Silvercorp Issues Updated Technical Report for the GC Mine

Core Viewpoint - Silvercorp Metals Inc. has released an updated Technical Report on the Gaocheng Mine, indicating significant increases in mineral resources and reserves as of June 30, 2024, compared to previous estimates [1][2]. Mineral Resources - Estimated Measured and Indicated Mineral Resources are 11.5 million tonnes with grades of 84 g/t silver, 1.18% lead, and 2.85% zinc, containing 31 million ounces of silver, 136 thousand tonnes of lead, and 327 thousand tonnes of zinc [2][4]. - Compared to the 2021 Technical Report, Measured and Indicated Resource tonnes increased by 15%, with contained silver, lead, and zinc increasing by 18%, 13%, and 16% respectively [2][5]. - Inferred Resource tonnes increased by 13%, with contained silver, lead, and zinc increasing by 11%, 33%, and 16% respectively [2][5]. Mineral Reserves - Estimated Proven and Probable Mineral Reserves are 5.0 million tonnes with grades of 81 g/t silver, 1.21% lead, and 2.84% zinc, containing 13 million ounces of silver, 60 thousand tonnes of lead, and 141 thousand tonnes of zinc [2][8]. - There has been a 20% increase in total Proven and Probable Mineral Reserves compared to the 2021 Technical Report, with changes in contained metal for silver, lead, and zinc being +4%, -2%, and +6% respectively [2][9]. - The total GC Mine Mineral Reserve tonnes are approximately 44% of Mineral Resource tonnes, with metal conversion percentages for silver, lead, and zinc at 42%, 44%, and 43% respectively [9]. Production Profile - The annual production rate is planned to increase from approximately 326,000 tonnes per annum in FY2025 to between 362,000 and 363,000 tonnes per annum from FY2026 to FY2037, with a projected annual silver production of approximately 0.8 million ounces [2][11]. - The projected post-tax NPV based on the June 30, 2024 Mineral Reserves is $63.1 million, with $62.5 million attributable to Silvercorp [2]. Qualified Persons - The Technical Report was prepared by independent Qualified Persons from SRK Consulting, who have reviewed and approved the estimates [12][13]. Company Overview - Silvercorp is a Canadian mining company focused on producing silver, gold, lead, and zinc, with a strategy aimed at generating free cash flow from long-life mines and pursuing organic growth through exploration [14].