Silvercorp Reserve Jump Resets Mine-Life Math for Silver Bulls

Silvercorp Metals (SVM) filed an updated NI 43-101 technical report for the Ying Mining District that lifted proven and probable mineral reserves 50% by tonnage and 20% in contained silver ounces versus the 2024 report. The company now reports 19 million tonnes grading 174 grams per tonne silver, containing 106 million ounces of silver, plus gold, lead, zinc and copper. Measured and indicated resources total 42.18 million tonnes with 198 million ounces of silver. The current mine plan projects roughly 106 million ounces mined over a 17-year life. SVM traded at $10.89 in U.S. trading, up $0.38 from the prior close when checked.

A 50% reserve increase resets Silvercorp's mine-life math at a moment when silver bulls are hunting for issuers with verifiable, NI 43-101-backed growth rather than drill-hole headlines. The update landed against a broader risk-on backdrop where softer crude oil eased inflation pressure across the commodity complex, as covered in our commodities analysis.

The 19-million-tonne figure is not just a bigger number on a slide deck. It extends the Ying District's mine life to 17 years at current processing rates, which gives Silvercorp room to finance underground development without rushing. The 106 million ounces of contained silver are fully classified as reserves, meaning they meet the economic and technical thresholds for extraction under Canadian securities law. That contrasts with many junior silver names that report resources – a less certain category – and call it growth.

Silvercorp also reported gold, lead, zinc and copper credits within the same tonnage. Those by-products lower the all-in sustaining cost per silver ounce, which matters when silver spot prices move. At current silver prices near $32, the Ying District's economics look solid. A 20% pullback in silver would still leave the operation cash-flow positive, based on the grade and by-product credits disclosed in the report.

The Ying District is Silvercorp's core asset, so the reserve update is company-specific. The read-through for the silver sector is broader. A mid-tier producer adding 50% to reserves at an operating mine signals that the geology in the district is better than previously modelled. That raises the probability that adjacent claims held by other issuers in the same belt – the North China Craton – also contain more metal than current estimates show. No peer has filed a comparable update, the geological logic is straightforward: if Silvercorp's deposit grew, the regional potential grew with it.

For silver-focused funds and ETFs, the update provides a liquid, NI 43-101-compliant way to gain exposure to reserve growth without taking development-stage risk. SVM's market cap is roughly $1.8 billion, making it one of the larger pure-play silver names. The reserve increase gives it a longer runway than most peers, which could compress the discount to net asset value that mid-tier miners often trade at.

Silvercorp said the report is filed on SEDAR+ and the company's website. The next catalyst is the first production quarter under the updated mine plan, which will show whether the company can convert the higher reserve base into higher output. The current processing rate of roughly 3,000 tonnes per day implies annual production of about 6 million ounces of silver. If Silvercorp raises throughput, the reserve life shortens and cash flow accelerates. The company has not signalled a mill expansion.

SVM's stock rose on the news, the move was modest for a 50% reserve increase. That suggests the market is pricing in execution risk – whether Silvercorp can actually mine the tonnes at the stated grade. The 2024 report showed a 10% grade dilution in some stopes. If the 2025 report's grade assumptions hold, the stock should re-rate. If dilution persists, the reserve tonnage matters less.

The key number for traders is the silver-equivalent grade including by-products. Silvercorp disclosed it at roughly 200 g/t silver-equivalent. That is above the industry average for primary silver mines, which sits around 150 g/t. The margin of safety is real, it depends on metal prices holding near current levels. A sustained drop in silver below $28 would pressure the economics, the by-product credits provide a buffer that pure-play silver names lack.