Silvercorp Metals Inc. · TSX:SVM
Silvercorp Metals — Investor Presentation (January 2026)
48 slides from Silvercorp Metals's investor presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation January 2026 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 and Diversification
PROFITABLE SILVER MINES IN CHINA SUPPORT GROWTH AND DIVERSIFICATION TSX: SVM | NYSE AMERICAN SVM PROVEN TRACK Proven Track RECORD Record Tulkubash & Kyzyltash Producing (Au) Under Construction Production since 2006: >100 Moz Silver + Pre-Construction 1.5 Blb Lead + Zinc KYRGYZSTAN Under Permit Indir
Slide 4: Silvercorp Investment Case
SILVERCORP INVESTMENT CASE TSX: SVM | NYSE AMERICAN SVM Best-In-Class Operations Diversified Growth Pipeline Compelling Value • Produce ~7.5 Moz AgEq • El Domo to add ~24 Mlb • Peer leading margins, (Ag+Au) & ~90 Mlb Pb+Zn of Cu and ~26 koz of Au ROE and leverage to silver per year in China per year
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 Tulkubash1,3 Kyzyltash1,3 Total $470M $769M $1,072M $1,668M Note 1: Revenue for Current Mines are based on metal production from FY2026 production Note 2: El Domo gold and silver revenue
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: Ying Mining District
YING MINING DISTRICT TSX: SVM | NYSE AMERICAN SVM 1800 TPD Flotation Line Added to Mill No. 2 TSF No. 3 Supports LOM Production and Beyond EV Haul Truck Fleet Kuanping Underground Development Underway
Slide 9: 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 10: 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 2021 Feasibility Study Highlights • 2025 capex estimate of $241M based on Mine Life 10 Years contracts signed 24 Mlb Cu • To be funded by cash on hand & $175M 26 koz Au Avg. Annual Payable stre
Slide 11: El Domo Copper-Gold Project: Construction Ongoing
EL DOMO COPPER-GOLD PROJECT: CONSTRUCTION ONGOING Construction Camp in Service Progress On The Northeast Water Channel Ore Shed Construction Pouring Concrete for Ore Shed Foundation
Slide 12: Building a Diversified Mid-Tier Producer With Multi-Million-Ounce Gold Projects
Building A Diversified Mid-Tier Producer With Multi-Million-Ounce Gold Projects TSX: SVM | NYSE AMERICAN SVM Transaction Overview • $162M cash deal acquiring a 70% interest in: • A 7 km2 Mining Licence containing the Tulkubash (oxide) & Kyzyltash (sulphide) projects (~6 Moz combined) • A 27 km2 Expl
Slide 13: Phased Development Strategy
Phased Development Strategy TSX: SVM | NYSE AMERICAN SVM Phase 1: Tulkubash Oxide Development (2026-2028) • 4 Mtpa open-pit heap leach operation mining ~500 koz of oxide gold resource at recoveries of 74-76% • Producing ~100-110 koz/yr gold in dore for ~3-4 yrs • Committed to invest $150M, with prod
Slide 14: Condor Gold Project: Silvercorp's Second Mine in Ecuador
CONDOR GOLD PROJECT: SILVERCORP’S SECOND MINE IN ECUADOR TSX: SVM | NYSE AMERICAN SVM Project Overview 2025 PEA Highlights • Located in the productive Zamora Cu-Au belt Mine Life 13 Years • 2025 PEA based on Camp & Los Cuyes 113 koz Au Avg. Annual Payable deposits: Production 430 koz Ag (Years 1- 12
Slide 15: Condor Gold Project: Development Plans
CONDOR GOLD PROJECT: DEVELOPMENT PLANS TSX: SVM | NYSE AMERICAN SVM Next steps • Permits for exploration tunnels expected by mid 2026 • Develop tunnels between Camp and Los Cuyes for underground drilling • Exploration to focus on resource upgrade and extension of known zones
Slide 16: Silver+Gold Resources Growth & Diversification
SILVER+GOLD RESOURCES GROWTH & DIVERSIFICATION TSX: SVM | NYSE AMERICAN SVM China Mines China + Ecuador + Kyrgyzstan Inventory for Silver+Gold1 Growth & Diversification1 China 602 Moz Ecuador 468 Moz Kyrgyzstan 162 Moz 108 Moz 120 Moz 103 Moz 2P Reserve M&I Resource Inferred Resource 2P Reserve M&I
Slide 17: 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 18: 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 19: Margins Outperform Industry Averages
MARGINS OUTPERFORM INDUSTRY AVERAGES TSX: SVM | NYSE AMERICAN SVM EBITDA Margin Return on Equity Trailing 12 Months Trailing 12 Months 53% 11.3% Silvercorp Silvercorp VS. VS. 37% 13% 49% 7.1% Vanguard Peer Avg. GDX Peer Avg. Industrials ETF 75 40 60 52.7% 30 45 20 11.3% 30 10 15 0 0 -10 2010 2012 20
Slide 20: 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 21: 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 13.9x VS. 28.9x 31.0x VS. 34.5x 16.1x 32.2x Peer Median Peer Median Peer Median Silvercorp Silvercorp Silvercorp Fortuna 5.0x Fortuna 19.4x Fortuna 6.8x S
Slide 22: Incubating World Class Opportunities: New Pacific Metals (28%)
INCUBATING WORLD CLASS OPPORTUNITIES: NEW PACIFIC METALS (28%) TSX: SVM | NYSE AMERICAN SVM Publicly-listed (TSX: NUAG, NYSE- A: NEWP), $588M market cap • SVM funded acquisition and discovery of two large silver deposits in Bolivia – Silver Sand and Carangas • Indirect exposure to over 145 Moz of Ag
Slide 23: Catalysts
CATALYSTS TSX: SVM | NYSE AMERICAN SVM 1 Advance El Domo project construction 2 Complete updated FS for Tulkubash, begin construction activities 3 Increased silver production from Ying Mining District 4 Permit exploration tunnel for Condor gold project 5 New Pacific – Permitting advancements at Silv
Slide 24: Strong & Improving ESG Ratings and Risk Profile
STRONG & IMPROVING ESG RATINGS AND RISK PROFILE TSX: SVM | NYSE AMERICAN SVM • Ranked top 52nd percentile overall in Metals and Mining- Precious Metals RATING • Community relations and labor management A RATING score in the top 25th percentile, toxic emissions & waste scores in the top 10th percenti
Slide 25: Fiscal Year 2025 Sustainability Highlights
FISCAL YEAR 2025 SUSTAINABILITY HIGHLIGHTS TSX: SVM | NYSE AMERICAN SVM Environment Health & Safety Social Responsibility Total Recordable Water recycling Workforce from local 84% rate 0.52 Incident Rate (per million working hours) 66% province Local supplier 39% Waste rock utilization rate 2,026 Wo
Slide 26: 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 Lon Shaver, CFA Yikang Liu, Former Dep. Gen. Sec. of the President China Mining Assoc.; over 40 years geological experience Winn
Slide 27: TSX:SVM NYSE American:SVM
FOLLOW US ON $18 TSX:SVM NYSE American:SVM $16 ~2,300,000 ~5,500,000 30-Day Avg Daily Volume 30-Day Avg Daily Volume $14 HEAD OFFICE Suite 1750–1066 West Tel: 604-669-9397 $12 Hastings St. Vancouver, BC Investor@silvercorp.ca Canada V6E 3X1 www.silvercorpmetals.com $10 $8 $6 $4 $2
Slide 28: Appendices
APPENDICES TSX: SVM NYSE AMERICAN: SVM
Slide 29: Ownership & Coverage
OWNERSHIP & COVERAGE TSX: SVM | NYSE AMERICAN SVM Top 10 Investors % O/S Analyst Coverage 1 Tidal Investments 4.98 2 Global X Management 4.15 3 Rui Feng 3.07 4 BlackRock Fund Advisors 2.66 5 Van Eck Associates 2.40 6 Millennium Management 1.75 7 Wheaton Precious Metals 1.69 8 Citadel Advisors 1.63 9
Slide 30: YTD FY2026 Results Versus Guidance
YTD FY2026 RESULTS VERSUS GUIDANCE TSX: SVM | NYSE AMERICAN SVM Production 1 Head grades Metal production Production costs Ore processed Gold Silver Lead Zinc Gold Silver Lead Zinc Cash cost AISC (tonnes) (g/t) (g/t) (%) (%) (ounces) (million ounces) (million pounds) (million pounds) ($/t) ($/t) Six
Slide 31: El Domo Capital Cost Estimate Details
EL DOMO CAPITAL COST ESTIMATE DETAILS TSX: SVM | NYSE AMERICAN SVM Budget Overview 1 FY2026 FY2027 Total ($ Million) ($ Million) ($ Million) 1 Package #1 - Site preparation/Roads/Channels/TSF/SWD $29.2 $18.2 $47.5 2 Package #2 - Open Pit Mining and Stripping 7.0 32.0 39.0 3 Package #3 - Processing P
Slide 32: El Domo Capital Cost Estimate Details
EL DOMO CAPITAL COST ESTIMATE DETAILS TSX: SVM | NYSE AMERICAN SVM 1 Package #2 Details FY2026 FY2027 Total ($ 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 $39.0 Package #3 Details FY2
Slide 33: Revenue Percentage by Metal
REVENUE PERCENTAGE BY METAL TSX: SVM | NYSE AMERICAN SVM Base Metals: 26% Gold: 7% Silver: 67% Calendar Year 33
Slide 34: Realized Metal Price Examples
REALIZED METAL PRICE EXAMPLES TSX: SVM | NYSE AMERICAN SVM Silver Lead Zinc US$ 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 35: 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 36: 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 37: 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 38: El Domo Overview: Site Layout
EL DOMO OVERVIEW: SITE LAYOUT TSX: SVM | NYSE AMERICAN SVM Source: Adventus Mining Corp. filings 38
Slide 39: El Domo Copper-Gold Project Construction
EL DOMO COPPER-GOLD PROJECT CONSTRUCTION Pit Area Road #4 Processing Plant Road #1 SWD Road #2 Site Preparation for Processing Plant and Saprolite Storage Facility Road #7 & Road #1Diesel Depot & Explosive Agitator Perman & Magazine Mixing Plant ent TSF Starter Dam CampConstruction Area Clearance Ca
Slide 40: 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 41: 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 42: 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 Upgraded Wastewater Treatment System GC MINE YING MINES Increases recycling, reduces freshwater consumption Ore Storage Facility at the Process Plant YING MINES Y
Slide 43: 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 44: 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 45: 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 46: Condor: Resources
CONDOR: RESOURCES TSX: SVM | NYSE AMERICAN SVM Condor Underground Constrained Resource 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 5.93 2.46 1.94 15.51 0.06 0.61 0.47 0.37 3 8 80 Los Cuyes 4.22 2.07
Slide 47: Mineral Resources Estimate
Mineral Resources Estimate TSX: SVM | NYSE AMERICAN SVM Tulkubash Mineral Resource Estimate in Pit constrained Tulkubash 2025 In-house MRE (COG Au 0.21g/t) 40/80M Category Tonnes (Mt) Au Grade (g/t) Ag Grade (g/t) Contained Au (koz) Contained Ag (koz) Measured 7.35 1.61 1.38 380.5 327.0 Indicated 1.
Slide 48: 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
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