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olivLaw · US equity research

Silvercorp Metals Inc. SVM

Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)

8.64USD+8.68% · 1 dayClose 04 Nov 2026

Silvercorp Metals Inc. is a mining company that, according to its reporting documents, holds silver, lead, zinc and gold properties in China, Kyrgyzstan and Ecuador. Filings for the fiscal year ended March 31, 2026 show a project portfolio at different stages of development.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Silvercorp Metals Inc. (SVM) stock was 8.64 USD (+8.68% on the day), with market capitalisation 1.9 bn USD, P/E 30.9 on diluted EPS of 0.28 USD over the last 12 months, dividend yield 0.26%, beta 1.39, 52-week range 6.17–15.71 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.9 bn USD
shares as of 31 Mar 2025
P/E (TTM)
30.9
Diluted EPS TTM 0.28 · TTM to 31 Mar 2025
E/P (TTM)
3.24%
TTM to 31 Mar 2025
Dividend yield
0.26%
DPS 12m 0.02
Beta (2y)
1.39
Volatility (1y) 71%
52-week range
6.1715.71

Price history

Loading chart…

Technical reading

RSI (14)
40.7
weak (30–45)
Bollinger (20, 2)
7.46 – 10.75
in the lower half of the band · %B 0.36 · band width 36.2%
SMA 50 / 200
10.68 / 11.23
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.70 / -0.70
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−18.1%−1.1%−17.0 pp—
3 months−20.1%−0.5%−19.7 pp—
6 months−33.6%+4.4%−38.0 pp—
Year to date+3.6%+12.3%−8.7 pp—
1 year+41.9%+13.5%+28.3 pp−9.2%
3 years+272.4%+76.4%+196.0 pp+144.6%
5 years+95.9%+63.7%+32.2 pp—
Max drawdown (1y)
−49.4%
13 May 2026 → 03 Nov 2026
Max drawdown (5y)
−56.4%
11 Nov 2021 → 26 Sept 2022
Compound annual growth (5y)
+14.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Quarterly statements · USD

Fiscal yearQ4 '25
Depreciation & amortisation1.8 m

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 88 percentile of its own 8-quarter history (min 10.0, median 16.3, max 31.8; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue170.0 m170.5 m158.8 m192.1 m217.9 m208.1 m215.2 m298.9 m
Revenue YoY+4.0%+0.3%−6.9%+21.0%+13.4%−4.5%+3.4%+38.9%
Net income47.0 m39.7 m45.2 m60.5 m30.6 m20.6 m36.3 m58.2 m
Net income YoY+7.6%−15.5%+13.8%+33.9%−49.4%−32.7%+76.2%+60.3%
Diluted EPS0.270.230.200.260.170.120.200.28
Diluted EPS YoY+8.0%−14.8%−13.0%+30.0%−34.6%−29.4%+66.7%+40.0%
net %27.6%23.3%28.5%31.5%14.1%9.9%16.9%19.5%
Free cash flow61.7 m64.1 m69.8 m76.9 m96.6 m72.4 m80.0 m132.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Mar 2025

Cash
364.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
833.4 m USD
Total assets
1.1 bn USD
Debt / equity
unavailable
Current ratio
5.05x
ROE
8.1%
ROA
6.3%
FCF margin
44.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
208.1 m
2024
215.2 m
2025
298.9 m

SEC (XBRL)· 05 Jun 2025verified

Cost of revenue
2023
137.3 m
2024
134.6 m
2025
175.3 m

SEC (XBRL)· 05 Jun 2025verified

Gross profit
2023
70.8 m
2024
80.6 m
2025
123.6 m

SEC (XBRL)· 05 Jun 2025verified

Operating income
2023
33.7 m
2024
63.9 m
2025
103.2 m

SEC (XBRL)· 05 Jun 2025verified

Depreciation & amortisation
2023
1.7 m
2024
27.3 m
2025
31.0 m

SEC (XBRL)· 05 Jun 2025verified

EBITDA
2023
35.4 m ≈
2024
91.2 m ≈
2025
134.2 m ≈

SEC (XBRL)· 05 Jun 2025derived

Interest expense
2023
3.3 m
2024
213.0 k
2025
6.7 m

SEC (XBRL)· 05 Jun 2025verified

Pre-tax income
2023
35.1 m
2024
70.0 m
2025
105.0 m

SEC (XBRL)· 05 Jun 2025verified

Income tax
2023
-14.0 m
2024
20.3 m
2025
26.2 m

SEC (XBRL)· 05 Jun 2025verified

Net income
2023
20.6 m
2024
36.3 m
2025
58.2 m

SEC (XBRL)· 05 Jun 2025verified

Diluted EPS
2023
0.12
2024
0.20
2025
0.28

SEC (XBRL)· 05 Jun 2025verified

Weighted average diluted shares
2023
179.0 m
2024
179.1 m
2025
206.3 m

SEC (XBRL)· 05 Jun 2025verified

Dividend per share
2023
0.03
2024
—
2025
0.02

SEC (XBRL)· 05 Jun 2025derived

Balance sheet · USD

Cash
2023
145.7 m
2024
152.9 m
2025
364.0 m

SEC (XBRL)· 05 Jun 2025verified

Receivables
2023
1.8 m
2024
2.2 m
2025
1.1 m

SEC (XBRL)· 05 Jun 2025verified

Inventories
2023
8.3 m
2024
7.4 m
2025
8.0 m

SEC (XBRL)· 05 Jun 2025verified

Current assets
2023
219.0 m
2024
201.9 m
2025
386.9 m

SEC (XBRL)· 05 Jun 2025verified

Property, plant & equipment, net
2023
80.1 m
2024
79.9 m
2025
93.8 m

SEC (XBRL)· 05 Jun 2025verified

Total assets
2023
676.8 m
2024
702.8 m
2025
1.1 bn

SEC (XBRL)· 05 Jun 2025verified

Accounts payable
2023
36.7 m
2024
41.8 m
2025
63.9 m

SEC (XBRL)· 05 Jun 2025verified

Current liabilities
2023
41.2 m
2024
47.2 m
2025
76.6 m

SEC (XBRL)· 05 Jun 2025verified

Total liabilities
2023
97.0 m
2024
105.8 m
2025
305.6 m

SEC (XBRL)· 05 Jun 2025verified

Equity
2023
579.8 m
2024
597.0 m
2025
833.4 m

SEC (XBRL)· 05 Jun 2025verified

Shares outstanding at year end
2023
176.9 m
2024
—
2025
217.7 m

SEC (XBRL)· 05 Jun 2025verified

Cash flow · USD

Operating cash flow
2023
85.6 m
2024
91.6 m
2025
138.6 m

SEC (XBRL)· 05 Jun 2025verified

Capex
2023
13.3 m
2024
11.5 m
2025
6.2 m

SEC (XBRL)· 05 Jun 2025verified

Free cash flow
2023
72.4 m ≈
2024
80.0 m ≈
2025
132.4 m ≈

SEC (XBRL)· 05 Jun 2025derived

Investing cash flow
2023
-26.5 m
2024
-65.7 m
2025
-44.7 m

SEC (XBRL)· 05 Jun 2025verified

Financing cash flow
2023
-18.0 m
2024
-16.8 m
2025
115.1 m

SEC (XBRL)· 05 Jun 2025verified

Dividends paid
2023
4.4 m
2024
4.4 m
2025
4.9 m

SEC (XBRL)· 05 Jun 2025verified

Computed indicators

Growth

Revenue growth (YoY)
38.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
11.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.5%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
61.4%
computed by olivLawFY 2025
Net income growth (YoY)
60.3%
computed by olivLawFY 2025
Net income CAGR 3Y
23.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
5.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
40.0%
computed by olivLawFY 2025
EPS CAGR 3Y
18.1%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
7.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
65.4%
computed by olivLawFY 2025

Profitability

Gross margin
41.3%
computed by olivLawFY 2025
EBITDA margin
44.9%
computed by olivLawFY 2025
EBIT margin
34.5%
computed by olivLawFY 2025
Net margin
19.5%
computed by olivLawFY 2025
FCF margin
44.3%
computed by olivLawFY 2025

Returns

ROE
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROA
6.3%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROIC
unavailable
input data missing
ROCE
9.7%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Payout ratio (EPS)
8.1%
computed by olivLawFY 2025
Payout ratio (FCF)
3.7%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
15.4x
computed by olivLawFY 2025

Liquidity

Current ratio
5.1x
computed by olivLawbalance sheet at 31 Mar 2025
Quick ratio
4.9x
computed by olivLawbalance sheet at 31 Mar 2025
Cash ratio
4.8x
computed by olivLawbalance sheet at 31 Mar 2025

Cash

Operating cash flow
138.6 m USD
computed by olivLawFY 2025
Capital expenditure
6.2 m USD
computed by olivLawFY 2025
Free cash flow
132.4 m USD
computed by olivLawFY 2025
FCF conversion
227.5%
computed by olivLawFY 2025
Cash conversion
103.3%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
2 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Days inventory outstanding
16 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Days payables outstanding
110 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Cash conversion cycle
-92 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025

Market and valuation

Market capitalisation
1.9 bn USD
computed by olivLawbalance sheet at 31 Mar 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
32.3x
computed by olivLawFY 2025
P/E (TTM)
30.9x
computed by olivLawFY 2025
Earnings yield
3.2%
computed by olivLawFY 2025
P/B
2.7x
computed by olivLawbalance sheet at 31 Mar 2025
P/S
6.3x
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
14.2x
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
FCF yield
7.0%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Dividend yield
0.3%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.3%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025

Risk

Altman Z
4.96
computed by olivLawbalance sheet at 31 Mar 2025

Valuation

olivLaw classification

Neutral profile

Score: 74 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

8.64 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.9 bn USD

Key indicators

Market capitalisation
1.9 bn USD
computed by olivLawbalance sheet at 31 Mar 2025
P/E (TTM)
30.9x
computed by olivLawFY 2025
P/B
2.7x
computed by olivLawbalance sheet at 31 Mar 2025
EV/EBITDA
unavailable
input data missing
ROE
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Net margin
19.5%
computed by olivLawFY 2025
Revenue growth (YoY)
38.9%
computed by olivLawFY 2025
Dividend yield
0.3%
computed by olivLawFY 2025

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2025
Latest balance sheet date: 31 Mar 2025
Share count (cover of the latest filing), as of: 31 Mar 2025
Source: SEC (XBRL)published 05 Jun 2025
verified 273derived 6

The data is older than the freshness threshold.

Score by group

  • Valuation57
  • Returns42
  • Quality77
  • Balance sheet100
  • Growth96

Estimated value range

Low
3.84
USD per share
Mid
4.51
USD per share
High
8.63
USD per share
Price: 8.64 USD
The price is above the range
Potential to the central value: -47.8% (value / price − 1)
Margin of safety: -91.7% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.84 – 8.63 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E3.84 – 8.63 (Mid 4.51)
    18 companies used · median multiple 16.1x · quartiles 13.7x – 30.8x
    AEM, AG, AGI, ARIS, AU, B, CDE, EGO, EQX, FNV, GFI, IDR, KGC, MUX, NAMM, NEM, PAAS, VOXR
  • Dividend discount (DDM)outside the aggregate0.30 – 0.40 (Mid 0.34)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Multiple comparisons use the SIC vertical: Gold and Silver Ores (SIC 1040)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 74/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality19.5%53 (vs peers)9%
FCF conversion · Quality227.5%100 (on a fixed band)9%
Revenue CAGR 3Y · Growth11.1%93 (on a fixed band)12%
EPS CAGR 3Y · Growth18.1%100 (on a fixed band)12%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet15.4x100 (on a fixed band)9%
Current ratio · Balance sheet5.1x100 (on a fixed band)6%
P/E (TTM) · Valuation30.9x32 (vs peers)15%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation7.0%88 (on a fixed band)12%
Shareholder yield (distributions) · Returns0.3%4 (on a fixed band)9%
Payout ratio (FCF) · Returns3.7%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 2/3 factors with a value
  • Growth96/100 · 2/2 factors with a value
  • Quality77/100 · 2/3 factors with a value
  • Returns42/100 · 2/2 factors with a value
  • Valuation57/100 · 2/3 factors with a value

Memo

SILVERCORP METALS INC. (SVM). Latest full fiscal year: 2025; data up to 2025-03-31.

Figures computed from the financial statements: revenue 298.9 m USD in 2025; YoY growth 38.9%; net margin 19.5%; ROE 9.6%.

The estimated value range is 3.84–8.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.51 USD, the price of 8.64 USD leaves a potential of -47.8% (value / price − 1) and a margin of safety of -91.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 227.5%
  • Revenue CAGR 3Y: 11.1%
  • EPS CAGR 3Y: 18.1%
  • Interest coverage: 15.4x
  • Current ratio: 5.1x
  • FCF yield: 7.0%
  • Payout ratio (FCF): 3.7%

What contradicts it

  • Shareholder yield (distributions): 0.3%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.

Versus the vertical median

Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
30.9x
vertical median 16.2x
above median (+90.4%)
EV/EBITDA
—
vertical median 10.1x
P/S
6.3x
vertical median 4.8x
above median (+30.6%)
P/B
2.7x
vertical median 2.8x
at median
ROE
9.6%
vertical median 3.0%
above median (+218.3%)
Net margin
19.5%
vertical median 16.2%
above median (+20.3%)
EBIT margin
34.5%
vertical median 26.4%
above median (+30.6%)
Revenue YoY
38.9%
vertical median 36.9%
above median (+5.3%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
0.3%
vertical median 0.7%
below median (−63.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NEMNewmont Corporation122.7 bn13.726.8%34.7%+21.3%+30% / +194%
AEMAgnico Eagle Mines Limited91.7 bn20.719.6%37.5%+43.7%+5% / +242%
BBarrick Mining Corp67.2 bn13.719.6%29.4%+31.2%−3% / +128%
FNVFRANCO NEVADA Corp46.7 bn42.016.3%61.0%+63.7%+15% / +116%
AUAngloGold Ashanti plc44.4 bn17.043.1%32.1%+70.8%+3% / +357%
GFIGold Fields Limited32.9 bn26.625.7%23.9%+15.6%−14% / +140%
KGCKinross Gold Corp25.7 bn11.031.0%33.9%+36.9%−24% / +264%
PAASPan American Silver Corp.17.5 bn16.216.8%27.1%+28.4%−9% / +165%
CDECoeur Mining, Inc.14.9 bn16.010.3%19.2%+96.4%−16% / +378%
AGIAlamos Gold Inc.12.6 bn14.322.1%49.0%+34.3%−20% / +103%
HMYHarmony Gold Mining Company Limited10.4 bn———+25.8%−17% / +163%
EQXEquinox Gold Corp.8.9 bn32.24.8%12.2%+99.1%−19% / +106%
AGFirst Majestic Silver Corp.7.6 bn45.38.0%13.1%+124.3%+1% / +158%
EGOEldorado Gold Corp6.7 bn13.612.4%27.9%+37.5%+7% / +155%
CGAUCenterra Gold Inc.4.3 bn—-4.7%-7.4%+28.8%+61% / +249%
ARISAris Mining Corp3.2 bn38.37.0%8.4%+81.7%+12% / +396%
NGNovagold Resources Inc.2.7 bn—-32.8%—unavailable−40% / +45%
AAUCAllied Gold Corporation2.5 bn—-13.8%-3.9%+82.3%−3% / unavailable
EXKEndeavour Silver Corp.2.1 bn—-22.4%-25.5%+114.8%−21% / +259%
SVMSilvercorp Metals Inc.1.9 bn30.99.6%19.5%+38.9%+42% / +272%
HYMCHycroft Mining Holding Corporation1.6 bn—-72.3%—−100.0%+49% / +716%
IAUXi-80 GOLD CORP.1.2 bn—-81.9%-202.7%+89.1%+18% / −15%
NEWPNew Pacific Metals Corp.952.3 m—-2.8%—−19.1%+101% / +181%
MUXMcEWEN INC.916.1 m12.813.5%32.5%+13.2%−20% / +94%
MTAMetalla Royalty & Streaming Ltd.732.0 m—-1.7%-36.1%+99.6%+6% / +145%

1- and 3-year price returns: for SVM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
5.20
Total return -40% · Per year -40%
9.16
Total return 6% · Per year 6%
13.76
Total return 60% · Per year 60%
3 years
5.74
Total return -33% · Per year -12%
11.31
Total return 32% · Per year 10%
18.55
Total return 116% · Per year 29%
5 years
6.33
Total return -26% · Per year -6%
13.96
Total return 63% · Per year 10%
25.01
Total return 192% · Per year 24%
What moves the 3-year price the most
  • Exit P/E± 2.83
  • Net margin± 1.98
  • Annual revenue growth± 1.53
  • Annual dilution± 0.17

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jun 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (20 Oct 2026), 6-K (08 Oct 2026), 6-K (05 Oct 2026).

In brief

Silvercorp Metals Inc. is a mining company that, according to its reporting documents, holds silver, lead, zinc and gold properties in China, Kyrgyzstan and Ecuador. Filings for the fiscal year ended March 31, 2026 show a project portfolio at different stages of development.

SWOT

Strengths

  • The company holds a portfolio of properties on several continents, documented by updated technical reports, which reduces dependence on a single region.
  • Shares are listed on NYSE American, and the company publishes its governance differences, showing transparency toward US investors.
  • An independent auditor and an independent audit committee support the credibility of the reported financial statements.

Weaknesses

  • Activity is concentrated in countries with different regulatory frameworks and economic conditions, which complicates planning.
  • The source does not detail production volumes or costs, which limits the assessment of operating performance.
  • Environmental rehabilitation obligations represent a liability that could grow over time.

Opportunities

  • The documented projects with updated mineral resources could support new capacity if economic conditions are favourable.
  • Diversification across silver, lead, zinc and gold could reduce exposure to the price swings of a single metal.
  • If the Ecuador projects advance, the company could expand its activity in the Andean region.

Threats

  • Regulatory or political changes in China, Kyrgyzstan or Ecuador could affect the projects.
  • Fluctuations in metal prices and exchange rates could influence financial results.
  • Tighter environmental requirements could raise rehabilitation and compliance costs.

Risks

  • Political risk in host countrieshigh

    The properties in China, Kyrgyzstan and Ecuador are subject to political and regulatory changes that can affect operations.

  • Currency riskmedium

    Revenues and costs in local currencies can fluctuate against the US dollar, which could affect reported results.

  • Environmental rehabilitation obligationsmedium

    The rehabilitation provision is a liability that can grow if requirements change or estimates are revised.

  • Dependence on estimated mineral resourcesmedium

    The value of the projects depends on resource estimates in the technical reports, which may be revised as new data becomes available.

  • Uncertain stage of some projectslow

    Some properties are documented only through technical reports, without production data, which makes future revenue hard to estimate.

Investment thesis

What would need to be true (bull case)

  • A portfolio diversified across several metals and countries could reduce the risk tied to any single zone or product.
  • Updated technical reports for several projects provide a documented basis for development planning.
  • The NYSE American listing and the publication of governance differences could support confidence among US investors.

What would break the thesis

  • Exposure to several jurisdictions with political and currency risks could complicate long-term results.
  • The lack of production and cost data in the document reviewed makes operating performance hard to assess.
  • Environmental rehabilitation obligations could grow and absorb resources that would otherwise go to development.

What to watch

  • Progress of the Ying project in Henan and the Gaocheng project in Guangdongnext 10-K
  • Development stage of the Condor and Curipamba-El Domo projects in Ecuador2027
  • Changes to the environmental rehabilitation provision in the financial statementsnext 10-K
  • Any changes to the regulatory frameworks in China, Kyrgyzstan and Ecuador2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jun 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (20 Oct 2026), 6-K (08 Oct 2026), 6-K (05 Oct 2026).

The business

According to the Form 40-F filed for the fiscal year ended March 31, 2026 1, the company presents its financial position through the Management's Discussion and Analysis and Consolidated Financial Statements, included as exhibits. The company's shares are listed on NYSE American, and the source does not give production volumes or revenue in this document.

The attached technical documentation describes several properties: the Ying silver-lead-zinc-gold project in Henan Province, the Gaocheng project in Guangdong Province, the Tulkubash and Kyzyltash gold project in Kyrgyzstan, and the Condor and Curipamba-El Domo projects in Ecuador 1. These NI 43-101 reports are reference documents for the company's mineral resources.

The company does not operate any mine in the United States and reported no mine safety incidents for the year ended March 31, 2026 1. This indicates that its main operating activity takes place outside the US.

Segments

Properties in China

The China portfolio includes the Ying project in Henan Province and the Gaocheng project in Guangdong Province, both documented in updated technical reports 1. The source does not provide production figures for these properties in this document.

Properties in Kyrgyzstan and Ecuador

The Tulkubash and Kyzyltash gold project in Kyrgyzstan has an updated mineral resource estimate, and the Condor and Curipamba-El Domo projects in Ecuador are documented in separate technical reports 1. The exact stage of each project is not detailed in the Form 40-F.

Market context

The Form 40-F does not provide, in the source given, data on the size of the global silver or gold market or the company's market shares. The company reports under SEC requirements for foreign issuers, and its shares trade on NYSE American 1.

Presenting the company as a Canadian issuer with properties in several countries shows a diversified geographic exposure, but also a dependence on the regulatory frameworks of each jurisdiction. The source contains no market estimates of its own.

Trends

  • Demand for precious and base metalsmixed

    The company's documentation does not analyse demand trends in detail. The silver, lead, zinc and gold projects could benefit if demand for these metals remains strong, but the source does not quantify this effect.

  • Environmental regulation and rehabilitationheadwind

    The company mentions an environmental rehabilitation provision in its Management's Discussion and Analysis, which indicates obligations that grow with mining activity. If these requirements tighten, costs could rise.

  • Governance and reporting standardstailwind

    The company applies NYSE American standards and publishes its governance differences on its own website, showing adaptation to exchange requirements. This compliance could reduce the risk of exclusion from the market.

  • Currency exposure and host-country policyheadwind

    Activity in China, Kyrgyzstan and Ecuador exposes the company to political and currency risks. The source does not quantify the impact, but these factors could influence results if conditions change.

Competitive position

The filings do not identify direct competitors or compare market shares. The company operates as a foreign issuer on NYSE American, and its relative position in the industry is not described in the source.

Without a list of competitors in the source, any comparison with other silver and gold producers would require external data, which is not included in this analysis. The reporting framework remains that of a foreign issuer with properties on several continents.

  • Competitors not named in the source

    The Form 40-F does not name direct competitors, so no competitive relationships can be established from the document given.

  • Silver and gold producers in Canada

    The source mentions only the company's status as a Canadian issuer, without naming specific peer companies.

  • Companies active in Ecuador and Kyrgyzstan

    The projects in these countries are documented, but the source does not identify other operators in the region.

  • Companies active in China

    The Henan and Guangdong properties are mentioned, but the source does not name other players in the Chinese market.

News & filings

Sources

  1. [1] Form 40-F, fiscal year ended 2026-03-31 · SEC / Silvercorp Metals Inc. · 30 Jun 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.