El Domo

Overview

El Domo is a copper-gold mine under construction in central Ecuador, approximately 150 km northeast of the major port city of Guayaquil.

Has received all key permits from the Government of Ecuador; expected to commence first production by July 2027.

14.58 Km2
Property¹

11.5 years
Reserve Life

Copper-Gold
Zinc, Lead & Silver By-products

24 Mlb
Annual Copper Production²

Open Pit
Mine

27 Koz
Annual Gold Production AISC²

Las Naves tenement (mining concession), within the broader 215.37 km2 Curipamba property package.
Year 1-11 payable production.

Relevant Agreements

An Investment Protection Agreement, executed with the Government of Ecuador, provides El Domo with various benefits until March 2033.

Salazar Joint Venture

Silvercorp owns a 75% stake in Salazar Holdings, whose wholly owned subsidiary, Curimining S.A. (“Curimining”), owns the El Domo project.

Under the joint venture agreement governing El Domo, Silvercorp:

Funds 100% of the capital costs to production
Receives 100% of first $30M in free cash flows
Receives 95% of the free cash flow 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

A streaming agreement with Wheaton Precious Metals provides $175.5M in funding available in four installments during construction.

Wheaton is entitled to 50% of payable gold production (until 145,000 ounces are delivered, 33% thereafter) and 75% of payable silver production (until 4,600,000 ounces are delivered, 50% thereafter) in return for payments equal to 18% of the spot prices for the gold and silver delivered, until the value of gold and silver delivered net of the payments is equal to $175,500,000, after which the 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 have been completed on the Curipamba project – mostly centred on El Domo.

Development Plan

2026 Technical Report Highlights
Mine Life (excluding construction period)	11.5 Years
Avg. Annual Payable Production (Years 1 - 11)	24 Mlb Cu
	27 koz Au
	26 Mlb Zn
	529 koz Ag
	0.7 Mlb Pb
Project Economics (After-Tax)
NPV_8%	$571M
IRR	46%
Payback Period	~3 Years

Metal prices 2027: $4.72/lb Cu, $3,670/oz Au, $1.20/lb Zn, $0.88/lb Pb, and US$66.5/oz Ag
2028: $4.74/lb Cu, $3,390/oz Au, $1.18/lb Zn, $0.88/lb Pb, and US$42.0/oz Ag
2029: $4.69/lb Cu, $3,160/oz Au, $1.18/lb Zn, $0.86/lb Pb, and US$40.0/oz Ag
2030: $4.67/lb Cu, $3,020/oz Au, $1.20/lb Zn, $0.88/lb Pb, and US$37.5/oz Ag
Long term: $4.40/lb Cu, $3,000/oz Au, $1.27/lb Zn, $0.91/lb Pb, and US$32.5/oz Ag

Source: El Domo Technical Report. See Appendix.

NEW BUDGET CONSTRUCTION STATUS

El Domo’s construction capital cost is estimated at US$284 million, of which US$160 million is budgeted in FY2027.

Silvercorp is targeting first production by July 2027.

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.