Silvercorp Metals Inc. · TSX:SVM
Silvercorp Metals — Investor Presentation (April 2025)
42 slides from Silvercorp Metals's investor presentation, Apr 23, 2025
Slide 1: Profitable Silver Producer
PROFITABLE SILVER PRODUCER Undervalued | Growing | Sustainable Corporate Presentation April 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 Permitted Pre-Construction Produced Since 2006 MSCI A Development Stage >100 Moz Ag & Other Positive Care & Maintenance +1.5 Blb Pb + Zn ESG Ratings Indirect Ex
Slide 4: Growth Strategy to Unlock Value
GROWTH STRATEGY TO UNLOCK VALUE TSX: SVM | NYSE AMERICAN SVM Disciplined Approach Funded 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 •
Slide 5: Profitable Mines in a Stable Jurisdiction
PROFITABLE MINES IN A STABLE JURISDICTION TSX: SVM | NYSE AMERICAN SVM China Advantages: • Close to customers (smelters) & suppliers • Stable regulations Ying Mining District, Henan Province (SGX, HPG, HZG, TLP, LME, LMW and DCG mines) • Free profit distribution • Home for 80% of global solar panel
Slide 6: 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 Resource & Reserve Discovery to Extend Mine Life • Drilled >2,600,000 m since incepti
Slide 7: The Ecuador Opportunity
THE ECUADOR OPPORTUNITY TSX: SVM | NYSE AMERICAN SVM Strong Government Support • December 2022: Investment protection agreement for the El Cascabel (Cu-Au) Development Domo Copper-Gold project Production Cities • March 2024: Investment agreement for the Condor project Quito El Domo (Cu-Au) Mining’s
Slide 8: El Domo Copper-Gold Project: Fully Permitted, In Construction
EL DOMO COPPER-GOLD PROJECT: FULLY PERMITTED, IN CONSTRUCTION TSX: SVM | NYSE AMERICAN SVM Ecuador’s Next Mine • 2025 capex estimate of $241M funded by SVM 2021 Feasibility Study Highlights cash on hand & Wheaton stream payment ($175M) Mine Life (years) 10 Progress Update (Mlb Cu) 24 • Optimized in-
Slide 9: Condor Gold Project
CONDOR GOLD PROJECT TSX: SVM | NYSE AMERICAN SVM Project Overview • Significant land package in the productive Zamora Cu-Ag 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 1993 • Multiple depo
Slide 10: Precious Metals Resources Growth & Diversification
PRECIOUS METALS RESOURCES GROWTH & DIVERSIFICATION TSX: SVM | NYSE AMERICAN SVM China Mines China + Ecuador Production + Inventory Growth & Diversification 499 Moz China Ecuador >100Moz AgEq Produced 350 Moz 162 Moz 108 Moz 120 Moz 103 Moz 2P Reserve M&I Resource Inferred Resource 2P Reserve M&I Res
Slide 11: El Domo Provides Significant Near-Term Revenue Growth
EL DOMO PROVIDES SIGNIFICANT NEAR-TERM REVENUE GROWTH TSX: SVM | NYSE AMERICAN SVM Current Mines1 El Domo1,2 Total $256M $471M $447M Note: Fiscal year shown. 1. Consolidated net revenue for Ying and GC based on mid-point of FY2026 production guidance and 2024 Ying and 2. El Domo gold revenue adjuste
Slide 12: History of Low Cost Production + Growth
HISTORY OF LOW COST PRODUCTION + GROWTH TSX: SVM | NYSE AMERICAN SVM 2 8 Consolidated Production Silver Price1 AISC 7.5 3 6.9 Silver 6.5 6.4 6.3 6.3 6.6 6.1 6.2 Ag Ounces (M) 6.0 6 5.6 5.3 5.1 5.0 5.0 4.6 4.2 4.0 3.9 4 $15.95 1.9 2 $11.33 $11.38 11.46 $10.20 $8.77 $9.73 $6.86 $7.49 $3.82 $3.27 $3.52
Slide 13: Focus on Generating Free Cash Flow
FOCUS ON GENERATING FREE CASH FLOW TSX: SVM | NYSE AMERICAN SVM Profit (Green Bar Below) on every tonne of ore mined Per Tonne Value (US$) Maintained stable AISC per tonne cost over last 10 years Realized Silver Price (US$/oz) Calendar Year *Realized silver price is calculated using the Shanghai Met
Slide 14: Margins Outperform Industry Averages
MARGINS OUTPERFORM INDUSTRY AVERAGES TSX: SVM | NYSE AMERICAN SVM EBITDA Margin Return on Equity TTM TTM 46% 10.6% Silvercorp Silvercorp VS. VS. 25% 16% 43% 3.5% Vanguard Peer Avg. GDX Peer Avg. Industrials ETF 75 40 60 30 45.9% 45 20 10.6% 30 10 15 0 0 -10 2010 2012 2014 2016 2018 2020 2022 2024 20
Slide 15: Focus on Generating Free Cash Flow
FOCUS ON GENERATING FREE CASH FLOW TSX: SVM | NYSE AMERICAN SVM Adjusted Net Income (US$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 TTM TTM TTM 5.5x VS. 13.5x 11.9x VS. 35.2x 7.0x 18.9x VS. Peer Median Peer Median Peer Median Silvercorp Silvercorp Silvercorp Fortuna 4.2x Silvercorp 11.9x Fortuna 5.4x Silvercorp 5.5x Fortuna 13.9x Silvercorp
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 th
Slide 18: Catalysts
CATALYSTS TSX: SVM | NYSE AMERICAN SVM 1 Advance El Domo mine construction 2 Advance Condor exploration, underground MRE, and PEA update 3 Realize benefits of increased mine mechanization at Ying Increase production; FY26 Guidance: 8.5 Moz AgEq (Ag+Au), 95 Mlb 4 Pb+Zn 5 New Pacific – Permitting adva
Slide 19: Ownership & Coverage
OWNERSHIP & COVERAGE TSX: SVM | NYSE AMERICAN SVM Top 10 Investors % O/S Analyst Coverage 1 Van Eck Associates 7.03 2 Tidal Investments 3.48 3 Rui Feng 2.94 4 Renaissance Technologies 2.66 5 Connor Clark & Lunn 2.38 6 Global X Management 2.26 7 Wheaton Precious Metals 1.72 8 Arrowstreet Capital 1.42
Slide 20: 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 21: Fiscal 2024 Sustainability Highlights
FISCAL 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 Worker
Slide 22: TSX:SVM NYSE American:SVM
TSX:SVM $8 ~1,300,000 30-Day Avg Daily Volume FOLLOW US ON $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 ~6,500,000 Canada V6E 3X1 www.silvercorpmetals.com 30-Day Avg Daily Volume $1
Slide 23: Appendices
APPENDICES TSX: SVM NYSE AMERICAN: SVM
Slide 24: Leadership: A Solid History of Value Creation
LEADERSHIP: A SOLID HISTORY OF VALUE CREATION TSX: SVM | NYSE AMERICAN SVM Management Board of Directors Rui Feng, Ph.D., Geology Rui Feng, Ph.D., Geology Chairman and CEO Derek Liu, MBA, CGA, CPA Yikang Liu, Former Dep. Gen. Sec. of the Chief Financial Officer China Mining Assoc.; over 40 years geo
Slide 25: FY2025 Results and FY2026 Guidance
FY2025 RESULTS AND FY2026 GUIDANCE TSX: SVM | NYSE AMERICAN SVM 1 F2026 Guidance Year ended March 31, 2025 Ying Mining Ying Mining District GC Consolidated District GC Consolidated Production Low High Low High Low High Actual Ore Processed 1,031,000 1,057,000 300,000 312,000 1,331,000 1,369,000 1,01
Slide 26: FY2026 Capital Expenditures Guidance for China Operations
FY2026 CAPITAL EXPENDITURES GUIDANCE FOR CHINA OPEARITONS TSX: SVM | NYSE AMERICAN SVM 1 Fiscal 2026 Guidance Ying Mining District GC Mine Kuanping Total Ramp and Development (Metres) 38,800 5,700 6,300 50,800 Tunneling1 ($ Million) 25.3 3.6 2.7 31.6 (Metres) 67,700 11,100 1,300 80,100 Exploration T
Slide 27: El Domo Capital Cost Estimate Details
EL DOMO CAPITAL COST ESTIMATE DETAILS TSX: SVM | NYSE AMERICAN SVM 1 Fiscal 2026 Fiscal 2027 Total ($ Million) ($ Million) ($ Million) 1 Package #1 - Site preparation/Roads/Channels/TSF/SWD $29.2 $18.2 $47.5 2 Package #2 - Open Pit Mining and Stripping 7.0 32.0 39.0 3 Package #3 - Processing Plant C
Slide 28: Revenue Percentage by Metal
REVENUE PERCENTAGE BY METAL TSX: SVM | NYSE AMERICAN SVM Base Metals: 31% Gold: 6% Silver: 63% Calendar Year 28
Slide 29: Realized Metal Price Examples
REALIZED METAL PRICE EXAMPLES TSX: SVM | NYSE AMERICAN SVM Silver Lead Zinc US$ Per Ounce US$ Per Pound US$ Per Pound *Net of value added tax Shanghai Metal Exchange quoted prices on May 30, 2024: Silver=8.348 RMB/gram, lead=18,600 RMB/tonne, Zinc=24,980 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: Condor Project Overview
CONDOR PROJECT OVERVIEW TSX: SVM | NYSE AMERICAN SVM CONDOR NORTH - PEA 2021 ⚫ Concessions vary between 98.7% - Ownership Mine Life (years) 12 100% owned by Silvercorp LOM Gold Grade (g/t) 0.72 LOM Silver Grade (g/t) 5.94 ⚫ In Zamora Chinchipe Province, near LOM Gold Production (koz Au) 2,242 Ecuado
Slide 36: 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 37: 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 38: 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 39: 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 40: 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 41: Condor: Resources
CONDOR: RESOURCES TSX: SVM | NYSE AMERICAN SVM Category Tonnes Grade Contained Metal Deposit Au Ag Au Ag (Mt) (g/t) (g/t) (koz) (Moz) Los Cuyes 50.8 0.65 5.2 1,059 8.5 Soledad 19.4 0.63 4.8 390 3.0 Enma 0.66 0.64 11.6 14 0.25 Santa Barbara 39.8 0.67 0.8 859 1.0 Total Indicated 110.7 0.65 3.6 2,321 1
Slide 42: 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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