Silvercorp Quarterly Update - Fiscal 2026

• Revenue of approximately $83.3 million in Q2 Fiscal 2026, up 23% compared to the same quarter last year
• Silver equivalent production of 1.84 million ounces, a 5% increase, with lead production up 8% to 14.2 million pounds
• El Domo mine construction advanced with 1.29 million cubic metres of material removed, up 249% from the previous quarter
• Exploration activities included 77,507 metres of drilling and 14,437 metres of exploration tunnelling across operations
• Q2 Fiscal 2026 financial results scheduled for release on 6 November 2025 after market close

Silvercorp Metals Inc. (TSX/NYSE American: SVM) is a Canadian mining company that produces silver, gold, lead and zinc. The company operates mines in China and is developing the El Domo project in Mexico. Silvercorp's business model focuses on generating free cash flow from its mining operations, conducting exploration drilling for resource expansion, pursuing acquisition opportunities, and maintaining environmental, social and governance standards.

Q2 Fiscal 2026 Production and Sales Results

Silvercorp reported revenue of approximately $83.3 million for the second quarter ended 30 September 2025, representing a 23% increase over Q2 Fiscal 2025. Silver production reached 1.7 million ounces, up 0.2% year-over-year, whilst silver equivalent production increased 5% to 1.84 million ounces. The silver equivalent figure includes gold production, which rose 76% during the quarter.

Lead production totalled 14.2 million pounds, an 8% increase compared to the prior year period. Zinc production declined 3% to 5.6 million pounds. The company produces multiple metals from its operations, with revenue generated from the sale of silver, gold, lead and zinc concentrates.

The quarter included temporary disruptions at certain operations. The Ying Mining District experienced temporary closures of some mining areas, which have since reopened. The GC Mine faced weather-related interruptions for approximately 10 days due to heavy rainfall and typhoons. Operations at both sites have returned to normal levels.

Mine-Specific Operational Performance and Developments

The Ying Mining District processed 265,002 tonnes of ore during Q2 Fiscal 2026, up 26% over Q2 Fiscal 2025. The operation produced approximately 1,529 thousand ounces of silver, 2,085 ounces of gold, 12,928 thousand pounds of lead, and 1,423 thousand pounds of zinc. This represented increases of 1%, 76%, 8% and 8% in silver, gold, lead and silver equivalent production respectively, with zinc production down 21% year-over-year. Exploration work included 64,330 metres of drilling and 12,638 metres of tunnelling.

The GC Mine processed 76,249 tonnes of ore, down 12% from the prior year period. Production included approximately 130 thousand ounces of silver, 1,306 thousand pounds of lead, and 4,221 thousand pounds of zinc. Silver production decreased 5% whilst lead and zinc production increased 6% and 5% respectively compared to Q2 Fiscal 2025. The operation completed 13,176 metres of drilling and 1,799 metres of exploration tunnelling.

Construction continued at the Kuanping mine with 831 metres of ramp development and 613 metres of exploration tunnelling completed during the quarter. Silvercorp also initiated an underground mining preliminary economic assessment study for the Condor Project, with completion expected in Q3 Fiscal 2026.

El Domo Mine Construction Progress

Construction activities at the El Domo project in Mexico increased during Q2 Fiscal 2026. Approximately 1.29 million cubic metres of material were removed, representing a 249% increase compared to the previous quarter. The company reported that the 481-bed construction camp has been substantially completed and is scheduled to be fully operational in October 2025.

Surface clearing for the tailings storage facility began in September 2025. The company excavated 15,700 cubic metres of topsoil to prepare the starter dam foundation. Four sections of the external power line construction contracts have been awarded, with the final section remaining under engineering design.

Equipment orders totalling approximately $22.2 million have been placed for the project. The company provided no updated timeline for first production or commercial operations at El Domo in the operational results announcement.

Looking Ahead

Silvercorp will release complete financial results for Q2 Fiscal 2026 on 6 November 2025 after market close. The company expects to complete the underground mining preliminary economic assessment study for the Condor Project in Q3 Fiscal 2026. Construction work continues at El Domo with the construction camp scheduled to reach full operation in October 2025.