Extending Life Of Mine To 2037 At The Ying Mining District

VANCOUVER - Silvercorp Metals Inc. reported on an updated National Instrument (NI) 43-101 Technical Report on Mineral Resources and Mineral Reserves for the Ying Property. The Ying 2022 Technical Report covers all the mines in the Ying Property (also referenced as the "Ying Mining District") in Henan Province, China, namely the SGX, HZG, HPG, TLP, LME, LMW and DCG underground mines.

Based on Proven and Probable Mineral Reserves, annual production of silver is projected to average approximately 7.0 million ounces between fiscal 2023 and 2025, 8.0 million ounces between 2026 and 2029, 7.1 million ounces between 2030 and 2032, and 4.0 million ounces between 2033 and 2037, to have a life of mine (LOM) at 15 years. There is also the potential to extend the LOM beyond 2037 via further exploration and development, particularly in areas with identified Inferred Resources.

Estimated Mineral Resources of 18.7 million tonnes (inclusive of Mineral Reserves) in the Measured and Indicated categories grading 242 grams per tonne (g/t) silver (Ag), 0.27 g/t gold (Au), 3.51% lead (Pb), and 1.03% zinc (Zn), containing 146 million ounces (oz) silver, 161 thousand oz gold, 657 thousand tonnes lead, and 193 thousand tonnes zinc. In comparison with the 2020 Technical Report, Measured and Indicated Resource tonnes have decreased by 7%, and contained metal has increased by 64% for gold and decreased by 3% for silver, 10% for lead and 16% for zinc.

Estimated Mineral Reserves of 12.3 million tonnes in the Proven and Probable categories grading 241 g/t silver, 0.26 g/t gold, 3.36% lead, and 1.03% zinc, containing 96 million oz silver, 105 thousand oz gold, 414 thousand tonnes lead, and 127 thousand tonnes zinc. In comparison with the 2020 Technical Report (Mineral Reserves as of December 31, 2019), there has been a 3% increase in total Proven and Probable Mineral Reserves. The changes in total contained metal for silver, gold, lead, and zinc are -3%, +110%, -9% and -24% respectively. These Mineral Reserves are on top of approximately 11 million ounces of silver produced between January 2020 and December 2021. In comparison with the 2020 Technical Report, Inferred Resource tonnes have decreased by 30%, and contained metal has decreased by 20% for gold, 23% for silver, 27% for lead and 20% for zinc.

The Ying Mining District is reporting Mineral Reserves at the DCG mine for the first time. Also for the first time, the Ying Mining District as a whole is reporting over 100,000 ounces of gold Mineral Reserves. The results of the 2020-2021 underground drilling program at the Ying Mining District show that most of the major mineralized vein structures are still open at depth and laterally. Based on Proven and Probable Mineral Reserves only, an annual production rate increase is planned from the current level of around 650,000 tonnes per annum (tpa) to approximately 950,000 tpa by 2026, with that level being sustained through to 2032 and a full LOM to 2037. Annual production of silver is projected to be approximately 7.0 million ounces between fiscal 2023 and 2025, 8.0 million ounces between 2026 and 2029, 7.1 million ounces between 2030 and 2032, and 4.0 million ounces between 2033 and 2037. There is also the potential to extend the LOM beyond 2037 via further exploration and development, particularly in areas with identified Inferred Resources.