SVM.TO · 2026-04-16 12:00:00

Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2026, and Issues Fiscal 2027 Production, Cash Cost, and Capital Expenditure Guidance

Financials

NEWS RELEASE

Trading Symbol: TSX/NYSE American: SVM

Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2026, and

Issues Fiscal 2027 Production, Cash Cost, and Capital Expenditure Guidance

VANCOUVER, British Columbia – April 16, 2026 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American:

SVM) reports production and sales figures for the fourth quarter (“Q4 Fiscal 2026”) and fiscal year ended March 31, 2026 ("Fiscal

2026") and the production and cost guidance for the 2027 fiscal year ending March 31, 2027 ("Fiscal 2027"). Silvercorp expects

to release its Fiscal 2026 audited financial results on Monday, May 25, 2026, after market close.

Q4 Fiscal 2026 Operational Highlights

• Record revenue of approximately $147.4 million, an increase of 96% over the same quarter last year (“Q4 Fiscal 2025”);

• Silver production of 1.5 million ounces, a decrease of 11% over Q4 Fiscal 2025; silver equivalent (only silver and gold) i

production of 1.6 million ounces, a decrease of 17% compared to 1.9 million ounces in Q4 Fiscal 2025;

• Lead production of 14.0 million pounds, a decrease of 14% over Q4 Fiscal 2025;

• Zinc production of 3.9 million pounds, a decrease of 12% over Q4 Fiscal 2025;

• Kuanping mine construction continued, with 1,335 metres ("m") of ramp development, 313 m of exploration tunneling

and 1,625 m of drilling completed;

• El Domo mine construction continued to advance under enhanced water and soil conservation measures during the

heavy rainfall season, with the haul roads and the ore stockpile shed completed; and

• MSCI ESG rating was upgraded from A to AA.

Fiscal 2026 Operational Highlights

• Record revenue of approximately $438.1 million, an increase of 47% over Fiscal 2025;

• Ore processed of 1,475,512 tonnes, up 12% over Fiscal 2025, and beat the high end of 1,369,000 tonnes in the Company's

annual production guidance;

• Silver production of approximately 6.8 million ounces, a 2% decrease over Fiscal 2025; gold production of approximately

8,723 ounces, a 16% increase over Fiscal 2025, and silver equivalent of 7.5 million ounces, even with Fiscal 2025; and

• El Domo mine completed the site preparation for the processing plant, 5,000 square metre ROM ore shed, construction

camp, internal roads, including roads to the TSF construction site, and orders of major equipment.

Q4 Fiscal 2026 Operational Results

The Ying Mining District processed 311,677 tonnes of ore, up 2% over Q4 Fiscal 2025. Approximately 1.4 million ounces of silver,

2,492 ounces of gold, or 1.5 million ounces of silver equivalent, plus 12.9 million pounds of lead, and 1.4 million pounds of zinc

were produced, representing production decreases of 20%, 11%, 18%, 17%, and 30% in gold, silver, silver equivalent, lead and

zinc, respectively, over Q4 Fiscal 2025. Lower production was due to lower head grades associated with an increase in shrinkage

mining. A total of 48,492 m of drilling and 13,239 m of exploration tunneling were completed in Q4 Fiscal 2026.

The GC Mine processed 48,840 tonnes of ore, up 17% over Q4 Fiscal 2025. Approximately 0.1 million ounces of silver, 1.1 million

pounds of lead, and 2.5 million pounds of zinc were produced, representing increases of 3%, 51% and 4% in silver, lead and zinc

over Q4 Fiscal 2025. A total of 6,050 m of drilling and 1,393 m of exploration tunneling were completed in Q4 Fiscal 2026.

Q4 Fiscal 2026 Q4 Fiscal 2025

Ying Mining

District GC Consolidated

Ying Mining

District GC Consolidated

Silver-lead Ore Processed (tonnes) 279,627 48,840 328,467 265,199 41,760 306,959

Silver (grams/tonne) 161 52 198 61

Lead (%) 2.2 0.9 2.9 0.9

Zinc (%) 0.4 2.6 0.5 2.9

Gold Ore Processed (tonnes) 32,050 — 32,050 39,025 — 39,025

Gold (grams/tonne) 1.1 — 1.4 —

Silver (grams/tonne) 54 — 62 —

Lead (%) 0.9 — 0.7 —

Total Ore Processed (tonnes) 311,677 48,840 360,517 304,224 41,760 345,984

Recovery Rates

Silver (%) 95.0 86.3 94.2 83.7

Gold (%)* 90.8 — 91.7 —

Lead (%) 93.2 93.5 92.3 87.4

Zinc (%) 63.9 90.6 67.3 90.3

Metals Produced

Silver (million ounces) 1.4 0.1 1.5 1.6 0.1 1.6

Gold (ounces) 2,492 — 2,492 3,110 — 3,110

Silver equivalent (million ounces) 1.5 0.1 1.6 1.9 0.1 1.9

Lead (million pounds) 12.9 1.1 14.0 15.6 0.7 16.3

Zinc (million pounds) 1.4 2.5 3.9 2.0 2.4 4.4

Metals Sold

Silver (million ounces) 1.4 0.1 1.5 1.5 0.1 1.6

Gold (ounces) 2,623 — 2,623 3,465 — 3,465

Lead (million pounds) 12.8 0.8 13.6 15.5 0.8 16.3

Zinc (million pounds) 1.4 2.4 3.9 2.1 2.4 4.5

*Only representing the gold recovery rate for Gold Ore.

Fiscal 2026 Operational Results

At the Ying Mining District, 1,188,459 tonnes of ore were processed, up 17% over Fiscal 2025. A total of 6.3 million ounces of

silver, 8,723 ounces of gold, or 7.0 million ounces of silver equivalent, 55.1 million pounds of lead and 6.6 million pounds of zinc

were produced, representing an increase of 16% in gold and decreases of 1%, 1%, 3% and 23% in silver, silver equivalent, lead

and zinc, respectively, over Fiscal 2025.

At the GC Mine, 287,053 tonnes of ore were processed, representing a decrease of 4% over Fiscal 2025. A total of 0.5 million

ounces of silver, 5.2 million pounds of lead, and 15.1 million pounds of zinc were produced, representing an increase of 3% in

zinc, and decreases of 11% and 2% in silver and lead, respectively, over Fiscal 2025.

Year ended March 31, 2026 Year ended March 31, 2025

Ying Mining

District GC Consolidated

Ying Mining

District GC Consolidated

Silver-lead Ore Processed (tonnes) 1,066,970 287,053 1,354,023 927,171 299,036 1,226,207

Silver (grams/tonne) 193 59 225 67

Lead (%) 2.5 0.9 3.0 0.9

Zinc (%) 0.4 2.7 0.6 2.5

Gold Ore Processed (tonnes) 121,489 — 121,489 86,488 — 86,488

Gold (grams/tonne) 1.3 — 1.7 —

Silver (grams/tonne) 61 — 72 —

Lead (%) 0.9 — 0.9 —

Total Ore Processed (tonnes) 1,188,459 287,053 1,475,512 1,013,659 299,036 1,312,695

Recovery Rates

Gold (%)* 92.7 — 92.9

Silver (%) 95.4 85.7 94.7 83.1

Lead (%) 93.7 93.4 93.6 89.3

Zinc (%) 64.1 91.3 69.7 90.3

Metals Produced

Silver (million ounces) 6.3 0.5 6.8 6.4 0.5 6.9

Gold (ounces) 8,723 — 8,723 7,495 — 7,495

Silver equivalent (million ounces) 7.0 0.5 7.5 7.1 0.5 7.6

Lead (million pounds) 55.1 5.2 60.4 56.8 5.3 62.2

Zinc (million pounds) 6.6 15.1 21.7 8.6 14.8 23.3

Metals Sold

Silver (million ounces) 6.4 0.5 6.8 6.4 0.5 6.9

Gold (ounces) 8,857 — 8,857 7,577 — 7,577

Lead (million pounds) 55.0 5.0 60.0 56.8 5.5 62.3

Zinc (million pounds) 6.6 15.1 21.7 8.6 14.9 23.5

*Only representing the gold recovery rate for Gold Ore.

Fiscal 2027 Production, Cash Cost, and Capital Expenditure Guidance

• Guidance for Fiscal 2027 production, cash and all-in sustaining costs (AISC)

In Fiscal 2027, the Company expects to process 1,526,600 to 1,607,000 tonnes of ore, yielding approximately 6.8 to 7.1 million

ounces of silver, 9,500 to 10,000 ounces of gold, or 7.5 to 7.8 million ounces of silver equivalent, 62.7 to 65.8 million pounds of

lead, and 22.3 to 23.4 million pounds of zinc. The guidance represents increases of 3% to 9% in ore processed, 0.04% to 4% in

silver, 9% to 15% in gold, 4% to 9% in lead, and 3% to 8% in zinc production compared to the Fiscal 2026 results.

Fiscal 2027 Guidance Year ended March 31, 2026

Production Ying Mining District GC Consolidated

Ying Mining

District GC Consolidated

Low High Low High Low High Actual

Silver-lead Ore

Processed (tonnes) 1,106,000 1,164,000 290,000 305,000 1,396,000 1,469,000 1,066,970 287,053 1,354,023

Silver (gram/t) 201 68 193 59

Lead (%) 2.7 1.0 2.5 0.9

Zinc (%) 0.4 2.7 0.4 2.7

Gold Ore Processed

(tonnes) 131,000 138,000 — — 131,000 138,000 121,489 — 121,489

Gold (gram/t) 1.7 1.3

Silver (gram/t) 42 61

Lead (%) 0.5 0.9

Total Ore Processed

(tonnes) 1,237,000 1,302,000 290,000 305,000 1,526,600 1,607,000 1,188,459 287,053 1,475,512

Metal Production

Silver (million ounces) 6.4 6.6 0.5 0.5 6.8 7.1 6.3 0.5 6.8

Gold (ounces) 9,500 10,000 — — 9,500 10,000 8,723 — 8,723

Silver Equivalent

(million ounces) 7.1 7.3 0.5 0.5 7.5 7.8 7.0 0.5 7.5

Lead (million pounds) 56.4 59.2 6.3 6.6 62.7 65.8 55.1 5.2 60.4

Zinc (million pounds) 6.8 7.1 15.5 16.3 22.3 23.4 6.6 15.1 21.7

Fiscal 2027 Guidance Nine months ended December 31, 2025

Costs Ying Mining District GC Consolidated

Ying Mining

District GC Consolidated

Cash Cost ($/t) 88.2 90.4 63.1 64.6 83.3 85.4 80.2 57.8 75.5

AISC ($/t) 155.4 161.2 90.4 93.3 155.3 161.2 134.1 82.9 137.2

The Ying Mining District plans to process 1,237,000 to 1,302,000 tonnes of ore, including nominal development ore from

Kuanping, to produce 6.4 to 6.6 million ounces of silver, 9,500 to 10,000 ounces of gold, 56.4 to 59.2 million pounds of lead, and

6.8 to 7.1 million pounds of zinc for Fiscal 2027. This production guidance represents production increases of 4% to 10% in ore,

0.1% to 4% in silver, 9% to 15% in gold, 2% to 7% in lead and 3% to 8% in zinc, compared to the Fiscal 2026 results.

The cash costii at the Ying Mining District is expected to be $88.2 to $90.4 per tonne of ore, compared to the cash cost of $80.2

for the first nine months of Fiscal 2026 ended December 31, 2025. The all -in sustaining cost (AISC)ii is estimated at $155.4 to

$161.2 per tonne, higher than the AISC of $134.1 recorded in the first nine months of Fiscal 2026. The higher cash cost and AISC

are due to anticipated increases in contractor unit costs and more development tunnels and facilities planned for higher ore

production in Fiscal 2027 and beyond. More details on the near and longer term mine plan will be contained in an updated NI

43-101 technical report expected to be released in the coming weeks.

The GC Mine plans to process 290,000 to 305,000 tonnes of ore to produce 0.46 to 0.49 million ounces of silver, 6.3 to 6.6 million

pounds of lead, and 15.5 to 16.3 million pounds of zinc. Fiscal 2027 production guidance at the GC Mine represents production

increases of 1% to 6% in ore and 0.4% to 7% in silver, 20% to 26% in lead and 2% to 8% in zinc compared to the Fiscal 2026

results.

The cash cost at the GC Mine is expected to be $ 63.1 to $64.6 per tonne of ore, compared to $57.8 recorded in the first nine

months of Fiscal 2026. The AISC is estimated at $90.4 to $93.3 per tonne of ore processed, compared to $82.9 recorded in the

first nine months of Fiscal 2026 as more exploration tunneling has been planned in Fiscal 2027.

The consolidated cash cost in Fiscal 2027 is expected to be $83.3 to $85.4 per tonne, while the consolidated AISC is expected to

be $155.3 to $161.2 per tonne.

Fiscal 2027 capital expenditure guidance for China Operations

The table below summarizes the capital expenditures the Company expects to incur for our China Operations in Fiscal 2027.

Fiscal 2027 Guidance

Ying Mining

District GC Mine Kuanping Total

Capitalized

Expenditures

Ramp and Development Tunneling (Metres) 53,200 4,500 7,600 65,300

($ Million) 37.2 2.7 3.9 43.8

Exploration Tunneling (Metres) 90,200 14,200 4,400 108,800

($ Million) 35.3 5.9 1.4 42.6

Diamond Drilling (Metres) 91,100 34,300 5,300 130,700

($ Million) 2.8 0.8 0.2 3.8

Facilities and Equipment ($ Million) 26.1 0.7 1.3 28.1

No. 3 Mill ($ Million) 22.7 — — 22.7

Total ($ Million) 124.1 10.1 6.8 141.0

1. Ying Mining District

The total capital expenditures at the Ying Mining District in Fiscal 2027 is estimated at $124.1 million as the Company continues

to increase production and grow its mineral resources.

• $37.2 million to develop 53,200 m of ramps and tunnels, enabling access for mining of new areas where exploration

has identified additional material, to be outlined in the upcoming technical report;

• $35.3 million to develop 90,200 m of exploration tunnels and to spend $ 2.8 million to drill 91,100 m of exploration

diamond drill holes;

• $26.1 million in facilities and equipment upgrades. Major items include $6.8 million for mining equipment replacement,

$7.6 million for waste dump construction, $4.5 million for substation upgrades and $5.6 million for infrastructure and

the TSF; and

• $22.7 million out of the total $31.6 million to build a new mill, the No. 3 Mill, expected to add 3,000 tonnes per day of

capacity, and be commissioned in Q1 Fiscal 2028.

The No. 3 Mill is under design and construction, and intended to meet the increasing demand on ore processing at the Ying

Mining District where annual mine throughput is expected to reach 1.6 million tonnes per year by fiscal year 2029. The No. 1

Mill will be decommissioned, leaving Ying with a net effective 6,300 tonnes per day of milling capacity.

The following table summarizes the estimated budget and construction schedules for the new Mill:

Category Description

Target

Completion

Schedule

Estimated Expenditures

(in millions of US$)

Fiscal 2027 Beyond Fiscal

2027 Total

Design & Permitting

Land Lease & Rezoning Apr-26 0.6 - 0.6

Design & Engineering May-26 0.2 - 0.2

Environmental & Safety Assessment Jul-26 0.1 - 0.1

Construction &

Equipment

Site Preparation Apr-26 0.8 0.3 1.1

Road Construction Jun-27 0.4 0.2 0.5

Mill Construction Mar-27 6.5 2.8 9.2

Equipment Acquisition Nov-26 10.8 0.6 11.4

Installation Mar-27 1.0 2.7 3.7

Contingency Apr-27 2.4 2.4 4.7

Total Expenditures 22.7 8.9 31.6

• Development tunneling, equipment replacement and facilities upgrades, other than the new mill, have been included

in AISC.

2. GC Mine

The total capital expenditures at the GC Mine in Fiscal 2027 is estimated at $10.1 million to maintain its production and mineral

resources.

• $2.7 million to develop 4,500 m of ramps and tunnels;

• $5.9 million to develop 14,200 m of exploration tunnels and to spend $ 0.8 million to drill 34,300 m of exploration

diamond drill holes; and

• $0.7 million on equipment replacement, facility upgrades and construction.

• Development tunneling, equipment replacement and facilities upgrade have been included in AISC.

3. Kuanping Project

Underground mine construction continues as preparations for production move forward, with a total investment of $6.8 million

which includes $3.9 million for 7,600 m of ramp and tunnel development, $1.4 million for 4,400 m of exploration tunnels, $0.2

million for 5,300 m of diamond drilling and $1.3 million for equipment and facilities.

Fiscal 2027 capital expenditure guidance for Ecuador Operations

1. El Domo Project

The table below summarizes the costs to construct the El Domo Project:

Fiscal 2027

($ Million)

1 Package #1 - Site preparation/Roads/Channels/TSF/SWD $ 27.7

2 Package #2 - Open Pit Mining and Stripping 23.1

3 Package #3 - Processing Plant Construction and Equipment 36.1

4 Temporary and Permanent Camps 3.0

5 Packages #4, 5 -Site Infrastructure (bypass roads, power line, standby diesel

generators, water treatment plant)

23.8

Direct costs sub-total $ 113.7

6 Owner's Contingency 11.5

7 Owner's Cost 12.8

8 Value added tax (VAT) 21.8

Total $ 159.8

The total budget for the El Domo project remains unchanged at $283.6 million, consistent with the February revised budget,

with an expected completion date of July 1, 2027. Spending in Q4 Fiscal 2026 totaled $15.9 million. Key activities included site

preparation for the processing plant, construction of the ore shed, camp and internal roads, and ordering of major equipment.

Package #1 - Site Preparation/Roads/Channel/TSF/SWD

Package #1 earthworks and related activities have been conducted by CRCC 14 since January 2025, with the capital costs

estimated based on the unit prices as indicated in the contract multiplied by the design quantities of each activity.

Package #2 – Open Pit Mining and Stripping

The mining contract for the construction and operation of Package #2 was awarded to China Railway 19th B ureau Group Co.,

Ltd. ("CRCC19") with the cost estimated based on the optimized mine plan and contracted unit rates of drilling, blasting, and

hauling etc received from CRCC19. The Company expects to commence stripping of the open pit in April 2026 and a total of 4.1

million cubic metres of sediments and waste rocks will be stripped.

Package #3 - Processing Plant Construction and Equipment

The detailed process flowsheet and equipment selection for the processing plant construction and equipment have been

finalized by Yantai Jinpeng Mining Machinery Co., Ltd, with the cost estimated based on the engineering design, actual contract

and purchase prices for major equipment from international vendors, market prices for minor equipment in China plus shipping

cost, current construction cost in Ecuador .

Power line construction and Stand-by Diesel Power Generators

The construction of the power line is expected to be initiated in June 2026 and should take approximately 12 months to be

completed. The 14MW diesel generator sets will be delivered to site by December 2026 for installation and operation before

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