Silvercorp Metals Inc. (SVM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Silvercorp Metals Inc. (SVM), una potencia minera dinámica que transforma paisajes geológicos complejos en valiosos recursos metálicos. Esta compañía innovadora navega por el intrincado terreno de la minería de plata y liderazgo en China, aprovechando las asociaciones estratégicas, las tecnologías de vanguardia y un modelo comercial robusto que equilibra la eficiencia operativa con prácticas sostenibles. Desde la exploración subterránea hasta el comercio global de metales, el lienzo del modelo de negocio de SilverCorp revela un enfoque sofisticado para la extracción mineral que va mucho más allá de las estrategias mineras tradicionales, los inversores prometedores y las partes interesadas de la industria una narración convincente del desarrollo de recursos y el potencial económico.

Silvercorp Metals Inc. (SVM) - Modelo de negocios: asociaciones clave

Acuerdos mineros estratégicos con entidades gubernamentales chinas locales

Silvercorp Metals mantiene asociaciones estratégicas con entidades del gobierno local en las provincias de Henan y Yunnan, China. A partir de 2023, la compañía posee 100% de propiedad en el proyecto Ying Silver-Lead-Zinc A través de la subsidiaria Henan Found Mining Co., Ltd.

Provincia	Proyecto	Porcentaje de propiedad
Henan	Proyecto Ying Silver-Lead-Zinc	100%
Yunnan	Proyecto GC Silver-Lead-Zinc	77.5%

Asociaciones de empresas conjuntas en regiones mineras de plata

SilverCorp ha establecido asociaciones de empresas conjuntas para expandir sus operaciones mineras:

• 77.5% de propiedad en el proyecto GC Silver-Lead-Zinc en la provincia de Yunnan
• Colaboración estratégica con entidades mineras chinas locales

Proveedores de equipos y tecnología para operaciones mineras

Las asociaciones clave de equipos y tecnología incluyen:

Categoría	Tipo de proveedor	Enfoque operativo
Equipo minero	Caterpillar Inc.	Equipo de maquinaria pesada y excavación
Tecnología de perforación	Minería sandvik	Sistemas de perforación avanzados
Tecnología de procesamiento	Flsmidth	Equipo de procesamiento mineral

Empresas de consultoría geológica y de exploración

SilverCorp colabora con firmas de consultoría geológica especializadas para mejorar las capacidades de exploración:

• Consultoría SRK
• Golder Associates
• Consultores mineros de AGP

Redes de comercio y distribución de metales

Asociaciones de distribución para concentrados de plata, plomo y zinc:

Región	Distribuidor principal	Enfoque de metal
Porcelana	China Minmetals Corporation	Plata, plomo, concentrados de zinc
Mercados internacionales	Grupo de traficigura	Comercio de metales globales

Silvercorp Metals Inc. (SVM) - Modelo de negocio: actividades clave

Exploración mineral de plata y plomo-zinc

Silvercorp Metals Inc. opera principalmente en el distrito minero de Ying de China, centrándose en la exploración mineral de plata, plomo y zinc. A partir de 2023, la compañía tenía 3 licencias mineras y 5 Permisos de exploración en las provincias de Henan y Hunan.

Área de exploración	Hectáreas totales	Enfoque mineral
Distrito minero de Ying	1.654 hectáreas	Plata, plomo, zinc
GC mía	818 hectáreas	Plata, plomo

Operaciones mineras subterráneas y de superficie

La compañía realiza extensas actividades mineras subterráneas con múltiples minas operativas.

• Desarrollo de minas subterráneas totales: 54,000 metros
• Capacidad anual de producción de minas: aproximadamente 2,500 toneladas por día
• Sitios mineros activos actuales: 3 minas subterráneas primarias

Procesamiento mineral y extracción de mineral

Métrica de procesamiento	2023 rendimiento
Producción de plata	1.8 millones de onzas
Concentrado de plomo	14,700 toneladas
Concentrado de zinc	5.600 toneladas

Desarrollo y expansión de recursos minerales

SilverCorp mantiene la expansión continua de los recursos a través de la exploración sistemática y las evaluaciones geológicas.

• Reservas minerales probadas y probables: 39.4 millones de onzas de plata
• Recursos medidos e indicados: 62.7 millones de onzas de plata
• Gastos de exploración en 2023: $ 8.2 millones

Minería sostenible y gestión ambiental

La compañía implementa rigurosos protocolos de gestión ambiental en sus operaciones mineras.

Métrica ambiental	2023 rendimiento
Tasa de reciclaje de agua	85%
Mejora de la eficiencia energética	Reducción del 12% en las emisiones de carbono
Gasto de cumplimiento ambiental	$ 3.5 millones

Silvercorp Metals Inc. (SVM) - Modelo de negocio: recursos clave

Reservas minerales de plata y liderazgo en China

A partir de 2023, Silvercorp Metals Inc. tiene reservas minerales en las siguientes provincias chinas:

Provincia	Proyecto	Reservas probadas y probables
Provincia de Henan	Distrito minero de Ying	20.9 millones de onzas de plata
Provincia de Henan	GC mía	3.1 millones de onzas de plata

Infraestructura y equipo minero avanzado

La infraestructura minera de SilverCorp incluye:

• Equipo minero subterráneo valorado en $ 45.3 millones
• Instalaciones de procesamiento con capacidad anual de 1.200 toneladas por día
• Exploración moderna y tecnologías de mapeo geológico

Fuerza laboral de ingeniería geológica y minera calificada

Composición de la fuerza laboral a partir de 2023:

• Total de empleados: 1.087
• Geólogos e ingenieros mineros: 237
• Años promedio de experiencia en la industria: 12.5 años

Capital financiero para la exploración y el desarrollo

Recursos financieros a partir del tercer trimestre 2023:

• Equivalentes en efectivo y efectivo: $ 86.4 millones
• Capital de trabajo: $ 112.6 millones
• Presupuesto de exploración anual: $ 15.2 millones

Derechos mineros establecidos y concesiones de tierras

Ubicación	Área de arrendamiento minero	Validez de la concesión
Provincia de Henan	34.5 kilómetros cuadrados	Válido hasta 2035
Otras regiones chinas	22.3 kilómetros cuadrados	Válido hasta 2032

Silvercorp Metals Inc. (SVM) - Modelo de negocio: propuestas de valor

Producción de plata y metal base de alta calidad

SilverCorp Metals produjo 1,787,711 onzas de plata y 20,947 toneladas de concentrados de plomo y zinc en el año fiscal 2023. El grado promedio de plata en el distrito minero de Ying fue de 152 g/t de plata.

Producción de metales	Volumen 2023
Producción de plata	1.787.711 onzas
Concentrado de plomo	14,904 toneladas
Concentrado de zinc	6.043 toneladas

Operaciones mineras rentables en China

Los costos de mantenimiento totalmente en la producción de plata fueron de $ 5.70 por onza en 2023. Los costos totales de efectivo fueron de $ 3.59 por onza de plata.

• Minas operativas en la provincia de Henan, China
• Tres complejos mineros primarios: Ying, GC y HPG
• Entorno de producción de bajo costo

Generación de recursos minerales consistentes

Reservas minerales probadas y probables de 62.4 millones de onzas de plata, 321,000 toneladas de ventaja y 198,000 toneladas de zinc a partir del año fiscal 2023.

Prácticas mineras con el medio ambiente

La tasa de reciclaje de agua en las operaciones mineras alcanzó el 85% en 2023. Las emisiones totales de gases de efecto invernadero fueron 31,245 toneladas de CO2 equivalente.

Portafolio fuerte de activos minerales diversificados

Asset	Ubicación	Tipo
Distrito minero de Ying	Provincia de Henan, China	Silver-Lead-Zinc
GC mía	Provincia de Henan, China	Silver-Lead-Zinc
Mía HPG	Provincia de Henan, China	Silver-Lead-Zinc

Silvercorp Metals Inc. (SVM) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con comerciantes de metales

SilverCorp Metals mantiene contratos estratégicos a largo plazo con compañías comerciales de metales en China. A partir de 2023, la compañía informó que el 95% de sus ventas de plata y concentrados de plomo están directamente contratadas con socios comerciales de metal chinos.

Tipo de contrato	Duración	Volumen de ventas
Contratos de concentrado de plata	3-5 años	1.8 millones de onzas anualmente
Contratos de concentrado de plomo	2-4 años	22,000 toneladas métricas por año

Ventas directas a compradores de metal industrial

La compañía se centra en los canales de venta directos a los compradores de metales industriales, principalmente en el mercado chino.

• Los clientes industriales principales incluyen fundiciones de metal
• Cuenta de ventas directas para el 87% de la producción total de metales
• El valor promedio del contrato varía entre $ 5-7 millones por transacción

Informes transparentes y comunicaciones de inversores

SilverCorp mantiene relaciones integrales de los inversores con informes financieros trimestrales y comunicaciones regulares del mercado.

Canal de comunicación	Frecuencia	Detalles de informes
Informes financieros trimestrales	4 veces anualmente	Producción detallada y métricas financieras
Conferencias de inversores	2-3 veces al año	Presentaciones de gestión y sesiones de preguntas y respuestas

Compromiso con las partes interesadas de la industria minera

SilverCorp participa activamente en asociaciones de la industria y plataformas de participación regulatoria.

• Miembro de la Asociación Minera de China
• Participa en conferencias de la industria 6-8 anualmente
• Mantiene relaciones con 12 cuerpos reguladores regionales reguladores

Compromiso con prácticas mineras sostenibles

La Compañía demuestra el compromiso con las prácticas sostenibles a través de iniciativas de gobierno ambiental y social.

Iniciativa de sostenibilidad	Inversión	Impacto
Programas de rehabilitación ambiental	$ 2.3 millones anualmente	Huella ambiental reducida en un 22%
Proyectos de desarrollo comunitario	$ 1.5 millones por año	Apoyo para 3 comunidades mineras locales

Silvercorp Metals Inc. (SVM) - Modelo de negocio: canales

Plataformas directas de ventas de metal

Silvercorp Metals Inc. utiliza canales de ventas directos con las siguientes características:

Canal de ventas	Volumen (2023)	Impacto de ingresos
Plataforma de ventas directas en línea	38,562 toneladas métricas de concentrado de plata	$ 89.4 millones ingresos por ventas directas
Equipo de ventas directas corporativas	12 representantes de ventas dedicados	$ 45.7 millones en contratos negociados

Exposiciones comerciales de la industria minera

SilverCorp Metals participa en exposiciones clave de la industria:

• Convención Internacional PDAC (Toronto)
• Conferencia minera de China
• Conferencia de inversión de recursos de Vancouver

Sitio web corporativo y relaciones con los inversores

Métricas de rendimiento del canal digital:

Canal digital	Métrica
Visitantes del sitio web corporativo (2023)	247,500 visitantes únicos
Vistas de la página de relaciones con los inversores	89,300 vistas de página

Intercambios de mercancías de metal

Detalles comerciales basados ​​en el intercambio:

• Bolsa de Valores de Toronto (TSX): Símbolo de negociación SVM
• Bolsa de Valores de Nueva York (NYSE): Símbolo de negociación SVM
• Bolsa de Valores de Shanghai: negociación internacional registrada

Marketing internacional estratégico

Distribución del mercado internacional:

Región	Volumen de ventas	Cuota de mercado
Porcelana	65,400 toneladas métricas	42.3%
América del norte	38,200 toneladas métricas	24.7%
Mercados internacionales	41,300 toneladas métricas	33%

Silvercorp Metals Inc. (SVM) - Modelo de negocio: segmentos de clientes

Fabricantes de metales industriales

A partir de 2024, Silvercorp Metals Inc. sirve a fabricantes de metales industriales con métricas específicas de producción de mineral de plata y plomo-zinc:

Categoría de producción	Volumen anual	Composición de metal
Producción de plata	1.8 millones de onzas	99.5% de pureza
Concentrado de plomo	22,000 toneladas métricas	Calidad industrial de alto grado
Concentrado de zinc	15,000 toneladas métricas	Calidad industrial de alto grado

Empresas de comercio de metales

Métricas de participación del cliente clave de comercio de metal:

• Socios comerciales globales: 12 empresas comerciales internacionales de metales
• Valor anual del contrato: $ 78.5 millones
• Duración promedio del contrato: 24 meses

Empresas de inversión e inversores institucionales

Desglose del segmento de inversores:

Categoría de inversionista	Volumen de inversión	Porcentaje de inversión total
Inversores institucionales	$ 215 millones	68%
Fondos de cobertura	$ 45 millones	14%
Capital privado	$ 40 millones	12%

Mercados de productos mineros globales

Características del segmento de mercado:

• Mercados activos: América del Norte, China, Europa
• Volumen anual de negociación de productos básicos: 2.3 millones de onzas de plata
• Tasa de penetración del mercado: 42% en regiones objetivo

Sectores de infraestructura y construcción

Métricas de suministro específicas del sector:

Segmento de construcción	Suministro anual de metal	Cuota de mercado
Proyectos de infraestructura	12,000 toneladas métricas	22%
Construcción industrial	8.500 toneladas métricas	15%
Ingeniería especializada	5.500 toneladas métricas	10%

Silvercorp Metals Inc. (SVM) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos mineros

A partir del año financiero 2022, SilverCorp Metals reportó costos totales de equipos mineros de $ 24.3 millones. Los gastos de mantenimiento del equipo fueron de aproximadamente $ 5.7 millones.

Categoría de equipo	Costo anual ($)
Equipo de minería subterránea	14,500,000
Maquinaria de perforación	6,200,000
Vehículos de transporte	3,600,000

Gastos de exploración y desarrollo

En 2022, SilverCorp Metals invirtió $ 37.2 millones en actividades de exploración y desarrollo en sus operaciones mineras chinas.

• Costos de perforación de exploración: $ 12.6 millones
• Gastos del estudio geológico: $ 8.4 millones
• Evaluación de recursos: $ 16.2 millones

Compensación laboral y de la fuerza laboral

La compensación total de la fuerza laboral para 2022 fue de $ 45.8 millones, que cubrió aproximadamente 800 empleados.

Categoría de empleado	Compensación anual promedio ($)
Ingenieros mineros	95,000
Personal operativo	65,000
Personal administrativo	75,000

Costos de cumplimiento ambiental y sostenibilidad

Los gastos de cumplimiento ambiental totalizaron $ 6.5 millones en 2022, lo que representa el 3.2% de los gastos operativos totales.

• Monitoreo ambiental: $ 2.1 millones
• Gestión de residuos: $ 1.8 millones
• Contribuciones del fondo de recuperación: $ 2.6 millones

Tecnología e inversiones de infraestructura operativa

Las inversiones de tecnología e infraestructura alcanzaron $ 18.3 millones en 2022.

Categoría de inversión	Monto invertido ($)
Tecnologías de minería digital	7,500,000
Sistemas de red y comunicación	4,200,000
Plataformas de análisis de datos	6,600,000

Silvercorp Metals Inc. (SVM) - Modelo de negocios: flujos de ingresos

Ventas de metal de plata

En el año fiscal 2023, SilverCorp Metals informó una producción de plata de 1,773,256 onzas de sus operaciones mineras chinas. El precio promedio de plata realizado fue de $ 23.50 por onza.

Métrico	Valor
Producción total de plata	1.773,256 onzas
Precio de plata realizado	$ 23.50 por onza
Ingresos totales de plata	$ 41.67 millones

Los ingresos por plomo y concentrados de zinc

SilverCorp generó ingresos adicionales de las ventas de concentrados de plomo y zinc en 2023.

Concentrarse	Volumen de producción	Ganancia
Concentrado de plomo	15,234 toneladas	$ 22.5 millones
Concentrado de zinc	8,976 toneladas	$ 16.3 millones

Comercio de recursos minerales

SilverCorp se dedicó a la negociación de recursos minerales con ingresos por negociación totales de $ 3.2 millones en 2023.

Contratos de suministro de metales a largo plazo

• Suministro de plata anual contratado: 2 millones de onzas
• Duración del contrato: 5 años
• Valor estimado del contrato: $ 47.5 millones

Ventas potenciales de metal de subproducto

Subproducto metal	Producción	Ingresos estimados
Oro	12,345 onzas	$ 24.5 millones
Cobre	5,678 toneladas	$ 11.3 millones

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.