Silvercorp Allocates US$196.3M for Kyrgyz Tulkubash, Kyzyltash Development Over Two Years
SVM•Silvercorp has approved a US$196.3 million budget for its Chaarat ZAAV JV, allocating US$57 million to Phase 1 Tulkubash development in 2026 and US$139 million to Phase 2 Kyzyltash in 2027. The company holds 70% of the fully permitted Tulkubash and Kyzyltash gold projects in the Kyrgyz Republic.
1. Budget Approval and Allocation
Silvercorp’s board has greenlighted a US$196.3 million capital program for its Chaarat ZAAV joint venture, with US$57.3 million earmarked for 2026 and US$139 million for 2027. This budget covers full development of Phase 1 Tulkubash and initial Phase 2 Kyzyltash expenditures.
2. Phase 1 Tulkubash Development Details
Phase 1 includes a 4 million tonnes per year open-pit mine, heap leach system, ADR plant and power station at an estimated cost of US$166.3 million. Major line items include a US$51.5 million open-pit contract, US$75.6 million heap leach facilities and US$14 million for G&A and contingency.
3. Phase 2 Kyzyltash Drilling and Study
Phase 2 allocates US$30 million over 2026–27 for a 50,000–60,000 metre drilling program, studies and engineering to advance the Kyzyltash sulfide deposit. The 2026 plan includes infill and step-out drilling, metallurgical and environmental studies with a US$15 million budget.
4. Joint Venture Structure and Timeline
ZAAV is 70% owned and operated by Silvercorp, with a 30% free-carried interest by Kyrgyzaltyn. The fully permitted Tulkubash/Kyzyltash projects span 7 km2 of mining licenses, with an updated feasibility study due by July 2026 and construction beginning upon completion.
