Ying Ag-Pb-Zn-Au Property Feasibility Study: $1.03B NPV
Silvercorp Metals Inc.'s Ying Ag-Pb-Zn-Au Property in Henan Province, People's Republic of China has a Feasibility Study outlining an after-tax NPV of $1.03B.
Silvercorp Metals Inc.'s Ying Ag-Pb-Zn-Au Property has reported Feasibility Study results for the silver project in Henan Province, People's Republic of China. The study headlines an after-tax net present value of $1.03B at a 5% discount rate. It reflects Silvercorp Metals Inc.'s (SVM.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.03B using a 5% discount rate. Economics are based on Gold: $3,400 FY2026Q4, $2,975 FY2027, $2,800 LOM; Silver: $76.80 FY2026Q4, $48.00 FY2027, $38.40 FY2028, $26.88 LOM; Lead: $0.90/lb; Zinc: $1.92/lb; Copper: $1.76/lb.
Production and mine plan. The project envisions an underground operation.
Resources and ownership. Mineral reserves: Total P&P: 45% of M&I resource tonnes. See individual mine breakdowns - SGX 7.24 Mt, HZG 1.09 Mt, HPG 1.35 Mt, and others (TLP, LME, LMW, DCG, KP) - total approximately 16.1 Mt (sum of individual mines from Table 1.2 partial data). Mineral resources: Mineral Resources as of 31 December 2025 reported in Table 1.1 (not fully shown). Total M&I contained metals: Au +62%, Ag +37%, Pb +39%, Zn +48% vs prior estimate.. The company holds a 100% interest in the project.
These figures are extracted from Silvercorp Metals Inc.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Our Analysis
- NPV after-tax
- $1.03B
- Study price assumption
- Gold: $3,400 FY2026Q4, $2,975 FY2027, $2,800 LOM; Silver: $76.80 FY2026Q4, $48.00 FY2027, $38.40 FY2028, $26.88 LOM; Lead: $0.90/lb; Zinc: $1.92/lb; Copper: $1.76/lb
- Spot silver today
- $65.50/oz
The after-tax IRR of this silver project is strong in absolute terms and likely ranks well among single-asset developers, but the financing hurdle is real. A junior with a market cap below the $1.03B NPV carries implied dilution risk: the market may be pricing skepticism on permitting, jurisdiction, or the capital intensity of bringing a polymetallic mine into production. The NPV-to-market-cap gap cuts both ways—it signals potential upside if execution de-risks, but equally reflects the market's discount for financing and operational complexity.
The study's silver price assumption starts at $76.80/oz in FY2026Q4, well above the current spot of $65.50/oz, meaning near-term returns are optimistic relative to today’s market. The discount rate is not provided, but a low rate would flatter the NPV; without it, the IRR’s credibility hinges on cost and grade assumptions. The single most important risk is funding: capex relative to market cap suggests significant equity dilution or debt dependency, a common failure point for developers in this space.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.