Silvercorp Announces the Construction Plan and Schedule for the Development of the Chaarat ZAAV Project

About this update from Silvercorp Metals Inc.

Trading Symbol: TSX/NYSE American: SVMVANCOUVER, BC, June 22, 2026 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM), is pleased to announce a budget US$196.3 million for Chaarat ZAAV CJSC ("ZAAV") which includes the development of Tulkubash (Phase 1) and initial expenditures to advance Kyzyltash (Phase 2). The forecast spending for 2026 is US$57 million and the forecast spending for 2027 is US$139 million.ZAAV is a joint venture company with Silvercorp holding a 70% interest and being the operator, and Kyrgyzaltyn holding a 30% free-carried interest. ZAAV holds a 100% interest in the mining license (~7 km2) hosting the fully-permitted Tulkubash/Kyzyltash gold projects as well as surrounding exploration licenses (27.42 km2) hosting the Karator and Ishakuld gold zones (the "Projects") in the Tien Shan area of the Kyrgyz Republic. The Board of Directors of ZAAV has approved the budget outlined in the table below:Cost ItemsTotal($ Million)2026($ Million)2027($ Million)Phase 1 Development of TulkubashMiningOpen Pit and Waste Dump51.510.640.9Mine Pit Water Treatment Plant3.0-3.0Mine Auxiliary Facilities8.02.15.9Heap Leach SystemHeap Leach22.78.414.3Crusher26.54.522.0ADR Plant 13.72.311.4Power Station5.31.53.8Process Plant Auxiliary Facilities6.02.13.9Commissioning1.4-1.4General and Administration14.07.26.8Contingency14.23.610.6Total Phase 1166.342.3124.0Phase 2 Development of KyzyltashDrilling + Studies30.015.015.0Total Phase 1 & 2196.357.3139.0Phase 1 Development of TulkubashSilvercorp is committed to finance and advance the construction of Tulkubash as a 4 million tonnes of oxidized ore per year open-pit mine/heap leach operation. The Tulkubash project design is based on the Bankable Feasibility Studies completed by Tetra Tech (Joint Ore Reserves Committee ("JORC") Code standard) in 2018, expertized and localized for Kyrgyzstan by Ken Too (Bishkek) in 2020, and further improved (JORC Code standard) in 2021 by LogiProc, a South African firm, with support from Ausenco's Canadian branch. Silvercorp also expects to publish an updated feasibility study, currently in progress by LogiProc, and expected to be completed by July 2026.The Phase 1 Operation Process Flowsheet is a standard heap leach flow sheet, and consists of: 1) ore mined from the open pit is sent to the crushing plant, l...

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