Silvercorp Metals Inc. (SVM): Business Model Canvas [Dec-2025 Updated]

You're looking at a miner that's quietly funding a global pivot using its established cash cow in China. Silvercorp Metals Inc. (SVM) isn't just digging metal; it's executing a clear strategy: use the low-cost silver production-AISC near $9 per ounce-from its Chinese mines to bankroll the next generation of copper and gold assets in places like Ecuador. Honestly, this model, which brought in a record revenue of approximately $298.9 million in Fiscal 2025, is defintely pragmatic. I mapped out their entire nine-block Business Model Canvas below, showing exactly how they turn concentrate sales into shareholder dividends and multi-jurisdictional growth, supported by a war chest sitting on $377 million in cash as of Q2 Fiscal 2026. Read on to see the key partnerships and the capital allocation strategy that makes this work.

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

The operational and growth strategy of Silvercorp Metals Inc. relies heavily on external financing and offtake arrangements to fund its international expansion while maintaining its profitable Chinese base.

Wheaton Precious Metals stands as a critical financial partner for the development of the El Domo copper-gold project in Ecuador. This relationship is formalized through a precious metals purchase agreement (PMPA). Silvercorp Metals Inc. drew the first tranche of $43.9 million from this facility at the end of Q2 Fiscal 2026 (quarter ending September 30, 2025). The total facility size is $175.5 million. Management has opted not to renegotiate this agreement, which was structured when gold prices were lower.

The core revenue generation from the established Chinese operations necessitates strong relationships with domestic processors. Silvercorp Metals Inc. sells its production from the Ying Mining District and GC Mine as:

• Silver-lead concentrates
• Zinc concentrates
• Gold (by-product)

These concentrates are sold to Local Chinese Smelters under off-take agreements, which are based on prevailing market terms and conditions at the time of delivery, often referencing Western-based LME pricing.

Securing and maintaining operational continuity across jurisdictions requires close engagement with Government Authorities. In Ecuador, the right to continue construction at the El Domo project was affirmed when the Constitutional Court of Ecuador unanimously upheld the validity of the environmental license on August 5, 2025. Furthermore, Silvercorp Metals Inc. has secured all necessary permits and licenses for the Kuanping satellite project in China, making it ready for construction.

To gain indirect exposure to high-potential Bolivian silver assets, Silvercorp Metals Inc. maintains a strategic equity stake in New Pacific Metals. This investment provides optionality on the Silver Sand and Carangas projects without requiring operating or capital commitments from Silvercorp Metals Inc.. Silvercorp Metals Inc. holds a 28 percent equity interest in New Pacific Metals. This stake is a key component of the company's investment portfolio, which held a total market value of $72.2 million as of June 30, 2025, or $135 million as of a September 2025 presentation.

The following table summarizes the key financial and structural details associated with these primary external relationships as of late 2025:

The Chinese operations, which generated $83.3 million in revenue in Q2 Fiscal 2026, underpin the ability to fund the Ecuadorian build-out. The company's overall cash and short-term investments stood at $382.3 million at the end of Q2 Fiscal 2026.

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

You're looking at the core engine of Silvercorp Metals Inc., which is all about turning underground assets in China into realized metal sales, while simultaneously funding a major international expansion. The key activities are tightly focused on operational excellence in mining and processing, backed by strong cash generation.

Underground Mining: Efficient extraction of polymetallic ore in China

The primary activity is the extraction of silver, gold, lead, and zinc ores from the established assets, mainly the Ying Mining District and the GC Mine in China. Silvercorp Metals Inc. has demonstrated consistent ability to ramp up tonnage, even navigating typical holiday slowdowns.

For the second quarter of Fiscal 2026, ending September 30, 2025, the company's underground mining activity resulted in:

• Ying Mining District ore mined: 265,002 tonnes, marking a 26% increase over Q2 Fiscal 2025.
• GC Mine ore mined: 76,249 tonnes, a 12% decrease compared to Q2 Fiscal 2025.

Looking at the full Fiscal 2025 year, Silvercorp Metals Inc. mined and milled 1.3 million tonnes of ore, which was up 20% year-over-year for mined tonnage. This focus on volume is critical, especially as they integrate new capacity.

Mineral Processing: Milling and producing concentrates at Ying and GC mines

Once extracted, the ore moves to processing, where recovery rates and throughput capacity directly impact revenue. The successful expansion of mill capacity at the Ying Mining District is a major operational achievement supporting this activity.

Here's a breakdown of the metal production from these two key Chinese operations for Q2 Fiscal 2026:

For the full Fiscal 2025 year, Silvercorp Metals Inc. achieved record silver production of approximately 6.9 million ounces, which was within their annual guidance range of 6.8 to 7.2 million ounces. The company also produced 7,495 ounces of gold, 62 million pounds of lead, and 23 million pounds of zinc in Fiscal 2025. The cash cost per ounce of silver, net of by-product credits, was reported as negative $1.88 in Q3 Fiscal 2025, showing industry-leading cost control.

Exploration and Development: Advancing El Domo and Kuanping projects

This activity focuses on securing future production by advancing key growth projects outside of the core Chinese operations. The strategy involves using cash generated in China to fund these capital-intensive developments without equity dilution.

Key project advancements as of late 2025 include:

• El Domo Project (Ecuador): Construction is underway, targeting production by the end of 2026. The estimated total cost is $240.5 million. In Q2 Fiscal 2026, approximately 1.29 million cubic metres of material were removed, a 249% increase over the prior quarter.
• Kuanping Project (China): This is a satellite property to Ying, and underground development is underway. Construction has commenced. Future production is planned to leverage existing processing facilities at Ying.
• Exploration Work (Q2 FY2026): A total of 77,507 metres of drilling and 14,437 m of exploration tunneling were completed at the Ying Mining District and the GC Mine.

Capital Allocation: Managing $377 million cash balance for growth and returns

The management of capital is centered on maintaining a strong balance sheet to fund development, return capital to shareholders, and manage debt obligations. You are managing a significant cash position to execute the growth strategy.

Financial metrics supporting this activity include:

• The cash balance managed is reported at $377 million for growth and returns.
• Full Fiscal 2025 revenue reached a record $298.9 million, up 39% over Fiscal 2024.
• Full Fiscal 2025 attributable net income was $58 million.
• Cash flow from operating activities in Q2 Fiscal 2026 was $39.2 million.
• The company repaid $13.25 million to Wheaton Precious Metals International Ltd. related to the El Domo stream arrangement during Q3 Fiscal 2025.

The company ended Fiscal 2025 with a strong cash position, which, as of December 31, 2024, was $354.6 million. This stability is key to funding the El Domo construction without dilution.

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

You're looking at the bedrock assets that keep Silvercorp Metals Inc. running, the things they absolutely must own or control to deliver value. Honestly, for a miner, this section is all about the dirt they own and the cash they have on hand to dig it up.

Core Mining Assets are centered in China, which is the foundation of the business. Silvercorp Metals Inc. is China's largest primary silver producer, and these assets are what generate the day-to-day revenue.

• Ying Mining District: An 80% interest in this active underground mine, which has an estimated life of approximately 15.5 years.
• GC Mine (Gaocheng Mine): A 99% interest in this active underground mine located in Guangdong Province, with an estimated life of approximately 14 years.

The company is also actively developing international assets, notably the El Domo copper-gold project in Ecuador, but the China operations remain the primary resource base.

Financial Capital provides the necessary liquidity for ongoing operations, exploration, and development spending. You want to see a strong balance sheet here, and Silvercorp Metals Inc. delivered in Q2 Fiscal 2026.

Here's the quick math on the cash position as of September 30, 2025 (end of Q2 Fiscal 2026):

This robust position is supported by strong operational cash flow, which was $39.2 million in Q2 Fiscal 2026.

Mineral Reserves define the long-term mine life and production potential. While the company has significant resources across its portfolio, the reserves at the GC Mine are clearly delineated in recent technical reports. Remember, these are the proven and probable tons they can economically extract right now.

For context on the China operations' scale in Q2 Fiscal 2026, the company produced approximately 1.7 million ounces of silver and 14.2 million pounds of lead.

Technical Expertise is demonstrated by the ability to operate these complex underground mines profitably, even with fluctuating metal prices and operational challenges. A key indicator of this expertise is the cost control achieved at the core assets.

• All-in sustaining cost (AISC) per ounce of silver (net of by-product credits) for Q2 Fiscal 2026 was $13.94.
• The AISC cash cost per tonne of ore at the GC Mine decreased to $139.22 in Q2 Fiscal 2026 from $146.90 in Q2 Fiscal 2025.
• The Ying Mine has demonstrated a lower AISC range of $10.88 to $11.35 per ounce of silver (net of by-product credits) over the past twelve months ending Q2 Fiscal 2026.

This consistent, low-cost production profile across multiple operating mines in China shows deep, proven operational knowledge. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.