Silvercorp Metals (SVM) — Stock Analysis 2026 [3.7]

Analysis as of 29 October 2026. Price deck: base silver US$60/oz — the representative trailing average on the fixed US$40–80 grid — with every grid price run as a scenario (deep bear US$40, US$50, base US$60, US$70, deep bull US$80), lead held at US$2,000/t as a co-product, zinc, gold and copper held as by-products, and analyst consensus as a 0% cross-check (none archived at the as-of date) — no spot price. Shares at US$8.28 (C$11.58 TSX close, 29 Oct 2026, at USD/CAD 1.3985); the market-implied deck is US$54.97/oz silver. NAV/share US$10.68; blended fair value US$9.16, implied +10.6%. Refreshed on each annual report and each quarterly report. Rating: ★★★½ Solid / Modestly undervalued (wide band).

Silvercorp Metals is a silver producer whose cash flow comes from two underground districts in China — Ying in Henan and GC in Guangdong — and whose next mine, the El Domo copper-gold open pit in Ecuador, is in construction for first production in July 2027. The thesis in one line: a low-cost silver miner with net cash and a funded second leg, priced at 0.78× a net asset value built on a US$60/oz deck. It is worth a look now because fiscal 2026 operating cash flow reached US$310.6 m, El Domo’s technical report was filed in June 2026, and the share price already discounts silver at about US$55/oz. To screen Silvercorp against every listed silver producer, see Metal Pilot’s silver mining stock screener.

1. Snapshot & thesis

Silvercorp Metals Inc. (TSX: SVM; NYSE American: SVM) is a producer in the precious-metals sector — scored as a mining producer — headquartered in Canada, reporting in US dollars with a fiscal year ending 31 March. It runs two producing assets in China (the Ying Mining District, 77.5%, which includes the Kuanping mine in construction, and the GC mine, 99%), one mine in construction in Ecuador (El Domo, 75%), two earlier-stage projects (Condor in Ecuador, 98.7%, and the ZAAV gold projects in Kyrgyzstan, bought in January 2026) and a 27.96% stake in New Pacific Metals. Silver is about 72% of revenue; lead, gold and zinc make up most of the rest.

Figure 1. Silvercorp Metals in numbers, as of 29 October 2026

Figure data: Table 1, this analysis.

Thesis in brief. The bull case: Ying’s reserves grade 174 g/t silver and last to 2042, by-product credits put fiscal 2026 AISC at US$14.25/oz of silver, and El Domo — 20.9% of the enterprise NAV — is permitted, funded from cash and due to start in mid-2027, so the cash-flow base is about to widen beyond China. The bear case: more than 85% of revenue comes from one Chinese district shared with a state-linked partner, guided Ying costs rise to US$155.4–161.2/t in fiscal 2027, and second-quarter output there fell to 0.9 Moz. What tips it is El Domo arriving on time against where silver settles relative to the US$60 deck.

Table 1. Silvercorp Metals in numbers

Source: Silvercorp filings — Q1 FY2027 interim FS and MD&A (balance sheet, shares), 2026 annual FS and MD&A (revenue, costs, production, guidance), Ying and GC technical reports (reserves); Yahoo Finance TSX close and Bank of Canada USD/CAD, 29 Oct 2026; NAV, blend and read from Section 7.

How to read this analysis: the statcards and Section 9 carry the verdict; Sections 2–6 carry the evidence, Section 7 the valuation.

2. Assets & operations

Silvercorp’s revenue is mostly silver sold in lead and zinc concentrates, so it moves with the silver price and, at the margin, with lead; for the market behind it, see the Silver — A Complete Market Guide.

2.1 Portfolio overview

Table 2. Silvercorp Metals asset portfolio, by value

Source: Silvercorp filings — 2026 annual FS (subsidiaries table, p.14), 2026 MD&A (production, guidance pp.17–19), Ying TR 2026 (Table 1.2, p.9), GC TR 2025 (p.21), El Domo TR 2026 (reserves, LOM physical inputs), Dec 2025 Condor study release, Jan 2026 ZAAV release. Sorted by risked value in Section 7.

Concentration runs two ways. Today’s cash flow is Chinese and mostly one district: Ying produced about 6.3 of the group’s 6.8 Moz in fiscal 2026 and carries 52.8% of the enterprise NAV in Section 7, with another 13.6% in its measured and indicated silver beyond the plan. Tomorrow’s growth is Ecuadorian: El Domo is 20.9% of the enterprise NAV and Condor 5.2%, which moves the group from one jurisdiction to two within two years.

2.2 Revenue split

Figure 2. Revenue by commodity, FY2026

Figure data: 2026 annual FS, segment note — revenue by metal (p.31): silver US$316.4 m, lead US$57.5 m, gold US$31.5 m, zinc US$23.0 m, other US$9.8 m.

Figure 3. Enterprise NAV by asset (base case)

Figure data: Table 11, this analysis — Ying US$1,666.7 m, El Domo US$659.7 m, Ying exclusive M&I US$427.9 m, Condor US$163.2 m, ZAAV US$144.4 m, GC US$92.7 m.

The two figures agree on silver and on Ying, and differ on what comes next: El Domo adds no revenue until 2027, yet it is the second-largest line of value, and its revenue will be copper, zinc and gold more than silver.

2.3 Ying district

The Ying Mining District in Henan is a cluster of underground silver-lead-zinc mines, SGX the largest, held 77.5% through Henan Found; the 22.5% minority belongs to Henan Yudi Technology Group, a state-linked holder. It produced about 6.3 Moz of silver and 8,723 oz of gold in fiscal 2026. Proven and probable reserves (NI 43-101, AMC, effective 31 December 2025) are 19.08 Mt at 174 g/t — 106.5 Moz of silver (proven 59.9 Moz, probable 46.6 Moz), 472.1 kt of lead and 150.2 kt of zinc; measured and indicated resources, inclusive, hold 197.63 Moz, and the plan runs to 2042. Fiscal 2027 guidance is 1,237,000–1,302,000 t at a cash cost of US$88.2–90.4/t and an AISC of US$155.4–161.2/t (US$134.19 in fiscal 2026), on US$124.1 m of capital that includes US$22.7 m of the US$31.6 m No. 3 Mill (+3,000 tpd). Kuanping, inside the district (77.5%), has all permits and has been in construction since the first quarter of fiscal 2026; its first-production date is not disclosed. The encumbrances are China’s mineral resource taxes and the 25% income tax (15% while the high-technology status holds). The asset risk is the run-rate: second-quarter fiscal 2027 output was 0.9 Moz against about 1.6 Moz a quarter in fiscal 2026, unexplained in the release read.

2.4 GC

GC is an underground silver-lead-zinc mine in Guangdong, 99% through Guangdong Found. Reserves (SRK, effective 31 December 2025) are 6.19 Mt at 63 g/t — 12,462 koz of silver, 56 kt of lead and 138 kt of zinc — and the 18-year plan draws on 18.28 Mt of measured and indicated resources at 65 g/t. Fiscal 2027 guidance is 0.46–0.49 Moz of silver at an AISC of US$90.4–93.3/t, with US$10.1 m of capital. The risk is margin: GC is zinc- and lead-weighted and carries 2.9% of the NAV.

2.5 El Domo

El Domo is an open-pit copper-gold-zinc-silver project in Ecuador, 75% through Curimining; Salazar Resources keeps 25%, behind Silvercorp’s priority repayment of its investment. Reserves (SRK, June 2026) are 7,129 kt at 2.55 g/t gold, 47.82 g/t silver and 1.93% copper, mined over 13 years at 666 ktpa. The report’s after-tax NPV at 8% is US$573 m on a US$3,000/oz gold and US$32.50/oz silver long-term deck — before the Wheaton stream, which it does not model. Wheaton buys 50% of the gold and 75% of the silver until 145,000 oz and 4,600,000 oz are delivered, then 33% and 50%, for a US$175.5 m deposit and 18% of spot (22% once the deposit is credited); US$43.9 m was received in October 2025. The state takes a 4% royalty and a 15% profit share, Altius Minerals a 2% NSR, and income tax is 20% under the 2025 investment agreement. Initial capital is US$283.68 m (US$176.45 m in 2026); US$45.8 m was capitalised in fiscal 2026 and US$12.9 m in the first quarter of fiscal 2027, and cash covers the rest. In hand: the environmental licence (January 2024), the water use permit (2024) and the August 2024 development resolution; the archaeological research permit expired on 31 December 2025. Production is targeted for July 2027. The asset risk is Ecuador — Moody’s Caa3, a 12.95% country risk premium (Damodaran, January 2026) — which the 6% rate does not carry; only the 0.85 stage weight does.

2.6 Condor

Condor, a gold project in southern Ecuador (98.7%, Condormine), has a December 2025 preliminary economic assessment with an after-tax NPV at 5% of US$522 m and no reserves; with no investment agreement found, Ecuador’s standard 25% income tax and 15% profit share apply. The risk is stage, so Section 7 carries it at 0.30.

2.7 ZAAV

ZAAV holds the Tulkubash and Kyzyltash gold projects in Kyrgyzstan, bought 100% for US$92 m on 27 January 2026 and to be held 70% in a joint venture with Kyrgyzaltyn, free-carried at 30%. Kyzyltash has 2.54 Moz of indicated gold at 4.3 g/t and Tulkubash 0.21 Moz measured and indicated; Tulkubash’s 2018 and 2021 feasibility studies are historical JORC work. The risk is that no current NI 43-101 study exists, in a country rated B3.

2.8 Other holdings

Santa Barbara, a copper project in southeast Ecuador, closed on 13 May 2026 (the vendors keep a 1.5% NSR); BYP (70%) is on care and maintenance; New Pacific Metals (27.96%) and Tincorp are associates carried at US$61.1 m.

2.9 Production, reserves & costs

Figure 4. Silver output (Moz)

Figure data: 2026 MD&A — highlights (p.5), Ying Mining District (p.9), fiscal 2027 guidance (p.17).

Figure 5. Reserves & resources by asset

Figure data: Ying TR 2026 Table 1.2 (p.9); GC TR 2025 (p.21); El Domo TR 2026 reserve summary — El Domo’s contained silver is Derived (tonnes × grade).

Group output was about 7.5 Moz AgEq in fiscal 2026. Fiscal 2027 guidance is 6.8–7.1 Moz of silver, 7.5–7.8 Moz AgEq, 62.7–65.8 Mlb of lead and 22.3–23.4 Mlb of zinc at a consolidated AISC of US$155.3–161.2/t. Per ounce, by-products do the work: fiscal 2026 cash cost was −US$0.94/oz of silver and AISC US$14.25/oz, up from US$12.12/oz in fiscal 2025.

2.10 Peer positioning

Peer set: Pan American Silver (NYSE/TSX: PAAS), First Majestic Silver (NYSE/TSX: AG) and Aya Gold & Silver (TSX/Nasdaq: AYA) — listed silver producers on their latest filings, none in a pending deal; every star in Section 9 uses this set. Hecla was considered and left out because its per-ounce figures were not resolved.

Table 3. Peer positioning — quality metrics

Source: Pan American and First Majestic 2025 MD&As and the Aya Q2 2026 MD&A, as filed on SEDAR+; Silvercorp per Figure 4 and Section 2.9.

Silvercorp is mid-sized in the set — a third of Pan American’s attributable silver, under half of First Majestic’s — and its by-product AISC is about two-thirds of First Majestic’s all-in figure, though the bases differ (net of by-products against per silver-equivalent ounce). Peer lives and margins were not resolved.

3. Financials & balance sheet

Fiscal 2026 (to 31 March 2026) was a step up on every line but the bottom one: revenue rose 46.6% to US$438.1 m on higher prices, and operating cash flow more than doubled to US$310.6 m, while net income fell to US$32.9 m.

Table 4. Five-year financial summary (US$m unless stated)

Source: Silvercorp annual FS 2024, 2025 and 2026 (income statements p.7, cash flow statements p.10–11, changes in equity; FY2023–FY2024 diluted EPS and the US$0.025 dividends from the 2024 FS); 2026 MD&A (sustaining capital, AISC reconciliation p.70; dividends p.24); 2025 MD&A (diluted shares); Q1 FY2027 interim FS (pp.2–5).

Notes to Table 4

1. FY2023 YoY needs FY2022, which is in the FY2023 annual statements (filed 26 May 2023); they could not be retrieved for this run, so the FY2023 YoY, cost and capex cells stay n/d.
2. Against Q1 FY2026 revenue of US$81.3 m.
3. Cash paid for mineral exploration and development only; other investing lines (El Domo construction among them) are excluded.

Operating cash flow ran at more than nine times net income in fiscal 2026 because three items sat below the cash line: income tax of US$47.5 m, inflated by US$49.1 m of unrecognised deferred tax assets; US$8.4 m of withholding tax on cash moved out of China; and the minorities’ US$42.9 m share of profit, which left equity holders with a loss of US$0.05 a share. No impairment pattern appears in the statements read. The cost deck: Ying’s guided cash cost rises to US$88.2–90.4/t and its AISC to US$155.4–161.2/t in fiscal 2027; the price-linked lines are mineral resource taxes (US$9.5 m) and government fees (US$12.3 m); income tax is 25% in China (15% under the renewable high-technology status) and 20% at El Domo; a 10% move in the renminbi shifts the RMB exposure by US$19.1 m; no tax-loss pools were found. See the Commodity Investor’s Financial Metrics guide for how these lines are read.

At 30 June 2026 cash and short-term investments were US$387.1 m against US$117.4 m of convertible notes at carrying value and US$1.1 m of leases — net cash of US$268.7 m. The notes are US$150 m at 4.75%, due 15 June 2029, convertible at about US$4.628 a share and, since the 18 March 2026 supplemental indenture, settled only in shares; at US$8.28 they are in the money, so Section 7 counts them as 32.41 m shares, not debt. There are no covenants on bank debt because there is none, and net debt to EBITDA is negative at any grid price. The rehabilitation provision is US$10.4 m (US$14.1 m undiscounted). Silvercorp hedges neither metals nor currency. Capital returns are small: a US$0.0125 dividend twice a year (US$0.025 in fiscal 2026, US$5.5 m declared) and 300,000 shares bought back in fiscal 2025 for US$963 k, against US$24.9 m paid to minority partners in fiscal 2026.

4. Management, strategy & structure

4.1 Management & governance

Dr. Rui Feng is Chair and Chief Executive Officer and the only executive director; he holds 8,023,500 shares, and his prior roles are not stated in the files read. Ms W. Wang has been interim Chief Financial Officer since 10 November 2025, when Derek Liu retired. The board has six directors, five of them independent: Stephen Paul Simpson, Liu Yikang, Marina Anna Katusa, Kenneth Graham Robertson and Cai Hongyu. The Audit Committee is Robertson, Simpson and Cai; a Sustainability Committee charter dated August 2026 is on the company’s website, and the full committee list is not in the documents read. Related-party transactions and holders of 5% or more (redacted in the Hong Kong listing document) are not resolved.

4.2 Strategy

The strategy is a China cash engine funding growth outside China. In Henan the plan is to hold Ying’s output while adding the No. 3 Mill (+3,000 tpd, commissioning in the first quarter of fiscal 2028), building Kuanping and driving 90,200 m of exploration tunnels in fiscal 2027. Outside China, growth has come by acquisition: El Domo and Condor in Ecuador, ZAAV in Kyrgyzstan (January 2026) and Santa Barbara in Ecuador (May 2026), with El Domo’s construction paid from cash and part-financed by the Wheaton deposit. The dated target is El Domo’s first production in July 2027.

4.3 Ownership & structure

The most material transactions are the ZAAV purchase (100%, US$92 m, closed 27 January 2026), the Wheaton precious metals purchase agreement on El Domo (US$175.5 m deposit; first US$43.9 m received October 2025) and the Santa Barbara purchase (closed 13 May 2026, vendors keep a 1.5% NSR). Silvercorp Metals Inc. holds Henan Found (77.5%, Ying), Henan Huawei (80%), Henan Xinbaoyuan (77.5%, Kuanping), Guangdong Found (99%, GC), Curimining (75%, El Domo, through Salazar Holding), Condormine (98.7%), Yunxiang (70%, BYP) and ZAAV (100%); minority interests on the balance sheet were US$164.7 m at 31 March 2026. New Pacific Metals (27.96%) and Tincorp are associates. Shares: 221,206,309 outstanding in August 2026; 256.86 m fully diluted with 741,574 options, 2,496,585 RSUs and 32,411,415 shares on conversion of the notes.

5. ESG & sustainability

Silvercorp’s fiscal 2026 sustainability report gives a lost-time injury frequency rate of 0.76 per million hours, Scope 1 emissions of 4,450 tCO2e and Scope 2 (location-based) of 102,234 tCO2e — so its footprint is the Chinese grid’s power more than its own fuel. A Sustainability Committee charter was adopted in August 2026. Tailings figures, community spend, a decarbonisation target with its baseline and safety rates before fiscal 2026 are not in the files read, so the record cannot yet be judged as a trend; El Domo will add Ecuadorian community and water obligations from 2027.

6. Risks

Table 5. Risk register

Source: Sections 2–5 and 7 of this analysis, on the filings cited there; Ecuador rating from Damodaran’s country risk table, 5 Jan 2026.

Figure 6. Risk matrix — likelihood × impact

Figure data: Table 5, this analysis.

Section 7 prices the silver deck across the grid and El Domo through its 0.85 stage weight and slip case; Ecuador’s sovereign risk is carried only by that weight, not by the rate.

7. Valuation

Valuation as of 29 October 2026, built in US dollars (Silvercorp’s reporting currency) against the C$11.58 TSX close of 29 October 2026 — US$8.28 at the Bank of Canada’s 1.3985. Horizon: spot fair value. Price deck: base silver US$60/oz, the representative of the trailing averages of the World Bank monthly series to September 2026 (3-month US$62.93, 6-month US$68.23, 12-month US$68.62), leaning to the low side after January’s spike to US$92.1; lead US$2,000/t (3-month US$1,856.67, 6-month US$1,906.17, 12-month US$1,927.75), a co-product held across the scenarios; zinc US$3,600/t, gold US$4,000/oz and copper US$6/lb, by-products, held. Discount rate 6% real, after tax — the 5% precious-metal rate plus 1% for China. Balance sheet at 30 June 2026.

Silvercorp is valued as a silver producer with a copper-gold mine under construction, following the How to Value Commodity Stocks guide. The Ying district in Henan carries the producing value on the fiscal 2027 guidance — about 6.5 Moz of silver a year, with lead, zinc and a little gold — run to the 2042 end of its mine plan at the guided all-in sustaining cost of US$158.30 a tonne, after China’s mineral resource taxes and government fees and the 25% standard income tax. GC, the smaller mine in Guangdong, follows the same build on its 18-year plan. El Domo, in Ecuador, is valued on its own 2026 technical-report cash flows, re-priced to this deck, charged for the Wheaton stream the report leaves out, and risked at 0.85 for a mine that is permitted, funded from cash and in construction but not yet producing.

Enterprise NAV at the base deck is US$3.15 billion: Ying US$1.67 billion, GC US$93 million, Ying’s measured and indicated silver beyond its reserves US$428 million, El Domo US$660 million after its weight, the Condor study US$163 million and the Kyrgyz ZAAV resource US$144 million. The bridge takes US$320 million off even though the company holds net cash of US$386 million, because the partners are large: Henan Found’s 22.5% holder, a state-linked Henan group, owns almost a quarter of Ying, and Salazar holds 25% of El Domo — together US$639 million. The cost of running the company, capitalised over Ying’s life, takes another US$118 million. The convertible notes are counted as shares rather than debt: at US$4.63 a share they are deep in the money, so the fully diluted count is 256.86 million. That leaves a NAV/share of US$10.68, a P/NAV of 0.78× at the share price.

Ying’s row turns on one judgment the filings do not make for it. Silvercorp sells concentrate, so part of each metal’s price stays with the buyer; fiscal 2026 revenue by metal, divided by output at the year’s average price, gives net-price factors of 0.881 for silver, 0.915 for gold and 0.786 for zinc, and lead is taken at silver’s factor because both leave in the same lead concentrate. At US$60/oz the mine earns about US$443 million a year, of which US$201 million goes on all-in sustaining cost and US$22 million on resource taxes and fees, leaving about US$165 million a year after tax for sixteen years. Lead is 10.6% of the China revenue at the base deck — enough to carry its own sensitivity row in the model’s working tables.

El Domo’s row is the one that moves most between the study and this analysis. The report’s own after-tax free cash flow, discounted at its 8%, rebuilds to US$568.7 million against the filed US$573 million, so the row runs on that schedule rather than on a level annuity. The study’s long-term deck is lower than this one — US$3,000 gold, US$32.50 silver, US$4.40 copper — and re-pricing each year’s revenue by metal, after the 6% of royalties, the 15% profit-sharing tax and the 20% income tax of the 2025 investment agreement, adds US$379 million. The Wheaton stream takes half of the gold and three-quarters of the silver until its caps, paid at 18% then 22% of the market price, and costs US$385 million; the US$131.6 million of deposit still to come adds US$128 million back. The un-risked mine is worth US$776 million at 6%, and El Domo is 21% of enterprise NAV after its weight.

Three choices set the level. The deck sits far above the past five years — silver 72% over its US$34.84 five-year average — so every target multiple is held at its mid-cycle anchor and only the deck moves. The rate carries 1% for China, the bottom of its band, as the Section 9 scorecard places it; the 15% preferential tax rate Ying and GC hold as high-technology enterprises is not used because it is renewed every three years, and at 15% NAV/share would be US$11.90. And the resource rows are kept small: Ying’s 91 Moz of measured and indicated silver beyond its reserves at 0.30 of the value per reserve ounce, ZAAV’s gold at US$75/oz on the 70% joint-venture share, and Condor’s US$522 million study NPV at 0.30, held at its own deck.

Table 6. Load-bearing inputs — the filed figures the valuation moves on (full register: Table 20)

Source: the filed figures in Table 20, each with its document and page; market series from the World Bank Pink Sheet (6 Oct 2026), the TSX close and the Bank of Canada rate of 29 Oct 2026.

8. Near-term catalysts (1–3 years)

The catalysts are mostly scheduled and funded; El Domo’s start is the one that moves the read.

Table 18. Near-term catalysts

Source: Q1 FY2027 MD&A (El Domo start, p.3; notes, p.23); 2026 MD&A (fiscal 2027 guidance pp.17–19). Timing is the company’s, not a guarantee.

9. Rating & verdict

Figure 10. Scorecard by dimension, 29 October 2026

Figure data: Table 19. Each spoke prints its stars and weight; the dashed ring is the weighted composite, 3.66/5.

Table 19. Scorecard rationale — Silvercorp Metals, 29 October 2026

Source: this analysis; every score cites its home section. Scored as a mining producer — all nine dimensions apply — against the peer set in §2.10; the five dominant dimensions at 15%, the other four at 6.25%. Sovereign ratings and country risk premiums: Damodaran, Country Default Spreads and Risk Premiums, updated 5 January 2026.

Σ(weight × stars) = 0.15 × (4 + 4 + 4 + 4 + 3) + 0.0625 × (4 + 3 + 3 + 3) = 2.85 + 0.81 = 3.66/5 → ★★★½ Solid.

The two-axis verdict (29 October 2026). ★★★½ Solid × Modestly undervalued (wide band) — Re-rating candidate: at US$8.28 the blend of US$9.16 implies +10.6%, and the price assumes US$54.97/oz silver with the multiples held (the market-implied deck), below the US$60 base and every trailing average. The catalyst is El Domo’s first production, targeted for July 2027. The target multiples carry Dimensions 1, 2, 3 and 5 (+0.02 each), with Dimensions 6 and 8 at zero — a net +0.08, so P/NAV 1.08×, EV/EBITDA 7.6× and a 6.5% FCF yield; China’s risk sits in the 6% rate instead, at +1%, the bottom of the ★★★ band, which Damodaran’s 0.91% premium for China supports. This is an analytical read, not an instruction.

The bull case is a net-cash producer at 0.78× NAV whose second mine is already paid for; renewing the 15% tax status alone would lift NAV/share to US$11.90. The bear case is the deck: at US$40/oz the blend is US$4.90, and below US$59.72/oz silver the read falls to Fairly valued, while it reaches Undervalued only above US$69.23/oz. What tips it is Ying’s run-rate through fiscal 2027 and El Domo’s start. To rank Silvercorp against every listed silver producer on these dimensions, screen the sector on Metal Pilot’s silver mining stock screener.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company filings. Silvercorp’s filings and releases, as filed on SEDAR+ and EDGAR: the 2026 annual FS, MD&A and Form 40-F, the Q1 FY2027 interim FS and MD&A, the 2025 and 2024 annual FS and MD&A, the 2024 AIF, the Ying, GC and El Domo NI 43-101 technical reports, the fiscal 2026 sustainability report, the June 2026 Hong Kong listing document and the ZAAV, Condor and production releases. Peers: Pan American and First Majestic 2025 MD&As, the Aya Q2 2026 MD&A.

Market data. TSX and NYSE American closes from Yahoo Finance; USD/CAD 1.3985 from the Bank of Canada (29 October 2026); silver, lead, zinc, gold and copper from the World Bank Pink Sheet to September 2026; country risk premiums from Damodaran (5 January 2026).

Methodology. The valuation runs a base silver deck of US$60/oz on the fixed US$40–80 grid, every grid price a scenario, lead held at US$2,000/t and zinc, gold and copper held, a 6% real after-tax rate (5% plus 1% for China), and weights of 50% NAV, 30% EV/EBITDA and 20% FCF yield; El Domo enters the NAV at a 0.85 stage weight and Condor at 0.30. NAV/share is US$10.68, the blend US$9.16 (US$4.90–US$13.26), implied +10.6%, read Modestly undervalued (wide band); the market-implied deck is US$54.97/oz. The scorecard uses the producer weights against the three peers in §2.10. The model’s out file, claude/valuation-models/silvercorp-svm.out.md, holds the deck sensitivity, the P/NAV map, the cross-checks and the lead sensitivity.

Re-run log. 30 October 2026: first published, as of 29 October 2026 — price US$8.28, NAV/share US$11.01, blend US$9.44, implied +14.1%, Modestly undervalued (wide band); composite 3.66/5, ★★★½ Solid. 30 October 2026, fix round: accounts payable of US$92.1 m deducted in working capital, income tax payable shown as its own claim, and Condor’s study value rolled at 5% to the as-of date — NAV/share US$11.01 → US$10.68, blend US$9.44 → US$9.17, implied +14.1% → +10.7%; read unchanged, Modestly undervalued (wide band). 30 October 2026, second fix round: income tax payable of US$10.6 m carried in the EV/EBITDA bridge, as in the NAV bridge — EV/EBITDA US$8.49 → US$8.45, blend US$9.17 → US$9.16, implied +10.7% → +10.6%; NAV/share and read unchanged.

Omitted figures and data gaps. The asset map is not built; Figure 4 shows fiscal 2026 and the fiscal 2027 guidance only, because earlier silver output by year is not in the files read, and El Domo’s contained silver in Figure 5 is derived from tonnes and grade. Not in the files read (n/d): analyst consensus, own multiple history, the FY2022 column (the FY2023 annual statements), tax-loss pools, holders of 5% or more, committees beyond Audit, related parties, the CEO’s prior roles, safety before fiscal 2026 (the FY2025 sustainability report), Kuanping’s first production, El Domo’s fiscal 2027 spend, and peer AISC, life and margin beyond First Majestic’s AISC. The FY2026 AIF and the 2026 circular would close most governance gaps.

The load-bearing inputs (Table 6) open Section 7; the full source register below closes this section.

Table 20. Source register — the filed figures behind the valuation (load-bearing inputs: Table 6)

Source: the filed figures as cited in each row, from Silvercorp’s filings on SEDAR+ and the company’s website; market series from the World Bank Pink Sheet (file 6 Oct 2026).

10.2 Disclaimer & disclosure

This analysis is for information only and is not investment advice; do your own research or consult a licensed advisor. It is a point-in-time snapshot as of 29 October 2026: the share price, the multiples and the valuation read move. Condor’s figures come from a preliminary economic assessment that may include inferred resources, which are too speculative to have the economic considerations applied to them that would allow them to be categorised as reserves, and ZAAV’s studies are historical JORC work, not current NI 43-101 estimates. The scorecard and the two-axis verdict are an analytical read of quality and price, not a buy or sell instruction. This report was prepared with AI assistance (Claude Opus 5.5) from the filings cited, under this blog’s company-analysis template, and reviewed before publication.