Location, Access, and Infrastructure

El Domo is a permitted, pre-construction stage copper-gold project.

Planned to be the next modern mine in Ecuador, with first production expected in 2026.

Located in central Ecuador, approximately 150 km northeast of the major port city of Guayaquil with excellent road access (~3-hour drive). Well-maintained gravel roads provide easy access to the resource area. Additionally, El Domo benefits from being within 20 km of the national power grid, located in Echeandía Canton.

Permits & Investment Protection Agreement

El Domo has received all key permits necessary from the Government of Ecuador and its ministries for construction and operation of the mine. These include:

• ESIA Approval (Environmental License) – approved January 2024, after a thorough and transparent stakeholder consultation process
• Tailings Storage Facility (TSF) Design Approval – approved January 2024, for the design, construction, operation, and maintenance of the TSF

• Resolution of Change of Phase – issued August 2024. The approval transitions El Domo from Economic Evaluation Phase to Exploitation Phase, permitting construction and operation of the mine.

An Investment Protection Agreement, executed with the Government of Ecuador, provides El Domo with the following benefits until March 2033, with the potential for extension:

• Exemption of import and export duties, and the ability to import contractor equipment from free-trade countries without duties;
• Guarantees on powerline and road upgrade and construction approvals;
• Approval of a special dispute resolution article, including international arbitration protection. Jurisdiction in New York with English language;
• Free transfers abroad of cash profits earned, and;
• Free transfer of cash obtained from the partial or full liquidation of the investors from the sale of shares, equity and/or rights acquired, once corresponding tax obligations and other responsibilities have been fulfilled.

Salazar Joint Venture

After filing the feasibility study for El Domo on December 10, 2021 and meeting the required expenditure commitments, Adventus Mining (acquired by Silvercorp in July 2024) exercised its option to earn a 75% stake in Salazar Holdings, whose wholly owned subsidiary, Curimining S.A. (“Curimining”), owns the El Domo project.

Under the joint venture agreement, Silvercorp:

• Funds 100% of the capital costs to production
• Receives 100% of first $30M in free cash flows
• Receives 95% of the free cashflow until all of its investments since October 2017 are repaid, less the Salazar historical investment of $19.8M

Thereafter, project cashflows will be shared 75% Silvercorp & 25% Salazar.

Wheaton Stream

An existing Precious Metals Purchase Agreement (PMPA) with Wheaton Precious Metals provides $175.5M in construction funding.  $13.5M has been drawn and the remainder will be available in four installments during construction.

Under the PMPA, Wheaton is entitled to:

• Purchase 50% of the payable gold production until 145,000 ounces have been delivered, thereafter dropping to 33% for the life of mine; and
• 75% of the payable silver production until 4,600,000 ounces have been delivered, thereafter dropping to 50% for the life of mine.

In return, Wheaton will:

• Pay 18% of the spot prices (“Production Payment”) for the gold and silver ounces delivered until the value of gold and silver delivered less the Production Payment is equal to the upfront consideration of $175,500,000, after which the Production Payment will increase to 22% of the spot prices.

The PMPA covers only the volcanogenic massive sulphide (VMS) potential in the district that can be economically processed at the El Domo mill.

Work History

El Domo is a flat-lying tabular shaped volcanogenic massive sulphide (VMS) deposit, with mineralization beginning at 30 metres from surface and dimensions of approximately 800 x 400 metres. Approximately 75,000 metres of diamond drilling has been completed on the Curipamba project – mostly centred on El Domo.

In 2019, Roscoe Postle Associates Inc. completed an independent National Instrument 43-101 Technical Report on the Preliminary Economic Assessment of the Curipamba – El Domo project, which included an updated mineral resource estimate and produced robust technical and economic results.

In 2021, infill and geotechnical drilling was carried out in conjunction with the completion of the feasibility study, which included the first estimate of mineral reserves (open pit) and updated the total estimate of mineral resources (open pit & underground).

Work History

El Domo is a flat-lying tabular shaped volcanogenic massive sulphide (VMS) deposit, with mineralization beginning at 30 metres from surface and dimensions of approximately 800 x 400 metres. Approximately 75,000 metres of diamond drilling has been completed on the Curipamba project – mostly centred on El Domo.

In 2019, Roscoe Postle Associates Inc. completed an independent National Instrument 43-101 Technical Report on the Preliminary Economic Assessment of the Curipamba – El Domo project, which included an updated mineral resource estimate and produced robust technical and economic results.

In 2021, infill and geotechnical drilling was carried out in conjunction with the completion of the feasibility study, which included the first estimate of mineral reserves (open pit) and updated the total estimate of mineral resources (open pit & underground).

Reserves and Resources

El Domo’s updated Mineral Resource estimate (MRE) has an effective date of October 26, 2021, and is supported by information provided from 391 core boreholes, totaling 74,992 metres, completed between 2007 and 2021. The MRE is disclosed in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and prepared by SLR Consulting (Canada) Ltd. (“SLR”), formerly Roscoe Postle Associates.

El Domo Open Pit

El Domo Underground

Reserves Statement Notes:
1. Waste: Ore Strip Ratio 6.02 : 1 not including pre-strip waste and 8.59 : 1 including pre-strip waste
2. The effective date of the Mineral Reserve Estimate is October 22, 2021.
3. Mineral Reserves are reported in accordance with CIM Definition Standards (2014) and best practice guidelines (2019).
4. An NSR cut-off grade of US$32.99 was used for all material.
5. Mineral reserves were estimated at a gold price of $1,630/oz, a silver price of $21.00/oz, a lead price of $0.92/lb, a zinc price of $1.16/lb, and a
copper price of $3.31/lb; they include modifying factors related to mining cost, dilution, mine recovery, process recoveries and costs, G&A, royalties,
and rehabilitation costs.
6. Figures have been rounded to an appropriate level of precision for the reporting of Mineral Reserves.
7. Due to rounding, some columns or rows may not compute exactly as shown.
8. The Mineral Reserves are stated as dry tonnes processed at the crusher.
9. Tonnages are presented in metric tonnes

Resources Statement Notes:
1. CIM Definition Standards (2014) definitions were followed for Mineral Resources.
2. Mineral Resources are reported above a cut-off NSR value of US$29/t for Mineral Resources amenable to open-pit mining and the
underground portion of the 2021 Mineral Resources are reported with mining shapes which were generated using a $105/t NSR cut-
off value.
3. The NSR value is based on estimated metallurgical recoveries, assumed metal prices, and smelter terms, which include payable
factors treatment charges, penalties, and refining charges.
4. Mineral Resources are estimated using the metal price assumptions: US$4.00/lb Cu, US$1.05/lb Pb, US$1.30/lb Zn, US$1,800/oz Au,
and US$24/oz Ag.
5. Metallurgical recovery assumptions were based on three mineral types defined by the metal ratio Cu/(Pb+Zn):
a. Zinc Mineral (Cu/(Pb+Zn) <0.33): 86% Cu, 90% Pb, 97% Zn, 68% Au and 78% Ag
b. Mixed Cu/Zn Mineral (0.33≤ Cu/(Pb+Zn) ≤3.0): 86% Cu, 82% Pb, 95% Zn, 55% Au and 67% Ag
c. Copper Mineral (Cu/(Pb+Zn) >3.0): 80% Cu, 37% Pb, 36% Zn, 14% Au and 29% Ag
6. NSR factors were also based on the metal ratio Cu/(Pb+Zn):
a. Zinc Mineral (Cu/(Pb+Zn) <0.33): 53.41 US$/% Cu, 7.99 US$/% Pb, 13.47 US$/% Zn, 30.91 US$/g Au and 0.39 US$/g Ag
b. Mixed Cu/Zn Mineral (0.33≤ Cu/(Pb+Zn) ≤3.0): 58.99 US$/% Cu, 7.05 US$/% Pb ,13.41 US$/% Zn, 25.12 US$/g Au and 0.34
US$/g Ag
c. Copper Mineral (Cu/(Pb+Zn) >3.0): 57.83 US$/% Cu, 6.84 US$/g Au and 0.19 US$/g Ag
7. Bulk density interpolated on a block per block basis using assayed value, the correlation between measured density values and iron
content, and base metal grade. The bulk densities range between 2.1 t/m 3 and 4.6 t/m 3
8. Mineral Resources are inclusive of Mineral Reserves.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10. The underground portion of the Mineral Resources are reported within underground reporting shapes and include low grade blocks
falling within the shapes.
11. QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant
factors that could materially affect the Mineral Resource estimate
12. Numbers may not add due to rounding

Feasibility Study

In December 2021, a feasibility study covering the open-pit Mineral Reserve of the El Domo project was published, outlining attractive operating metrics and robust economics:

Next Steps

Silvercorp has initiated the process for construction with a goal to bring the Project into production some time in 2026, as previously planned.

The Company has also identified several priority and parallel projects, such as

1) Metallurgical Improvements: further metallurgical test work to improve metal recoveries

2) Infrastructure Upgrades: advancing the power supply for mine operation, as well as optimization and improvement of access infrastructure

3) Detailed Engineering Design: completing Detailed Engineering Design, including the improved operational efficiency of the process plant, mining pit optimization and construction planning based on the 2021 Feasibility Study1, and

4) Vendor Selection: reviewing and selecting suitable vendors, such as experienced mine, process plant and tailings storage facility builders, and processing equipment manufacturers for the mills

Metallurgy

Planned metallurgical test work may have the most impact on improving El Domo’s economics.

The current flow sheet:

• Floats all sulphide minerals (“bulk float”) in the rougher circuit, including copper (“Cu”), zinc (“Zn”), lead (“Pb”) and pyrite first and then separates Cu, Zn, and Pb into three different concentrates
• Approximately 36% of the gold (“Au”) and 33% of the silver (“Ag”) report to the copper concentrate
• Approximately 15% of the Au and 24% of the Ag report to the zinc concentrate.

After reviewing the 2019 metallurgical study by Kamloops-based Base Met Labs, Silvercorp has found that the tests that sequentially floating copper first yielded much higher Au and Ag recoveries (see table below) at the lower concentrate mass pull than the current bulk flotation flowsheet, especially the Test #26, which yielded a rougher copper concentrate with 87% Cu, 74% Au, and 53% Ag recoveries. For unknown reasons, these sequential selective flotation of copper upfront tests were not continued after 2019.

Based on this analysis, the Company plans to drill for metallurgical samples for further testing. Any potential process optimization arising from this test work will still result in the Project producing the same three different concentrates via a flotation process.

Metallurgy

Planned metallurgical test work may have the most impact on improving El Domo’s economics.

The current flow sheet:

• Floats all sulphide minerals (“bulk float”) in the rougher circuit, including copper (“Cu”), zinc (“Zn”), lead (“Pb”) and pyrite first and then separates Cu, Zn, and Pb into three different concentrates
• Approximately 36% of the gold (“Au”) and 33% of the silver (“Ag”) report to the copper concentrate
• Approximately 15% of the Au and 24% of the Ag report to the zinc concentrate.

After reviewing the 2019 metallurgical study by Kamloops-based Base Met Labs, Silvercorp has found that the tests that sequentially floating copper first yielded much higher Au and Ag recoveries (see table below) at the lower concentrate mass pull than the current bulk flotation flowsheet, especially the Test #26, which yielded a rougher copper concentrate with 87% Cu, 74% Au, and 53% Ag recoveries. For unknown reasons, these sequential selective flotation of copper upfront tests were not continued after 2019.

Based on this analysis, the Company plans to drill for metallurgical samples for further testing. Any potential process optimization arising from this test work will still result in the Project producing the same three different concentrates via a flotation process.

Curipamba Exploration Potential

The El Domo VMS deposit is located within the larger Curipamba property, which consists of seven concessions covering approximately 215 square kilometres.

With minimal systematic exploration conducted across the entire Curipamba property since the discovery of El Domo in 2008, an airborne MobileMT geophysical survey was completed in 2019, covering 2,142 line-kilometers. This survey identified 15 targets, most of which have not seen significant exploration or drilling historically. Notable targets include:

Agua Santa: A new VMS system 4.5 km SW of El Domo deposit. First drill hole intersected 6.34m @ 1.77% Cu, 1.46 g/t Au, 7.45% Zn, 23.2 g/t Ag

El Gallo: Historical drilling confirmed mineralization from surface, 420 m south of El Domo. Drilling intersected shallow mineralization: 4.57m @ 9.45 g/t Au, 338 g/t Ag 6.95m @ 4.51 g/t Au, 157 g/t Ag 8.25m @ 5.80 g/t Au, 66 g/t Ag (depth: <15 m)