Silvercorp Reports Operational Results and Financial Results Release Date for the Fiscal 2025, and Issues Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance
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NEWS RELEASE
Trading Symbol: TSX/NYSE American: SVM
Silvercorp Reports Operational Results and Financial Results Release Date for the Fiscal 2025, and
Issues Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance
VANCOUVER, British Columbia – April 16, 2025 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American:
SVM) reports production and sales figures for the fourth quarter (“Q4 Fiscal 2025”) and fiscal year ended March 31, 2025 (“Fiscal
2025”) and the production and cost guidance for the 2026 fiscal year ending March 31, 2026 (‘Fiscal 2026”). Silvercorp expects
to release its Fiscal 2025 audited financial results on Thursday, May 22, 2025, after market close.
Q4 Fiscal 2025 Operational Highlights
• Revenue of approximately $75.1 million, an increase of 76% over the same quarter last year (“Q4 Fiscal 2024”);
• Ore processed 345,984 tonnes, up 46% over Q4 Fiscal 2024;
• Silver production of 1.6 million ounces, an increase of 42% over Q4 Fiscal 2024; silver equivalent (only silver and gold) i
production of approximately 1.9 million ounces, compared to 1.3 million ounces in Q4 Fiscal 2024;
• Lead production of approximately 16.3 million pounds, an increase of 30% over Q4 Fiscal 2024; and
• Zinc production of approximately 4.4 million pounds, a decrease of 3% over Q4 Fiscal 2024.
Fiscal 2025 Operational Highlights
• Record revenue of approximately $298.9 million, up 39% over Fiscal 2024;
• Record silver production of approximately 6.9 million ounces, up 12% and within the Company's annual production
guidance to produce 6.8 to 7.2 million ounces of silver in Fiscal 2025; silver equivalent (only silver and gold) production o f
approximately 7.6 million ounces, an increase of 11% over Fiscal 2024.
Q4 Fiscal 2025 Operational Results
At the Ying Mining District, 304,224 tonnes of ore were processed, up 69% over Q4 Fiscal 2024. Approximately 1,563 Koz
(thousands of ounces) of silver, 3,110 oz (ounces) of gold, or 1,850 Koz of silver equivalent plus 15,563 Klbs (thousand s of
pounds) of lead, and 2,039 Klbs of zinc were produced, representing production increases of 62% , 47%, 50%, 38%, and 17%,
respectively, in gold, silver, silver equivalent, lead and zinc over Q4 Fiscal 2024.
At the GC Mine, 41,760 tonnes of ore were processed, down 27% over Q4 Fiscal 2024. Approximately 67 Koz of silver, 699 Klbs
of lead, and 2,365 Klbs of zinc were produced, representing decreases of 23%, 42% and 16%, respectively, in silver, lead and zinc
over Q4 Fiscal 2024.
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Q4 Fiscal 2025 Q4 Fiscal 2024
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Processed (tonnes) 304,224 41,760 345,984 180,267 57,226 237,493
Gold ore (tonne) 39,025 — 39,025 21,843 — 21,843
Silver ore (tonne) 265,199 41,760 306,959 158,424 57,226 215,650
Head Grades
Silver (gram/tonne) 172 61 197 57
Lead (%) 2.6 0.9 3.1 1.1
Zinc (%) 0.5 2.9 0.6 2.5
Recovery Rates
Silver (%) 94.2 83.7 94.4 83.2
Lead (%) 92.3 87.4 95.0 89.8
Zinc (%) 67.3 90.3 70.2 89.3
Metal Production
Gold (oz) 3,110 — 3,110 1,916 — 1,916
Silver (Koz) 1,563 67 1,630 1,063 87 1,150
Silver equivalent (Koz) 1,850 67 1,917 1,237 87 1,324
Lead (Klb) 15,563 699 16,262 11,317 1,210 12,527
Zinc (Klb) 2,039 2,365 4,404 1,750 2,809 4,559
Metals Sold
Gold (oz) 3,465 — 3,465 1,916 — 1,916
Silver (Koz) 1,522 77 1,599 1,052 87 1,139
Lead (Klb) 15,479 784 16,263 10,821 1,051 11,872
Zinc (Klb) 2,087 2,401 4,488 1,730 2,702 4,432
Fiscal 2025 Operational Results
At the Ying Mining District, 1,013,659 tonnes of ore were processed, up 24% over Fiscal 2024. A total of 6,431 Koz of silver, 7,495
oz of gold, or 7.495 Koz of silver equivalent , 56,847 Klbs of lead, and 8,552 Klbs of zinc were produced, representing increases
of 13%, 3%, 12%, 1% and 4%, respectively, in silver, gold, silver equivalent, lead and zinc over Fiscal 2024.
At the GC Mine, 299,036 tonnes of ore were processed, up 3% over Fiscal 2024. A total of 517 Koz of silver, 5,323 Klbs of lead,
and 14,765 Klbs of zinc were produced, representing decreases of 2%, 23% and 3%, respectively, in silver, lead and zinc over
Fiscal 2024.
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Year ended March 31, 2025 Year ended March 31, 2024
Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Production Data
Ore Processed (tonne) 1,013,659 299,036 1,312,695 816,145 290,050 1,106,195
Gold ore (tonne) 86,488 — 86,488 58,262 — 58,262
Silver ore (tonne) 927,171 299,036 1,226,207 757,883 290,050 1,047,933
Head Grades
Silver (gram/tonne) 212 67 231 69
Lead (%) 2.8 0.9 3.4 1.2
Zinc (%) 0.6 2.5 0.7 2.6
Recovery Rates
Silver (%) 94.7 83.1 94.9 82.0
Lead (%) 93.6 89.3 95.1 90.5
Zinc (%) 69.7 90.3 70.6 90.0
Metal Production
Gold (oz) 7,495 — 7,495 7,268 — 7,268
Silver (Koz) 6,431 517 6,948 5,677 527 6,204
Silver equivalent (Koz) 7,072 517 7,589 6,317 527 6,844
Lead (Klb) 56,847 5,323 62,170 56,269 6,902 63,171
Zinc (Klb) 8,552 14,765 23,317 8,213 15,172 23,385
Metals Sold
Gold (oz) 7,577 — 7,577 7,268 — 7,268
Silver (Koz) 6,405 525 6,930 5,717 518 6,235
Lead (Klb) 56,787 5,469 62,256 54,292 6,333 60,625
Zinc (Klb) 8,601 14,868 23,469 8,240 15,010 23,250
Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance
• Guidance for Fiscal 2026 production, cash and all-in sustaining (AIS)costs
In Fiscal 2026, the Company expects to process 1,331,000 to 1,369,000 tonnes of ore, yielding approximately 8,100 to 9,000 oz
of gold, 7,380 to 7,600 Koz of silver, 65,200 to 66,900 Klbs of lead, and 29,300 to 30,300 Klbs of zinc . The guidance represents
1% - 4% increase in ore processed, and 21% to 39% in gold, 6% to 9% in silver, 5% to 8% in lead, and 26% to 30% in zinc metal
production, compared to the Fiscal 2025 results.
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Production
F2026 Guidance Year ended March 31, 2025
Ying Mining District GC Consolidated
Ying Mining
District GC Consolidated
Low High Low High Low High Actual
Ore Processed
(tonne)
1,031,000
1,057,000
300,000 312,000 1,331,000
1,369,000
1,013,659
299,036 1,312,695
Gold ore (tonne) 131,000 142,000 — — 131,000 142,000 86,488 — 86,488
Silver ore (tonne) 900,000 915,000 300,000 312,000 1,200,000 1,227,000 927,171 299,036 1,226,207
Head Grades
Gold (gram/t) 0.3 — 0.3 —
Silver (gram/t) 225 74 212 67
Lead (%) 2.8 1.1 2.8 0.9
Zinc (%) 0.7 2.9 0.6 2.5
Metal Production
Gold (oz) 9,100 10,400 — — 9,100 10,400 7,495 — 7,495
Silver (in Koz) 6,800 7,000 580 600 7,380 7,600 6,431 517 6,948
Lead (in Klb) 58,800 60,300 6,400 6,600 65,200 66,900 56,847 5,323 62,170
Zinc (in Klb) 11,800 12,200 17,500 18,100 29,300 30,300 8,552 14,765 23,317
Costs
F2026 Guidance Nine months ended December 31,
2024 Ying Mining
District GC Consolidated
Ying Mining
District GC Consolidated
Cash Cost ($/t) 86.8 88.4 60.3 60.8 80.7 82.1 89.2 51.4 80.2
AISC ($/t) 157.8 160.5 90.9 92.6 154.8 157.8 146.6 77.9 145.7
The Ying Mining District plans to process 1,031,000 to 1,057,000 tonnes of ore, to produce 9,100 to 10,400 oz of gold, 6,800 to
7,000 Koz of silver, 58,800 to 60,300 Klbs of lead, and 11,800 to 12,200 Klbs of zinc for Fiscal 2026. This production guidan ce
represents production increases of 2% to 4% in ore, 21% to 39% in gold, 6% to 9% in silver, 3% to 6% in lead and 38% to 43% in
zinc, compared to the Fiscal 2025 results.
The cash costii at the Ying Mining District is expected to be $86.8 to $88.4 per tonne of ore, comparable to the cash cost of $89.2
for the first nine months of Fiscal 2025 ended December 31, 2024. The all-in sustaining cost (AISC)ii is estimated at $157.8 to
$160.5 per tonne, higher than the AISC of $146.6 recorded in the first nine months of Fiscal 2025 due to the new regulation of
2.3% mineral right royalty in China.
The GC Mine plans to process 300,000 to 312,000 tonnes of ore to produce 580 to 600 Koz of silver, 6,400 to 6,600 Klbs of lead,
and 17,500 to 18,100 Klbs of zinc. Fiscal 2026 production guidance at the GC Mine represents production increases of 0.3% to
4% in ore and 12% to 16% in silver, 20% to 24% in lead and 19% to 23% in zinc compared to the Fiscal 2025 results.
The cash cost at the GC Mine is expected to be $60.3 to $60.8 per tonne of ore, compared to $51.4 recorded in the first nine
months of Fiscal 2025. The AISC is estimated at $90.9 to $92.6 per tonne of ore processed, compared to $77.9 recorded in the
first nine months of Fiscal 2025 as more development tunneling has been planned in Fiscal 20 26. The mineral right royalty will
not apply to the GC Mine until the mining license is renewed in 2040.
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The consolidated cash cost in Fiscal 2026 is expected to be $80.7 to $82.1 per tonne, while the consolidated AISC is expected to
be $154.8 to $157.8 per tonne.
• Fiscal 2026 capital expenditure guidance for China Operations
The table below summarizes the capital expenditure the Company expects to be incurred for our projects in China in Fiscal 2026.
Fiscal 2026 Guidance
Ying Mining
District GC Mine Kuanping Total
Capitalized
Expenditures
Ramp and Development
Tunneling1
(Metres) 38,800 5,700 6,300 50,800
($ Million) 25.3 3.6 2.7 31.6
Exploration Tunneling (Metres) 67,700 11,100 1,300 80,100
($ Million) 24.8 3.9 0.4 29.1
Diamond Drilling (Metres) 190,600 48,400 — 239,000
($ Million) 5.8 1.1 — 6.9
Facilities and Equipment1 ($ Million) 17.5 0.7 0.8 19.0
Total ($ Million) 73.4 9.3 3.9 86.6
Expensed
(included as cash
cost)
Mining Preparation Tunneling (Metres) 67,300 11,400 — 78,700
($ Million) 27.1 4.6 — 31.7
Diamond Drilling (Metres) 58,500 12,600 — 71,100
($ Million) 1.7 0.3
3.9
2.0
Note 1: Items included in AISC
1. Ying Mining District
The total capital expenditure at the Ying Mining District in Fiscal 2026 is estimated at $73.4 million as the Company continue s
to optimize the mine plan to increase ore production and grow its mineral resources. Projected spending will be:
• $25.3 million to develop 38,800 metres of ramps and tunnels for transportation and access, included in AISC;
• $24.8 million to develop 67,700 metres of exploration tunnels and $5.8 million to drill 190,600 metres of exploration
diamond drill holes; and
• $17.5 million on equipment replacement and facility upgrade and construction, included in AISC.
In addition to the above work, the Company also plans to complete and expense 67,300 metres of mining preparation tunnels
and 58,500 metres of diamond drilling at the Ying Mining District, included as part of the cash cost.
2. GC Mine
The total capital expenditure at the GC Mine in Fiscal 2026 is estimated at $9.3 million to maintain its production and mineral
resources. Projected spending will be:
• $3.6 million to develop 5,700 metres of ramps and tunnels, included in AISC;
• $3.9 million to develop 11,100 metres of exploration tunnels and $1.1 million to drill 48,400 metres of exploration
diamond drill holes; and
• $0.7 million on equipment replacement, facility upgrades and construction, included in AISC.
In addition to the above work, the Company also plans to complete and expense 11,400 metres of mining preparation tunnels
and 12,600 metres of diamond drilling at the GC Mine, included as part of the cash cost.
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3. Kuanping Project
The Kuanping Project has received all permits and licenses for mine construction, and the access road and site preparation work
has started. In Fiscal 2026, the Company will invest $3.9 million for the construction of the mine, which includes $2.7 million on
6,300 metres of ramp and tunnel development $0.4 million on 1,300 metres of exploration tunnels, $0.8 million on equipment.
4. Fiscal 2026 capital expenditure guidance for Ecuador Operations
The Company is preparing a separate press release on the guidance of its Ecuador Operations.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growt h
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.
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
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
things statements regarding the Company's Fiscal 2026 production, cash costs, and capital expenditures guidance, and timing
of release the Company’s Fiscal 2025 audited financial results. By their very nature, forward -looking statements involve known
and unkn own risks, uncertainties and other factors that may cause our actual results, performance or achievements to be
materially 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. Forward-looking statements relate to, among
other things: the price of silv er and other metals; the accuracy of mineral resource and mineral reserve estimates at the
Company’s material properties; estimates of the Company’s revenues and capital expenditures; estimated production from the
Company’s mines in the Ying Mining District and the GC Mine; 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 and development of the Company’s properties.
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 fac tors, including fluctuating commodity prices; recent market events
and condition; estimation of mineral resources, mineral reserves and mineralization and metal recovery; interpretations and
assumptions 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; integration of future acquisitions into existing operations; permits and licences for mining and exploration
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in China; title to properties; non -controlling interest shareholders; acquisition of commercially mineable mineral rights;
financing; competition; operations 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; 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 requirements 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 con taining forward-looking information and that it would
be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarante e
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 factors 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.
i Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio between the ne t
realized selling prices of gold and silver achieved, and then adding the converted amount expressed in silver ounces to the
ounces of silver.
iiCash cost and AISC per tonne are non -GAAP measures. Cash cost per tonne is calculated based on the total cash production
cost on a sales basis, adjusted for changes in inventory, to arrive at total cash cost that is related to ore production during the
period. The total cash cost is then further divided into mining cost, shipping cost, and milling cost. Cash cost per tonne is the
total of per tonne mining cost, per tonne milling cost, and per tonne milling cost. AISC is the extensions of cash cost. AISC per
tonne is based on the Company’s cash cost, and further include general and administrative expenses, government fees and
other taxes, reclamation costs accretion, lease liability payments, and sustaining capital expenditures that already paid. Mineral
resources tax, which mainly levy based on revenue, are not included in the calculation of AISC.