Announcement • 22h

Silvercorp Metals Inc. Reports Updated Mineral Reserves and Resources At the Gc Mine

Silvercorp Metals Inc. reported the results of an updated Technical Report titled Technical Report on Gaocheng Silver-Lead-Zinc Project in Guangdong Province, China for the Gaocheng Mine prepared in accordance with National Instrument 43-101 by SRK Consulting China Ltd. with a Mineral Reserve and Mineral Resource dated effective December 31, 2025. Estimated Measured and Indicated Mineral Resources of 18.3 million tonnes grading 65 grams per tonne silver, 0.91% lead, and 2.24% zinc, containing 38.3 million ounces silver, 167 thousand tonnes lead, and 408 thousand tonnes zinc. In comparison with the 2024 Technical Report (Mineral Resources as of June 30, 2024), Measured and Indicated Resource tonnes have increased by 59%, and contained metal has increased by 23% for silver, 24% for lead and 25% for zinc. Estimated Proven and Probable Mineral Reserves of 6.2 million tonnes grading 63 grams per tonne silver, 0.91% lead, and 2.23% zinc, containing 12.5 million ounces silver, 56 thousand tonnes lead, and 138 thousand tonnes zinc. In comparison with the 2024 Technical Report (Mineral Reserves as of June 30, 2024), there has been a 25% increase in total Proven and Probable Mineral Reserves tonnes. The changes in total contained metal for silver, lead, and zinc are -4%, -7%, and -2% respectively. Estimated Inferred Resources of 7.36 million tonnes grading 75 grams per tonne silver, 0.84% lead, and 1.91% zinc, containing 17.7 million ounces silver, 62 thousand tonnes lead, and 140 thousand tonnes zinc. In comparison with the 2024 Technical Report, Inferred Resource tonnes have decreased by 23%, and contained metal has decreased by 32% for silver, 47% for lead and 40% for zinc. Based on Proven and Probable Mineral Reserves only, an annual production rate increase is planned from the current level of around 345 thousand tonnes per annum in Fiscal Year 2026 to between 350 and 365 thousand tonnes per annum from Fiscal Year 2027 to Fiscal Year 2028, and then increase to approximately 370 thousand tonnes per annum from Fiscal Year 2029 to Fiscal Year 2041, and then decrease to 223 and 62 thousand tonnes per annum for Fiscal Year 2042 and final year Fiscal Year 2043, respectively. Annual production of silver is projected to be approximately 0.7 million ounces. The Life of Mine plan is capped unless the GC Mine can complete a tailings storage facility expansion prior to fiscal year 2043. There is the potential to extend the Life of Mine beyond year 2044 with such a tailings storage facility capacity expansion. Using the Life of Mine production profile based on the December 31, 2025 Mineral Reserves, at an 8% discount rate, the projected post-tax NPV5 is $101.4 million, with a post-tax NPV5 attributable to Silvercorp of $100.3 million (99% interest). The December 31, 2025 Mineral Resources were estimated using a block modelling approach in Micromine. All grade estimation was completed using inverse distance squared. Resource estimates were made for a total of 315 mineralized vein structures for the GC Mine. The Mineral Resources are reported above cut-offs after applying a minimum practical extraction width of 0.4 meters. Cut-off grades are based on in situ values in silver equivalent terms in grams per tonne and incorporate mining, trucking and processing costs, with metallurgical recoveries and payable values provided by Silvercorp and reviewed by the Qualified Persons. The estimated Mineral Resources and metal content for the GC Mine as of December 31, 2025, are detailed in Table 1. Measured: 8.97 million tonnes, 66 grams per tonne silver, 1.01% lead, 2.44% zinc, 19,091 thousand ounces silver, 91 thousand tonnes lead, 219 thousand tonnes zinc. Indicated: 9.30 million tonnes, 64 grams per tonne silver, 0.82% lead, 2.04% zinc, 19,180 thousand ounces silver, 76 thousand tonnes lead, 190 thousand tonnes zinc. Measured+Indicated: 18.28 million tonnes, 65 grams per tonne silver, 0.91% lead, 2.24% zinc, 38,271 thousand ounces silver, 167 thousand tonnes lead, 408 thousand tonnes zinc. Inferred: 7.36 million tonnes, 75 grams per tonne silver, 0.84% lead, 1.91% zinc, 17,729 thousand ounces silver, 62 thousand tonnes lead, 140 thousand tonnes zinc. Measured and Indicated tonnes have increased by 59% overall, with Measured and Indicated grades decreasing by 23%, 23% and 21% for silver, lead and zinc, respectively. The net result in the Measured and Indicated categories has been an increase in the contained silver, lead and zinc of 23%, 24% and 25%, respectively. The Inferred tonnes have decreased by 23%, with Inferred grades decreasing by 12%, 32% and 22% for silver, lead and zinc, respectively. The net result in the Inferred category has been a decrease in the contained silver, lead and zinc of 32%, 47%, and 40%, respectively. Reasons for the differences in grade, tonnes, and contained metal include updated interpretation of the mineralization, conversion to higher categories arising from drilling and level development, application of different cut-off grades, and depletion due to mining. The Mineral Reserve estimation is based on the assumption that current stoping practices will continue to be predominant at the GC Mine, namely cut and fill resuing, overhand cut and fill stoping, and shrinkage stoping, using hand-held drills and hand-mucking or wheelbarrows within stopes, and loading to mine cars or truck by rocker-shovel or by load-haul-dump machine. Minimum mining widths of 0.5 meters for resuing and 1.0 meters for shrinkage and overhand cut and fill stoping are assumed. Minimum dilution assumptions are 0.10 meters of total overbreak for a resuing cut, and 0.2 meters of total overbreak for a shrinkage stope and overhand cut and fill stoping stope. Mining dilution and recovery factors vary somewhat from stope to stope and with mining method. Average dilution factors have been estimated as 17% for resuing, and 25% for shrinkage and overhand cut and fill stoping, while assumed mining recovery factors are 95% for resuing stopes, and 92% for shrinkage and overhand cut and fill stoping stopes.

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