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Salazar Resources Reports Updated Mineral Resources, Mineral Reserves, and Enhanced Project Economics for the Curipamba–El Domo Project
Salazar Resources Limited provided an update on the Curipamba–El Domo polymetallic project, located in the Bolívar and Los Ríos provinces of Ecuador. The update is based on an independent NI 43-101 Technical Report prepared by SRK Consulting (China) Ltd. for the Project operator, Silvercorp Metals Inc., with an effective date of December 31, 2025 and issued on May 31, 2026, and includes a comparison with the October 26, 2021 Feasibility Study. Measured + Indicated (M+I) Mineral Resources increased by 27%, from 9 Mt to 11.4 Mt, grading 1.85% Cu, 2.11 g/t Au, 2.42% Zn, 0.22% Pb, and 41.69 g/t Ag. Inferred Mineral Resources increased by 245%, from 1.1 Mt to 3.8 Mt, grading 0.46% Cu, 0.97% Zn, 0.13% Pb, 0.80 g/t Au, and 28.49 g/t Ag. Mineral Reserves (Proven + Probable): 7.13 Mt, an increase of 10% compared to the 6.48 Mt reserves reported in the 2025 Technical Report. The metal content of the reserves increased by 10% for copper (137.7 kt), 11% for gold (584 koz), 16% for zinc (187.7 kt), 14% for lead (18.4 kt), and 15% for silver (11.0 Moz). After-Tax NPV (8% discount rate) is USD 573 million, representing a 121% increase compared to the October 2021 Feasibility Study. After-Tax NPV (5% discount rate), is USD 705.6 million according to the updated economic analysis. Construction of El Domo is fully funded, and production of the first commercial concentrates is expected to begin in mid-2027. The El Domo Project is currently under construction, with a mine life of 13 years processing 666,000 metric tons of mineralized material per year. This mine life includes the approximately 1.5 years of mine construction. Salazar’s 25% interest is fully carried through to commercial production, with no additional development or construction financing obligations. The current Mineral Resource estimate is based on information obtained from 427 diamond drill holes, totaling 79,357 metres, completed between 2007 and 2024. This updated Mineral Resource estimate includes 28 additional infill drill holes completed within the open pit and underground areas, as well as 8 drill holes completed for metallurgical testing. Measured + Indicated (M+I) Mineral Resources total 11.4 Mt, grading 1.85% Cu, 0.22% Pb, 2.42% Zn, 2.11 g/t Au, and 41.69 g/t Ag (containing 211.6 kt Cu, 25.2 kt Pb, 275.9 kt Zn, 775 koz Au, and 15.3 Moz Ag). In addition, Inferred Mineral Resources total 3.8 Mt, grading 0.46% Cu, 0.13% Pb, 0.97% Zn, 0.80 g/t Au, and 28.49 g/t Ag (containing 17.6 kt Cu, 5.0 kt Pb, 37.1 kt Zn, 98.0 koz Au, and 3.5 Moz Ag). Measured + Indicated Tonnage and Grades: Tonnage (Mt) 9.0 in 2021, 11.4 in 2025 (+27%), Cu Grade (%) 2.11 in 2021, 1.85 in 2025 (-12%), Au Grade (g/t) 2.36 in 2021, 2.11 in 2025 (-11%), Zn Grade (%) 2.59 in 2021, 2.42 in 2025 (-7%), Pb Grade (%) 0.24 in 2021, 0.22 in 2025 (-8%), Ag Grade (g/t) 45.00 in 2021, 41.69 in 2025 (-7%). Contained Metal: Contained Cu (kt) 189.4 in 2021, 211.6 in 2025 (+12%), Contained Au (koz) 680 in 2021, 775 in 2025 (+14%), Contained Zn (kt) 231.7 in 2021, 275.9 in 2025 (+19%), Contained Pb (kt) 21.6 in 2021, 25.2 in 2025 (+17%), Contained Ag (koz) 12,969 in 2021, 15,299 in 2025 (+18%). Inferred Tonnage (Mt) 1.1 in 2021, 3.8 in 2025 (+245%), Cu Grade (%) 1.72 in 2021, 0.46 in 2025 (-73%), Au Grade (g/t) 1.62 in 2021, 0.80 in 2025 (-51%), Zn Grade (%) 2.18 in 2021, 0.97 in 2025 (-56%), Pb Grade (%) 0.14 in 2021, 0.13 in 2025 (-7%), Ag Grade (g/t) 32 in 2021, 28.49 in 2025 (-11%). Contained Metal: Contained Cu (kt) 18.5 in 2021, 17.6 in 2025 (-5%), Contained Au (koz) 57 in 2021, 98 in 2025 (+72%), Contained Zn (kt) 23.6 in 2021, 37.1 in 2025 (+57%), Contained Pb (kt) 1.5 in 2021, 5.0 in 2025 (+233%), Contained Ag (koz) 1,118 in 2021, 3,524 in 2025 (+215%). Above a cut-off value of USD 55/t, there are 7.13 Mt of Proven and Probable Mineral Reserves at an average NSR grade of USD 312/t. Proven and Probable Mineral Reserves total 7.13 Mt, grading 2.55 g/t Au, 47.82 g/t Ag, 1.93% Cu, 0.26% Pb, and 2.63% Zn, containing 584 koz Au (+11%), 11.0 Moz Ag (+15%), 137.7 kt Cu (+10%), 18.4 kt Pb (+14%), and 187.7 kt Zn (+16%). Tonnage (Mt) 6.48 in 2021, 7.13 in 2025 (+10%), Cu Grade (%) 1.93 in 2021, 1.93 in 2025 (0), Au Grade (g/t) 2.52 in 2021, 2.55 in 2025 (+1%), Zn Grade (%) 2.49 in 2021, 2.63 in 2025 (+6%), Pb Grade (%) 0.25 in 2021, 0.26 in 2025 (+4%), Ag Grade (g/t) 45.7 in 2021, 47.82 in 2025 (+5%). Contained Cu (kt) 124.9 in 2021, 137.7 in 2025 (+10%), Contained Au (koz) 524.6 in 2021, 584 in 2025 (+11%), Contained Zn (kt) 161.4 in 2021, 187.7 in 2025 (+16%), Contained Pb (kt) 16.2 in 2021, 18.4 in 2025 (+14%), Contained Ag (koz) 9,516.7 in 2021, 10,960 in 2025 (+15%). The cash flow estimate includes only the revenue, costs, taxes, and other factors directly associated with El Domo Project. The ROM (run-of-mine) and final products of El Domo Project, which are lead, zinc, and copper concentrates, are based on the LOM schedule. The local currency for El Domo Project is USD and is used for technical-economic analysis. The effective date is December 31, 2025.