SILVERCORP METALS INC

This is the full AMC technical report on the Ying property (report dated June 12, 2026), which covers the seven Ying mines plus the start-up Kuanping (KP) project. Visible text says Silvercorp holds an effective 77.5% in SGX, HZG, TLP, LMW, DCG and KP and 80% in HPG and LME. Ying output was just over 1,000,000 tpa in FY2025, and 459,231 m was drilled since the last report. The reserve and resource tables are cut off in the text, so no new totals can be stated. The QPs call the sample database acceptable but say the QA/QC program is not comprehensive and KP's is insufficient (KP is 0.6% of measured and indicated tonnes). Note the report's effective date is stated as 18 May 2026, while the news release said resources were effective December 31, 2025.

resource reserve update

On May 20, 2026 Silvercorp said the Kyrgyz government issued a new mining licence extending the Tulkubash/Kyzyltash licence from June 25, 2032 to June 25, 2062, and that ZAAV has been converted into a joint venture (Silvercorp 70% and operator, Kyrgyzaltyn 30% free-carried). After the extension Silvercorp paid the US$60 million to the Kyrgyz government (the release says this was minus an offset bonus payment under Kyrgyz law); a further US$10 million is due after other milestones. The ZAAV board appointed a general manager and CFO nominated by Silvercorp and approved Phase 1 development of Tulkubash for 2026-2027. This resolves the licence-extension and JVC-conversion steps left open from the January deal; the Phase 1 timing is now stated as 2026-2027 (earlier 2026-2028).

regulatory community update

On April 20, 2026 Silvercorp signed a 3-year syndicated term loan of RMB1.5 billion (about US$220 million), led by Standard Chartered Bank (Hong Kong); banks committed RMB2 billion, twice the RMB1 billion target. Facility A (RMB425.5M) is floating at CNH HIBOR (1.60% at March 31, 2026) plus 1.92%; Facility B (RMB1,047.5M) is fixed at 3.67%. It is guaranteed and secured by certain accounts and shares of the company and some subsidiaries, with repayment in RMB from dividends received outside China from its China operations. This is new debt on top of the US$150M convertible notes, and the company says proceeds are for general corporate purposes and working capital, and that it supports growth in Kyrgyzstan and Ecuador.

debt financing

On January 27, 2026 Silvercorp said it completed the purchase of Chaarat ZAAV CJSC after the Kyrgyz government waived its pre-emptive right and Silvercorp paid Chaarat US$92 million. ZAAV will be converted into a joint venture with Kyrgyzaltyn (Silvercorp 70% and operator, Kyrgyzaltyn 30% free-carried). The US$60 million payment to the NIA follows once the mining licence extension to June 25, 2062 is applied for and granted. This completes the first step of the January 20 deal; the NIA payment and licence extension remain open.

business combination

On January 20, 2026 Silvercorp agreed to buy a 70% interest in the Tulkubash/Kyzyltash gold projects in Kyrgyzstan for US$162 million cash: US$92 million to Chaarat Gold Holdings and US$70 million to Kyrgyz government agency NIA (US$60 million on a licence extension from 2032 to 2062, US$10 million on later milestones). Kyrgyzaltyn, owned by the Kyrgyz state, would hold a 30% free-carried interest, and the Kyrgyz government has already waived its pre-emptive right. Silvercorp also commits US$150 million to a Phase 1 open-pit heap-leach mine (2026-2028) and describes about US$400 million for a later Kyzyltash phase; it says it will pay from cash on hand. This is a new third country for the company, after China and Ecuador, and a large new spend alongside El Domo and Condor.

business combination

On December 22, 2025 Silvercorp released a preliminary economic assessment for an underground mine at Condor, delivering the study it targeted for end of 2025. At US$2,600/oz gold it shows an after-tax value of US$522 million (5% discount) and a 29% return, on initial capital of US$292 million, a 13-year mine life and about 1,375 koz of payable gold. At near-spot US$4,300/oz gold, value is US$1,559 million. It is preliminary, includes inferred resources too speculative to be called reserves, and there is no certainty it will be realised.

resource reserve update

On August 5, 2025 Silvercorp said Ecuador's Constitutional Court unanimously rejected the last legal challenge to the El Domo environmental license; the clarification motion was rejected on July 24, 2025. This resolves the court appeal that was pending in the company's history. The company says anti-mining groups continue disruptive activities, which it says have not materially affected project progress to date.

regulatory community update

On May 12, 2025 Silvercorp published its first updated resource estimate for Condor in Ecuador (SRK, effective February 28, 2025), for an underground operation. At a 2.2 g/t gold-equivalent cutoff, Camp and Los Cuyes have 3.17 Mt indicated (0.34 Moz gold) and 12.1 Mt inferred (1.38 Moz gold). It plans a 3,500 m, 10-hole drilling program starting May 2025 and a preliminary economic assessment by the end of 2025. This follows through on the December 2024 plan; these are resources, not reserves, with no demonstrated economic viability.

resource reserve update

On November 25, 2024 Silvercorp closed its convertible notes offering at US$150 million (4.75%, due 2029), because the buyers used the full extra US$20 million option on top of the US$130 million priced earlier. This completes the financing; the proceeds are intended for copper-gold mine construction outside China, other project development and working capital. If the notes convert into shares, existing holders would be diluted (inference).

capital raising announcement

On November 19, 2024 Silvercorp announced it had started a private offering of US$130 million of convertible senior notes due 2029, with an option for buyers to take up to US$20 million more. The notes are unsecured, can be settled in cash, shares or both on conversion, and the proceeds are meant for building copper-gold mines outside China, developing other projects and working capital. Interest rate and conversion price were not yet set in this filing; they were priced on November 21 (per the earlier summary).

debt financing

On November 21, 2024 Silvercorp priced a US$130 million private offering of 4.75% convertible senior notes due December 15, 2029, with an option for initial purchasers to buy US$20 million more. They are unsecured and convert at about US$4.63 per share (a roughly 30% premium to the US$3.56 close on November 20); Silvercorp can settle conversions in cash, shares or both. Net proceeds of about US$124.2 million are meant for building copper-gold mines outside China, other project development and working capital. This is Silvercorp's first debt of this kind in these filings, and conversion could dilute shareholders. It follows the Adventus acquisition and El Domo construction start (the El Domo link is an inference).

debt financing

On October 8, 2024 Silvercorp said the Yuelianggou Mining License covering the SGX and HZG mines in the Ying district has been renewed to September 24, 2035, with capacity raised to 500,000 tonnes per year. The renewal is based on the Henan government website; the paper certificate is still to be issued, subject to a final assessment of historical government investment that may result in certain payments. This secures permit life for SGX, the largest Ying mine by resource.

regulatory community update

On August 27, 2024 Silvercorp released an updated technical report for the GC mine in Guangdong, effective June 30, 2024. It reports Proven and Probable Reserves of 5.0 Mt (13 Moz silver, 60 kt lead, 141 kt zinc), up 20% in tonnes versus the 2021 report, and Measured and Indicated Resources of 11.5 Mt. It projects a life of mine to FY2038, with post-tax NPV of $63.1M at an 8% discount rate ($62.5M attributable to Silvercorp's 99% interest). This updates the earlier GC mine references in the company's history.

resource reserve update

On August 21, 2024 Silvercorp said that, following the July 31 Adventus acquisition and the El Domo 'Change of Phase' (per an August 6 release not in these filings), it and Salazar have started the construction process, aiming for production in 2026 as previously planned. It hired Jaymes Dircks as General Manager of Curimining and a senior mining engineer, and plans metallurgical drilling, geotechnical drilling and engineering work. The appeal of the local court ruling on the environmental consultation litigation is still listed as a risk, so that thread continues.

business combination

On August 19, 2024 Silvercorp issued an updated technical report for its seven Ying Mining District mines in Henan, with resources and reserves effective June 30, 2024. It reports Proven and Probable Reserves of 12.76 Mt containing 89 Moz silver, plans about 89 Moz silver to be mined over a 14-year life of mine, and gives pre-tax and post-tax NPVs of $896M and $699M (5% discount rate, $22/oz silver). Compared with the 2022 report, reserve silver and gold metal fell 7% and 33% and Inferred silver fell 37%, but reserve tonnes rose 4%. Output is planned to rise from 0.83 Mtpa in FY2024 to about 1.0 Mtpa in FY2025. This is the first published resource figures after the 2022-2023 drilling reports on LMW, SGX, TLP and HPG.

resource reserve update

Silvercorp completed its acquisition of Adventus on July 31, 2024 by plan of arrangement, with Adventus holders (other than Silvercorp) receiving 0.1015 Silvercorp share per share. This resolves the July 5 uncertainty over the material adverse effect claim, though the filing does not say how that was settled; it notes the project could be materially affected by the appeal or later developments in the litigation. Adventus options and warrants become exercisable for Silvercorp shares, and Adventus will delist from the TSX Venture Exchange and apply to stop being a reporting issuer. Existing Silvercorp holders are diluted by the new share issuance (April terms indicated about 18.4% going to Adventus holders).

business combination

On July 5, 2024 Silvercorp said it has determined a Material Adverse Effect has arisen at Adventus, from litigation seeking to void the environmental licence of the Curipamba-El Domo project. It says it remains open to working with Adventus to close if its conditions can be met and is willing to discuss extending the July 31 closing deadline. This puts in doubt the April 2024 Adventus deal; the filing does not say the deal is terminated.

business combination

On April 26, 2024 Silvercorp agreed to acquire all of Adventus Mining (owner of 75% of the El Domo copper-gold project in Ecuador) for 0.1015 Silvercorp share per Adventus share, implying C$0.50 per share and about C$200 million. Adventus holders would own about 18.4% of Silvercorp, diluting existing holders to 81.6%. Silvercorp is also buying 67,441,217 Adventus shares at C$0.38 (C$25.6 million, about 15%), with proceeds repaying a Trafigura facility and an Altius loan. Closing needs a court-approved arrangement and an Adventus securityholder vote expected around June 28, 2024. This is a further acquisition alongside the OreCorp bid, which the filing does not mention.

business combination

On December 26, 2023 Silvercorp replaced its August 2023 scheme of arrangement for OreCorp with an off-market takeover offer of A$0.19 cash plus 0.0967 Silvercorp shares per OreCorp share (implied A$0.5891). The scheme deed was terminated and the January 18, 2024 OreCorp scheme meeting is to be cancelled. The offer needs 50.1% acceptance and the OreCorp board unanimously recommends it, subject to the independent expert's conclusion and no superior proposal. Silvercorp holds 73,889,007 OreCorp shares (15.74%). Silvercorp's CEO attributes the switch to the scheme being at risk of not completing due to 'outside interference'. The cash portion is higher than the A$0.15 in the scheme, and the implied value is below the earlier A$0.60, which the filing explains by the share-price basis.

business combination

On August 6, 2023 Silvercorp signed a binding agreement to buy all of OreCorp (ASX: ORR) by Australian scheme of arrangement, paying A$0.15 cash plus 0.0967 of a Silvercorp share per OreCorp share (implied A$0.60, valuing OreCorp at about A$242 million fully diluted). OreCorp holds an 84% interest in the Nyanzaga Gold Project in Tanzania, with first gold targeted for H2 2025. OreCorp holders would own 17.8% of Silvercorp afterwards, so existing Silvercorp holders would be diluted. Silvercorp also agreed a roughly A$28 million placement of 70,411,334 OreCorp shares at A$0.40 (about 15% of OreCorp). The deal needs OreCorp shareholder and Court approval. This is a second, larger acquisition move after the non-binding Celsius term sheet of May 2023; the filing does not mention Celsius.

business combination

On May 15, 2023 Silvercorp signed a non-binding term sheet to buy all of Celsius Resources (ASX/AIM: CLA) at AUD$0.030 per share, about AUD$56 million in total, paid 90% in Silvercorp shares and 10% in cash. At current prices that would mean about 9.7 million new Silvercorp shares plus AUD$5.6 million cash. It would add Celsius' MCB copper-gold project in the Philippines to Silvercorp's China silver mines. Silvercorp also signed a AUD$5 million private placement in Celsius at AUD$0.015 per share (about 15% ownership) and agreed to invest AUD$4 million in a spin-off exploration company holding Celsius' Sagay and Opuwo projects. A definitive agreement is to be negotiated within one month, and the filing says there is no assurance a deal will be reached; it is also subject to due diligence and Celsius shareholder and regulatory approvals.

business combination

Silvercorp closed its bought-deal share offering on December 14, 2010, issuing 9,200,000 common shares at US$12.70 for gross proceeds of US$116.84 million (about US$111.0 million after underwriting fees), including the underwriters' full over-allotment option of 1,200,000 shares. The company says the money is for completing the acquisition of the BYP gold-lead-zinc mine in China, development at the GC mine in China, development at the Silvertip property in British Columbia, and general corporate purposes. For shareholders this means new shares were issued, so existing holders own a smaller share of the company, while the company gains cash to fund the stated projects.

capital raising announcement