Last modified on November 9, 2020.


Silvercorp Metals Inc. (“Silvercorp” or the “Company”) updates the information on this website (this “Site”) from time to time.  However, such information is not intended to be a comprehensive review of all matters and developments concerning Silvercorp and Silvercorp cannot guarantee the accuracy, currency or completeness of the information at all times and assumes no responsibility in this regard.


The technical information contained in the Site has been reviewed and approved by Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of Silvercorp and a Qualified Person for the purposes of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”).


The Site and the information contained herein do not constitute an offer or a solicitation of an offer for sale of any securities.  None of the information contained herein is intended to be, and shall not be deemed to be, incorporated into any of the Company’s or its affiliates’ securities-related filings or documents.

Cautionary Note on Forward-Looking Statements

The Site includes statements concerning future operations, prospects, strategies, plans, projections, forecasts, financial conditions and economic performance, as well as intentions and objectives, that are “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 Canadian provincial securities laws (collectively, “forward-looking statement”).  Forward-looking statements are typically identified by words such as: “anticipates,” “expects,” “believes,” “forecasts”, “projects”, “estimates,” “seeks,” “plans,” “intends”, “strategies”, “targets”, “goals”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions.  All statements, other than statements of historical fact, included on the Site including, without limitation, the anticipated business plans and timing of future activities of the Company, are forward-looking statement.  Forward-looking statements are necessarily based upon a number of assumptions, estimates, beliefs, expectations and opinions as of the date of the disclosure that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies.


Forward-looking statements by the Company are not guarantees of future results or performance, and actual results may differ materially from those in forward-looking statements as a result of risks, uncertainties and various other factors.  Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration, development and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, delays in obtaining governmental permits and approvals, lack of appropriate funding, accidents, labour disputes, other risks of the mining industry, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations and other risk factors as discussed in the Company’s filings with Canadian and United States securities regulatory agencies.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.  The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.  The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as otherwise required by law.

Cautionary Note on Mineral Reserve and Resource Estimates

Silvercorp has prepared its mineralization estimates in accordance with Canadian reporting standards, which differ significantly from the current requirements of the U.S. Securities and Exchange Commission (the “SEC”) set out in Industry Guide 7.  The terms “proven mineral reserve” and “probable mineral reserve” used in our website are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Standards”), which definitions have been adopted by NI 43-101.  The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in the ’SEC’s Industry Guide 7.  “Reserves” reported by the Company under the CIM Standards may not qualify as reserves under Industry Guide 7.  Under SEC Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit, which could be economically and legally extracted or produced at the time the reserve determination is made.  Accordingly, information contained in the Site providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in the CIM Standards and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC.  Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity.  However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.  Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.  Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.  Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.


Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021.  The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to corresponding definitions under the CIM Standards.  During the period leading up to the compliance date of the SEC Modernization Rules, information regarding minimal resources or reserves contained or referenced in the Site may not be comparable to similar information made public by companies that report according to U.S. standards.  While the SEC Modernization Rules are expected to be “substantially similar” to the CIM Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Standards.

Non-IFRS Measures

The Site and the materials posted on it include certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “cash operating costs” and “all-in sustaining costs”.  Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies.  The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with the Company’s consolidated financial statements.  Readers should refer to the Company’s most recently filed Management Discussion & Analysis, available under the Company’s corporate profile at www.sedar.com and at www.sec.gov or on the Site, for a more detailed discussion of how the Company calculates such measures and a reconciliation of certain measures to IFRS terms.