The filing confirms the El Domo project is economically viable with strong returns and is advancing through construction toward H2 2027 first production. Monitor construction milestones and concentrate offtake agreements for de-risking signals. The 45% IRR and 3-year payback provide a strong fundamental anchor if execution stays on track.
Price Chart
Executive Summary
Silvercorp Metals filed a NI 43-101 technical report for its 75%-owned Curipamba-El Domo polymetallic project in Ecuador, confirming 7.1 Mt of Proven and Probable mineral reserves grading 1.93% Cu, 2.55 g/t Au, 47.82 g/t Ag, 0.26% Pb, and 2.63% Zn. The feasibility-level study reports an after-tax NPV of USD 573 million at an 8% discount rate, a 45% IRR, and a 3-year payback, with first production targeted for H2 2027. The project is in peak construction with key permits secured, representing a material de-risking milestone for SVM.
Key Facts
- Total LOM capex estimated at USD 373.46 million, with USD 283.68 million initial capex concentrated in 2026-2027.
- Total LOM operating cost estimated at USD 416.29 million, averaging USD 58.39/t-milled.
- After-tax NPV of USD 573 million at 8% discount rate, with 45% IRR and 3-year payback period.
- Proven & Probable reserves: 7,129 kt at 1.93% Cu, 2.55 g/t Au, 47.82 g/t Ag, 0.26% Pb, 2.63% Zn.
- Measured & Indicated resources: 11.4 Mt at 1.85% Cu, 2.11 g/t Au, 41.69 g/t Ag, 0.22% Pb, 2.42% Zn.
- Processing plant designed for 666 ktpa throughput, producing copper, zinc, and lead concentrates.
- Open pit mine life of 13 years (1.5 years construction + 11.5 years production), commencing January 2026.
- Environmental license granted January 2024 with 98% community approval; water permits and construction phase approvals secured.
- Mining contract awarded to China Railway 19th Bureau Group for construction and first 5 years of operations.
- Project most sensitive to metal prices; break-even requires all five metal prices to drop ~52% from base case.
Financial Impact
After-tax NPV of USD 573 million at 8% discount rate; total LOM free cash flow of USD 996 million.
Risk Factors
- Construction execution risk: USD 373M capex concentrated in 2026-2027 with contractor dependency.
- Metal price sensitivity: NPV highly sensitive to copper, gold, silver, lead, and zinc prices; break-even requires ~52% price decline.
- Metallurgical risk: Gold and silver recoveries are relatively low (41.4% Au, 32.6% Ag to copper concentrate); Cu-Pb separation remains technically challenging.
- TSF capacity risk: Current tailings storage facility provides ~12 years of capacity, potentially constraining LOM if expansion not completed.
- Ecuador political/regulatory risk: Prior legal challenges to environmental license, though court rejected protective action in July 2024.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-078750 |
| Document: tm2619048d2_6k.htm | 0001104659-26-078750 |
| Document: 0001104659-26-078750-index-headers.html | 0001104659-26-078750 |
| Document: 0001104659-26-078750-index.html | 0001104659-26-078750 |
| Document: 0001104659-26-078750.txt | 0001104659-26-078750 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 6-K | $9.26 | awaiting T+5 | — | $8.22 (+11.23%) |
Oct 19, 2026 7d ago | Press Release | $9.26 | awaiting T+5 | — | $8.22 (+11.23%) |
Oct 7, 2026 19d ago | 6-K | $10.31 $9.76 | ▼ −5.33% | ▼ −5.06% | $8.22 (−20.27%) |
Oct 2, 2026 24d ago | Press Release | $10.55 $10.30 | ▼ −2.37% | ▼ −2.79% | $8.22 (−22.09%) |
Sep 30, 2026 26d ago | 6-K | $10.67 $10.04 | ▼ −5.90% | ▼ −7.82% | $8.22 (−22.96%) |
Sep 29, 2026 27d ago | 6-K | $10.83 $10.51 | ▼ −2.95% | ▼ −4.90% | $8.22 (−24.10%) |
Sep 25, 2026 4w ago | 6-K | $11.34 $10.58 | ▼ −6.70% | ▼ −6.48% | $8.22 (−27.51%) |
Sep 23, 2026 4w ago | 6-K | $11.51 $10.67 | ▼ −7.30% | ▼ −6.62% | $8.22 (−28.58%) |
Sep 17, 2026 5w ago | 6-K | $12.15 $11.34 | ▼ −6.67% | ▼ −7.27% | $8.22 (−32.35%) |
Aug 31, 2026 8w ago | 6-K | $12.44 $12.43 | ▼ −0.08% | ▲ +0.06% | $8.22 (−33.92%) |
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