Silvercorp Metals Inc. · TSX:SVM
Silvercorp Metals — Investor Presentation (September 2026)
49 slides from Silvercorp Metals's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation Investor Investor Presentation Presentation Investor Presentation September 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: >110 Moz Silver + Development 1.6 Blb Lead + Zinc KYRGYZSTAN Under Permit Indirect E
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 ~27 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 Tulkubash1,2 Condor1 Kyzyltash1,2 Total $467M $755M $1,282M $1,599M $2,227M 1 Current mines based on guidance. El Domo based on the 2026 technical report. Condor based on the 2025 PEA. All
Slide 6: Large Inventory Supporting Long-Term, Low-Cost Precious Metals Production
LARGE INVENTORY SUPPORTING LONG-TERM, LOW-COST PRECIOUS METALS PRODUCTION TSX: SVM | NYSE AMERICAN SVM Silver Equivalent1 (Silver + Gold), Moz 2P Reserve 128 61 190 M&I Resource 167 93 395 655 (not in 2P Reserve) Inferred Resource 92 236 142 471 China Ecuador Kyrgyzstan Plus Copper Equivalent2 (Copp
Slide 7: 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 8: 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 • >17 year reserve life benefited from extensive exploration drilling Implementing Pro
Slide 9: History of Profitable Production + Growth
HISTORY OF PROFITABLE PRODUCTION + GROWTH TSX: SVM | NYSE AMERICAN SVM 2 10 Consolidated Production Silver Price1 AISC 4 Silver Equivalent (Ag+Au) 7.6 7.5 7.7 3 8 AgEq Ounces (M) 6.7 7.0 6.8 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 4.1 4.3 4 $15.95 $14.25 1.9 $11.33 $11.38$12.12 2 $10.20 $8
Slide 10: Ying District: Recent Developments
YING DISTRICT: RECENT DEVELOPMENTS 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 10
Slide 11: Ecuador: Emerging Mining Destination
ECUADOR: EMERGING MINING DESTINATION TSX: SVM | NYSE AMERICAN SVM Attracting Global Mining Capital & Capital Markets Recognition Cascabel Development (Cu-Au) Construction • SVM acquired Adventus Mining for Production ~C$200M in 2024 to build El Domo Cities and advance Condor El Domo (Cu-Au) • EcuaCo
Slide 12: El Domo Copper-Gold Project: Construction in Progress
EL DOMO COPPER-GOLD PROJECT: CONSTRUCTION IN PROGRESS TSX: SVM | NYSE AMERICAN SVM Ecuador’s Next Mine • Capex estimate of $284M, $160M 2026 Technical Report Highlights budgeted in FY2027 Mine Life (excluding 11.5 Years construction period) • Funded by cash on hand & $175M Wheaton 24 Mlb Cu stream p
Slide 13: El Domo Copper-Gold Project: Construction Ongoing
EL DOMO COPPER-GOLD PROJECT: CONSTRUCTION ONGOING Construction Camp Explosives Storage Starter TSF Process Plant Area Ore Shed Waste Rock Storage 13
Slide 14: El Domo Copper-Gold Project: Construction Ongoing
EL DOMO COPPER-GOLD PROJECT: CONSTRUCTION ONGOING Fuel Storage Primary Crusher Generators Fine Ore Bin Assay Lab Grinding & Flotation Plant Thickener Dewatering Plant Office Building CRCC19 Fuel Depot Warehouse 14
Slide 15: El Domo Copper-Gold Project: Construction Ongoing
EL DOMO COPPER-GOLD PROJECT: CONSTRUCTION ONGOING El Domo Pit Stripping Underway Pit Area 60 Tonne Trucks 15
Slide 16: 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 17: Condor Gold Project: Development Plans
CONDOR GOLD PROJECT: DEVELOPMENT PLANS TSX: SVM | NYSE AMERICAN SVM Next steps • Secure environmental permit for small-scale mining by fall 2026 • Develop two 1,500 m tunnels through Camp and Los Cuyes to support underground drilling • Pool with two other property owners that have “small-scale minin
Slide 18: Kyrgyzstan: Multi-Million-Ounce Gold Projects
KYRGYZSTAN: MULTI-MILLION-OUNCE GOLD PROJECTS TSX: SVM | NYSE AMERICAN SVM Overview • Paid $92M to acquire Chaarat ZAAV CJSV (“ZAAV”), contains ~6 Moz gold resource • Converted ZAAV into a JVC (SVM 70% and operator; Kyrgyzaltyn 30% free-carried interest) • Paid $60M to the Kyrgyz Government followin
Slide 19: Kyrgyzstan: Phase 1 Development of Tulkubash
KYRGYZSTAN: PHASE 1 DEVELOPMENT OF TULKUBASH TSX: SVM | NYSE AMERICAN SVM Phase 1 Development of Tulkubash • SVM budgeted $166.3M for construction ($42.3M in 2026) – informed by contractor quotes • Scope based on 2018 BFS by Tetra Tech (JORC), improved in 2021 by LogiProc & Ausenco (JORC) • Karator
Slide 20: Kyrgyzstan: Phase 2 Development of Kyzyltash
KYRGYZSTAN: PHASE 2 DEVELOPMENT OF KYZYLTASH TSX: SVM | NYSE AMERICAN SVM Phase 2 Development of Kyzyltash • ~US$30M in spending over next two years – including ~100,000 m of drilling • Results reported for 29 drill holes in the Main Zone, including step out holes: • DH26M687: 212.5 m at 1.68 g/t •
Slide 21: Approach: Focus on Generating Free Cash Flow
APPROACH: FOCUS ON GENERATING FREE CASH FLOW TSX: SVM | NYSE AMERICAN SVM Maintained stable AISC per tonne cost over last 10 years Profit (Green Bar Below) on every tonne of ore mined Realized Silver Price (US$/oz) Per Tonne Value (US$) Calendar Year *Realized silver price is calculated using the Sh
Slide 22: Generating Free Cash Flow
GENERATING FREE CASH FLOW TSX: SVM | NYSE AMERICAN SVM Adjusted Net Income (US$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 capital inve
Slide 23: Higher Margins Than Our Peers
HIGHER MARGINS THAN OUR PEERS TSX: SVM | NYSE AMERICAN SVM EBITDA Margin Return on Equity Trailing 12 Months Trailing 12 Months 66% 21.5% Silvercorp Silvercorp VS. VS. 54% 14% 57% 16.3% Vanguard Peer Avg. GDX Peer Avg. Industrials ETF 100 40 80 65.9% 30 21.5% 60 20 40 10 20 0 0 -10 2010 2012 2014 20
Slide 24: 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 7.6x VS. 11.3x 14.3x VS. 22.5x 8.1x 15.4x Peer Median Peer Median Peer Median Silvercorp Silvercorp Silvercorp Fortuna 3.8x Fortuna 11.7x Fortuna 5.5x Sil
Slide 25: Incubating World Class Opportunities
INCUBATING WORLD CLASS OPPORTUNITIES TSX: SVM | NYSE AMERICAN SVM Silver Sand Carangas (2024 PFS) (2026 PEA) 10.6 Moz Ag Annual Production 12 Moz Ag 62 koz Au • 27.8% ownership; ~$1.2B market cap 59 kt Pb+Zn • SVM funded acquisition and discovery Mine Life ~13 Years ~19 Years of two large silver dep
Slide 26: Catalysts
CATALYSTS TSX: SVM | NYSE AMERICAN SVM 1 Advance El Domo project construction 2 Complete updated FS for Tulkubash, begin construction activities 3 Increase Ying Mining District silver production 4 Permit and develop Condor exploration tunnels 5 New Pacific – Advance permitting at Silver Sand and Car
Slide 27: Ownership & Coverage
OWNERSHIP & COVERAGE TSX: SVM | NYSE AMERICAN SVM Top Investors % O/S Analyst Coverage 1 Helikon Investments 7.88 2 Van Eck Associates 7.21 3 Tidal Investments 4.86 4 Global X Management 3.74 5 The Vanguard Group 3.65 6 BlackRock 2.93 7 Rui Feng 2.75 8 J.P. Morgan Securities 2.19 9 Baillie Gifford &
Slide 28: Strong & Improving ESG Ratings and Risk Profile
STRONG & IMPROVING ESG RATINGS AND RISK PROFILE TSX: SVM | NYSE AMERICAN SVM • Ranked top 66th percentile overall in Metals and Mining- Precious Metals RATING • Leads the industry in environmental A RATING management and community relations • Ranked top 10th percentile in the Precious Metals Sector
Slide 29: Fiscal Year 2026 Sustainability Highlights
FISCAL YEAR 2026 SUSTAINABILITY HIGHLIGHTS TSX: SVM | NYSE AMERICAN SVM Environment Health & Safety Social Responsibility Total Recordable Water recycling Incident Frequency Workforce from local 82% rate 1.10 Rate (per million 72% province working hours) Local supplier 36% Waste rock utilization rat
Slide 30: 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 31: Appendices
APPENDICES HEAD OFFICE Suite 1750–1066 West Tel: 604-669-9397 TSX: SVM Hastings St. Vancouver, BC Investor@silvercorp.ca NYSE AMERICAN: SVM Canada V6E 3X1 www.silvercorpmetals.com 31
Slide 32: FY2027 Operating Results & Guidance
FY2027 OPERATING RESULTS & GUIDANCE TSX: SVM | NYSE AMERICAN SVM 1 Head grades Metal production Production costs Ore processed Gold Silver Lead Zinc Gold Silver Lead Zinc Cash cost AISC (million (million (million (tonnes) (g/t) (g/t) (%) (%) (ounces) ounces) pounds) pounds) ($/t) ($/t) Three months
Slide 33: FY2027 Capex Guidance for China Operations
FY2027 CAPEX GUIDANCE FOR CHINA OPERATIONS TSX: SVM | NYSE AMERICAN SVM 1 Development and Capital Expenditures Equipment & China Operations Ramp and Development Tunnels Exploration Tunnels Drilling Mill and TSF Total (Metres) ($ Thousand) (Metres) ($ Thousand) (Metres) ($ Thousand) ($ Thousand) ($ T
Slide 34: El Domo Capital Cost Estimate Details
EL DOMO CAPITAL COST ESTIMATE DETAILS TSX: SVM | NYSE AMERICAN SVM 1 Total Budget FY2027 Budget ($ Million) ($ Million) Package #1 - Site preparation /Road s/Channels / 1 57.4 27.7 TSF/SWD 2 Package #2 - Open Pit Mining and Stripping 35.0 23.1 Package #3 - Processing Plant Construction and 3 54.8 36
Slide 35: Kyrgyzstan Cost Estimate Details
KYRGYZSTAN COST ESTIMATE DETAILS TSX: SVM | NYSE AMERICAN SVM 1 Total 2026 2027 Cost Items ($ Million) ($ Million) ($ Million) Phase 1 Development of Tulkubash Mining Open Pit and Waste Dump 51.5 10.6 40.9 Mine Pit Water Treatment Plant 3.0 - 3.0 Mine Auxiliary Facilities 8.0 2.1 5.9 Heap Leach Syst
Slide 36: Realized Metal Price Examples
REALIZED METAL PRICE EXAMPLES TSX: SVM | NYSE AMERICAN SVM Silver Gold Lead Zinc US$ Per Ounce US$ Per Ounce US$ Per Pound US$ Per Pound *Net of value added tax Shanghai Metal Exchange quoted prices on June 16, 2026: Silver=16.590 RMB/gram, Gold=938.570 RMB/gram, Lead=16,125 RMB/tonne, Zinc=24,640 R
Slide 37: Extensive Exploration for Organic Growth
EXTENSIVE EXPLORATION FOR ORGANIC GROWTH TSX: SVM | NYSE AMERICAN SVM Silvercorp’s extensive drilling & tunnelling Ying: 2,892 km of drilling and 923 km of tunnelling since 2004 GC: 576 km of drilling and 128 km of tunnelling since 2004 Kilometer Calendar Year Benefits of drilling 1) Made new discov
Slide 38: GC Mine
GC MINE TSX: SVM | NYSE AMERICAN SVM GC Underground Mine • 330,000 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 (J
Slide 39: 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 40: Kyrgyzstan: Site Photos
KYRGYZSTAN: SITE PHOTOS TSX: SVM | NYSE AMERICAN SVM View Of The Summer & Winter Camps Summer Camp Winter Camp Permanent Camp (Construction Started 2021, Not Completed) 40
Slide 41: Kyrgyzstan: Site Photos
KYRGYZSTAN: SITE PHOTOS TSX: SVM | NYSE AMERICAN SVM Tulkubash Oxide Deposit Tulkubash Oxide Deposit Kyzyltash Sulfide Deposit Kyzyltash Sulfide Deposit 41
Slide 42: 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 notes and a detailed breakdown of BYP’s Consolidated Measure
Slide 43: 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 44: Summary of China Reserves
SUMMARY OF CHINA RESERVES1,2 TSX: SVM | NYSE AMERICAN SVM Average Grades Contained Metal Reserve Tonnes Project Silver Gold Lead Zinc Silver Gold AgEq3 Lead Zinc Category (Mt) (g/t) (g/t) (%) (%) (Moz) (Koz) (Moz) (Kt) (Kt) Proven 10.41 179 0.15 2.71 0.87 60 51 64 282 90 Ying Mining Probable 8.66 16
Slide 45: Summary of China Resources
SUMMARY OF CHINA RESOURCES1,2 TSX: SVM | NYSE AMERICAN SVM Contained Metal Average Grades Resource Tonnes (Inclusive of Reserves) Project’- Category (Mt) Silver Gold Lead Zinc Silver Gold AgEq3 Lead Zinc (g/t) (g/t) (%) (%) (Moz) (Koz) (Moz) (Kt) (Kt) Measured 20.94 164 0.15 2.62 0.78 110 99 119 548
Slide 46: 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 2.7 2.60% 0.26% 2.63% 3.33 48 69.3 7.0 70.2 285 4,153 Probable 4.5 1.53% 0.26% 2.63% 2.08
Slide 47: 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 48: Kyrgyzstan: Mineral Resources Estimate
KYRGYZSTAN: 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
Slide 49: 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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