Silvercorp Metals Inc. · TSX:SVM
Silvercorp Metals — Investor Presentation (August 2025)
41 slides from Silvercorp Metals's investor presentation, Aug 15, 2025
Slide 1: Investor Presentation August 2025
Investor Presentation August 2025 silvercorpmetals.com | NYSE-A / TSX : SVM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS TSX: SVM | NYSE AMERICAN SVM Cautionary Note Regarding Forward-Looking Information and Forward-Looking Statements Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated and Inferred Resources This presentation includes “forward-looking statements” within
Slide 3: Profitable Silver Mines in China Support Growth into Ecuador
PROFITABLE SILVER MINES IN CHINA SUPPORT GROWTH INTO ECUADOR TSX: SVM | NYSE AMERICAN SVM PROVEN TRACK Proven Track RECORD Record Producing Under Construction Production since 2006: >100 Moz Silver + PEA Study 1.5 Blb Lead + Zinc Under Permit Indirect Exposure – Equity Interest Profits Generated: >$
Slide 4: Growth Strategy to Add Value
GROWTH STRATEGY TO ADD VALUE TSX: SVM | NYSE AMERICAN SVM Disciplined Approach Organic Growth Acquisitions Incubating Opportunities China • High margin projects ready to • 28.2% interest in New Pacific be built at reasonable capex Metals Corp.: • Ying Mining District: upgrade & expansion • Adventus
Slide 5: Significant Near-Term Revenue Growth from Copper and Gold
SIGNIFICANT NEAR-TERM REVENUE GROWTH FROM COPPER AND GOLD TSX: SVM | NYSE AMERICAN SVM Current Mines1 El Domo1,2 Total $354M $425M $614M Note 1: Revenue for Current Mines are based on metal production from FY2026 production Note 2: El Domo gold and silver revenue adjusted for 50% gold stream and 75%
Slide 6: Profitable Mines in a Stable Jurisdiction
PROFITABLE MINES IN A STABLE JURISDICTION TSX: SVM | NYSE AMERICAN SVM China Advantages: • Close to customers (smelters) & suppliers Ying Mining District, Henan Province • Stable regulations (SGX, HPG, HZG, TLP, LME, LMW and DCG mines) • Free profit distribution • Home for 80% of global solar panel
Slide 7: Ying District – Growing Through Drilling, Optimization, Expansion & Consolidation
YING DISTRICT – GROWING THROUGH DRILLING, OPTIMIZATION, EXPANSION & CONSOLIDATION TSX: SVM | NYSE AMERICAN SVM Overview • 7 mines feeding ores to 2 mills (4,000 tpd) • Ag-Pb & Zn concentrates sold to local smelters • >15 year mine life benefited from extensive exploration drilling – Drilled >2,600,0
Slide 8: The Ecuador Growth Opportunity
THE ECUADOR GROWTH OPPORTUNITY TSX: SVM | NYSE AMERICAN SVM Strong Government Support • December 2022: Investment Development protection agreement (IPA) for the Cascabel (Cu-Au) Construction El Domo Copper-Gold project Production Cities • March 2024: Investment agreement for the Condor project Quito
Slide 9: El Domo Copper-Gold Project: Construction Started in 2025
EL DOMO COPPER-GOLD PROJECT: CONSTRUCTION STARTED IN 2025 TSX: SVM | NYSE AMERICAN SVM Ecuador’s Next Mine • 2025 capex estimate of $241M based on 2021 Feasibility Study Highlights contracts signed Mine Life (years) 10 • To be funded by cash on hand & $175M (Mlb Cu) 24 stream payment from Wheaton (k
Slide 10: Silvercorp's Second Mine in Ecuador: Condor Gold Project
SILVERCORP’S SECOND MINE IN ECUADOR: CONDOR GOLD PROJECT TSX: SVM | NYSE AMERICAN SVM Project Overview • Located in the productive Zamora Cu-Au belt ✓ 55 km south of Tongling’s Mirador Cu-Au mine ✓ 33 km south of Lundin Gold’s Fruta del Norte Au mine • >150,000 m of drilling, ~US$83M invested since
Slide 11: Silver+Gold Resources Growth & Diversification
SILVER+GOLD RESOURCES GROWTH & DIVERSIFICATION TSX: SVM | NYSE AMERICAN SVM China Mines China + Ecuador Inventory for Silver+Gold1 Growth & Diversification1 China 269 Moz Ecuador 181 Moz 162 Moz 120 Moz 108 Moz 103 Moz 2P Reserve M&I Resource Inferred Resource 2P Reserve M&I Resource Inferred Resour
Slide 12: History of Profitable Production + Growth
HISTORY OF PROFITABLE PRODUCTION + GROWTH TSX: SVM | NYSE AMERICAN SVM 1 2 10 Consolidated Production Silver Price AISC Silver Equivalent 4 8.3 3 7.6 AgEq Ounces (M) 8 7.0 6.8 6.7 6.7 6.6 6.7 6.2 6.4 6.1 6 5.5 5.6 5.5 5.2 4.7 4.5 4.3 4.1 4 $15.95 1.9 $11.33 $11.38 $12.12 2 $10.20 $9.73 $8.77 $6.86 $
Slide 13: Focus on Generating Free Cash Flow
FOCUS ON GENERATING FREE CASH FLOW TSX: SVM | NYSE AMERICAN SVM Maintained stable AISC per tonne cost over last 10 years Profit (Green Bar Below) on every tonne of ore mined Realized Silver Price (US$/oz) Per Tonne Value (US$) Calendar Year *Realized silver price is calculated using the Shanghai Met
Slide 14: Margins Outperform Industry Averages
MARGINS OUTPERFORM INDUSTRY AVERAGES TSX: SVM | NYSE AMERICAN SVM EBITDA Margin Return on Equity Trailing 12 Months Trailing 12 Months 45% 10.6% Silvercorp Silvercorp VS. VS. 32% 16% 47% 7.3% Vanguard Peer Avg. GDX Peer Avg. Industrials ETF 75 40 60 44.9% 30 45 20 10.6% 30 10 15 0 0 -10 2010 2012 20
Slide 15: Focus on Generating Free Cash Flow
FOCUS ON GENERATING FREE CASH FLOW TSX: SVM | NYSE AMERICAN SVM Adjusted Net Income (US$M) Free Cash Flow (US$M) Calendar Year Calendar Year Note: Adjusted net income = adjusted for one-time non-cash items, FX gain(loss), Note: Free cash flow = operating cash flow less capital expenditures, less cap
Slide 16: Undervalued Relative to Peers
UNDERVALUED RELATIVE TO PEERS TSX: SVM | NYSE AMERICAN SVM EV / EBITDA P / Adj E P / OCF Trailing 12 Months Trailing 12 Months Trailing 12 Months 6.1x VS. 13.4x 13.1x VS. 22.3x 6.8x VS. 16.2x Peer Median Peer Median Peer Median Silvercorp Silvercorp Silvercorp Fortuna 3.8x Fortuna 11.2x Fortuna 4.8x
Slide 17: Incubating World Class Opportunities
INCUBATING WORLD CLASS OPPORTUNITIES TSX: SVM | NYSE AMERICAN SVM 28.2% Holding in New Pacific Metals (TSX: NUAG, NYSE American: NEWP) • SVM funded acquisition and discovery of two large silver deposits in Bolivia – Silver Sand and Carangas • Indirect exposure to over 145 Moz of AgEq (Ag+Au) in the
Slide 18: Catalysts
CATALYSTS TSX: SVM | NYSE AMERICAN SVM 1 Advance El Domo project construction 2 Advance Condor gold project’s high grade underground PEA update 3 Increased silver production from Ying Mining District 4 Obtain gold mining permit for BYP gold project in China 5 New Pacific – Permitting advancements at
Slide 19: Strong & Improving ESG Ratings and Risk Profile
STRONG & IMPROVING ESG RATINGS AND RISK PROFILE TSX: SVM | NYSE AMERICAN SVM • Ranked top 42nd percentile overall in Metals and Mining- Precious Metals RATING • Toxic emissions & waste, community A RATING relations, and labor management score in the top 25th percentile • Ranked top 18th percentile i
Slide 20: Fiscal Year 2024 Sustainability Highlights
FISCAL YEAR 2024 SUSTAINABILITY HIGHLIGHTS TSX: SVM | NYSE AMERICAN SVM Environment Health & Safety Social Responsibility Total Recordable Water recycling Workforce from local 85% rate 1.64 Incident Rate (per million working hours) 74% province Local supplier 46% Waste rock utilization rate 2,048 Wo
Slide 21: Leadership: A Solid History of Value Creation
LEADERSHIP: A SOLID HISTORY OF VALUE CREATION TSX: SVM | NYSE AMERICAN SVM Management Board of Directors Rui Feng, Ph.D., Geology Rui Feng, Ph.D., Geology Chairman and CEO Derek Liu, MBA, CGA, CPA Yikang Liu, Former Dep. Gen. Sec. of the Chief Financial Officer China Mining Assoc.; over 40 years geo
Slide 22: TSX:SVM NYSE American:SVM
TSX:SVM $8 ~1,600,000 FOLLOW US ON 30-Day Avg Daily Volume $7 $6 $5 $4 $3 HEAD OFFICE NYSE American:SVM $2 Suite 1750–1066 West Tel: 604-669-9397 Hastings St. Vancouver, BC Investor@silvercorp.ca ~5,200,000 Canada V6E 3X1 www.silvercorpmetals.com 30-Day Avg Daily Volume $1
Slide 23: Appendices
APPENDICES TSX: SVM NYSE AMERICAN: SVM
Slide 24: Ownership & Coverage
OWNERSHIP & COVERAGE TSX: SVM | NYSE AMERICAN SVM Top 10 Investors % O/S Analyst Coverage 1 Van Eck Associates 6.05 2 Tidal Investments 4.04 3 Rui Feng 3.02 4 Global X Management 3.02 5 Millennium Management 2.36 6 Renaissance Technologies 2.19 7 UBS Financial Services 1.94 8 Citadel Advisors 1.88 9
Slide 25: YTD FY2026 Results versus Guidance
YTD FY2026 RESULTS VERSUS GUIDANCE TSX: SVM | NYSE AMERICAN SVM Production 1 Head grades Metal production Production costs Ore processed Gold Silver Lead Zinc Gold Silver Lead Zinc Cash cost AISC (tonnes) (g/t) (g/t) (%) (%) (oz) (Koz) (Klbs) (Klbs) ($/t) ($/t) Three months ended June 30, 2025 Silve
Slide 26: El Domo Capital Cost Estimate Details
EL DOMO CAPITAL COST ESTIMATE DETAILS TSX: SVM | NYSE AMERICAN SVM Budget Overview 1 FY2026 FY2027 Total ($ Million) ($ Million) ($ Million) 1 Package #1 - Site preparation/Roads/Channels/TSF/SWD $29.2 $18.2 $47.5 2 Package #2 - Open Pit Mining and Stripping 7.0 32.0 39.0 3 Package #3 - Processing P
Slide 27: El Domo Capital Cost Estimate Details
EL DOMO CAPITAL COST ESTIMATE DETAILS TSX: SVM | NYSE AMERICAN SVM 1 Package #2 Details FY2026 FY2027 Total ($ Million) ($ Million) ($ Million) Package #2 Stripping 5.5 24.0 29.5 Ore Mining — 0.1 0.1 Other 1.5 7.9 9.4 Package #2 – Open pit Mining and Stripping $7.0 $32.0 $39.0 Package #3 Details FY2
Slide 28: Revenue Percentage by Metal
REVENUE PERCENTAGE BY METAL TSX: SVM | NYSE AMERICAN SVM Base Metals: 27% Gold: 7% Silver: 66% Calendar Year 28
Slide 29: Realized Metal Price Examples
REALIZED METAL PRICE EXAMPLES TSX: SVM | NYSE AMERICAN SVM Silver Lead Zinc US$ Per Ounce US$ Per Pound US$ Per Pound *Net of value added tax Shanghai Metal Exchange quoted prices on May 27, 2025: Silver=8.228 RMB/gram, lead=16,735 RMB/tonne, Zinc=22,390 RMB/tonne, all including 13% VAT. Conversion
Slide 30: Extensive Exploration for Organic Growth
EXTENSIVE EXPLORATION FOR ORGANIC GROWTH TSX: SVM | NYSE AMERICAN SVM Silvercorp’s extensive drilling & tunnelling Ying: 2,646 km of drilling and 860 km of tunnelling since 2004 GC: 527 km of drilling and 121 km of tunnelling since 2004 Kilometer Calendar Year Benefits of drilling 1) Made new discov
Slide 31: GC Mine
GC MINE TSX: SVM | NYSE AMERICAN SVM GC Underground Mine • 360,000 tonne ore per year to produce silver-lead, zinc, and minor tin concentrates since 2014 • XRT ore sorting system in commercial production • Tailings are de-watered, then back- filled underground or dry-stacked Updated MRE NI 43-101 (A
Slide 32: El Domo Overview: Mining Title and Interest
EL DOMO OVERVIEW: MINING TITLE AND INTEREST TSX: SVM | NYSE AMERICAN SVM 1. Medium scale mining concession title for 25 years granted for Las Naves Concession containing the El Domo Project 2. Located 20 km from Pan-American highway and 3-hour drive from Guayaquil 3. Surface rights acquired for appr
Slide 33: El Domo Overview: Site Layout
EL DOMO OVERVIEW: SITE LAYOUT TSX: SVM | NYSE AMERICAN SVM Source: Adventus Mining Corp. filings 33
Slide 34: El Domo Overview: Technical Details
EL DOMO OVERVIEW: TECHNICAL DETAILS TSX: SVM | NYSE AMERICAN SVM 1. 10 year open-pit strip ratio of 7:1, 2. Tailings storage design sufficient to fit open pit & underground development 3. Engineers: SLR/Roscoe Postle, Klohn Crippen Berger, DRA, Knight Piesold, Base Met Laboratories 4. Following meta
Slide 35: BYP Gold Mine
BYP GOLD MINE TSX: SVM | NYSE AMERICAN SVM Preparing for production • Lead-Zinc mine suspended August 2014 • 2024 NI 43-101 gold resource identified 456,000 oz M&I and 116,000 oz inferred • Applied for a new gold mining permit See Appendix pages 37 and 40 for notes and a detailed breakdown of BYP’s
Slide 36: We Construct Green Mines That Generate Sustainable Value
WE CONSTRUCT GREEN MINES THAT GENERATE SUSTAINABLE VALUE TSX: SVM | NYSE AMERICAN SVM TAILINGS DRY STACKING TAILINGS BACK FILL FACILITY GC MINE GC MINE Industry best practice Further waste reduction SGX MINE WASTE WATER TREATMENT SYSTEM 1M T/Y WASTE ROCK AGGREGATE PLANT YING MINES YING MINES Increas
Slide 37: Summary of China Reserves
SUMMARY OF CHINA RESERVES1,2 TSX: SVM | NYSE AMERICAN SVM Average Grades Contained Metal Reserves Reserve Tonnes Project Silver Gold Lead Zinc Silver Gold AgEq3 Lead Zinc Category (Million) (g/t) (g/t) (%) (%) (Moz) (Koz) (Moz) (Kt) (Kt) Proven 7.17 223 0.16 3.45 1.05 51 37 55 248 75 Ying Mining Pro
Slide 38: Summary of China Resources
SUMMARY OF CHINA RESOURCES1,2 TSX: SVM | NYSE AMERICAN SVM Contained Metal Resources Average Grades Resource Tonnes (Inclusive of Reserves) Project Category (Million) Silver Gold Lead Zinc Silver Gold AgEq3 Lead Zinc (g/t) (g/t) (%) (%) (Moz) (Koz) (Moz) (Kt) (Kt) Measured 12.03 213 0.20 3.38 0.97 8
Slide 39: El Domo: Resources and Reserves
EL DOMO: RESOURCES AND RESERVES TSX: SVM | NYSE AMERICAN SVM El Domo Open Pit Category Tonnes Grade Contained Metal Cu Pb Zn Au Ag Cu Pb Zn Au Ag (Mt) (%) (%) (%) (g/t) (g/t) (kt) (kt) (kt) (koz ) (koz ) Proven 3.1 2.50% 0.21% 2.30% 2.83 41 78.4 6.7 72.0 285 4,175 Probable 3.3 1.39% 0.29% 2.68% 2.23
Slide 40: Condor: Resources
CONDOR: RESOURCES TSX: SVM | NYSE AMERICAN SVM Condor Underground Constrained Resource (2.2 g/t AuEq cutoff grade)1 Average Grade Contained Metal Deposit Tonnes AuEq Au Ag Pb Zn AuEq Au Ag Pb Zn (Mt) (g/t) (g/t) (g/t) (%) (%) (Moz) (Moz) (Moz) (Mlb) (Mlb) Camp 2.45 3.44 3.17 18.68 0.08 0.73 0.27 0.2
Slide 41: Cautionary Statements
CAUTIONARY STATEMENTS TSX: SVM | NYSE AMERICAN SVM Qualified Persons (Silvercorp) The scientific and technical information related to Silvercorp’s projects contained herein has been reviewed and approved by Guoliang Ma, P. Geo., who is a Qualified Person (“QP”) within the meaning of National Instrum
Silvercorp Metals — Investor Presentation (August 2025) on 6ix