Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) has approved a US$196.3 million budget for its 70%-owned joint venture in the Kyrgyz Republic, Chaarat ZAAV CJSC, to advance development of the Tulkubash and Kyzyltash gold projects. The budget allocates US$166.3 million for Phase 1 development of the fully permitted Tulkubash open-pit heap leach operation and US$30 million for Phase 2 activities at the Kyzyltash sulfide deposit, with forecast spending of US$57.3 million in 2026 and US$139 million in 2027.
Phase 1 development at Tulkubash will include open-pit mining infrastructure, heap leach facilities, a crusher, an ADR plant and supporting infrastructure. The company expects to publish an updated feasibility study for Tulkubash in July 2026. Phase 2 funding will support drilling and technical studies aimed at advancing Kyzyltash toward feasibility and construction. Silvercorp plans a 50,000- to 60,000-meter drilling program at Kyzyltash this year to upgrade resources and expand the deposit.
The approval marks a significant milestone for Silvercorp as it expands its gold portfolio beyond its core silver operations. The Tulkubash project, being fully permitted, reduces development risk, while the Kyzyltash drilling program aims to enhance resource confidence and potentially increase the project's scale. For investors, this budget demonstrates Silvercorp's commitment to growth through organic project development, which could lead to increased production and cash flow in the coming years.
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability. The company's strategy focuses on generating free cash flow from long-life mines, organic growth through extensive drilling, ongoing merger and acquisition efforts, and a long-term commitment to responsible mining and ESG.
For more information, visit the company's newsroom at https://nnw.fm/SVM and the full press release at https://nnw.fm/RTirNA.
