Silvercorp Metals Inc (SVM) 2026 Q2 法說會逐字稿

Good morning and thank you for standing by. My name is Ludy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Silvercorp's second-quarter fiscal 2026 financial results conference call. (Operator Instructions)

早上好，感謝您的耐心等待。我叫盧迪，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Silvercorp 公司歡迎各位參加 2026 財年第二季財務業績電話會議。（操作說明）

I would now like to turn the conference over to Lon Shaver, President of Silvercorp. Please go ahead.

現在我謹將會議交給 Silvercorp 總裁 Lon Shaver。請繼續。

Thank you, Ludy. On behalf of Silvercorp, I'd like to welcome everyone to this call to discuss our second-quarter fiscal 2026 financial results. They were released yesterday after the market closed and a copy of our news release, MD&A, and financial statements are available on our website and SEDAR+. Before we get going, please note that certain statements on today's call will contain forward-looking information within the meaning of securities laws. And also please review the cautionary statements in our news release as well as the risk factors described in our most recent regulatory filings.

謝謝你，盧迪。我謹代表 Silvercorp，歡迎各位參加本次電話會議，共同探討我們 2026 財年第二季的財務表現。這些文件已於昨日市場收盤後發布，我們的新聞稿、管理層討論與分析以及財務報表的副本可在我們的網站和 SEDAR+ 上查閱。在正式開始之前，請注意，今天電話會議中的某些陳述將包含證券法意義上的前瞻性資訊。另外，請查閱我們新聞稿中的警示聲明以及我們最新監管文件中所述的風險因素。

So let's kick off the call with our financial results. We delivered more solid performance in Q2 highlighted by our revenues of $83 million, which was up 23% from last year and marks the second highest quarter ever. Additionally, cash flow from operating activities was $39 million, and that was up 69% from last year. This performance was mainly driven by a 28% and 37% rise in the realized selling prices for silver and gold compared to last year.

那麼，讓我們先從財務表現開始今天的電話會議。第二季業績更穩健，營收達 8,300 萬美元，比去年同期成長 23%，創史上第二高季營收紀錄。此外，經營活動產生的現金流量為 3,900 萬美元，比去年增長了 69%。這一業績主要得益於白銀和黃金的實際售價分別比去年上漲了 28% 和 37%。

Also notably, the amount of gold sold in the quarter was up 64% compared to last year. Silver remains our most significant revenue contributor at approximately 67% of net Q2 revenue, followed by lead at 16% and gold at 7%.

值得注意的是，本季黃金銷量比去年同期成長了 64%。白銀仍然是我們最重要的收入貢獻者，約佔第二季淨收入的 67%，其次是鉛（16%）和黃金（7%）。

Moving down the income statement. We reported net income of negative $11.5 million for the quarter or negative $0.05 per share. This is down from positive $17.8 million or $0.09 a share in Q2 of fiscal 2025. However, this quarter had a significant $53 million noncash charge on the fair value of derivative liabilities, which was partially offset by a $22 million gain on investments. Removing noncash and onetime items such as this, our adjusted net income for the quarter was $22.6 million or $0.10 a share versus $17.7 million or $0.09 a share in the comparative quarter.

從損益表向下看。本季淨虧損為負1,150萬美元，即每股虧損0.05美元。這比 2025 財年第二季的 1,780 萬美元（每股 0.09 美元）有所下降。然而，本季衍生負債公允價值方面出現了一筆高達 5,300 萬美元的非現金支出，這筆支出被 2,200 萬美元的投資收益部分抵銷。剔除此類非現金和一次性項目後，本季調整後淨收入為 2,260 萬美元，即每股 0.10 美元，而上一季為 1,770 萬美元，即每股 0.09 美元。

Note that the average shares outstanding used to calculate EPS this quarter was 218.6 million compared to 206.5 million in the same period last year.

請注意，本季用於計算每股收益的平均流通股數為 2.186 億股，而去年同期為 2.065 億股。

On the capital spending side, we invested nearly $16 million at our operations in China and $11 million in Ecuador during the quarter. We generated $11 million in free cash flow for the quarter, which supported our strong closing cash position of $382 million. This cash position does not include our investments in associates and other companies, which had a total market value of $180 million on September 30. And after quarter end, we participated in New Pacific Metals equity financing and acquired an additional 3 million common shares for roughly $7.8 million.

在資本支出方面，本季我們在中國的營運中投資了近 1,600 萬美元，在厄瓜多爾投資了 1,100 萬美元。本季我們產生了 1,100 萬美元的自由現金流，這支撐了我們強勁的 3.82 億美元期末現金狀況。該現金部位不包括我們對聯營公司和其他公司的投資，截至 9 月 30 日，這些投資的總市值為 1.8 億美元。季度末之後，我們參與了新太平洋金屬公司的股權融資，並以約 780 萬美元的價格收購了 300 萬股普通股。

Also, subsequent to quarter end, in October, we made the first draw on our $175.5 million Wheaton Precious Metals streaming facility for the El Domo project. We drew down the first $43.9 million tranche, which will be used to fund our ongoing construction at El Domo.

此外，在季度末之後，10 月份，我們首次從我們 1.755 億美元的 Wheaton Precious Metals 串流融資工具中提取資金，用於 El Domo 專案。我們提取了第一筆 4,390 萬美元的款項，這筆款項將用於資助我們在 El Domo 的持續建設。

Now to just quickly recap our operating results. As we reported last month, in Q2, we produced approximately 1.7 million ounces of silver, just over 2,000 ounces of gold, 14 million pounds of lead, and 6 million pounds of zinc. Silver production was essentially flat, but gold production was up 76%. So silver equivalent production, considering just the silver and gold was up 5%. Lead production was up 8% and zinc production was down 3%.

現在快速回顧一下我們的經營業績。正如我們上個月報導的那樣，在第二季度，我們生產了約 170 萬盎司白銀、略多於 2000 盎司黃金、1400 萬磅鉛和 600 萬磅鋅。白銀產量基本上持平，但黃金產量增加了 76%。因此，僅考慮白銀和黃金，白銀當量產量增加了 5%。鉛產量增加了 8%，鋅產量下降了 3%。

Production at Ying was impacted by the temporary closure of certain mining areas, which have since reopened. We expect to mine approximately 346,000 tonnes of ore in this current quarter Q3 compared to the 265,000 tonnes mined in Q2. At the GC mine, production in Q2 was interrupted for about 10 days by Typhoon Ragasa. Year-to-date, we have produced 3.5 million ounces of silver, 4,135 ounces of gold, 30 million pounds of lead and 11 million pounds of zinc, which represents increases relative to last year of 3%, 78% and 4%, respectively, in silver, gold and lead production and an 11% decrease in zinc production.

英礦的生產曾因部分礦區的暫時關閉而受到影響，但這些礦區現已重新開放。我們預計本季（第三季）將開採約 346,000 噸礦石，而第二季開採的礦石量為 265,000 噸。GC礦場第二季的生產因颱風拉加薩而中斷了約10天。今年迄今為止，我們已生產了 350 萬盎司白銀、4135 盎司黃金、3,000 萬磅鉛和 1,100 萬磅鋅，與去年相比，白銀、黃金和鉛的產量分別增加了 3%、78% 和 4%，而鋅的產量下降了 11%。

On the cost side, Q2 production costs averaged $83 per tonne at Ying which was down 11% from last year. The improvement reflects greater use of shrinkage stoping over the more labor-intensive cut-and-fill resuing method along with higher ore throughput.

成本方面，英礦第二季平均生產成本為每噸 83 美元，比去年下降了 11%。這項改進反映了收縮採礦法比勞動密集的切割充填法得到了更廣泛的應用，以及更高的礦石處理量。

Year-to-date production costs also averaged $83 per tonne, which was below the Ying annual guidance of between $87 to $88 per tonne. Ying's cash cost per ounce of silver net of byproduct credits was $0.97 in Q2 compared to $0.62 in the prior year quarter. The increase was driven by a $4 million increase in production costs due to 26% more ore being processed, while silver production grew by only 1% as shrinkage mining tends to have higher dilution rates. This was partially offset by a $3 million increase in byproduct credits.

今年迄今為止，生產成本平均為每噸 83 美元，低於英氏公司先前預測的每噸 87 至 88 美元的年度目標。英氏公司第二季扣除副產品抵免後的每盎司白銀現金成本為 0.97 美元，而去年同期為 0.62 美元。由於礦石處理量增加了 26%，生產成本增加了 400 萬美元，導致產量增加，而白銀產量僅增加了 1%，因為縮減式採礦往往稀釋率較高。副產品抵扣額增加 300 萬美元，部分抵銷了這一損失。

Q2 all-in sustaining cost per ounce net of byproduct credits was $11.75 at Ying, up 30% from the prior year quarter due to a $1.4 million increase in mineral rights royalties following its implementation in China in Q3 of fiscal 2025. A $2.6 million increase in sustaining CapEx and those previously mentioned factors that impacted cash costs.

2025 財年第三季度，由於在中國實施礦產權利特許權後，礦產權利特許權使用費增加了 140 萬美元，因此，在英礦，第二季度每盎司淨維持成本為 11.75 美元，比上年同期增長了 30%。維持性資本支出增加 260 萬美元，以及前面提到的影響現金成本的因素。

Overall, for the operations, consolidated mining operating income came at $40.8 million in Q2, with Ying contributing $38 million of that or over 93% of the total.

總體而言，第二季合併採礦營運收入為 4,080 萬美元，其中 Ying 礦場貢獻了 3,800 萬美元，佔總數的 93% 以上。

Turning to our growth projects. At Ying, we invested $6 million in the quarter for ramp and tunnel development to enhance underground access and increased material handling capabilities. This work goes hand-in-hand with our efforts to expand mining capacity across the four licenses at Ying. Recall that last year, the SGX mine permit was renewed for another 11 years with capacity increase to 500,000 tonnes per year. The HPG permit was also renewed and expanded to 120,000 tonnes and the DCG permit was increased to 100,000 tonnes.

接下來談談我們的成長項目。本季度，我們在 Ying 公司投資了 600 萬美元用於坡道和隧道開發，以增強地下通道和提高物料搬運能力。這項工作與我們擴大英礦四個許可證區域的採礦能力的努力是相輔相成的。回想一下，去年新加坡交易所的採礦許可證續約了 11 年，產能增加到每年 50 萬噸。HPG許可證也獲得續期，產量擴大至12萬噸，DCG許可證產量增加至10萬噸。

We're now in the process of applying to increase the TLP LM permit to 600,000 tonnes per year with approval expected later this quarter.

我們目前正在申請將 TLP LM 許可證的年產量提高到 60 萬噸，預計將在本季稍後獲得批准。

Once all approvals are in place, Ying's total permitted annual mining capacity will rise to 1.32 million tonnes from approximately 1 million tonnes currently. At Kuanping, that's the satellite project north of Ying, mine construction continued with 831 meters of [ramp] development and 613 meters of exploration tunnelling completed in this quarter. Kuanping has a mining permit to produce 200,000 tonnes per year, which at a full contribution, would bring our total mining capacity at Ying up to 1.52 million tonnes per year.

一旦所有審批手續到位，英礦的年度許可採礦總產能將從目前的約 100 萬噸增加到 132 萬噸。在寬平礦（位於英礦以北的衛星礦區），礦場建設繼續進行，本季完成了 831 公尺的斜坡道開發和 613 公尺的勘探隧道掘進。寬平礦已獲得採礦許可證，年產量為 20 萬噸。如果全額出資，我們將使英礦的總採礦能力達到每年 152 萬噸。

Switching to Ecuador. Construction at the El Domo project is moving ahead steadily. In Q2, around 1.29 million cubic meters of material work cut for site preparation. Roads and channels, and that was a roughly 250% increase over the previous quarter. A 481-bed construction camp has been completed and work on the tailings storage facility began in September.

切換到厄瓜多。El Domo計畫的建設正在穩步推進。第二季度，場地準備工作切割了約 129 萬立方公尺的材料。道路和通路，比上一季成長了約 250%。擁有 481 個床位的建築營地已經竣工，尾礦庫的建設工作已於 9 月開始。

For the six months ended September 30, approximately 1.66 million cubic meters of material were cut or removed, and $14.6 million of expenditures were capitalized.

截至 9 月 30 日的六個月內，約有 166 萬立方公尺的材料被切割或移除，1,460 萬美元的支出被資本化。

Contracts for four sections of the external power line have been awarded to qualified Ecuadorian contractors, pending review by the state power distributor, CNEL. Additionally, orders for equipment with a total value of $22.2 million have been placed.

外部輸電線路四段的合約已授予合格的厄瓜多爾承包商，目前正在等待國家電力分銷商 CNEL 的審查。此外，還下了總價值 2,220 萬美元的設備訂單。

Overall, since January of this year, approximately $18.9 million has been spent on capital expenditures and prepayments for equipment purchases related to El Domo.

總體而言，自今年 1 月以來，已在與 El Domo 相關的資本支出和設備採購預付款方面花費了約 1,890 萬美元。

At the Condor Gold project, we kicked off the [PEA] for an underground gold operation and expect to complete this study before the end of the year. As a reminder, at Condor, our plan is to construct 2 exploration tunnels into the deposits, which will allow us to conduct underground detailed drilling. In order to do this, we required environmental license and water permits. The studies to support these applications have been ongoing over the year. And during the quarter, we submitted our application for the water permits.

在 Condor Gold 計畫中，我們已經啟動了地下金礦開採的初步經濟評估 (PEA)，預計將在年底前完成這項研究。再次提醒大家，在 Condor 礦區，我們的計畫是建造 2 條勘探隧道進入礦床，這將使我們能夠進行地下詳細鑽探。為此，我們需要環境許可證和用水許可證。支持這些應用的研究工作已經持續了一年。本季度，我們提交了用水許可證申請。

The application is now pending final approval. We have submitted our application for the environmental license, and it is under review by the relevant authorities.

該申請目前正在等待最終批准。我們已提交環境許可證申請，目前正在接受相關部門的審查。

And with those updates, I'd like to open the call for questions.

鑑於以上情況，我想向大家徵求問題。

(Operator Instructions)

（操作說明）

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

I guess first thing on El Domo, the guide for CapEx compared to what you spent year-to-date, is it a matter of -- there's a big lift coming here soon or some long lead items that you guys have to pay for? Or is it -- are things maybe tracking a little slower than anticipated as far as capital spending goes?

我想首先要問的是，El Domo 的資本支出指南與你們今年迄今為止的支出相比，是近期會有大幅度的提升工程，還是有一些需要長期投入的項目需要你們支付費用？或者說－就資本支出而言，進展速度是否比預期慢一些？

I was probably tracking a little slower initially. We began construction this year focusing on earthworks, and it was clearly a wetter year than Ecuador has experienced in past rainy seasons. But I think we've ramped up significantly here in recent months as indicated by the results that we published this quarter.

我一開始的速度可能稍微慢了一點。我們今年開始施工，主要集中在土方工程上，而且很明顯，今年的雨季比厄瓜多爾以往的雨季都要潮濕。但我認為，正如我們本季公佈的業績所表明的那樣，近幾個月來，我們在這方面已經取得了顯著進展。

And going forward, we should be able to provide an update on our construction progress this quarter, particularly as we are looking to execute the contract for bid package number two in due course. And that's obviously the contract associated with stripping of the open pit and actually mining of the deposit.

展望未來，我們應該能夠在本季度提供施工進度的最新信息，特別是考慮到我們正在尋求在適當時候執行第二份投標合約。顯然，這是與露天礦坑剝離和礦藏開採相關的合約。

And we'll be in the position here shortly to share results from the metallurgical testing program that we've undertaken this year. So we expect to have an update prior to year end where we can bring all these items forward and provide any updates.

我們很快就能在這裡分享我們今年進行的冶金測試計畫的結果。因此，我們預計在年底前會發布一份更新報告，屆時我們將把所有這些事項提上日程並提供最新進展。

Okay. And also on El Domo with the Wheaton drawdown, I think initially, when you guys made the acquisition, there was some thought that there was a potential to maybe buy that stream out or not use it in some way, but now you've drawn down on it. Does that just reflect that there was no way to really negotiate out of it given gold and silver prices have moved so positively since it was signed?

好的。還有關於 El Domo 和 Wheaton 的資金提取，我認為最初你們收購的時候，可能考慮過買斷該資金流或者以某種方式不使用它，但現在你們已經提取了它。這是否意味著，鑑於自協議簽署以來金銀價格大幅上漲，已經沒有辦法真正透過談判解除協議了？

Well, I think your last comment really indicates what we'd be dealing with to renegotiate. There was contractually an opportunity to adjust the stream at the time of the acquisition. It didn't make sense at the time, and it still doesn't make sense based off of those numbers.

嗯，我認為你最後那句話確實表明了我們需要重新談判的內容。收購時，合約中規定有機會調整資金流。當時就說不通，而且根據這些數字來看，現在仍然說不通。

What might be available to negotiate with Wheaton, I can't comment on. You'd have to speak to them as well in terms of what their expectations are based on the contract that they entered into with Adventus.

我無法評論可能與惠頓進行談判的內容。你還需要和他們談談，了解他們根據與 Adventus 簽訂的合約所抱有的期望。

Okay. Fair enough. And then just on guidance, it sounds like you guys are expecting a pretty strong catch-up quarter at Ying in Q3 and that, that will get you back in line with guidance, whereas if you were operating at normal rates, you'd kind of be tracking a little below after the Q2, let's call it, issue for lack of a better word.

好的。很公平。至於業績指引，聽起來你們預期 Ying 在第三季會有強勁的追趕，這將使你們的業績回到預期水準。而如果你們以正常速度運營，那麼在經歷了第二季度的……姑且稱之為……問題之後，你們的業績可能會略低於預期。

Yes. I mean, clearly, Ying is a mine in transition as we look to increase mechanization, we've certainly been demonstrating other than the temporary setback in this last quarter, the ability to generate tonnes. So that has been ramping up nicely. Also, we've been able to deliver more tonnes and produce more gold. So that is a bit of a shift in the profile.

是的。我的意思是，很明顯，隨著我們努力提高機械化程度，英礦正處於轉型期。除了上個季度的暫時挫折之外，我們已經證明了我們有能力生產噸級礦石。所以進展一直很順利。此外，我們的交付量和黃金產量也提高了。所以這算是形像上的一個小小的轉變。

But whether we're able to make up for what was missed in so far this year, a little early to tell. I think it will depend on our ability to run at those expanded rates, great profile going forward and also Q4, just -- last year, we had some excess tonnes and we had a brand-new mill with excess capacity to work through those. So it kind of remains to be seen what we can push through in Q4 to get away from what has seasonally been a slower quarter. So still a bit early to tell. But as you point out, we're in a bit of a catch-up mode here.

但是，我們能否彌補今年迄今所錯失的局面，現在下結論還為時過早。我認為這取決於我們能否以擴大後的產能運行，以及未來良好的發展前景，還有第四季度的情況——去年，我們有一些過剩的噸位，而且我們有一個全新的工廠，產能過剩，可以處理這些過剩的噸位。所以，我們能否在第四季取得突破，擺脫往年淡季的局面，還有待觀察。現在下結論還為時過早。但正如你所指出的，我們現在有點處於追趕狀態。

(Operator Instructions) And we have no further questions at this time. I would like to turn it back to Lon Shaver for closing remarks.

（操作說明）目前我們沒有其他問題。我謹將發言權交還給 Lon Shaver，請他作總結發言。

Okay. Well, great. Thanks, operator, and thanks, everyone, for joining us today. If anyone does have any further questions after the call, please feel free to reach out by calling or e-mailing us. We look forward to hearing from you, and we look forward to catching up to discuss the results of our third quarter.

好的。太好了。謝謝接線員，也謝謝各位今天收看我們的節目。通話結束後，如有任何其他疑問，請隨時致電或發送電子郵件與我們聯繫。我們期待收到您的回复，並期待與您會面討論我們第三季的業績。

Thanks, everyone, and have a great day.

謝謝大家，祝大家今天過得愉快。

And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。