrial buyers

Silvercorp Metals Inc. focuses on direct, high-volume sales of its mined products-silver, gold, lead, and zinc concentrates-to industrial buyers, primarily smelters within the province of its operations in China. This relationship is built on the company's reputation as a reliable, low-cost producer, which is a key driver for attracting and keeping these B2B customers. For instance, the company's All-in Sustaining Cost (AISC) per ounce of silver, net of by-product credits, was approximately $12.12 per ounce for Fiscal 2025, making its product attractive to purchasers needing consistent supply. The company evaluates these customers based on operational scale and processing capabilities, ensuring alignment with its output of metal concentrates.

The scale of these transactional relationships is reflected in the company's overall financial performance for the period ending March 31, 2025:

Metric	Fiscal 2025 Amount	Fiscal 2024 Amount
Total Revenue	$298.9 million	$215.2 million
Silver Sold (ounces)	Approximately 6.948 million oz	(Not directly comparable, but production was up 11% in silver equivalent)
Lead Sold (pounds)	Approximately 56,847 Klbs	(Not directly comparable)
Zinc Sold (pounds)	Approximately 8,552 Klbs	(Not directly comparable)

The company's primary customer base has historically been concentrated in China, supporting its standing as China's largest primary silver producer. Still, the expansion into Ecuador with the El Domo project signals a strategic move to broaden this industrial buyer network globally.

Community Engagement: ESG focus, including $1.32 million in FY 2025 community investment

Silvercorp Metals Inc. embeds its customer relationship with local communities into its Environmental, Social, and Governance (ESG) framework. This involves tangible investment and local employment practices. For Fiscal Year 2025, the company donated $1.32 million toward education, training, infrastructure, and economic initiatives in the regions where it operates. This commitment helps secure the social license to operate its mines, such as the Ying Mining District and the GC Mine in China, and supports the development of the El Domo project in Ecuador.

Key social metrics demonstrating this relationship include:

• $1.32 million: Total donated to community projects in FY 2025.
• 66%: Workforce hired from the local province in 2025.
• $1.3 million: Amount invested in community support, as noted in sustainability highlights.
• 84%: Water recycling rate achieved.

The focus on local hiring and investment is a direct way Silvercorp Metals Inc. maintains positive relationships with the stakeholders surrounding its physical assets.

Investor Relations: Transparent reporting to public market shareholders

The relationship with public market shareholders is managed through transparent and timely reporting, which is crucial for maintaining capital market access and supporting the company's strategy to create shareholder value. Silvercorp Metals Inc. communicates its strategy, which centers on generating free cash flow, organic growth, and mergers and acquisitions, directly to this segment.

Key data points from recent investor interactions and filings include:

• $0.0125 US per Share: Semi-annual dividend declared in September 2025.
• 49.50%: Percentage of all outstanding shares represented at the September 26, 2025, Annual General Meeting (AGM).
• 108,216,233: Common shares represented at the AGM.
• Form 40-F: Fiscal 2025 Annual Report filed with the U.S. Securities and Exchange Commission in June 2025.

The company also provides direct access to information, with final voting results from the AGM being filed on SEDAR+ and EDGAR, and printed copies of the Annual Report provided free of charge to securityholders upon request. This level of disclosure helps manage expectations regarding the company's financial health, which ended the period with cash and short-term investments of $377.1 million as of the end of the last reported quarter in Fiscal 2025. Finance: draft 13-week cash view by Friday.

Silvercorp Metals Inc. (SVM) - Canvas Business Model: Channels

You're looking at how Silvercorp Metals Inc. moves its product from the mine gate to the market, which is pretty straightforward given its primary operations are in China. The channels are built around getting those concentrates sold efficiently.

Direct Sales Network

Silvercorp Metals Inc. relies heavily on selling its processed metal concentrates-silver, lead, and zinc-directly to domestic Chinese smelters. This B2B strategy has been the backbone of its operations for years, minimizing logistical hurdles by keeping the sales loop within the country of production. This direct approach means you're dealing with established, known off-takers rather than relying on spot market sales or intermediaries for the bulk of the output.

The success of this channel is evident in the full-year Fiscal 2025 results. The company achieved record revenue of approximately $298.9 million, marking a 39% increase over Fiscal 2024. Silver, being the most important metal, contributed 63% of the net realized revenue in Q3 of Fiscal 2025. The sales volumes that drove this revenue for the full Fiscal 2025 included approximately 6.9 million ounces of silver, 62 million pounds of lead, and 23 million pounds of zinc, though the exact breakdown of sold versus produced for all metals is more granular in the Q4 report.

For instance, in the fourth quarter of Fiscal 2025 (Q4 Fiscal 2025), Silvercorp Metals Inc. sold:

• Approximately 1.599 million oz of silver.
• Approximately 3,465 oz of gold.
• Approximately 16.263 million lb of lead.
• Approximately 4.488 million lb of zinc.

It's important to remember that selling concentrates, as opposed to refined metal, inherently involves a discount due to treatment charges. Still, the operational efficiency, evidenced by a low All-In Sustaining Cost (AISC) for silver of $5.80 per ounce in Q2 Fiscal 2025, helps keep the net realization strong.

Mineral Trading Companies

While the primary channel is direct sales to smelters, the company's strategy for its new international assets, like the El Domo project in Ecuador, suggests a potential broadening of sales methods. For the established Chinese operations, the focus remains on direct sales. However, for future international production, the strategy is expected to mirror the direct sales model to smelters and refiners, though stream arrangements, such as the $175 million stream from Wheaton Precious Metals Corp. for El Domo, act as an alternative, upfront funding channel that impacts future revenue realization.

Here's a look at the key financial and production metrics underpinning the sales performance in Fiscal 2025:

Metric	Fiscal 2025 Value	Comparison/Context
Total Revenue	$298.9 million	Up 39% year-over-year.
Silver Production	Approximately 6.9 million ounces	Record production, up 12%.
Ore Processed	1,312,695 tonnes	Up 19% year-over-year.
Cash Flow from Operating Activities	$138.6 million	Reported for Fiscal 2025.
Cash & Investments (End of FY2025)	$369.1 million	Up 100% from March 31, 2024.

Public Markets

The public markets serve as the critical channel for accessing equity and debt capital to fund operations, development, and shareholder returns. Silvercorp Metals Inc. trades under the symbol SVM on both the Toronto Stock Exchange (TSX) and the NYSE American. This dual listing provides access to a broad base of North American and international investors.

The company uses these markets to maintain shareholder confidence and fund growth initiatives. For instance, the company issued approximately $150 million in senior convertible notes during Fiscal 2025. Furthermore, the commitment to shareholders is channeled through dividends; the semi-annual dividend was maintained at US$0.0125 per share as of late 2025. The conservative financial structure, reflected in a total debt-to-equity ratio of only 0.16, shows that the company prefers to fund growth with its strong operational cash flow and existing capital reserves, which stood at $369.1 million at the end of Fiscal 2025, rather than relying heavily on debt channels.

The company also utilizes these platforms for mandatory disclosures, such as filing its Fiscal 2025 annual report on Form 40-F with the SEC in June 2025. This transparency is a channel in itself for maintaining investor trust.

• TSX/NYSE American Ticker: SVM.
• Semi-annual Dividend: US$0.0125 per share.
• Total Debt-to-Equity Ratio: 0.16.
• Equity Investment Portfolio Market Value (as of March 31, 2025): $70.9 million.

Finance: draft 13-week cash view by Friday.

Silvercorp Metals Inc. (SVM) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Silvercorp Metals Inc. (SVM), which is definitely a Business-to-Business (B2B) operation at its heart, selling raw materials rather than finished goods to the public. The company evaluates these industrial clients not on typical demographics, but on their operational scale and processing capabilities for concentrates.

Domestic Chinese Smelters

The primary customer base for Silvercorp Metals Inc. is rooted in China, where its main producing assets, the Ying Mining District and the GC Mine, are located. This proximity to customers is a stated advantage, as China is the 'Centre for Manufacturing,' home to roughly 80% of global solar panel manufacturers, a significant end-user of silver. These smelters require a steady, high-quality supply of silver, lead, and zinc concentrates for their industrial processes. Silver remains the most important metal, contributing 63% of net realized revenue in the third quarter of fiscal 2025.

The scale of the business serving these industrial buyers is substantial:

• Fiscal 2025 total revenue reached $298.9 million.
• Silver accounted for 61% of revenues in the 12 months leading up to January 2025.
• In Q1 Fiscal 2026 (ended June 30, 2025), revenue was approximately $81.3 million.
• For Q2 Fiscal 2026, revenue was reported at $83.3 million.

Mineral Products Trading Firms

Mineral products trading firms act as crucial intermediaries, connecting Silvercorp Metals Inc.'s output to the broader metal commodity markets. These firms are essential for off-taking volumes, especially for the lead and zinc concentrates where direct smelter relationships might be more fragmented or require specialized logistics. The company's strategy involves generating free cash flow from its long-life mines, which feeds these industrial and trading partners. The company's production in Q1 Fiscal 2026 included approximately 15.7 million pounds of lead and 5.2 million pounds of zinc sold.

Retail and Institutional Investors

This segment is focused on the financial performance and shareholder returns of Silvercorp Metals Inc. The company explicitly states its strategy is to create shareholder value through free cash flow generation and ongoing merger and acquisition efforts. The commitment to this customer group is demonstrated through direct capital returns. For instance, the company declared a semi-annual dividend of US$0.0125 per share on September 26, 2025. In the third quarter of fiscal 2025, $2.7 million was used to pay dividends.

Investor engagement is tracked through annual meetings:

• At the September 2025 Annual General Meeting, 108,216,233 common shares were represented.
• This representation accounted for 49.50% of the total votes attached to all outstanding shares as of the record date.
• Adjusted net income for Q2 Fiscal 2026 was $22.6 million, or $0.10 per share.

Here's a quick look at the financial scale relevant to these customer groups as of late 2025:

Metric	Value (Latest Reported Period)	Period Reference
Fiscal 2025 Total Revenue	$298.9 million	Fiscal Year Ended March 31, 2025
Q2 Fiscal 2026 Revenue	$83.3 million	Q2 Fiscal 2026
Q2 Fiscal 2026 Adjusted Net Income	$22.6 million	Q2 Fiscal 2026
EBIT Margin	33.3%	Latest Quarterly Results
Gross Margin	30.9%	Latest Quarterly Results
Semi-Annual Dividend Per Share	US$0.0125	Declared September 2025

The company's strategy also includes expanding its product mix, which will naturally evolve its customer base beyond just concentrates, with projects like El Domo in Ecuador bringing copper and gold into the sales mix. Still, the core remains the domestic Chinese industrial buyer. Finance: draft 13-week cash view by Friday.

Silvercorp Metals Inc. (SVM) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Silvercorp Metals Inc.'s operations, especially in China, which is the core cash engine right now. Understanding the cost structure is key to seeing how they manage profitability while funding big growth elsewhere, like in Ecuador.

Mining Operating Costs

The cash cost at the flagship Ying operation was approximately $89.2 per tonne of ore for the first nine months of Fiscal 2025, which ended December 31, 2024. To be fair, the consolidated production cost per tonne of ore processed for the full Fiscal 2025 year was higher, but the unit costs at Ying showed improvement in Q4 Fiscal 2025, reflecting higher volumes mined and processed. The company is actively managing these costs, aiming for a consolidated cash cost in Fiscal 2026 between $80.7 and $82.1 per tonne. The Q4 Fiscal 2025 production costs averaged $83 per tonne consolidated, showing a 7% decrease in unit costs specifically at Ying for that quarter.

Capital Expenditures

Silvercorp Metals Inc. is investing heavily to transition the Ying mine to be more efficient. They have a planned investment of about $25 million out of cash flow this current fiscal year to enhance ramp access, which supports the move to mechanized mining using rubber-tired equipment, phasing out the use of shafts. This is part of a larger capital plan to optimize the mine plan.

Here's a look at the planned capital expenditures for the China projects in Fiscal 2026, which shows where the money is going to support production and growth:

Project/Category	Fiscal 2026 Estimated Capital Expenditure (USD)	Purpose Detail
Ying Mining District Total	$73.4 million	Optimize mine plan, grow resources, includes ramp/tunnel development
Ying Ramp and Tunnel Development	$25.3 million	For transportation and access to support mechanization
GC Mine	$9.3 million	Maintain production and mineral resources
Kuanping Project Construction	$4 million	Site preparation and initial ramp/tunnel driving

Exploration and Development

The commitment to finding more resources is clear in the spending figures. Silvercorp Metals Inc. spent and capitalized $9.9 million on its China operations during the fourth quarter of Fiscal 2025. This spending supports both ongoing development and future production potential. For Fiscal 2026, the company has budgeted $4 million for construction activities at the Kuanping satellite project alone, which includes driving a ramp down and exploration tunnels. Furthermore, at Ying, there is a plan that includes an additional $25 million allocated to exploration tunneling and $6 million to capitalize drilling as they explore the emerging gold potential there.

Labor and Energy

Labor and energy represent significant, though often bundled, operational costs in China. The transition to more mechanized mining at Ying is a direct action to manage labor intensity, aiming for lower operating costs per ton delivered, even if it means slightly more dilution initially. You should watch for sensitivity here; operational costs are definitely sensitive to energy prices, with reports noting an ascent in natural gas prices from late 2024 into early 2025. Also, the regulatory environment in China regarding labor-related laws and regulations poses a risk that could require additional compensation if violations are found.

• China operations are the source of all free cash flow generation currently.
• The company is channeling this cash flow into major growth projects, not dividends or buybacks.
• Labor-intensive mining methods are being phased out for mechanized approaches.
• Energy costs, like natural gas, have shown upward pressure from late 2024 into early 2025.

Finance: draft 13-week cash view by Friday.

Silvercorp Metals Inc. (SVM) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Silvercorp Metals Inc. brings in its money, focusing on the most recent data available as of late 2025. The core of the business model is straightforward: extract and sell metal concentrates.

The primary revenue streams for Silvercorp Metals Inc. are derived from the sale of metal concentrates, predominantly silver, lead, and zinc. Gold is also a significant contributor to the overall financial performance, and copper is set to become more important with the El Domo project advancing. This monetization strategy relies on the successful extraction and sale of these valuable commodities from their China operations, mainly the Ying Mining District and the GC Mine.

For the full Fiscal Year 2025, which ended March 31, 2025, Silvercorp Metals Inc. achieved record revenue of approximately $298.9 million. This represented a substantial 39% increase compared to the $215.2 million reported in Fiscal 2024.

Looking at the most recent quarterly data, the revenue for the second quarter of Fiscal 2026 (Q2 Fiscal 2026, ended September 30, 2025) was $83.3 million from metal sales. This figure marked a 23% year-over-year increase from the $68.0 million generated in Q2 Fiscal 2025.

To give you a clearer picture of what drives that quarterly revenue, here's the breakdown of metal contribution for Q2 Fiscal 2026:

• Silver remains the most significant revenue contributor at approximately 67% of net Q2 revenue.
• Lead followed as the second largest contributor at 16%.
• Gold contributed approximately 7% of the net Q2 revenue.

The revenue from lead, zinc, and gold acts as a by-product credit, which directly offsets the cost of producing silver, the main metal. We see this impact reflected in the All-in Sustaining Cost (AISC) metric. For instance, the consolidated AISC per ounce of silver, net of by-product credits, was reported at $13.94 for Q2 Fiscal 2026. This compares to an AISC of $14.31 per ounce of silver, net of by-product credits, reported for the full Fiscal 2025 period.

Here's a quick comparison of the metal sales that generated the Q2 Fiscal 2026 revenue:

Metal Sold	Volume Sold (Q2 Fiscal 2026)	Revenue Increase Driver (vs. Q2 Fiscal 2025)
Silver	Approximately 1.66 million ounces	28% increase in selling price
Gold	Approximately 2,033 ounces	37% increase in selling price
Lead	Approximately 14.75 million pounds	Volume up 64% year-over-year
Zinc	Approximately 5.67 million pounds

The revenue growth in Q2 Fiscal 2026 was driven by both higher selling prices for silver and gold, which accounted for an increased revenue of $13.1 million, coupled with increased production volume for silver (up 1%) and gold (up 64%), adding another $2.9 million to revenue.