Silvercorp Metals Inc

Salazar Resources reported that the after-tax net present value of its flagship Curipamba–El Domo copper-gold project in Ecuador rose 121% to US$573 million, based on an updated technical report, while Ecuador's mining regulator exempted exploration-stage projects from a key fee. The company holds a fully carried 25% interest in the project, meaning it is not responsible for funding its share of construction and development costs, with operator Silvercorp Metals covering those expenses through to commercial production. The updated study, prepared by SRK Consulting (China) Ltd. with an effective date of December 31, 2025, also showed a 27% increase in measured and indicated mineral resources to 11.4 million tonnes and a 10% rise in proven and probable mineral reserves to 7.13 million tonnes, driven by higher metal-price assumptions and additional drilling. Separately, Ecuador's Mining Regulation and Control Agency, ARCOM, issued Resolution No. ARCOM-006/26 exempting exploration-stage projects from the Mining Oversight and Control Fee for the 2026 fiscal year, a move Salazar welcomed as improving the country's competitiveness for exploration capital. The project is fully funded and under construction, with first commercial concentrate production expected in mid-2027, positioning Salazar to benefit from a copper market that has tightened amid a forecast supply deficit.

Roth Capital raised its price target on Silvercorp Metals to $14 from $13.75 while reiterating a Buy rating, following the company's development plan for the Chaarat ZAAV project in Kyrgyzstan. The analyst noted Silvercorp is making a meaningful financial commitment to the project, which is viewed favorably for its long-term potential. Silvercorp also reported a strong fiscal fourth quarter of 2026, producing about 1.5 million ounces of silver and 2,492 ounces of gold, equivalent to roughly 1.6 million silver-equivalent ounces. Quarterly revenue reached a record $147.4 million, nearly doubling from a year earlier, driven by a 183% increase in the average realized silver price to $78.6 per ounce. The cash cost per ounce of silver, net of by-product credits, improved to negative $1.92 from $2.49 a year earlier, aided by a more mechanized and lower-cost shrinkage mining method.