Silvercorp Announces Updated Mineral Resource Estimate for its Condor Project, located in the Zamora Chinchipe Province of Ecuador
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NEWS RELEASE
Trading Symbol: TSX/NYSE American: SVM
Silvercorp Announces Updated Mineral Resource Estimate for its
Condor Project, located in the Zamora Chinchipe Province of Ecuador
VANCOUVER, British Columbia – May 12, 2025 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE
American: SVM) is pleased to report an updated independent mineral resource estimate (the “MRE”) prepared in
accordance with National Instrument 43 -101- Standards of Disclosure for Mineral Projects (“NI 43 -101”) for its
Condor gold project in the Zamora-Chinchipe Province of Ecuador (the “Project”).
A preliminary economic assessment ( “PEA”) was completed on the Project in 2021 by a previous operator1, which
outlined a high tonnage, low-grade, open pit gold project. As discussed in its December 4, 2024 press release, that
after publishing an updated MRE the Project , the Company will then publish an updated Preliminary Economic
Assessment study for the Project.
The MRE update was completed by SRK Consulting (Canada) Inc. (“SRK”) with an effective date of February 28, 2025,
focused on the higher-grade material that would be accessible through underground mining, whereas the Camp and
Los Cuyes deposits are reported as underground resources, based on cutoff grades of 2.2 g/t ( Base Case) , 1.5 g/t
(Case 2), and 1 g/t (Case 3) of gold equivalent ( “AuEq”) (Table 1). For the smaller satellite deposits of Enma and
Soledad, mineral resources are reported using conceptual pit constraints (Table 2).
Highlights of MRE for Underground Operation
• Total indicated underground mineral resources of 3.17 million tonnes (“Mt”) at Camp and Los Cuyes
deposits, containing 0.34 million ounces (“Mozs”) of gold (“Au”), 2.0 Moz of silver (“Ag”), and 49.4 million
pounds (“Mlbs”) of zinc (“Zn”), or collectively 0.37 Moz gold equivalent (“AuEq”) at a cutoff grade of 2.2 g/t
AuEq.
• Total inferred underground mineral resources of 12.1 Mt at Camp and Los Cuyes deposits, containing 1.38
Mozs of Au, 8.56 Mozs of Ag, and 204.2 Mlbs of Zn, or collectively 1.50 Mozs AuEq at a cutoff grade of 2.2
g/t AuEq.
• Favorable initial metallurgical test work indicates laboratory -based gold recoveries of up to 96% at Camp
and 88% at Los Cuyes based on cyanide leaching.
Resource Estimation Details
The mineralized bodies have been modeled as a combination of sub-vertical to steeply dipping planar structures, and
a disseminated system of mineralization in four distinct deposits, each with individual mineralization characteristics.
The exploration database contains exploration results from previous operators of the Project from 1993 to 2018.
Silvercorp has undertaken relogging of the drill holes and a re -interpretation of the controls on mineralization. The
mineral resources have been estimated using a combination of ordinary kriging and Inverse Distance squared
weightings depending on the quantity and density of data available in each mineralized domain. The mineral
resources have been classified and r eported in accordance with the 2014 Canadian Institute of Mining, Metallurgy
and Petroleum (CIM) Definition Standards and NI 43-101.
A full NI 43-101 technical report covering all the details of mineral resource estimation processes will be posted
under the Company’s SEDAR+ profile at www.sedarplus.ca within 45 days from the date of this news release.
1 Condor Project NI 43-101 Report on Preliminary Economic Assessment Zamora-Chinchipe, Ecuador, July 28, 2021, filed under Luminex
Resources on Sedar+
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Resource Statement Table
A Base Case underground mineral resource estimate for the Camp and Los Cuyes deposit s was made based on a
cutoff grade of 2.2g/t AuEq which is calculated from assumptions of specified metal prices and estimated costs of
mining, processing and G&A. Cutoff sensitivity tables for Case 2 (cutoff grade of 1.5 g/t AuEq) and Case 3 (cutoff
grade of 1.0 g/t AuEq) are also provided. These cases are based on lower cutoff grades derived from higher metals
prices and lower costs of mining, processing and G&A, to accommodate optimistic perspective of future market
conditions.
Table 1: Condor Project – Underground Mineral Resource as of Feb 28, 2025
Base Case – Cutoff Grade AuEq 2.2 g/t
Average Grade Contained Metal
Deposit Tonnes AuEq Au Ag Pb Zn AuEq Au Ag Pb Zn
(Mt) (g/t) (g/t) (g/t) (%) (%) (Moz) (Moz) (Moz) (Mlb) (Mlb)
Indicated
Camp 2.45 3.44 3.17 18.68 0.08 0.73 0.27 0.25 1.47 4.36 39.45
Los
Cuyes 0.72 4.04 3.82 22.9 0.09 0.63 0.09 0.09 0.53 1.37 9.97
Total 3.17 3.58 3.32 19.63 0.08 0.71 0.37 0.34 2.00 5.72 49.42
Inferred
Camp 7.9 3.38 3.07 20.59 0.08 0.89 0.86 0.78 5.23 13.27 154.94
Los
Cuyes 4.2 4.71 4.47 24.64 0.12 0.53 0.64 0.60 3.33 10.74 49.28
Total 12.1 3.84 3.55 22 0.09 0.77 1.50 1.38 8.56 24.01 204.22
Cutoff grade calculation= (Mining cost + Processing cost + G&A) / (Au price * Au payable * Au recovery * (1 -royalty)/31.1035):
-Camp = (US$80/t + US$40/t+ US$22/t)/(US$2,200 * 99.5% * 96% * (1 -3%)/ 31.1035.
-Los Cuyes = (US$80/t + US$35/t+ US$18/t)/(US$2,200 * 99.2% * 88% * (1 -3%)/ 31.1035.
Sensitivity Case 2 - Cutoff Grade AuEq 1.5 g/t
Average Grade Contained Metal
Deposit Tonnes AuEq Au Ag Pb Zn AuEq Au Ag Pb Zn
(Mt) (g/t) (g/t) (g/t) (%) (%) (Moz) (Moz) (Moz) (Mlb) (Mlb)
Indicated
Camp 4.37 2.72 2.47 17.17 0.07 0.69 0.38 0.35 2.41 6.85 66.70
Los
Cuyes 1.25 3.11 2.93 18.80 0.08 0.63 0.12 0.12 0.75 2.23 17.30
Total 5.62 2.81 2.57 17.53 0.07 0.68 0.51 0.46 3.17 9.08 83.99
Inferred
Camp 16.25 2.58 2.31 17.45 0.06 0.77 1.35 1.21 9.11 22.67 276.04
Los
Cuyes 5.29 4.12 3.90 21.79 0.11 0.52 0.70 0.66 3.70 12.41 60.95
Total 21.53 2.96 2.70 18.51 0.07 0.71 2.05 1.87 12.82 35.07 337.00
Cutoff grade calculation= (Mining cost + Processing cost + G&A) / (Au price * Au payable * Au recovery * (1 -royalty)/31.1035):
-Camp = (US$60/t + US$30/t+ US$22/t)/(US$2,500 * 99.5% * 96% * (1 -3%)/ 31.1035.
-Los Cuyes = (US$60/t + US$30/t+ US$15/t)/(US$2,500 * 99.2% * 88% * (1 -3%)/ 31.1035.
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Sensitivity Case 3 - Cutoff Grade AuEq 1 g/t
Average Grade Contained Metal
Deposit Tonnes AuEq Au Ag Pb Zn AuEq Au Ag Pb Zn
(Mt) (g/t) (g/t) (g/t) (%) (%) (Moz) (Moz) (Moz) (Mlb) (Mlb)
Indicated
Camp 6.44 2.25 2.02 15.77 0.06 0.62 0.47 0.42 3.27 8.90 87.91
Los
Cuyes 1.45 2.86 2.69 17.60 0.08 0.63 0.13 0.13 0.82 2.55 20.07
Total 7.89 2.36 2.14 16.11 0.07 0.62 0.60 0.54 4.08 11.45 107.98
Inferred
Camp 23.78 2.16 1.92 15.43 0.06 0.68 1.65 1.47 11.80 29.05 356.32
Los
Cuyes 6.01 3.78 3.58 20.20 0.10 0.53 0.73 0.69 3.90 13.71 70.66
Total 29.79 2.49 2.26 16.39 0.07 0.65 2.38 2.16 15.70 42.76 426.98
Cutoff grade calculation= (Mining cost + Processing cost + G&A) / (Au price * Au payable * Au recovery * (1 -royalty)/31.1035):
-Camp = (US$55/t + US$20/t+ US$15/t)/(US$3,000 * 99.5% * 96% * (1 -3%)/ 31.1035.
-Los Cuyes = (US$55/t + US$20/t+ US$10/t)/(US$3,000 * 99.2% * 88% * (1-3%)/ 31.1035.
In addition to the underground MRE at Camp and Los Cuyes, conceptual open pit shell constrained MRE were
reported for Soledad and Enma with cut-off grades of 0.5 g/t AuEq for Soledad and 0.6 g/t AuEq for Enma (Table 2):
• Total indicated open pit mineral resources of 4.06 Mt at the Soledad and Enma deposits, containing 0.14
Moz of Au, 9.27 Moz of Ag, and 50.1 Mlbs of Zn, or collectively 0.15 Mozs AuEq.
• Total inferred open pit mineral resources of 14.17 Mt at the Soldedad and Enma deposits, containing 0.35
Mozs of Au, 2,676 Kozs of Ag, and 158.1 Mlbs of Zn, or collectively 0.38 Mozs AuEq.
Table 2: Condor Project – Conceptual Open Pit Constrained Mineral Resource as of Feb 28, 2025
Average Grade Contained Metal
Deposit Tonnes AuEq Au Ag Pb Zn AuEq Au Ag Pb Zn
(Mt) (g/t) (g/t) (g/t) (%) (%) (Moz) (Moz) (Moz) (Mlb) (Mlb)
Indicated
Soledad 4.03 1.14 1.06 7.05 0.05 0.56 0.15 0.14 0.91 4.37 49.88
Enma 0.03 1.05 0.97 7.11 0.07 0.3 0.00 0.00 0.01 0.05 0.21
Total 4.06 1.14 1.06 7.05 0.05 0.56 0.15 0.14 0.92 4.41 50.10
Inferred
Soledad 14.15 0.83 0.76 5.86 0.04 0.51 0.38 0.35 2.66 12.82 158.01
Enma 0.02 0.74 0.56 16.07 0.06 0.2 0.00 0.00 0.01 0.03 0.10
Total 14.17 0.82 0.76 5.87 0.04 0.51 0.38 0.35 2.68 12.85 158.11
Cutoff grade within pit shell = (Processing cost + G&A)/ (Au price * Au payable * Au recovery * (1 -royalty)/31.1035):
-Soledad = (US$20/t+ US$12/t)/(US$2,200 * 99.5% * 90% * (1-3%)/ 31.1035.
-Enma = (US$20/t+ US$12/t)/(US$2,200 * 99.5% * 75% * (1 -3%)/ 31.1035.
Notes:
• Mineral resources are reported in relation to a conceptual pit shell for Soledad and Enma, and above an underground
extraction economic cut off value for Camp and Los Cuyes. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
• AuEq equivalent formulas by deposits using a gold price of US$2,200/oz, silver price of US$27/oz, zinc price of
US$2,650/t and lead price of US$1,950/t.
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- Camp = Au g/t + Ag g/t * 0.0076 + Zn %* 0.1643 + Pb% * 0.0976.
- Los Cuyes = Au g/t + Ag g/t * 0.0092 + Pb% * 0.1515.
- Soledad = Au g/t + Ag g/t * 0.0109.
- Enma = Au g/t + Ag g/t * 0.0111.
• Numbers may not compute exactly due to rounding.
Deposit Descriptions
The Condor deposits are hosted in a Cretaceous volcanic complex of diatremes and rhyolite/dacite intrusives
crosscutting the Zamora batholith granodiorite of Jurassic age. The Project consists of the following known deposits
in the northern area (Figure 1):
Figure 1: Condor Project Plan View Showing Mineral Deposits
• Los Cuyes: Gold is hosted in a volcanic diatreme which crosscuts a granodiorite batholith. The diatreme,
with a dimension of 450m in NE-SW x 300m in NW-SE x 350m depth comprises phreatomagmatic breccias,
tuff and sediments, all of which are cross -cut by NW and NE str iking dykes of rhyolite and dacite. Gold
mineralization mostly occurs in subvertical vein structures containing pyrite and sphalerite with minor
amounts of galena and chalcopyrite. The vein -like mineralisation primarily occurs along the contact zones
of intrusive dykes with the surrounding volcanics and Granodiorite batholith. In addition, gold is also
associated with sulfide dissemination occurring in rhyolitic tuff units, resulting in wide sub-horizontal zones
of gold mineralization.
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• Camp: Gold mineralization occurs within veins of pyrite/sphalerite and is controlled by NW striking rhyolite
dykes at shallow levels, as well as crypto intrusive domes of rhyolite at depth. Gold mineralization remains
open beyond a depth of 700 metres based on existing drill data.
• Soledad: Gold mineralization is associated with pyrite/sphalerite replacement of feldspar grains (patchy) or
veins hosted in a rhyodacite porphyry. At San Jose, gold mineralization consists of sphalerite -rich veins
hosted in phreatomagmatic breccia.
• Guaya: Gold mineralization is associated with pyrite-sphalerite veins hosted in a rhyo-dacite porphyry.
• Enma: Gold mineralization occurs within veins of pyrite/sphalerite hosted in the rhyolitic breccia along the
contact between dacitic tuff and granodiorite batholith.
Next Steps
The Company will undertake a 3,500 -metre surface drilling program over 10 holes at Los Cuyes and Camp
commencing in May 2025 to test several areas where the Company sees exploration potential:
• Broad zones of sub-horizontal disseminated gold mineralization which occur within the rhyolitic tuffs at
Los Cuyes.
• Contact zone of crypto rhyolite domes with batholith granodiorite for wide mineralization at Camp.
• Region between the Camp and Los Cuyes deposits.
• Gap area between Camp and Soledad, testing for potential connection of NW trending mineralized
structures across the two deposits and for potential strike extension of NW trending mineralized
structures.
• Gap between the Los Cuyes and Enma deposits for potential strike extension of NW trending mineralized
structures.
With the MRE complete, the Company plans to publish a PEA by the end of 2025 for an underground operation. In
addition, the Company will continue to advance necessary permits and community agreements required to develop
exploration tunnels into the higher grade zones, which will inform a possible feasibility study which would follow the
PEA.
Qualified Person
The MRE and data verification were completed by SRK. Mr. Mark Wanless, Pr.Sci.Nat, Principal Geologist with SRK, is
the qualified person (as defined in NI 43-101) for the purposes of the MRE. The scientific and technical information
contained in this news release has been reviewed and approved by the qualified person. The qualified person has
verified the information disclosed herein using standard verification processes, including the sampling, preparation,
security and analytical procedures underlying suc h information, and is not aware of any significant risks and
uncertainties or any limitations on the verification process that could be expected to affect reliability or confidence
in the information discussed herein.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and
growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cash flow
from long life mines ; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition
efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please
visit our website at www.silvercorpmetals.com.
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For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: [email protected]
Website: www.silvercorpmetals.com
Cautionary Note to US Investors
This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the CIM, which
differ from the requirements of U.S. securities laws. NI 43 -101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects.
Canadian public disclosure standards, including NI 43 -101, differ significantly from the requirements of the United
States Securities and Exchange Commission (the “SEC”) , and information concerning mineralization, deposits,
mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar
information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news
release uses the terms “indicated mineral resources”, and “inferred mineral resources”. U.S. investors are advised
that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them.
The requirements of NI 43 -101 for identification of ”reserves” are not the same as those of the SEC, and may not
qualify as ”reserves” under SEC standards. Under U.S. standards, mineralization may not be classified as a ”reserve”
unless the determination has been made that the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of
an “indicated mineral resource” will ever be converted into a “reserve”. U.S. investors should also understand that
“inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all or any part of “inferred mineral resources” exist,
are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws,
estimated “inferred mineral resources” may not form the basis of feasibility or pre -feasibility studies except in rare
cases. Disclosure of “contained metal” in a mineral resource is permitted disclosure under Canadian securities laws.
However, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC
standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning
mineral deposits set forth herein may not be comparable with information made public by companies that report in
accordance with U.S. standards.
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
This news release includes “forward-looking statements” within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and “forward -looking information” within the meaning of applicable securities laws
relating to, among other thi ngs statements regarding inferred, indicated or measured mineral resources or mineral
reserves on the Company’s projects , the anticipated exploration, drilling, development, construction, and other
activities or achievements of the Company; the filing of NI 43-101 technical report; plans to advance the permits and
community agreements required to develop exploration tunnels into the higher grade zones ; and the Company’s
plans to publish a PEA. By their very nature, forward -looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance or achievements to be materially
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different from any future results, performance or achievements expressed or implied by the forward -looking
statements. Forward -looking information may in some cases be identified by words such as “will”, “anticipates”,
“expects”, “intends” and similar expressions suggesting future events or future performance.
Actual results may vary from forward -looking statements. We caution that all forward -looking information is
inherently subject to change and uncertainty and that actual results may differ materially from those expressed or
implied by the forward-looking information. A number of risks, uncertainties and other factors, including fluctuating
commodity prices; recent market events and condition; estimation of mineral resources, mineral reserves and
mineralization and metal recovery; interpretations and assumpt ions of mineral resource and mineral reserve
estimates; exploration and development programs; climate change; economic factors affecting the Company; timing,
estimated amount, capital and operating expenditures and economic returns of future production; in tegration of
future acquisitions into existing operations; permits and licences for mining and exploration in China; title to
properties; non-controlling interest shareholders; acquisition of commercially mineable mineral rights; financing;
competition; op erations and political conditions; regulatory environment in China; regulatory environment and
political climate in Bolivia and Ecuador; changes in national and local government’s taxation, controls , political or
economic developments; integration and operations of Adventus; the Company’s ability to obtain and maintain social
license at its mineral properties; risks associated with community relations and corporate social responsibility ;
environmental risks; natural disasters; dependence on management and key personnel; foreign exchange rate
fluctuations; insurance; risks and hazards of mining operations; conflicts of interest; internal control over financial
reporting as per the requireme nts of the Sarbanes -Oxley Act; outcome of current or future litigation or regulatory
actions; bringing actions and enforcing judgments under U.S. securities laws; cyber-security risks; public health crises;
the Company’s investment in New Pacific Metals Corp. and Tincorp Metals Inc.; and the other risk factors described
in the Company’s Annual Information Form and in the Company’s Annual Report on Form 40-F, and other filings with
Canadian and U.S. regulators on www.sedarplus.ca and www.sec.gov; could cause actual results and events to differ
materially from those expressed or implied in the forward-looking information or could cause our current objectives,
strategies and intentions to change. Although the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other factors that cause results not to be as anticipated,
estimated, described or intended. Accordingly, we warn investors to exercise caution when considering statements
containing forward-looking information and that it would be unreasonable to rely on such statements as creating
legal rights regarding our fu ture results or plans. We cannot guarantee that any forward -looking information will
materialize and you are cautioned not to place undue reliance on this forward -looking information. Any forward -
looking information contained in this news release represents expectations as of the date of this news release and is
subject to change after such date. However, we are under no obligation (and we expressly disclaim any such
obligation) to update or alter any statements containing forward -looking information, the f actors or assumptions
underlying them, whether as a result of new information, future events or otherwise, except as required by law. All
of the forward-looking information in this news release is qualified by the cautionary statements herein.
A comprehensive discussion of other risks that impact Silvercorp can also be found in their public reports and filings
which are available under its profile at www.sedarplus.ca.