Silvercorp Reports Adjusted Net Income Of $47.9 Million, $0.22 Per Share, And Cash Flow from Operating Activities Of $132.9 Million For Q3 Fiscal 2026

VANCOUVER, British Columbia – February 9, 2026 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reported its financial and operating results for the three months ended December 31, 2025 (“Q3 Fiscal 2026”). All amounts are expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR Q3 Fiscal 2026

• Steady Silver Equivalent Production: Produced approximately 1.9 million ounces of silver, 2,096 ounces of gold, or approximately 2.0 million ounces of silver equivalent[1] (silver and gold only);
• Record Quarterly Revenue: Sold approximately 9 million ounces of silver, 2,250 ounces of gold, 16.4 million pounds of lead, and 7.0 million pounds of zinc, for revenue of $126.1 million, an increase of 51% over the three months ended December 31, 2024 (“Q3 Fiscal 2025”);
• Realized silver selling price: $49.0 per ounce after smelter deduction, with silver representing 72% of the quarterly revenue;
• Cash cost per ounce of silver (net of by-product credits)¹: negative $3.02, significant improvement from negative $1.88 in Q3 Fiscal 2025;
• All-in sustaining cost per ounce of silver ("AISC")¹ (net of by-product credits): $12.86, remaining flat with $12.75 in Q3 Fiscal 2025;
• Adjusted net income¹ attributable to equity shareholders: $47.9 million, or $0.22 per share, after excluding non-cash or one-time items, compared to $22.0 million or $0.10 per share in Q3 Fiscal 2025;
• Adjusted earnings before interest, income tax, depreciation and amortization (“EBITDA”)¹: $66.7 million, or $0.30 per share, compared to $40.1 million or $0.18 per share in Q3 Fiscal 2025;
• Net loss attributable to equity shareholders: $15.8 million, or $0.07 per share, mainly due to a $60.2 million non-cash charge on “mark-to-market” of the fair value of convertible notes;
• Record cash flow from operating activities: $132.9 million, up $88.1 million, compared to $44.8 million in Q3 Fiscal 2025, including the $43.9 million draw-down from Wheaton Precious Metals in October 2025;
• Record free cash flow¹: $89.6 million, up $69.0 million, compared to $20.5 million in Q3 Fiscal 2025; and
• Cash position: Ended the period with cash and cash equivalents and short-term investments of $462.8 million, an increase of $80.6 million from the previous quarter, and a portfolio of equity investments with a total market value of $233.2 million, an increase of $53.0 million from the previous quarter.

[1] Non-GAAP measures, please refer to MD&A section 12 for reconciliation.

CONSOLIDATED FINANCIAL AND OPERATING RESULTS

INDIVIDUAL MINE OPERATING PERFORMANCE 

The Ying Mining District delivered a strong Q3 Fiscal 2026, with record ore mined of 365,370 tonnes, up 23% over Q3 Fiscal 2025, driven by increased use of shrinkage mining relative to cut-and-fill re-suing. Mill throughput was 328,425 tonnes, up 18% over Q3 Fiscal 2025.

Production was approximately 1.7 million ounces of silver, 2,096 ounces of gold, or 1.9 million ounces of silver equivalent, 14.7 million pounds of lead, and 1.9 million pounds of zinc, representing an increase of 2% in gold and decreases of 2%, 4%, 4%, and 16% in silver, silver equivalent, lead and zinc, respectively, over Q3 Fiscal 2025. Lower production was due to lower head grades, as a result of the XRT sorter undergoing maintenance in October 2025 and higher dilution associated with shrinkage mining.

Cash cost per tonne of ore was $75.80 in Q3 Fiscal 2026, down 11% from Q3 Fiscal 2025 and below the Fiscal 2026 guidance range of $86.8–$88.4. The improvement reflects ongoing mine mechanization and greater use of cost-efficient shrinkage mining, boosting mine and mill productivity. On a per ounce of silver, net of by-product credits basis, cash cost was negative $1.22, compared with negative $0.30 in Q3 Fiscal 2025, driven by these factors and a $3.5 million increase in by-product credits.

AISC per tonne of ore improved 11% in Q3 Fiscal 2026, to $134.06, remaining below the Fiscal 2026 guidance range of $157.8–$160.5. On a per ounce of silver, net of by-product credits basis, AISC was $11.32, supporting robust margins amid higher silver prices.

The mines in the Ying Mining District are expected to be closed for three weeks during the Chinese New Year period in February, but the process plant will continue to operate during the holiday to process the 61,105 tonnes stockpiled at the end of this quarter together with ore stockpiled in January 2026.

The GC Mine produced approximately 0.1 million ounces of silver, 1.7 million pounds of lead, and 5.1 million pounds of zinc in Q3 Fiscal 2026, representing an increase of 15% in zinc and decreases of 28% in silver and 6% in lead over Q3 Fiscal 2025, primarily due to head grades. The GC mine is expected to process approximately 50,000 tonnes of ore in Q4 Fiscal 2026.

Cash cost per tonne of $53.37 and AISC per tonne of $68.53 were below the Fiscal 2026 Guidance, and improved 1% and 9%, respectively, from Q3 Fiscal 2025, due to higher ore production and lower sustaining capital expenditures.

On a per ounce of silver, net of by-product credits basis, cash cost and AISC were negative $29.05 and negative $15.66, respectively, compared to negative $19.14 and negative $6.13 in Q3 Fiscal 2025. The improvement primarily reflects a $0.7 million increase in by-product credits.

CAPITAL EXPENDITURES AND DEVELOPMENT FOR GROWTH

Total capital expenditures in Q3 Fiscal 2026 were $44.3 million, up 75% compared to $25.3 million in Q3 Fiscal 2025, mainly due to on-going construction at the El Domo project and the Kuanping Mine.

For the Ying Mining District, capitalized expenditures for underground ramps, tunnels and drilling amounted to $17.7 million, plus $4.0 million for plant and equipment, compared to $20.1 million for underground tunnels and $7.0 million for plant and equipment in Q3 Fiscal 2025.

For the GC Mine, capitalized expenditures amounted to $1.8 million, flat compared to $1.8 million in Q3 Fiscal 2025.

Capital expenditures for El Domo totaled $18.0 million, compared to $1.8 million in Q3 Fiscal 2025. Mine development activities focused on infrastructure construction such as internal roads, waste dump, process plant site preparation, starter dam for tailing storage facility (“TSF”), camp, and other site preparations.

Capital expenditures for Kuanping totalled $2.4 million, compared to $0.2 million in Q3 Fiscal 2025. Mine construction focused on ramp development for access to ore bodies and mining/ exploration tunneling. It is expected to start producing initial amounts of ores in June 2026, which will be shipped to Ying’s process plant for recovery of metals.

CONFERENCE CALL DETAILS

A conference call to discuss these results will be held on Tuesday, February 10, at 9:00 am PDT (12:00 pm EDT). To participate in the conference call, please dial the numbers below.

Canada/USA TF: 888-510-2154

China Toll: 861087833254

International/Local Toll: 437-900-0527

Conference ID: 74042

Participants should dial-in 10 – 15 minutes prior to the start time. A replay of the conference call and transcript will be available on the Company’s website at www.silvercorpmetals.com.

Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and given consent to the technical information contained in this news release.