Silvercorp Metals, Inc.

Kalkine's Global Tariff Report offers independent, data-driven analysis of key global sectors impacted by tariff adjustments. It evaluates the potential implications these changes may have for equity valuations within those industries. The report prioritizes trade-sensitive sectors, which typically face increased investor scrutiny during periods of tariff uncertainty, while also identifying defensive and countercyclical segments that demonstrate resilience or potential for outperformance amidst global trade disruptions.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump.

Key Developments 

U.S. Court Ruling / Global Tariff Reset 

• On 20 February 2026, the U.S. Supreme Court struck down broad country-specific reciprocal tariffs imposed under emergency economic powers, ruling that the administration had exceeded its authority.
• Following the ruling, U.S. Customs suspended collection of those tariffs, materially easing tariff pressure across multiple trading partners.
• The U.S. administration has since shifted toward a more standardised tariff framework, maintaining existing sector-specific tariffs (including steel, aluminium and select strategic goods) while relying on negotiated or rules-based structures for broader trade measures.
• The decision has reduced near-term escalation risk and stabilised global trade expectations, though sector-specific tariffs and political rhetoric continue to create episodic volatility. 

Canada

• The ~35% U.S. tariff on non-USMCA-compliant Canadian imports (effective 1 August 2025) remains in place and continues to apply to goods failing rules-of-origin requirements.
• USMCA-compliant goods remain exempt, preserving stability across autos, energy, and integrated manufacturing supply chains.
• Trade tensions remain elevated but broadly stable, with Canada continuing to rely on targeted responses and WTO/legal mechanisms rather than broad retaliatory tariffs.
• S. political rhetoric toward Canada has intensified, including threats of materially higher tariffs on Canadian exports if Ottawa deepens trade engagement with China. While no formal action has been implemented, the rhetoric has added headline-driven downside risk for Canada’s U.S.-exposed sectors into 2026.

India

• S. tariffs on key Indian exports remain unchanged as of 23 February 2026, maintaining pressure on metals, select manufactured goods, and some industrial exports.
• Bilateral U.S.–India negotiations remain ongoing with no confirmed timeline for tariff reductions or a mini-trade deal.
• India is nearing conclusion of a long-negotiated free trade agreement with the European Union, expected to materially improve market access for Indian exports and partly offset U.S. tariff headwinds.
• India’s trade strategy continues to pivot toward diversification, with greater emphasis on EU, Middle East, and Asia-Pacific markets to reduce U.S. dependence.

China

• The reduced “fentanyl-linked” tariff regime and broader tariff truce framework remain intact as of February 2026, providing near-term stability in bilateral trade flows.
• However, layered U.S. tariffs (Section 301, Section 232, and related measures) continue to keep effective tariff levels on many Chinese exports elevated near ~30%, limiting meaningful relief.
• The current tariff truce reflects a pause in escalation rather than a rollback, with both sides maintaining existing measures while negotiations continue.
• Planned U.S. tariffs targeting advanced semiconductor and strategic technology supply chains have been delayed, easing immediate supply-chain pressure but leaving medium-term policy risk unresolved.

European Union

• The U.S.-EU tariff framework remains intact, effectively capping most EU-origin goods at roughly a ~15% maximum combined tariff under the negotiated structure.
• Autos and auto parts continue to face ~15% effective tariffs under the quota-based arrangement, significantly below earlier 2025 peak levels.
• The European Commission has extended the suspension of its €93bn retaliatory tariff package against U.S. goods, signalling continued preference for de-escalation and negotiated outcomes.
• Negotiations covering steel, aluminium, semiconductors, and other strategic sectors remain unresolved, keeping selective tariff risk in place into early-to-mid 2026 despite overall stability in transatlantic trade relations.

In December 2025, Canada’s trade position improved slightly as export growth outpaced imports. Total exports rose 2.2% to about CAD ~85.8 billion, supported by a 2.6% increase in goods exports to CAD ~65.63 billion and a 0.8% rise in service exports to CAD ~20.2 billion. The goods export gain was driven mainly by a rebound in gold shipments and record-high aircraft and transportation equipment exports, despite declines across several other product categories. Imports remained broadly stable at roughly CAD ~86.4 billion. Merchandise imports edged up 0.6%, reflecting higher purchases of passenger vehicles and metal-related products, while service imports fell 2.2% to CAD ~19.4 billion. As a result, Canada’s overall trade deficit narrowed significantly from CAD ~2.5 billion in November to about CAD ~575 million in December, with healthy export momentum partially offset by a narrower merchandise trade surplus with the United States.

Image source: © 2026 Krish Capital Pty. Ltd., Analysis: Kalkine Group

Image source: © 2026 Krish Capital Pty. Ltd., Analysis: Kalkine Group 

Amid elevated Market Volatility and Tariff pressures, Silvercorp Metals, Inc. (TSX: SVM) stands out as our defensive pick within the Mining sector, supported by rigorous fundamental and technical research.

Section1: Company Overview and Fundamental Insights:

Silvercorp Metals, Inc. (TSX: SVM) engages in the acquisition, exploration, development, and mining of mineral properties and Environmental, Social and Governance practices. It operates through Mining and Administrative segments. The Mining segment includes Henan Luoning, Guangdong, and others. Its products include Silverbearing lead and Zinc Concentrates. The Administrative segment focuses on Vancouver and Beijing. The company was founded by Rui Feng on October 31, 1991 and is headquartered in Vancouver, Canada.

Kalkine’s Global Tariff Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The top 10 shareholders together form ~33.05% of the total shareholding. Amplify Investments LLC and Tidal Investments LLC. hold a maximum stake in the company at ~4.96% and ~4.91%, respectively.

The company reported rising financials in Q3 2026, where it clocked healthy growth under its Gross Margin, which is a key positive. Furthermore, it witnessed elevated Asset to Equity Ratio and EBITDA Margin, displaying the company’s efficiency.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activities, such as an announcement regarding Higher Project Budget.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary

The stock has witnessed an upside of ~7.01% and ~81.63% over the last 1 week and 3 months respectively. Moreover, it is trading above the average 52-week high price of CAD 19.09 and 52-week low price of CAD 4.50, providing an opportunity to ride the trend.

Valuation Methodology: EV to Sales Based Relative Valuation (Illustrative):

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 20, 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.