Here are 1-2 brief analogies for Silvercorp Metals (SVM):

• A smaller, China-based precious metals miner like a Newmont (NEM) or Barrick Gold (GOLD), but with silver and base metals (lead, zinc) as its primary output.
• A silver and base metals producer akin to Pan American Silver (PAAS), but with more emphasis on lead and zinc alongside silver, and its main operations in China.

• Silver: A precious metal primarily used in coinage, jewelry, and industrial applications.
• Lead: A heavy metal used in batteries, construction, and radiation shielding.
• Zinc: A common metal primarily used for galvanizing steel to prevent corrosion.

Silvercorp Metals (symbol: SVM) sells primarily to other companies, not directly to individuals. As a primary producer of silver, lead, zinc, and gold concentrates, Silvercorp Metals' major customers are typically large industrial enterprises involved in the processing and refining of base and precious metals.

Specific names of these customer companies (smelters and refiners) are generally not disclosed in Silvercorp's public filings or investor communications due to the competitive nature of the industry and the commodity-based sales model. These buyers are typically global players in the metals processing sector who purchase concentrates for further treatment to extract the various metals. Therefore, we cannot list specific customer company names or their symbols.

In summary, Silvercorp Metals' customers are industrial companies, specifically:

• Smelters: Facilities that extract base metals (like lead and zinc) from ore concentrates through heating and chemical processes.
• Refiners: Facilities that further purify precious metals (like silver and gold) and base metals extracted from concentrates to achieve high-grade purity.

Dr. Rui Feng, Chairman and Chief Executive Officer

Dr. Rui Feng is a successful entrepreneur, explorer, and mine builder with over 25 years of global mining industry experience. He was integral in discovering Jinshan Gold's CSH Gold Mine in China in 2002, which was subsequently acquired by China Gold International. Dr. Feng founded Silvercorp in 2003 by acquiring early-stage properties in China. He is also a founder of several public listed companies, including Jinshan Gold Mines Inc. and Silvercorp. As a director and CEO of New Pacific Metals, Dr. Feng led the company to Bolivia in 2017, where it acquired the Silver Sand project. He holds a B.Sc. and M.Sc. in Geology from China, and a Ph.D. in Geological Sciences from the University of Saskatchewan in Canada.

Derek Liu, Chief Financial Officer

Derek Liu is a member of Chartered Professional Accountants of British Columbia. He has held senior accounting positions, including corporate controller and chief financial officer, at a number of public Canadian mining companies. Mr. Liu previously served as the financial controller of Silvercorp from 2006 to 2010. He holds an MBA from Laurentian University.

Lon Shaver, President

Lon Shaver has over 25 years of capital markets and corporate finance experience, primarily focused on the mining sector. His background includes investment banking roles with firms such as Raymond James and Merrill Lynch, where he assisted corporate issuers with numerous financing and M&A transactions. Mr. Shaver began his career in equity research and has held CFO roles with a publicly-listed mining company and a private technology company. Most recently, he worked as a consultant and advisor, providing corporate development and capital markets support to various companies in the resource sector.

The key risks to Silvercorp Metals (SVM) business are primarily related to commodity price volatility, geopolitical and regulatory exposure in China, and general operational risks inherent to mining.

1. Fluctuating Commodity Prices: Silvercorp Metals' profitability is highly sensitive to the volatile prices of the metals it produces, predominantly silver, but also gold, lead, and zinc. Silver is a core revenue driver, and a significant drop in its price, or the prices of other metals, can directly and materially impact the company's bottom line and cash flow, even with strong production volumes.
2. Geopolitical and Regulatory Risks in China: A substantial portion of Silvercorp's operating mines are located in China, exposing the company to significant regulatory and political uncertainties. Potential changes by the Chinese government to environmental regulations, mining permits, or tax policies could swiftly and negatively affect the company's cash flow and operations. While diversification efforts, such as the El Domo project in Ecuador, are underway, the current heavy concentration of assets in China remains a key risk.
3. Operational Risks of Mining: Like all mining companies, Silvercorp Metals faces inherent operational risks and hazards. These include potential safety incidents, natural disasters, and the complex challenges associated with exploration and development programs. Such events can lead to production shortfalls, increased costs, and disruptions to operations, thereby impacting financial performance.

Silvercorp Metals (symbol: SVM) primarily generates revenue through the production and sale of silver, lead, and zinc concentrates. The addressable markets for these main products are global, and their sizes are detailed below.

Silver

The global silver market was valued at approximately USD 87.12 billion in 2024 and is projected to reach USD 202.07 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 9.86% from 2025 to 2033. Other estimates for the global silver market size in 2024 include USD 22.50 billion, expected to grow to USD 34.94 billion by 2034, and USD 21.21 billion, anticipated to reach USD 28.43 billion by 2033. In terms of volume, the market is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030.

Lead

The global lead market was valued at approximately USD 23.34 billion in 2024 and is expected to reach USD 37.20 billion by 2032, growing at a CAGR of 6.00% during the forecast period from 2025 to 2032. Another report estimates the global lead market size at USD 22.25 billion in 2024, with a projection to reach USD 37.08 billion by 2033. Additionally, the market was valued at USD 24.38 billion in 2024 and is expected to grow to nearly USD 38.57 billion by 2032.

Zinc

The global zinc market size was valued at approximately USD 27.2 billion in 2024 and is poised to grow to USD 48.51 billion by 2032, exhibiting a CAGR of 7.5% from 2025 to 2032. Other estimates for the global zinc market in 2024 include USD 23.36 billion, with a projection to reach USD 42.46 billion by 2035, and USD 24.15 billion, expected to grow to USD 41.50 billion in 2033. In terms of volume, the global zinc market stood at approximately 14,014 thousand tonnes in 2024 and is anticipated to reach approximately 19,272 thousand tonnes in 2035.

Expected Drivers of Future Revenue Growth for Silvercorp Metals (SVM)

Over the next two to three years, Silvercorp Metals (SVM) is expected to drive revenue growth through several key initiatives and market factors:

1. Increased Production from Existing Operations: Silvercorp anticipates growth in production volumes from its current mining operations in China. The company's fiscal 2026 production guidance projects increases across ore processed, gold, silver, lead, and zinc, demonstrating a continued focus on maximizing output from established assets.
2. Development and Ramp-up of the El Domo Project in Ecuador: A significant growth driver is the progress and eventual ramp-up of the El Domo project. This strategic investment is highlighted in multiple reports as a crucial source of future revenue, particularly contributing to a new commodity mix for the company.
3. Favorable Precious Metals Prices: The company has recently benefited from, and aims to capitalize on, favorable market conditions for precious metals. Higher selling prices for silver and gold have been explicitly cited as a driver of revenue increases in recent quarters.
4. Strategic Acquisitions: Silvercorp's long-term strategy includes pursuing organic growth through extensive drilling for discovery and ongoing merger and acquisition efforts to unlock value, which could lead to expanded operations and increased revenue.
5. Diversification into New Commodities (Copper): The El Domo project in Ecuador is poised to introduce copper as a major new revenue stream for Silvercorp Metals, significantly diversifying its commodity mix beyond its traditional silver, gold, lead, and zinc production.

Share Repurchases

• Silvercorp Metals has consistently renewed its Normal Course Issuer Bid (NCIB) programs, with the latest authorization from September 19, 2025, to September 18, 2026, to repurchase up to 8,747,245 common shares (approximately 4% of outstanding shares), estimated to cost around $35 million.
• Under the 2024 NCIB, which ran from September 19, 2024, to September 18, 2025, the company acquired and cancelled 300,000 shares at a weighted average price of CAD$4.51 (approximately CAD$1.35 million).
• Under the 2023 NCIB (September 19, 2023, to September 18, 2024), Silvercorp acquired and cancelled 191,770 shares at a weighted average price of CAD$3.16 (approximately CAD$0.61 million).

Share Issuance

• A significant share issuance occurred with the acquisition of Adventus Mining Corporation on July 31, 2024, where Silvercorp issued common shares to Adventus shareholders at an exchange ratio of 0.1015 Silvercorp common shares for each Adventus Share.
• The number of shares outstanding increased from approximately 176.8 million as of September 5, 2023, to around 216.7 million as of September 5, 2024, and 218.6 million as of September 5, 2025, reflecting this acquisition and other activities.

Outbound Investments

• Silvercorp completed the acquisition of Adventus Mining Corporation on July 31, 2024, expanding its portfolio.
• The company maintains a 28.2% holding in New Pacific Metals and has funded the acquisition and discovery of large silver deposits in Bolivia (Silver Sand and Carangas).
• In November 2025, Silvercorp participated in New Pacific Metals' equity financing, acquiring an additional 3 million common shares for approximately $7.8 million.

Capital Expenditures

• Capital expenditures for the last 12 months (ending approximately November 2025) totaled -$95.70 million.
• In Q2 Fiscal Year 2026 (ending September 30, 2025), the company invested nearly $16 million at its operations in China and $11 million in Ecuador.
• Silvercorp launched the construction of its fully-funded El Domo copper-gold mine in Ecuador in 2025, with a detailed $240.5 million construction plan announced, and production is expected by the end of 2026.