Silvercorp Metals Reports Higher Mineral Reserves and Resources at GC Mine in Updated Technical Report

• Measured and Indicated Mineral Resources at the GC Mine rose 59% in tonnage compared to the 2024 estimate, reaching 18.3 million tonnes grading 65 grams per tonne silver.
• Proven and Probable Mineral Reserves increased 25% in tonnage to 6.2 million tonnes, though contained metal declined slightly for silver, lead, and zinc.
• The updated production plan extends through fiscal year 2041, with potential for further extension if the tailings storage facility is expanded.
• The GC 2026 Technical Report estimates a post-tax net present value of US$101.4 million at an 8% discount rate, based on current reserves.
• Four independent Qualified Persons visited the GC Mine in April 2026 as part of the report preparation, reviewing drill core, underground workings, and surface infrastructure.

Silvercorp Metals Inc. (TSX/NYSE American: SVM) is a Canada-based mining company that produces silver, gold, lead, and zinc. The company operates mines in China and holds development projects in Ecuador and Kyrgyzstan. Its stated strategy includes generating cash flow from long-life mining operations, expanding resources through exploration, pursuing acquisitions, and maintaining environmental and social governance practices across its operations.

Updated GC 2026 Technical Report Showing 59% Increase in Measured and Indicated Resource Tonnes

The GC 2026 Technical Report, prepared by SRK Consulting China Ltd. under National Instrument 43-101 standards, estimates Measured and Indicated Mineral Resources of 18.3 million tonnes grading 65 grams per tonne silver, 0.91% lead, and 2.24% zinc as of December 31, 2025. This represents a 59% increase in tonnage compared to the June 2024 estimate. Contained metal also increased, with silver up 23%, lead up 24%, and zinc up 25%.

"Measured and Indicated" resources refer to mineral deposits estimated with a reasonable to high level of geological confidence based on drilling and sampling data, as distinct from "inferred" resources, which carry a lower level of confidence. Inferred Resources at the GC Mine declined to 7.36 million tonnes, down 23% in tonnage, with contained metal down 32% for silver, 47% for lead, and 40% for zinc compared to the 2024 estimate.

The changes reflect updated geological interpretation, conversion of some previously lower-confidence material into higher resource categories through continued drilling and level development, and depletion from ongoing mining activity.

25% Growth in Mineral Reserves Supporting Extended Production Profile Through FY2041

Proven and Probable Mineral Reserves at the GC Mine increased 25% in tonnage to 6.2 million tonnes, grading 63 grams per tonne silver, 0.91% lead, and 2.23% zinc. Contained metal in the reserve estimate declined compared to 2024, down 4% for silver, 7% for lead, and 2% for zinc. Reserves represent the portion of a resource demonstrated to be economically and legally mineable under current mine planning assumptions.

Based on current reserves, Silvercorp plans to raise annual production at the GC Mine from approximately 345,000 tonnes in fiscal 2026 to between 350,000 and 365,000 tonnes in fiscal 2027 and 2028, then to approximately 370,000 tonnes annually from fiscal 2029 through fiscal 2041. Annual silver production is projected at approximately 0.7 million ounces during that period. Production is expected to decline in fiscal 2042 and 2043, the final two years of the current mine plan.

The life-of-mine plan is capped by the mine's existing tailings storage capacity. Silvercorp has stated that completing a tailings storage facility expansion ahead of fiscal 2043 could extend production beyond 2044.

Robust Project Economics With US$101.4 Million Post-Tax NPV

Using the life-of-mine production profile based on the December 2025 reserves, the GC 2026 Technical Report calculates a post-tax net present value of US$101.4 million at an 8% discount rate, with US$100.3 million attributable to Silvercorp based on its 99% ownership interest. Net present value is a measure of a project's estimated future cash flows, adjusted for the time value of money.

Total reserve tonnes represent approximately 34% of the combined Measured and Indicated resource tonnes. Reserve grades for silver, lead, and zinc are 97% to 100% of the corresponding resource grades, indicating limited grade dilution between the resource and reserve estimates.

The report states that the GC Mine remains a viable operation under current reserves, with potential to extend resources through further exploration, particularly in areas containing inferred material.

Looking Ahead

The GC 2026 Technical Report will be filed on SEDAR+ and made available on Silvercorp's website within 45 days of the June 23, 2026 announcement. The estimates were reviewed by independent Qualified Persons Yanfang Zhao of SRK Consulting China Ltd., Falong Hu of SRK Consulting China Ltd., and Guoliang Ma of Silvercorp Metals Inc., each acting as Qualified Persons under NI 43-101.

‍