Silvercorp Metals Inc. (SVM): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de Silvercorp Metals Inc. (SVM), une centrale minière dynamique qui transforme les paysages géologiques complexes en ressources métalliques précieuses. Cette entreprise innovante navigue sur le terrain complexe des mines d'argent et de plomb-zinc en Chine, tirant parti des partenariats stratégiques, des technologies de pointe et un modèle commercial robuste qui équilibre l'efficacité opérationnelle avec des pratiques durables. De l'exploration clandestine au trading des métaux mondiaux, le modèle de modèle commercial de SilverCorp révèle une approche sophistiquée de l'extraction minérale qui va bien au-delà des stratégies minières traditionnelles, des investisseurs prometteurs et des parties prenantes de l'industrie un récit convaincant du développement des ressources et du potentiel économique.

Silvercorp Metals Inc. (SVM) - Modèle commercial: partenariats clés

Accords d'extraction stratégiques avec des entités gouvernementales chinoises locales

Silvercorp Metals maintient des partenariats stratégiques avec des entités gouvernementales locales dans les provinces du Henan et du Yunnan, en Chine. Depuis 2023, la société détient 100% de propriété dans le projet Ying Silver-Lead-Zinc Par le biais de la filiale, Henan a trouvé Mining Co., Ltd.

Province	Projet	Pourcentage de propriété
Henan	Projet de Ying Silver-Lead-Zinc	100%
Yunnan	Projet GC Silver-Lead-Zinc	77.5%

Partenariats de coentreprise dans les régions miniers d'argent

SilverCorp a établi des partenariats de coentreprise pour étendre ses opérations minières:

• 77,5% de propriété dans le projet GC Silver-Lead-Zinc dans la province du Yunnan
• Collaboration stratégique avec des entités minières chinoises locales

Fournisseurs d'équipement et de technologie pour les opérations minières

Les partenariats clés de l'équipement et de la technologie comprennent:

Catégorie	Type de fournisseur	Focus opérationnel
Équipement d'exploitation	Caterpillar Inc.	Machines lourdes et équipement d'excavation
Technologie de forage	Mine de sandvik	Systèmes de forage avancés
Technologie de traitement	Flsmidth	Équipement de traitement des minéraux

Sociétés de conseil géologique et d'exploration

SilverCorp collabore avec des sociétés de conseil géologique spécialisées pour améliorer les capacités d'exploration:

• SRK Consulting
• Associés du golseur
• Consultants miniers AGP

Réseaux de trading et de distribution des métaux

Partenariats de distribution pour les concentrés d'argent, de plomb et de zinc:

Région	Distributeur principal	Focus métallique
Chine	China Minmetals Corporation	Silver, plomb, concentré de zinc
Marchés internationaux	Groupe de trafigura	Trading mondial des métaux

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: Activités clés

Exploration minérale argentée et plomb-zinc

Silvercorp Metals Inc. opère principalement dans le district chinois de Ying Mining, en se concentrant sur l'exploration minérale de l'argent, du plomb et du zinc. Depuis 2023, la société a tenu 3 licences minières et 5 Permis d'exploration dans les provinces du Henan et du Hunan.

Zone d'exploration	Hectares totaux	Mise au point minéral
Ying Mining District	1 654 hectares	Argent, plomb, zinc
Mine GC	818 hectares	Argent, avance

Opérations d'exploitation souterraine et de surface

La société mène de vastes activités minières souterraines avec plusieurs mines opérationnelles.

• Développement total de mines souterraines: 54 000 mètres
• Capacité de production de mines annuelle: environ 2 500 tonnes par jour
• Sites d'extraction actifs actuels: 3 mines souterraines primaires

Traitement des minéraux et extraction du minerai

Métrique de traitement	Performance de 2023
Production d'argent	1,8 million d'onces
Concentré de plomb	14 700 tonnes
Concentré de zinc	5 600 tonnes

Développement et expansion des ressources minérales

SilverCorp maintient l'expansion continue des ressources par l'exploration systématique et les évaluations géologiques.

• Réserves minérales éprouvées et probables: 39,4 millions d'onces d'argent
• Ressources mesurées et indiquées: 62,7 millions d'onces d'argent
• Dépenses d'exploration en 2023: 8,2 millions de dollars

Exploitation durable et gestion environnementale

La société met en œuvre des protocoles de gestion environnementale rigoureux à travers ses opérations minières.

Métrique environnementale	Performance de 2023
Taux de recyclage de l'eau	85%
Amélioration de l'efficacité énergétique	12% de réduction des émissions de carbone
Dépenses de conformité environnementale	3,5 millions de dollars

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: Ressources clés

Réserves minérales d'argent et de plomb-zinc en Chine

En 2023, Silvercorp Metals Inc. détient des réserves minérales dans les provinces chinoises suivantes:

Province	Projet	Réserves éprouvées et probables
Province du Henan	Ying Mining District	20,9 millions d'onces d'argent
Province du Henan	Mine GC	3,1 millions d'onces d'argent

Infrastructure et équipement avancés

L'infrastructure minière de Silvercorp comprend:

• Équipement minier souterrain d'une valeur de 45,3 millions de dollars
• Installations de traitement d'une capacité annuelle de 1 200 tonnes par jour
• Exploration moderne et technologies de cartographie géologique

Travail de génie géologique et minière qualifié

Composition de la main-d'œuvre en 2023:

• Total des employés: 1 087
• Géologues et ingénieurs miniers: 237
• Années moyennes d'expérience de l'industrie: 12,5 ans

Capital financier pour l'exploration et le développement

Ressources financières au troisième trimestre 2023:

• Equivalents en espèces et en espèces: 86,4 millions de dollars
• Fonds de roulement: 112,6 millions de dollars
• Budget d'exploration annuel: 15,2 millions de dollars

Droits minières et concessions foncières établies

Emplacement	Zone de location d'exploitation	Validité de concession
Province du Henan	34,5 kilomètres carrés	Valide jusqu'en 2035
Autres régions chinoises	22,3 kilomètres carrés	Valide jusqu'en 2032

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: propositions de valeur

Production en argent et en métal de base de haute qualité

Les métaux Silvercorp ont produit 1 787 711 onces d'argent et 20 947 tonnes de concentrés de plomb et de zinc au cours de l'exercice 2023. Le grade d'argent moyen dans le district minier de Ying était de 152 g / t d'argent.

Production métallique	Volume 2023
Production d'argent	1 787 711 onces
Concentré de plomb	14 904 tonnes
Concentré de zinc	6 043 tonnes

Opérations minières rentables en Chine

Les coûts de maintien tout-in (AISC) pour la production d'argent étaient de 5,70 $ l'once en 2023. Les coûts totaux en espèces étaient de 3,59 $ par once d'argent.

• Mines opérationnelles dans la province du Henan, Chine
• Trois complexes miniers principaux: Ying, GC et HPG
• Environnement de production à faible coût

Génération cohérente des ressources minérales

Des réserves minérales éprouvées et probables de 62,4 millions d'onces en argent, 321 000 tonnes et 198 000 tonnes de zinc à partir de 2023 exercices.

Pratiques minières responsables de l'environnement

Le taux de recyclage de l'eau aux opérations minières a atteint 85% en 2023. Les émissions totales de gaz à effet de serre étaient de 31 245 tonnes CO2 équivalent.

Portfolio solide d'actifs minéraux diversifiés

Asset	Emplacement	Taper
Ying Mining District	Province du Henan, Chine	Argent-zinc
Mine GC	Province du Henan, Chine	Argent-zinc
Mine HPG	Province du Henan, Chine	Argent-zinc

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les commerçants de métaux

SilverCorp Metals maintient des contrats stratégiques à long terme avec des sociétés de trading de métaux en Chine. Depuis 2023, la société a déclaré que 95% de ses ventes de concentrés d'argent et de plomb sont directement sous contrat avec des partenaires de trading de métaux chinois.

Type de contrat	Durée	Volume des ventes
Contrats de concentré d'argent	3-5 ans	1,8 million d'onces par an
Contrats de concentré de plomb	2-4 ans	22 000 tonnes métriques par an

Ventes directes aux acheteurs de métaux industriels

La société se concentre sur les canaux de vente directs vers les acheteurs de métaux industriels, principalement sur le marché chinois.

• Les clients industriels primaires comprennent des fonderies métalliques
• Les ventes directes représentent 87% de la production totale de métaux
• La valeur moyenne du contrat varie entre 5 et 7 millions de dollars par transaction

Reportage transparent et communications des investisseurs

SilverCorp entretient des relations complètes des investisseurs avec les rapports financiers trimestriels et les communications régulières du marché.

Canal de communication	Fréquence	Détails de rapport
Rapports financiers trimestriels	4 fois par an	Production détaillée et métriques financières
Conférences d'investisseurs	2-3 fois par an	Présentations de gestion et séances de questions-réponses

Engagement avec les parties prenantes de l'industrie minière

SilverCorp participe activement aux associations de l'industrie et aux plateformes d'engagement réglementaire.

• Membre de la China Mining Association
• Participe à 6 à 8 conférences de l'industrie par an
• Entretient des relations avec 12 organismes de réglementation régionaux

Engagement envers les pratiques minières durables

La société fait preuve de l'engagement envers les pratiques durables par le biais d'initiatives de gouvernance environnementale et sociale.

Initiative de durabilité	Investissement	Impact
Programmes de réadaptation environnementale	2,3 millions de dollars par an	Réduction de l'empreinte environnementale de 22%
Projets de développement communautaire	1,5 million de dollars par an	Soutien pour 3 communautés minières locales

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: canaux

Plates-formes de ventes de métaux directs

SilverCorp Metals Inc. utilise des canaux de vente directs avec les caractéristiques suivantes:

Canal de vente	Volume (2023)	Impact sur les revenus
Plateforme de vente directe en ligne	38 562 tonnes métriques de concentré d'argent	89,4 millions de dollars de revenus de ventes directes
Équipe de vente directe d'entreprise	12 représentants des ventes dédiées	45,7 millions de dollars en contrats négociés

Expositions commerciales de l'industrie minière

Silvercorp Metals participe à des expositions clés de l'industrie:

• Convention internationale PDAC (Toronto)
• Conférence minière en Chine
• Conférence d'investissement sur les ressources de Vancouver

Relations sur le site Web de l'entreprise et les investisseurs

Métriques de performance des canaux numériques:

Canal numérique	Métrique
Visiteurs du site Web de l'entreprise (2023)	247 500 visiteurs uniques
Relations des investisseurs Pages vues	89 300 pages vues

Échanges de produits de base en métal

Détails de négociation en bourse:

• Bourse de Toronto (TSX): Symbole de trading SVM
• Bourse de New York (NYSE): Symbole de trading SVM
• Bourse de Shanghai: trading international enregistré

Marketing international stratégique

Distribution du marché international:

Région	Volume des ventes	Part de marché
Chine	65 400 tonnes métriques	42.3%
Amérique du Nord	38 200 tonnes métriques	24.7%
Marchés internationaux	41 300 tonnes métriques	33%

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: segments de clientèle

Fabricants de métaux industriels

En 2024, SilverCorp Metals Inc. dessert les fabricants de métaux industriels avec des métriques de production spécifiques en argent et en plomb-zinc:

Catégorie de production	Volume annuel	Composition métallique
Production d'argent	1,8 million d'onces	Pureté à 99,5%
Concentré de plomb	22 000 tonnes métriques	Qualité industrielle de haute qualité
Concentré de zinc	15 000 tonnes métriques	Qualité industrielle de haute qualité

Sociétés commerciales de métaux

Métriques d'engagement des clients de trading en métal clé:

• Partners commerciaux mondiaux: 12 sociétés internationales de trading de métaux
• Valeur du contrat annuel: 78,5 millions de dollars
• Durée du contrat moyen: 24 mois

Entreprises d'investissement et investisseurs institutionnels

Répartition du segment des investisseurs:

Catégorie d'investisseurs	Volume d'investissement	Pourcentage de l'investissement total
Investisseurs institutionnels	215 millions de dollars	68%
Hedge funds	45 millions de dollars	14%
Capital-investissement	40 millions de dollars	12%

Marchés mondiaux des matières premières

Caractéristiques du segment du marché:

• Marchés actifs: Amérique du Nord, Chine, Europe
• Volume annuel de négociation sur les matières premières: 2,3 millions d'onces d'argent
• Taux de pénétration du marché: 42% dans les régions cibles

Secteurs des infrastructures et de la construction

Métriques d'approvisionnement spécifiques au secteur:

Segment de construction	Fourniture annuelle en métal	Part de marché
Projets d'infrastructure	12 000 tonnes métriques	22%
Construction industrielle	8 500 tonnes métriques	15%
Ingénierie spécialisée	5 500 tonnes métriques	10%

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: Structure des coûts

Procurement et entretien des équipements d'exploitation

Depuis 2022, SilverCorp Metals a déclaré que le total des coûts d'équipement minière de 24,3 millions de dollars. Les frais de maintenance des équipements étaient d'environ 5,7 millions de dollars.

Catégorie d'équipement	Coût annuel ($)
Équipement d'exploitation souterrain	14,500,000
Forage	6,200,000
Véhicules de transport	3,600,000

Dépenses d'exploration et de développement

En 2022, Silvercorp Metals a investi 37,2 millions de dollars dans les activités d'exploration et de développement dans ses opérations minières chinoises.

• Coûts de forage d'exploration: 12,6 millions de dollars
• Dépenses en levé géologique: 8,4 millions de dollars
• Évaluation des ressources: 16,2 millions de dollars

Condemnisation de la main-d'œuvre et de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour 2022 était de 45,8 millions de dollars, couvrant environ 800 employés.

Catégorie des employés	Compensation annuelle moyenne ($)
Ingénieurs minières	95,000
Personnel opérationnel	65,000
Personnel administratif	75,000

Coûts de conformité environnementale et de durabilité

Les dépenses de conformité environnementale ont totalisé 6,5 millions de dollars en 2022, ce qui représente 3,2% du total des dépenses opérationnelles.

• Surveillance environnementale: 2,1 millions de dollars
• Gestion des déchets: 1,8 million de dollars
• Contributions des fonds de récupération: 2,6 millions de dollars

Investissements technologiques et infrastructures opérationnels

Les investissements technologiques et infrastructures ont atteint 18,3 millions de dollars en 2022.

Catégorie d'investissement	Montant investi ($)
Technologies minières numériques	7,500,000
Systèmes de réseau et de communication	4,200,000
Plateformes d'analyse de données	6,600,000

Silvercorp Metals Inc. (SVM) - Modèle d'entreprise: Strots de revenus

Ventes en métal argenté

Au cours de l'exercice 2023, Silvercorp Metals a signalé une production d'argent de 1 773 256 onces de ses opérations minières chinoises. Le prix de l'argent réalisé moyen était de 23,50 $ l'once.

Métrique	Valeur
Production totale d'argent	1 773 256 onces
Prix ​​d'argent réalisé	23,50 $ l'once
Revenus en argent total	41,67 millions de dollars

Revenus de concentration en plomb et en zinc

SilverCorp a généré des revenus supplémentaires à partir des ventes de concentrés de plomb et de zinc en 2023.

Se concentrer	Volume de production	Revenu
Concentré de plomb	15 234 tonnes	22,5 millions de dollars
Concentré de zinc	8 976 tonnes	16,3 millions de dollars

Trading de ressources minérales

Silvercorp s'est engagé dans le commerce des ressources minérales avec un chiffre d'affaires total de 3,2 millions de dollars en 2023.

Contrats d'approvisionnement en métal à long terme

• Suppose en argent annuel sous contrat: 2 millions d'onces
• Durée du contrat: 5 ans
• Valeur du contrat estimé: 47,5 millions de dollars

Ventes de métaux de sous-produit potentiels

Sous-produit du métal	Production	Revenus estimés
Or	12 345 onces	24,5 millions de dollars
Cuivre	5 678 tonnes	11,3 millions de dollars

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.