Silvercorp's Ying 2026 Technical Report Shows 50% Mineral Reserve Tonnage Increase and 17-Year Mine Plan

• Proven and Probable Mineral Reserves increased to 19 million tonnes, a 50% rise in tonnage and a 20% increase in contained silver ounces compared with the 2024 Technical Report
• Measured and Indicated Mineral Resources increased to 42.18 million tonnes, a 90% rise in tonnage, containing 198 million ounces of silver
• The life of mine plan spans 17 years through 2042, with approximately 106 million ounces of silver projected to be mined at the Ying property
• The economic analysis, based on long-term prices of $28 per ounce silver and $2,800 per ounce gold, projects a pre-tax net present value of $1.275 billion and a post-tax net present value of $1.03 billion at a 5% discount rate
• The Ying property recorded its first Mineral Reserves at the KP underground mine, totalling 0.21 million tonnes

Silvercorp Metals Inc. (TSX / NYSE American: SVM) is a Canada-based mining company producing silver, gold, lead, and zinc. The company's strategy centres on generating free cash flow from long life mines, growing resources through exploration drilling, and pursuing mergers and acquisitions, alongside a long-term commitment to responsible mining and environmental, social, and governance practices.

Updated Ying 2026 Technical Report Shows 50% Mineral Reserve Tonnage Increase

Silvercorp's updated Technical Report for the Ying Mining District in Henan Province, China, shows an expansion in Proven and Probable Mineral Reserves. Total Reserve tonnes increased by 50% from the 2024 report, comprising a 45% increase in Proven Reserves and a 55% increase in Probable Reserves. The report was prepared by AMC Mining Consultants (Canada) Ltd. under National Instrument 43-101 standards, with an effective date of December 31, 2025.

The updated Reserves total 19 million tonnes grading 174 grams per tonne silver, 0.17 grams per tonne gold, 2.47% lead, 0.80% zinc, and 0.04% copper, containing 106 million ounces of silver, 107 thousand ounces of gold, 472 thousand tonnes of lead, 150 thousand tonnes of zinc, and 6.7 thousand tonnes of copper. Contained silver increased by 20%, gold by 52%, lead by 16%, and zinc by 22% compared with the 2024 report.

A Mineral Reserve is the portion of a mineral deposit confirmed as economically mineable under current conditions, distinct from a Mineral Resource, which has not yet met that threshold. This is a distinction retail investors can use when comparing the two categories referenced throughout the report.

Growth in Measured and Indicated Resources Linked to Higher Metal Prices

The Technical Report also outlines an increase in Measured and Indicated Mineral Resources, which reached 42.18 million tonnes, a 90% increase in tonnage from the 2024 report. These Resources, which include the Mineral Reserves above, contain 198 million ounces of silver, 231 thousand ounces of gold, 944 thousand tonnes of lead, and 284 thousand tonnes of zinc.

One factor behind this increase was the use of a higher silver price assumption of $28 per ounce in the 2026 report, compared with $21 per ounce in 2024. Higher metal prices lower the cut-off grade, the minimum concentration of metal needed for material to be considered economic, meaning more mineralized material can be included in the Resource estimate. This was combined with continued drilling and level development at the mine.

Inferred Resources, a lower confidence category used to guide further exploration, increased by 54% in tonnage. Metal prices rose between 3% and 78% across silver, gold, lead, and zinc since the 2024 report.

17-Year Life of Mine Plan Supported by Economic Analysis

Based on the updated Reserve estimate, Ying operations are planned to run for 17 years, through 2042. Annual ore production is expected to rise from about 1.2 million tonnes in fiscal 2026 to 1.3 million tonnes in fiscal 2027, 1.5 million tonnes in fiscal 2028, and above 1.6 million tonnes annually from fiscal 2029 through fiscal 2031, before declining toward the end of the mine life.

The economic analysis, using long-term prices of $28 per ounce silver, $2,800 per ounce gold, $0.90 per pound lead, $1.20 per pound zinc, and $4.40 per pound copper, generated a pre-tax net present value of $1.275 billion and a post-tax net present value of $1.03 billion at a 5% discount rate. Over the life of mine, silver is expected to account for 69.3% of net revenue, followed by lead at 20.1%, gold at 5.4%, zinc at 4.6%, and copper at 0.6%.

The Technical Report describes the Ying complex as a viable operation based on its Proven and Probable Mineral Reserves, with potential to extend the mine life beyond 2042 through further exploration in areas holding Inferred Resources. Recent operational initiatives resulted in a 20% increase in annual production over the past two years, with additional mine expansion activities underway.

Looking Ahead

The Ying 2026 Technical Report updates Silvercorp's Mineral Reserve and Resource estimates for the Ying Mining District, establishing a 17-year mine plan and first Reserves at the KP mine. The full report will be filed on SEDAR+ and made available on the company's website within 45 days of this announcement.

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