Silvercorp Metals Inc. (SVM:TSX; SVM:NYSE) reported Q4 2026 fiscal year results and production and cost guidance for the 2027 fiscal year on April 16, 2026. The company’s fiscal year runs from March 31 to March 31, unlike a traditional January 1 to December 31 fiscal year.
Notable operational highlights from Q4 2026 include:
- Record revenue of approximately CA$147.4 million, an increase of 96% over the same quarter last year (“Q4 Fiscal 2025”);
- Silver production of 1.5 million ounces, a decrease of 11% over Q4 Fiscal 2025; silver equivalent (only silver and gold)i production of 1.6 million ounces, a decrease of 17% compared to 1.9 million ounces in Q4 Fiscal 2025;
- Lead production of 14.0 million pounds, a decrease of 14% over Q4 Fiscal 2025;
- Zinc production of 3.9 million pounds, a decrease of 12% over Q4 Fiscal 2025;
- Kuanping mine construction continued, with 1,335 meters (“m”) of ramp development, 313 m of exploration tunneling, and 1,625 m of drilling completed;
- El Domo mine construction continued to advance under enhanced water and soil conservation measures during the heavy rainfall season, with the haul roads and the ore stockpile shed completed; and
- MSCI ESG rating was upgraded from A to AA.
For the full 2026 fiscal year, operational highlights include:
- Record revenue of approximately CA$438.1 million, an increase of 47% over Fiscal 2025;
- Ore processed of 1,475,512 tonnes, up 12% over Fiscal 2025, and beat the high end of 1,369,000 tonnes in the Company’s annual production guidance;
- Silver production of approximately 6.8 million ounces, a 2% decrease over Fiscal 2025; gold production of approximately 8,723 ounces, a 16% increase over Fiscal 2025, and silver equivalent of 7.5 million ounces, even with Fiscal 2025; and
- El Domo mine completed the site preparation for the processing plant, a 5,000-square-meter ROM ore shed, a construction camp, internal roads, including roads to the TSF construction site, and orders of major equipment.
In regard to specific sites, the company reported that the Ying Mining District, “. . . The Ying Mining District processed 311,677 tonnes of ore, up 2% over Q4 Fiscal 2025. Approximately 1.4 million ounces of silver, 2,492 ounces of gold, or 1.5 million ounces of silver equivalent, plus 12.9 million pounds of lead, and 1.4 million pounds of zinc were produced, representing production decreases of 20%, 11%, 18%, 17%, and 30% in gold, silver, silver equivalent, lead and zinc, respectively, over Q4 Fiscal 2025. Lower production was due to lower head grades associated with an increase in shrinkage mining. A total of 48,492 m of drilling and 13,239 m of exploration tunneling were completed in Q4 Fiscal 2026.”
Silvercorp then reported that its GC Mine, “. . . processed 48,840 tonnes of ore, up 17% over Q4 Fiscal 2025. Approximately 0.1 million ounces of silver, 1.1 million pounds of lead, and 2.5 million pounds of zinc were produced, representing increases of 3%, 51%, and 4% in silver, lead, and zinc over Q4 Fiscal 2025. A total of 6,050 m of drilling and 1,393 m of exploration tunneling were completed in Q4 Fiscal 2026.”
The fiscal 2027 production guidance anticipates that the company will process between 1.5 million and 1.6 million tonnes of ore, yielding around 6.8 to 7.1 million ounces of silver and 9,500-10,000 ounces of gold. Another possibility includes between 7.5 and 7.8 million ounces of silver equivalent, 62.7-65.8 million pounds of lead, and 22.3-22.4 million pounds of zinc.
The expected consolidated cash cost in fiscal 2027 is expected to be around CA$83.3 to CA$85.4 per tonne, with the consolidated ASIC estimated at CA$155.3-CA$161.2 per tonne.
Silvercorp is a Canadian production company that deals in lead, zinc, silver, and gold. The company’s main producing mines are located in China.
Metals Reacting to US-Iran War
Metals investors have been wary, watching inflation rates rise, and metal stocks wobble as the U.S.-Iran War continues. Simultaneous reports of peaceful resolutions and military aggression are making the market hard to predict. On April 17, 2026, Josh Chait interviewed unnamed Metals Focus analysts from the Silver Institute for Stockhead.
“Our base case is that the situation will be contained, and that the recent pressure that rising U.S. rate expectations have placed on precious metals prices will be temporary,” they said. “Even if the conflict proves prolonged, though, over time, weaker growth, inflationary pressures, and fiscal strain would likely weigh on real yields. Coupled with a resurgence of safe-haven demand as pro-cyclical markets contend with liquidations, this should rekindle interest in both gold and silver.” The analysts ended their positive suppositions with a warning: these estimates are based on a healthy physical investment demand, which has shown instability in Q1 2026.
With President Trump’s Friday morning announcement on April 17 that the Strait of Hormuz has been fully reopened, the market does seem to be steadying. For Kitco, Jim Wyckoff reported that, “Recent price action in gold and silver has seen daily volatility die down as traders and investors are now pricing in the Middle East war winding down. . . May silver prices were up US$0.635 at US$79.38.”
There are currently conflicting reports about how open the Strait of Hormuz will remain, as it is unclear if the U.S. blockade will be fully called off or if civilian ships may pass through. As has been the case over the past several weeks, the metals market waits to see what will happen.
Experts Give ‘Buy’ Rating
A myriad of analysts and experts have weighed in on Sivercorp in 2026.
According to Factset:
“On February 5, 2026, Raymond James analyst Craig Stanley gave Silvercorp Metals an Overweight rating with a CA$20 target price.Â
On February 11, 2026, Matthew O’Keefe gave the company a Buy rating with a CA$21.30 target price
On February 16, 2026, Canaccord Genuity analyst Dalton Baretto gave the company a Buy rating with a CA$19 target price.
On February 26, 2026, ATB Cormark Capital Markets analyst Nicolas Dion gave the company a Buy rating with a CA$21 target price.
On April 10, 2026, BMO Capital Markets analyst Kevin O’Halloran gave the company a Buy rating with a CA$21 target price.”
Chen Lin from What is Chen Buying? What is Chen Selling? wrote on April 16, 2026: “Gold is consolidating around CA$4,800, while silver is at about CA$80. The market is hitting new highs as if the Iran war is behind us. A lot of strange things are happening in this market. I haven’t done much trading in gold and silver miners. So far, SVM has been the best performer, closing in to old highs ahead of the potential HK IPO. SVM has suffered from ‘China discount’Â for decades; the HK IPO should remove the discount, maybe even move it into premium. I am so glad that I loaded it up this year and made it my number two in silver producer holdings.”
2026-2027 Company Plans
Silvercorp’s investor presentation lists its upcoming catalysts. Notable projects include advancing construction at the El Domo project, completing an updated Feasibility Study for Tulkubash and beginning construction activities, and increasing silver production from the Ying Mining District.
The company also plans to permit and develop the Condor exploration tunnels and advance permitting for the Silver Sand and Carangas targets at New Pacific.
Ownership & Share Information1
Silvercorp Metals Inc. has a market cap of CA$3.83 billion, with 220.91 million shares outstanding. The company has a 52-week range of CA$4.41-CA$19.09.
Institutions own 62.72% of shares, while Management and Insiders own 3.95%. The remaining 33.33% of shares are Retail.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.