Silvercorp Metals Inc. (SVM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Silvercorp Metals Inc. (SVM), uma potência de mineração dinâmica que transforma paisagens geológicas complexas em valiosos recursos metálicos. Esta empresa inovadora navega no intrincado terreno da mineração de prata e zinco de chumbo na China, alavancando parcerias estratégicas, tecnologias de ponta e um modelo de negócios robusto que equilibra a eficiência operacional com práticas sustentáveis. Desde a exploração subterrânea até a negociação global de metais, o modelo de negócios da Silvercorp Canvas revela uma abordagem sofisticada da extração mineral que vai muito além das estratégias tradicionais de mineração, investidores e partes interessadas do setor, uma narrativa convincente de desenvolvimento de recursos e potencial econômico.

Silvercorp Metals Inc. (SVM) - Modelo de negócios: Parcerias -chave

Acordos estratégicos de mineração com entidades governamentais chinesas locais

A Silvercorp Metals mantém parcerias estratégicas com entidades do governo local nas províncias de Henan e Yunnan, na China. A partir de 2023, a empresa possui 100% de propriedade no projeto Ying Silver-Lead-Zinc Através da subsidiária Henan Found Mining Co., Ltd.

Província	Projeto	Porcentagem de propriedade
Henan	Projeto Ying Silver-Lead-Zinc	100%
Yunnan	Projeto GC Silver-Lead-Zinc	77.5%

Parcerias de joint venture em regiões de mineração de prata

A Silvercorp estabeleceu parcerias de joint venture para expandir suas operações de mineração:

• 77,5% de propriedade no projeto de líder de prata GC na província de Yunnan
• Colaboração estratégica com entidades de mineração chinesas locais

Fornecedores de equipamentos e tecnologia para operações de mineração

Os principais equipamentos e parcerias de tecnologia incluem:

Categoria	Tipo de fornecedor	Foco operacional
Equipamento de mineração	Caterpillar Inc.	Máquinas pesadas e equipamentos de escavação
Tecnologia de perfuração	Mineração de Sandvik	Sistemas de perfuração avançados
Tecnologia de processamento	Flsmidth	Equipamento de processamento mineral

Empresas de consultoria geológica e de exploração

A Silvercorp colabora com empresas especializadas de consultoria geológica para aprimorar os recursos de exploração:

• SRK Consulting
• Golder Associates
• Consultores de mineração da AGP

Redes de negociação e distribuição de metal

Parcerias de distribuição para concentrados de prata, chumbo e zinco:

Região	Distribuidor primário	Foco de metal
China	China Minmetals Corporation	Silver, chumbo, concentrados de zinco
Mercados internacionais	Grupo Trafigura	Negociação de metal global

Silvercorp Metals Inc. (SVM) - Modelo de negócios: Atividades -chave

Exploração mineral de prata e zinco de chumbo

A Silvercorp Metals Inc. opera principalmente no distrito de mineração de Ying da China, com foco em exploração mineral de prata, chumbo e zinco. A partir de 2023, a empresa realizou 3 licenças de mineração e 5 Permissões de exploração nas províncias de Henan e Hunan.

Área de exploração	Hectares totais	Foco mineral
Ying Mining District	1.654 hectares	Prata, chumbo, zinco
GC Mina	818 hectares	Prata, chumbo

Operações de mineração subterrânea e de superfície

A empresa realiza extensas atividades de mineração subterrânea com múltiplas minas operacionais.

• Desenvolvimento total de minas subterrâneas: 54.000 metros
• Capacidade anual de produção de minas: aproximadamente 2.500 toneladas por dia
• Sites atuais de mineração ativa: 3 minas subterrâneas primárias

Processamento mineral e extração de minério

Métrica de processamento	2023 desempenho
Produção de prata	1,8 milhão de onças
Concentrado de chumbo	14.700 toneladas
Concentrado de zinco	5.600 toneladas

Desenvolvimento e expansão de recursos minerais

A Silvercorp mantém a expansão contínua de recursos por meio de exploração sistemática e avaliações geológicas.

• Reservas minerais comprovadas e prováveis: 39,4 milhões de onças de prata
• Recursos medidos e indicados: 62,7 milhões de onças de prata
• Despesas de exploração em 2023: US $ 8,2 milhões

Mineração sustentável e gestão ambiental

A empresa implementa rigorosos protocolos de gestão ambiental em suas operações de mineração.

Métrica ambiental	2023 desempenho
Taxa de reciclagem de água	85%
Melhoria da eficiência energética	Redução de 12% nas emissões de carbono
Gasto de conformidade ambiental	US $ 3,5 milhões

Silvercorp Metals Inc. (SVM) - Modelo de negócios: Recursos -chave

Reservas minerais de prata e chumbo-zinco na China

A partir de 2023, a Silvercorp Metals Inc. detém reservas minerais nas seguintes províncias chinesas:

Província	Projeto	Reservas comprovadas e prováveis
Província de Henan	Ying Mining District	20,9 milhões de onças de prata
Província de Henan	GC Mina	3,1 milhões de onças de prata

Infraestrutura e equipamento avançados de mineração

A infraestrutura de mineração da Silvercorp inclui:

• Equipamentos de mineração subterrânea avaliados em US $ 45,3 milhões
• Instalações de processamento com capacidade anual de 1.200 toneladas por dia
• Tecnologias modernas de exploração e mapeamento geológico

Força de trabalho de engenharia geológica e de mineração qualificada

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 1.087
• Geólogos e engenheiros de mineração: 237
• Anos médios de experiência no setor: 12,5 anos

Capital financeiro para exploração e desenvolvimento

Recursos financeiros a partir do terceiro trimestre de 2023:

• Caixa e equivalentes em dinheiro: US $ 86,4 milhões
• Capital de giro: US $ 112,6 milhões
• Orçamento anual de exploração: US $ 15,2 milhões

Direitos de mineração estabelecidos e concessões da terra

Localização	Área de arrendamento de mineração	Validade de concessão
Província de Henan	34,5 quilômetros quadrados	Válido até 2035
Outras regiões chinesas	22,3 quilômetros quadrados	Válido até 2032

Silvercorp Metals Inc. (SVM) - Modelo de Negócios: Proposições de Valor

Produção de prata e metal base de alta qualidade

Os metais de Silvercorp produziram 1.787.711 onças de prata e 20.947 toneladas de concentrados de chumbo e zinco no ano fiscal de 2023. O grau de prata média no distrito de mineração de Ying foi de 152 g/t de prata.

Produção de metal	2023 volume
Produção de prata	1.787.711 onças
Concentrado de chumbo	14.904 toneladas
Concentrado de zinco	6.043 toneladas

Operações de mineração econômicas na China

Os custos de sustentação all-in (AISC) para a produção de prata foram de US $ 5,70 por onça em 2023. Os custos totais de caixa foram de US $ 3,59 por onça de prata.

• Minas operacionais na província de Henan, China
• Três complexos de mineração primários: Ying, GC e HPG
• Ambiente de produção de baixo custo

Geração consistente de recursos minerais

Reservas minerais comprovadas e prováveis ​​de prata de 62,4 milhões de onças, 321.000 toneladas de chumbo e 198.000 toneladas de zinco a partir de 2023 ano fiscal.

Práticas de mineração ambientalmente responsáveis

A taxa de reciclagem de água nas operações de mineração atingiu 85% em 2023. As emissões totais de gases de efeito estufa foram de 31.245 toneladas equivalentes a CO2.

Portfólio forte de ativos minerais diversificados

Asset	Localização	Tipo
Ying Mining District	Província de Henan, China	Silver Lead-Zinc
GC Mina	Província de Henan, China	Silver Lead-Zinc
HPG Mine	Província de Henan, China	Silver Lead-Zinc

Silvercorp Metals Inc. (SVM) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com comerciantes de metal

A Silvercorp Metals mantém contratos estratégicos de longo prazo com empresas de comércio de metais na China. A partir de 2023, a empresa relatou 95% de suas vendas de prata e concentrado de chumbo são contratadas diretamente com parceiros de comércio de metal chinês.

Tipo de contrato	Duração	Volume de vendas
Contratos de concentrado de prata	3-5 anos	1,8 milhão de onças anualmente
Contratos de concentrado de chumbo	2-4 anos	22.000 toneladas métricas por ano

Vendas diretas para compradores industriais de metal

A empresa se concentra nos canais de vendas diretos para compradores de metais industriais, principalmente no mercado chinês.

• Os clientes industriais primários incluem fundições de metal
• As vendas diretas representam 87% da produção total de metal
• O valor médio do contrato varia entre US $ 5-7 milhões por transação

Relatórios transparentes e comunicações de investidores

A Silvercorp mantém relações abrangentes de investidores com relatórios financeiros trimestrais e comunicações regulares do mercado.

Canal de comunicação	Freqüência	Detalhes dos relatórios
Relatórios financeiros trimestrais	4 vezes anualmente	Produção detalhada e métricas financeiras
Conferências de investidores	2-3 vezes por ano	Apresentações de gerenciamento e sessões de perguntas e respostas

Engajamento com as partes interessadas da indústria de mineração

A Silvercorp participa ativamente de associações do setor e plataformas de engajamento regulatório.

• Membro da China Mining Association
• Participa de 6-8 conferências do setor anualmente
• Mantém o relacionamento com 12 órgãos reguladores de mineração regional

Compromisso com práticas de mineração sustentáveis

A Companhia demonstra compromisso com práticas sustentáveis ​​por meio de iniciativas de governança ambiental e social.

Iniciativa de Sustentabilidade	Investimento	Impacto
Programas de reabilitação ambiental	US $ 2,3 milhões anualmente	Pegada ambiental reduzida em 22%
Projetos de desenvolvimento comunitário	US $ 1,5 milhão por ano	Apoio a 3 comunidades de mineração local

Silvercorp Metals Inc. (SVM) - Modelo de Negócios: Canais

Plataformas de vendas de metal direto

A Silvercorp Metals Inc. utiliza canais de vendas diretos com as seguintes características:

Canal de vendas	Volume (2023)	Impacto de receita
Plataforma de vendas direta online	38.562 toneladas métricas de concentrado de prata	Receita de vendas direta de US $ 89,4 milhões
Equipe de vendas diretas corporativas	12 representantes de vendas dedicados	US $ 45,7 milhões em contratos negociados

Exposições comerciais da indústria de mineração

Os metais Silvercorp participam de exposições importantes da indústria:

• Convenção Internacional do PDAC (Toronto)
• Conferência de Mineração da China
• Conferência de Investimento de Recursos de Vancouver

Site corporativo e relações com investidores

Métricas de desempenho do canal digital:

Canal digital	Métricas
Visitantes do site corporativo (2023)	247.500 visitantes únicos
Visualizações de página de relações com investidores	Visualizações de 89.300 páginas

Trocas de mercadorias de metal

Detalhes de negociação baseados em câmbio:

• Bolsa de Valores de Toronto (TSX): Símbolo de negociação SVM
• Bolsa de Valores de Nova York (NYSE): Símbolo de negociação SVM
• Bolsa de Valores de Xangai: Negociação Internacional Registrada

Marketing Internacional Estratégico

Distribuição do mercado internacional:

Região	Volume de vendas	Quota de mercado
China	65.400 toneladas métricas	42.3%
América do Norte	38.200 toneladas métricas	24.7%
Mercados internacionais	41.300 toneladas métricas	33%

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

Fabricantes de metais industriais

A partir de 2024, a Silvercorp Metals Inc. atende fabricantes de metais industriais com métricas específicas de produção de prata e minério de líder:

Categoria de produção	Volume anual	Composição de metal
Produção de prata	1,8 milhão de onças	99,5% de pureza
Concentrado de chumbo	22.000 toneladas métricas	Qualidade industrial de alta qualidade
Concentrado de zinco	15.000 toneladas métricas	Qualidade industrial de alta qualidade

Empresas de comércio de metal

Métricas de engajamento do cliente de negociação de metais principais:

• Global Trading Partners: 12 empresas internacionais de comércio de metal
• Valor anual do contrato: US $ 78,5 milhões
• Duração média do contrato: 24 meses

Empresas de investimento e investidores institucionais

Redução do segmento de investidores:

Categoria de investidores	Volume de investimento	Porcentagem de investimento total
Investidores institucionais	US $ 215 milhões	68%
Fundos de hedge	US $ 45 milhões	14%
Private equity	US $ 40 milhões	12%

Mercados globais de commodities de mineração

Características do segmento de mercado:

• Mercados ativos: América do Norte, China, Europa
• Volume anual de negociação de commodities: 2,3 milhões de onças de prata
• Taxa de penetração de mercado: 42% nas regiões -alvo

Setores de infraestrutura e construção

Métricas de suprimento específicas do setor:

Segmento de construção	Fornecimento de metal anual	Quota de mercado
Projetos de infraestrutura	12.000 toneladas métricas	22%
Construção Industrial	8.500 toneladas métricas	15%
Engenharia especializada	5.500 toneladas métricas	10%

Silvercorp Metals Inc. (SVM) - Modelo de negócios: estrutura de custos

Compras e manutenção de equipamentos de mineração

A partir de 2022, o Silvercorp Metals registrou custos totais de equipamentos de mineração de US $ 24,3 milhões. As despesas de manutenção de equipamentos foram de aproximadamente US $ 5,7 milhões.

Categoria de equipamento	Custo anual ($)
Equipamento de mineração subterrânea	14,500,000
Máquinas de perfuração	6,200,000
Veículos de transporte	3,600,000

Despesas de exploração e desenvolvimento

Em 2022, a Silvercorp Metals investiu US $ 37,2 milhões em atividades de exploração e desenvolvimento em suas operações de mineração chinesa.

• Custos de perfuração de exploração: US $ 12,6 milhões
• Despesas de pesquisa geológica: US $ 8,4 milhões
• Avaliação de recursos: US $ 16,2 milhões

Compensação de trabalho e força de trabalho

A compensação total da força de trabalho para 2022 foi de US $ 45,8 milhões, cobrindo aproximadamente 800 funcionários.

Categoria de funcionários	Compensação média anual ($)
Engenheiros de Mineração	95,000
Equipe operacional	65,000
Pessoal administrativo	75,000

Custos de conformidade ambiental e sustentabilidade

As despesas de conformidade ambiental totalizaram US $ 6,5 milhões em 2022, representando 3,2% do total de despesas operacionais.

• Monitoramento ambiental: US $ 2,1 milhões
• Gerenciamento de resíduos: US $ 1,8 milhão
• Contribuições do fundo de recuperação: US $ 2,6 milhões

Investimentos de tecnologia e infraestrutura operacional

Os investimentos em tecnologia e infraestrutura atingiram US $ 18,3 milhões em 2022.

Categoria de investimento	Valor investido ($)
Tecnologias de mineração digital	7,500,000
Sistemas de rede e comunicação	4,200,000
Plataformas de análise de dados	6,600,000

Silvercorp Metals Inc. (SVM) - Modelo de negócios: fluxos de receita

Vendas de metal de prata

No ano fiscal de 2023, os metais da Silvercorp relataram a produção de prata de 1.773.256 onças de suas operações de mineração chinesa. O preço médio realizado em prata foi de US $ 23,50 por onça.

Métrica	Valor
Produção total de prata	1.773.256 onças
Preço da prata realizada	US $ 23,50 por onça
Receita total de prata	US $ 41,67 milhões

Receitas de concentrado de chumbo e zinco

A Silvercorp gerou receita adicional das vendas de concentrado de chumbo e zinco em 2023.

Concentrado	Volume de produção	Receita
Concentrado de chumbo	15.234 toneladas	US $ 22,5 milhões
Concentrado de zinco	8.976 toneladas	US $ 16,3 milhões

Negociação de recursos minerais

A Silvercorp se envolveu no comércio de recursos minerais com receitas comerciais totais de US $ 3,2 milhões em 2023.

Contratos de fornecimento de metal de longo prazo

• Fornecimento anual contratado de prata: 2 milhões de onças
• Duração do contrato: 5 anos
• Valor estimado do contrato: US $ 47,5 milhões

Vendas de metal de subproduto potencial

Metal de subproduto	Produção	Receita estimada
Ouro	12.345 onças	US $ 24,5 milhões
Cobre	5.678 toneladas	US $ 11,3 milhões

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.