SVM.TO · 2024-08-19 12:00:00

Silvercorp Issues Updated Technical Report for the Ying Mining District

Technical Reports (NI 43-101)

NEWS RELEASE

Trading Symbol: TSX/NYSE American: SVM

VANCOUVER, British Columbia – August 19, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX / NYSE

American: SVM) is pleased to report the results of an updated Technical Report, prepared in accordance with National

Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) on its Ying Mining District (“The Ying 2024

Technical Report” or “Technical Report”), prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”) with a Mineral

Reserve and Mineral Resource effective date of June 30, 2024. The Ying 2024 Technical Report covers all seven mines

in the Ying Mining District (also referenced as the “Ying Property”) in Henan Province, China, namely the SGX, HZG, HPG,

TLP, LME, LMW, and DCG underground mines.

Approximately 89 million ounces (Moz) of silver (“Ag”) are projected to be mined at the Ying Property in the currently

planned 14-year life of mine (LOM). There remains significant potential to extend the LOM beyond 2038 via further

exploration and development, particularly in areas with identified Inferred Resources.

Silvercorp Observations to the Independent Ying 2024 Technical Report:

• The 2024 Mineral Reserves reflect the substantial replenishment of metals mined-out between January 2022 and June

2024:

o Approximately 14.3 Moz Ag, 13.3 thousand ounces of gold (“koz Au”), 64.0 thousand tonnes of lead (“ kt

Pb”) and 8.7 thousand tonnes of zinc (“kt Zn”) were produced during this period;

o The above produced metal quantities are referenced against the Mineral Reserve contained metal values

reported in the 2022 Technical Report, namely 95.7 Moz Ag, 104.7 koz Au, 414 kt Pb and 127.5 kt Zn.

• Annual metal production through FY2031 (including Q1FY2025) is projected to be:

o Precious metals: between 7.1 and 8.7 Moz Ag and 3.1 and 13.0 koz Au (7.4 and 9.7 Moz Ag_Eq 1);

o Base metals: between 30.8 and 36.4 kt Pb, and 5.1 and 5.9 kt Zn;

• Total LOM production of about 86.3 Moz Ag, 63.0 koz Au, 395.0 kt Pb, and 75.7 kt of Zn.

• The results of the 2022-2023 underground drilling program at the Ying Mining District show that most of the major

mineralized vein structures are still open at depth and laterally.

• Ying Mining District LOM metal production Ag_Eq values, which only consider silver plus conversion of gold

ounces to equivalent silver ounces1, are shown in Table 1.

Table 1. Ying LOM metal production Ag_Eq values

Ag_Eq (koz) 6,828 9,204 9,665 9,010 8,593 7,940 7,415 6,877 5,996 5,779 5,571 3,869 2,045 1,235 90,028

Total

FY2034

FY2035

FY2036

FY2037

FY2038

FY2029

FY2030

FY2031

FY2032

FY2033

Ying Mines

FY2025

Q2-Q4

FY2026

FY2027

FY2028

Note: Numbers may not compute exactly due to rounding.

Summary of the Ying 2024 Technical Report

• Estimated Measured and Indicated Mineral Resources of 22.15 million tonnes (inclusive of Mineral Reserves)

grading 203 g/t Ag, 0.20 g/t Au, 3.06% Pb, and 0.87% Zn, containing 144 Moz Ag, 143 koz Au, 677 kt Pb, and 192

kt Zn.

o In comparison with the 2022 Technical Report (Mineral Resources as of December 31, 2021), Measured

and Indicated Resource tonnes have increased by 18%, and contained metal has increased by 3% for Pb

and decreased by 1% for Ag, 12% for Au, and 1% for Zn, after accounting for depletion.

• Estimated Proven and Probable Mineral Reserves of 12.76 million tonnes grading 216 g/t Ag, 0.17 g/t Au, 3.20%

1 Ag_Eq (oz) = Ag (oz) + 86.364* Au (oz); Au and Ag prices at US$1,900/oz and US$22/oz. Silvercorp notes that Ag_Eq calculations in the Technical

Report consider all metals deemed payable.

Pb, and 0.96% Zn, containing 89 Moz Ag, 71 koz Au, 408 kt Pb, and 123 kt Zn.

o In comparison with the 2022 Technical Report (Mineral Reserves as of December 31, 202 1), there has

been a 24% increase in total Proven Mineral Reserve tonnes and a 4% increase in total Proven and

Probable Mineral Reserve tonnes. The decreases in total contained metal for silver, gold, lead, and zinc

are 7%, 33%, 1%, and 4%, respectively.

• In comparison with the 2022 Technical Report, Inferred Resource tonnes have decreased by 33%, and contained

metal has decreased by 8% for Au, 37% for Ag, 37% for Pb, and 44% for Zn.

• Based on only Proven and Probable Mineral Reserves, a production rate increase is planned from the FY2024

level of 0.83 million tonnes per year (“ Mtpa”) to approximately 1 .0 Mtpa in FY2025, 1.1 Mtpa in FY2026, and

then to close to 1.2 Mtpa for the next two fiscal years. The projection remains above or close to 1.0 Mtpa from

FY2029 through FY2031, with the rate then slowly declining to around 900 ktpa by FY2035, and then with a

more rapid decline to around 240 ktpa in the final year of currently planned mining.

• Using the LOM production profile based on the 30 June 2024 Mineral Reserves, with $22/oz Ag, $1,900/oz Au,

$1.00/lb Pb and $1.15/lb Zn and a 5% discount rate , pre-tax and post -tax NPVs of $896M and $699M,

respectively, are projected (other assumptions are outlined below).

Mineral Resources

The June 2024 Mineral Resources were estimated using a block modelling approach in Micromine for a total of 534

mineralized vein structures for the seven active mines in the Ying Mining District. All grade estimation was completed

using inverse distance squared. Grade estimates were completed for silver and lead in all deposits, zinc in select

deposits, and gold within select veins at select deposits.

The Mineral Resources are reported above cut‐offs after applying a minimum practical extraction width of 0.4 m.

Diluted grades were estimated for blocks with mineralization widths less than 0.4 m by adding a waste envelope with

zero grade. Cut‐off grades are based on in situ values in silver equivalent (Ag_Eq) terms in grams per tonne and

incorporate mining, trucking, and processing costs, with metallurgical recoveries and payable values provided by

Silvercorp for each mine and reviewed by the QPs. Ag_Eq formulas by mine are shown in the footnotes of the table

below

The estimated Mineral Resources and metal content for the Ying Mining District as of June 30, 2024 are detailed in

Table 2 below.

Table 2. Ying Mining District – Mineral Resources and metal content for silver, lead, zinc, and gold as of June 30,

2024 (inclusive of Mineral Reserves)

Mine Resource

category

Tonnes

(Mt)

grade

(g/t)

grade

(g/t)

grade

(%)

grade

(%)

metal

(koz)

metal

(Moz)

metal

(kt)

metal

(kt)

SGX

Measured 4.09 0.06 252 4.88 2.50 7.24 33.14 199.57 101.99

Indicated 3.15 0.03 204 3.99 2.02 3.03 20.61 125.58 63.62

Meas + Ind 7.23 0.04 231 4.50 2.29 10.27 53.76 325.15 165.61

Inferred 2.26 0.01 210 4.38 1.70 0.98 15.28 99.00 38.44

HZG

Measured 0.65 - 294 1.05 - - 6.15 6.81 -

Indicated 0.28 - 283 0.83 - - 2.54 2.31 -

Meas + Ind 0.93 - 291 0.98 - - 8.68 9.12 -

Inferred 0.34 - 266 0.71 - - 2.94 2.43 -

HPG

Measured 1.22 1.18 79 3.36 1.04 46.10 3.08 40.91 12.67

Indicated 0.81 1.34 60 2.44 0.90 34.83 1.56 19.66 7.28

Meas + Ind 2.02 1.24 71 2.99 0.99 80.94 4.64 60.58 19.95

Inferred 1.57 2.86 103 3.76 0.95 144.71 5.22 59.18 14.88

TLP

Measured 3.64 - 185 3.09 - - 21.57 112.37 -

Indicated 2.58 - 166 2.66 - - 13.77 68.62 -

Meas + Ind 6.21 - 177 2.91 - - 35.34 180.99 -

Inferred 1.87 - 175 2.35 - - 10.50 43.77 -

LME

Measured 0.66 0.08 293 1.38 0.31 1.76 6.23 9.13 2.05

Indicated 1.14 0.07 276 1.14 0.34 2.40 10.09 12.96 3.82

Meas + Ind 1.80 0.07 282 1.23 0.33 4.16 16.33 22.09 5.87

Inferred 0.89 0.16 258 1.24 0.30 4.68 7.36 11.05 2.69

LMW

Measured 1.59 0.17 235 2.21 - 8.88 12.00 35.24 -

Indicated 2.00 0.21 201 1.84 - 13.53 12.88 36.74 -

Meas + Ind 3.59 0.19 216 2.01 - 22.41 24.89 71.99 -

Inferred 1.77 0.11 199 2.33 - 6.02 11.31 41.12 -

DCG

Measured 0.18 2.10 61 1.60 0.24 12.34 0.36 2.92 0.44

Indicated 0.18 2.22 72 2.27 0.17 12.58 0.41 4.01 0.31

Meas + Ind 0.36 2.16 67 1.93 0.21 24.92 0.77 6.93 0.75

Inferred 0.10 0.63 59 3.79 0.13 2.04 0.19 3.84 0.13

Ying

Mines

Measured 12.03 0.20 213 3.38 0.97 76.33 82.54 406.96 117.16

Indicated 10.12 0.20 190 2.67 0.74 66.36 61.86 269.89 75.03

Meas + Ind 22.15 0.20 203 3.06 0.87 142.69 144.40 676.85 192.18

Inferred 8.80 0.56 187 2.96 0.64 158.43 52.80 260.39 56.14

Notes:

• CIM Definition Standards (2014) were used for reporting.

• Measured and Indicated Mineral Resources are inclusive of Mineral Reserves.

• Metal prices: gold US$1,800/troy oz, silver US$21.00/troy oz, lead US$1.00/lb, zinc US$1.10/lb.

• Exchange rate: RMB 7.00: US$1.00.

• Mineral Resources exclude the first 5 m below surface.

• The Mineral Resource estimates for the SGX, TLP, and HZG mines were carried out by Silvercorp and reviewed by independent

Qualified Person, Mr Simeon Robinson, P.Geo., MAIG of AMC, who takes responsibility for these estimates.

• The Mineral Resource estimates for the LMW and LME mines were carried out by Silvercorp and reviewed by independent

Qualified Person, Mr Justin Glanvill, Pri.Sci.Nat. of AMC, who takes responsibility for these estimates.

• The Mineral Resource estimates for the HPG and DCG mines were carried out by Silvercorp and reviewed by independent

Qualified Person, Dr Craig Stewart, P.Geo. of AMC, who takes responsibility for these estimates.

• Veins factored to minimum extraction width of 0.4 m after estimation.

• Cut Off Grades (COGs): SGX 140 g/t Ag_Eq; HZG 130 g/t Ag_Eq; HPG 140 g/t Ag_Eq; TLP 125 g/t Ag_Eq; LME 130 g/t Ag_Eq;

LMW 125 g/t Ag_Eq; DCG 150 g/t Ag_Eq.

• Ag_Eq equivalent formulas by mine:

⎯ SGX = Ag g/t+35.05*Pb%+17.97*Zn%.

⎯ HZG = Ag g/t+33.59*Pb%.

⎯ HPG = Ag g/t+80.6*Au g/t+35.17*Pb%+21.60*Zn%.

⎯ TLP = Ag g/t+33.23*Pb%.

⎯ LME = Ag g/t+32.71*Pb%+9.38*Zn%.

⎯ LMW = Ag g/t+34.20*Pb%.

⎯ DCG = Ag g/t+33.18*Pb%.

• Ag_Eq formulas used for significant gold bearing veins:

⎯ SGX (Veins S11, S16W_Au, S18E, S74) = Ag g/t+54.44*Au g/t+35.05*Pb%+17.97*Zn%.

⎯ LME (Veins LM4E2, LM4E3) = Ag g/t+55.12*Au g/t+32.71*Pb%+9.38*Zn%.

⎯ LMW (Veins LM21, LM22, LM26, LM28, LM50, LM50_3, LM52, LM53, LM54) = Ag g/t+71.85*Au g/t+34.2*Pb%.

⎯ DCG (Veins C76, C9_1, C9_2, C9_3, C9_4, C9E1, C9W1) = Ag g/t+83.44*Au g/t+33.18*Pb%

• Includes assay results up to and including 31 December 2023.

• Depleted for mine production to 30 June 2024. Non -recoverable Mineral Resources (sterile areas due to the proximity to

stopes, unstable ground or where access to the vein is limited) defined as of 30 June 2024.

• Numbers may not compute exactly due to rounding.

A comparison of Mineral Resource estimates between December 31, 2021 and June 30, 2024 for payable metals

indicates the following:

• Measured and Indicated tonnes have increased by 18%, Inferred tonnes have decreased by 33%.

• Measured and Indicated grades have decreased by 25%, 16%, 13%, and 16% for gold, silver, lead and zinc,

respectively.

• Inferred grades increased for gold by 37% but decreased for silver, lead, and zinc by 7%, 6%, and 17% ,

respectively.

• The net result in the Measured and Indicated categories has been a decrease in the contained gold, silver, and

zinc of 12%, 1%, and 1%, respectively, and an increase in contained lead of 3%.

• The net result in the Inferred category has been a decrease in the contained gold, silver, lead, and zinc of 8%,

37%, 37%, and 44%, respectively.

The reasons for the differences in grade, tonnes, and contained metal include changes made to vein interpretations

for the 2024 Q2 model, conversion to higher categories arising from drilling and level development, application of

different COGs, and depletion due to mining.

Additional geological sections in the Ying 2024 Technical Report were prepared by independent Qualified Persons

Dr Genoa Vartell, P.Geo. and Mr Rod Carlson, FAIG, RPGeo., both of AMC, who take responsibility for those sections.

Mineral Reserves

The Mineral Reserve estimation assumes that current stoping practices will continue to be predominant at the Ying

Mining District - namely cut and fill resuing and shrinkage stoping, but also includes the introduction of room and pillar

mining for some flatter-lying gold-rich veins and some limited longhole mining. The largely sub-vertical veins, generally

competent ground, reasonably regular vein width, and, traditionally, hand -mining techniques using short rounds has

allowed a significant degree of selectivity and control in the stopin g process. Minimum mining wi dths of 0.5 m for

resuing and 1.0 m for shrinkage are assumed. The QP has observed the mining methods at the Ying Mining District and

considers the minimum extraction and mining width assumptions to be reasonable.

Several improvement projects are currently underway at the Ying Mining District, and these have been reflected in the

Technical Report. The first is a significant initiative towards the use of more mechanized mining, which, along with the

opening up of additional stopes, will allow for an increase in the number of tonnes mined per year. The second is a

major ramp development program which will connect most stopes to the individual mine ramp system and, thereby,

increase ore and waste movement capacity with reduced transport times and allow easier and faster stope access.

Mining dilution and recovery factors vary from mine to mine, dependent on vein width and mining method. Average

dilution factors have been estimated as 17% for resuing, 19% for shrinkage, 20% for longhole, and 30% for room and

pillar. Assumed mining recovery factors are 95% for resuing, 92% for shrinkage, 80% for longhole, and 92% for room

and pillar.

For the total tonnage estimated as Ying Mineral Reserves, approximately 58% is associated with resuing, 36% with

shrinkage, 4% with longhole, and 2% with room and pillar mining.

The estimated Mineral Reserves and metal content for the Ying Mining District as of June 30, 2024 are detailed in Table

3 below.

Table 3. Ying Mining District Mineral Reserve estimates and metal content at June 30, 2024

Mine Category Mt Au (g/t) Ag (g/t) Pb (%) Zn (%)

Metal contained in Mineral Reserves

Au (koz) Ag (Moz) Pb (kt) Zn (kt)

SGX

Proven 3.14 0.03 242 4.64 2.20 3.1 24.4 145.6 69.0

Probable 2.25 0.01 202 4.02 1.88 0.9 14.6 90.5 42.2

Subtotal P&P 5.39 0.02 225 4.38 2.06 4.0 39.0 236.1 111.2

HZG

Proven 0.36 292 0.92 3.4 3.3

Probable 0.13 336 0.75 1.4 1.0

Subtotal P&P 0.49 304 0.87 4.8 4.2

HPG

Proven 0.47 1.44 82 3.72 1.14 21.6 1.2 17.4 5.3

Probable 0.36 1.44 68 2.72 0.97 16.9 0.8 9.9 3.5

Subtotal P&P 0.83 1.44 76 3.28 1.07 38.5 2.0 27.3 8.9

TLP

Proven 2.02 194 2.93 12.6 59.2

Probable 1.34 176 2.59 7.6 34.7

Subtotal P&P 3.36 187 2.79 20.2 93.9

LME

Proven 0.30 0.12 311 1.29 0.29 1.1 3.0 3.9 0.9

Probable 0.61 0.14 314 1.14 0.32 2.8 6.1 6.9 1.9

Subtotal P&P 0.91 0.13 313 1.19 0.31 3.9 9.2 10.8 2.8

LMW

Proven 0.83 0.22 251 2.12 5.8 6.7 17.6

Probable 0.84 0.21 241 1.99 5.7 6.5 16.7

Subtotal P&P 1.67 0.21 246 2.05 11.5 13.2 34.3

DCG

Proven 0.06 2.69 61 1.21 5.0 0.1 0.7

Probable 0.05 4.54 63 1.13 7.8 0.1 0.6

Subtotal P&P 0.11 3.58 62 1.17 12.7 0.2 1.3

Ying

Mines

Proven 7.17 0.16 223 3.45 1.05 36.6 51.4 247.6 75.2

Probable 5.58 0.19 207 2.87 0.85 34.0 37.2 160.3 47.7

Total P&P 12.76 0.17 216 3.20 0.96 70.6 88.6 408.0 122.9

Notes to Mineral Reserve Statement:

• Cut‐off grades ( Ag_Eq g/t): SGX – 225 Resuing, 190 Shrinkage; HZG – 235 Resuing , 205 Shrinkage; HPG – 240 Resuing,

200 Shrinkage; TLP – 205 Resuing, 170 Shrinkage; LME – 235 Resuing, 210 Shrinkage, 205 Room & Pillar; LMW – 250 Resuing,

225 Shrinkage, 195 Longhole, 205 Room & Pillar; DCG – 275 Resuing, 235 Shrinkage.

• Stope Marginal cut‐off grades (Ag_Eq g/t): SGX – 200 Resuing, 160 Shrinkage; HZG – 195 Resuing, 165 Shrinkage; HPG – 220

Resuing, 180 Shrinkage; TLP – 185 Resuing, 160 Shrinkage; LME – 205 Resuing, 185 Shrinkage, 150 Room & Pillar; LMW - 195

Resuing, 165 Shrinkage, 140 Longhole, 150 Room & Pillar; DCG – 235 Resuing, 190 Shrinkage.

• Development Ore cut‐off grades (Ag_Eq g/t): SGX – 125; HZG – 120; HPG – 145; TLP – 115; LME – 145; LMW – 125; DCG - 150.

• Unplanned dilution (zero grade) assumed as 0.05 m on each wall of a resuing stope and 0.10 m on each wall of a shrinkage

stope. 20% unplanned dilution assumed for LMW longhole. 17% average dilution for Room & Pillar at LME, 33% average

dilution for Room & Pillar at LMW.

• Mining recovery factors assumed as 95% for resuing and 92% for shrinkage; for LMW longhole, 80% is assumed; for R&P at

LME and LMW, 92% is assumed.

• Metal prices: gold US$1,800/troy oz, silver US$21.00/troy oz, lead US$1.00/lb, zinc US$1.10/lb.

• Processing recovery factors: SGX – 66.6% Au, 96.4% Ag, 97.6% Pb, 60.5% Zn; HZG – 96.4% Ag, 93.6% Pb; HPG - 92.0% Au,

89.9% Ag, 91.4% Pb, 67.8% Zn; TLP – 94.0% Ag, 90.3% Pb; LME – 66.9% Au, 95.6% Ag, 90.4% Pb, 31.3% Zn; LMW – 88.3% Au,

96.8% Ag, 95.7% Pb; DCG – 85.7% Au, 80.9% Ag, 77.6% Pb.

• Payables: Au – 85%; Ag – 92.5%; Pb – 98.0%; Zn – 73.7%.

• Exclusive of mine production to 30 June 2024.

• Exchange rate assumed is RMB 7.00 : US$1.00.

• Numbers may not compute exactly due to rounding.

The sensitivity of the Ying Mineral Reserves to variation in COG has been tested by applying a 20% increase in COG to

Mineral Reserves at each of the Ying mines. The lowest sensitivity, at 7% reduction in Ag_Eq ounces, is seen at SGX.

For the entire Ying Mining District, an approximate 11% reduction in Ag_Eq ounces for a 20% COG increase

demonstrates relatively low overall COG sensitivity.

Total Ying Mineral Reserve tonnes are approximately 58% of Mineral Resource (Measured plus Indicated) tonnes.

Gold, silver, lead, and zinc Mineral Reserve grades are 86%, 106%, 105%, and 111%, respectively, of the corresponding

Measured plus Indicated Mineral Resource grades. Metal conversion percentages for gold, silver, lead, and zinc are

49%, 61%, 60%, and 64%, respectively.

Some significant aspects of a comparison of Mineral Reserve estimates between December 31, 2021 (previous

Technical Report) and June 30, 2024 (Ying 2024 Technical Report) are the following :

• 24% increase in Ying Proven Mineral Reserve tonnes.

• 4% increase in total (Proven + Probable) Ying Mineral Reserve tonnes.

• Decrease in total Ying Mineral Reserve gold, silver, lead, and zinc grades of 35%, 11%, 5%, and 7%, respectively.

• Decrease in total Ying Mineral Reserve metal content for gold, silver, lead, and zinc metals of 33%, 7%, 1%, and

4%, respectively.

• SGX continues to be the leading contributor to the total Ying Mineral Reserves, accounting for 42% of tonnes,

44% of silver, 58% of lead, and 90% of zinc, compared to respective values of 42%, 44%, 60%, and 90% in the

previous Technical Report.

• TLP remains the second largest contributor to total Ying Mineral Reserves, with 26% of tonnes, 23% of silver and

23% of lead.

• Increases in Mineral Reserve tonnes at SGX, HPG, and TLP of 3%, 5%, and 31%, respectively, with LME tonnes

unchanged.,

• Decreases in Mineral Reserve tonnes at HZG, LMW, and DCG of 34%, 10%, and 48%, respectively.

• In terms of Ag_Eq metal in total Ying Mineral Reserves, approximate respective contributions are silver 61%, lead

31%, zinc 5%, and gold 4%.

• In total Ying Mineral Reserves, SGX, TLP, LMW, LME, HPG, HZG, and DCG contribute 49%, 21%, 12%, 7%, 6%,

4%, and 1% of Ag_Eq metal, respectively.

The projected production profile for the Ying mines using current Mineral Reserves is shown in Table 4.

Table 4. Ying Mining District LOM production profile

Ore Production

(kt)

Grade

Au (g/t) 0.52 0.32 0.33 0.25 0.19 0.12 0.10 0.10 0.05 0.04 0.05 0.07 0.04 0.01 0.17

Ag (g/t) 242 246 240 230 229 218 213 207 204 201 198 178 159 164 216

Pb (%) 3.19 3.46 3.14 3.10 3.06 3.21 3.10 2.91 3.30 3.23 3.09 3.33 3.67 3.74 3.20

Zn (%) 0.89 0.76 0.82 0.83 0.85 0.85 0.87 1.02 0.98 1.11 0.99 1.03 1.61 2.79 0.96

Metal production1

Au (koz) 11.81 9.98 11.11 8.37 6.11 4.02 3.09 3.01 1.28 0.78 1.09 1.04 0.10 0.07 61.84

Ag (koz) 5,808 8,343 8,705 8,287 8,066 7,593 7,149 6,617 5,886 5,711 5,477 3,779 2,036 1,229 84,687

Pb (kt) 23.7 36.4 35.3 34.5 33.2 34.4 32.2 28.7 29.4 28.4 26.3 21.8 14.6 8.9 387.9

Zn (kt) 4.2 5.1 5.9 5.8 5.9 5.8 5.7 6.4 5.5 6.1 5.3 4.2 4.0 4.1 74.2

242 12,757

FY2025

Q2-Q4

1,037 937 923 897 688 414

FY2037

FY2038

Total

782 1,106 1,183 1,173 1,148 1,133 1,093

FY2031

FY2032

FY2033

FY2034

FY2035

FY2036

Ying Mines

FY2026

FY2027

FY2028

FY2029

FY2030

Notes:

1. Ying LOM average recoveries: Au – 87.38%, Ag – 95.62%, Pb – 95.07%, Zn - 60.33%.

2. Numbers may not compute exactly due to rounding.

Economic analysis

A high-level economic analysis shows the potential economic impact relative to the latest Mineral Reserve estimations

and the associated production schedules . The following metal prices, costs (Ying averages over projected LOM), and

exchange rate were used for the economic analysis:

• Gold price US$1,900/oz

• Silver price US$22/oz

• Lead price US$1.00/lb

• Zinc price US$1.15/lb

• Mining cost US$72.95/t

• Milling cost US$10.94/t

• Shipping US$3.43/t

• Mineral Resources tax US$5.00/t

• G&A US$10.64/t

• Government fees and other taxes US$2.80/t

• Sustaining and growth capital US$20.32/t

• Exchange rate US$1 = 7.00RMB

The QP notes that the gold, silver, and zinc metal prices used for the economic analysis are slightly higher than those

used in the Ying COG calculations. The QP also notes that current spot metal prices at the time of writing of the Technical

Report are: gold - $2,430/oz; silver - $30.89/oz; lead - $0.97/lb; zinc - $1.34/lb – with all but the lead price significantly

higher than the prices used for the economic analysis.

Using the LOM production profile based on the 30 June 2024 Mineral Reserves, and the metal price and other

assumptions shown above, pre-tax and post-tax cashflow projections have been generated. At a 5% discount rate, pre-

tax and post -tax NPVs of $896M and $699M, respectively, are projected. Over the LOM, 61.5% of the net revenue is

projected to come from silver, 29.9% from lead, 5.0% from zinc, and 3.6% from gold.

The Ying Property continues to be a strongly viable operation based on current Mineral Reserves, with potential to

extend its Mineral Resources via further exploration and development, particularly in areas with identified Inferred

material.

Qualified Persons

All eight authors of the Ying 2024 Technical Report qualify as independent Qualified Persons (“QPs”). Five of the

independent authors have visited the Ying Mining District (latest visits in February 2024). The QPs have examined all

aspects of the project, including drill core, underground workings, processing plant, site laboratory and surface

infrastructure. Assay data supporting the Mineral Resource estimate was verified by a QP by comparing a subset of assay

results stored within the Mineral Resource database against assay certificates issued by the relevant reporting laboratory.

The Ying 2024 Technical Report will be made available for review on the SEDAR+ system and on the Company’s website

at www.silvercorpmetals.com within 45 days of this news release.

H. Smith, P.Eng., G. Vartell, P.Geo., S. Robinson, P.Geo., MAIG, C. Stewart, P.Geo., of AMC Mining Consultants (Canada)

Ltd.; R. Carlson, FAIG, RPGeo. and R. Chesher, FAusIMM, of AMC Consultants Pty Ltd; J. Glanvill, PrSciNat. of AMC

Consultants (UK) Limited, and D. Claffey, CPEng. of Hillerton Consulting Ltd. are Qualified Persons as defined by National

Instrument 43‐101. The Qualified Persons have reviewed and consented to this press release and believe it fairly and

accurately represents the information in the Technical Report that supports the disclosure.

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 cashflow

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.

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 DISCLAIMER ‐ FORWARD‐LOOKING STATEMENTS

Certain of the statements and information in this news release constitute “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

Canadian provincial securities laws (collectively, “forward‐looking statements”). Any statements or information that express or

involve discussions with respect to predictions, expectations, beliefs, plans, projections, obj ectives, assumptions or future events or

performance (often, but not always, using words or p hrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”,

“projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “sched ules”,

“potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken,

occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be

forward‐ looking statements. Forward‐looking statements relate to, among other things: the price of silver and other metals; foreign

exchange rates; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; estimated

mine life and any anticipated changes related thereto; the sufficiency of the Company’s capital to finance the Company’s operations;

estimates of revenues, operation costs, capital expenditures, mine plan, and estimated production from the Company’s mines in the

Ying M ining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the

Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing a nd

development of the Company’s properties.

Forward‐looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause

actual events or results to differ from those reflected in the forward‐looking statements, including, without limitation, risks relating

to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery;

interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs;

feasibility and engineering reports; all necessary permits, licenses and regulatory approvals for our operations are received in a timely

manner;; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing;

recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating

expenditures and economic returns of future pr oduction; integration of future acquisitions into the Company’s existing operations;

competition; operations and political conditions; regulatory environment in China and Canada; our ability to comply with

environmental, health and safety laws; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of

mining operations; key personnel; conflicts of interest; dependence on management; global economic and social impact of COVID‐

19; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company’s forward‐looking statements. Forward‐ looking

statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other futu re

events or conditions may differ materially from those reflected in the forward‐looking statements due to a variety of risks,

uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form under the

heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to di ffer

materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly,

readers should not place undue reliance on forward‐looking statements.

The Company’s forward‐looking statements are based on the assumptions, beliefs, expectations and opinions of management as of

the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation

to update forward‐looking statements if circumstances or management’s assumptions, beliefs, expectations or opinions should

change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue

reliance on forward‐looking statements.

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