Silvercorp Metals Announces Updated Mineral Resource Estimate for Condor Project in Ecuador

Silvercorp Metals Inc. has announced an updated mineral resource estimate for its Condor Project in Ecuador, highlighting the significant high-grade underground potential of the Camp and Los Cuyes deposits. The comprehensive estimate, prepared by SRK Consulting (Canada) Inc., reveals total underground mineral resources of 3.17 million tonnes in the indicated category and 12.1 million tonnes in the inferred category. These resources contain 0.37 million and 1.50 million gold equivalent ounces respectively, calculated at a cutoff grade of 2.2 g/t AuEq. This substantial resource update represents a critical development in the company's strategic repositioning of the Condor Project as a high-grade underground gold operation, leveraging Ecuador's well-documented mineral-rich geology.

The updated mineral resource estimate demonstrates the project's growing economic viability and technical feasibility. The indicated category resources provide a solid foundation for initial mine planning and development, while the larger inferred resources offer substantial potential for future expansion and conversion through additional exploration work. The high-grade nature of the deposits, combined with the significant tonnage estimates, positions the Condor Project as an increasingly important asset in Silvercorp's portfolio and within Ecuador's emerging mining sector. The company's strategic focus on underground operations reflects industry trends toward more selective, higher-grade mining methods that can deliver better economic returns while minimizing environmental footprint.

Silvercorp is currently advancing the project through an ongoing 3,500-metre drill program specifically designed to expand the known mineralization zones. This systematic exploration effort aims to convert inferred resources to indicated categories and potentially discover new mineralized areas, thereby enhancing the project's overall resource base and economic potential. The drilling program represents a critical step in the project's development pathway, providing essential geological data for mine planning and resource modeling. The company anticipates completing a Preliminary Economic Assessment for an underground operation by the end of 2025, which will provide crucial economic and technical parameters for project development decisions.

Concurrently, Silvercorp is progressing its El Domo Project toward a targeted production start in 2026, creating a complementary development pipeline within Ecuador. The Condor Project's resource update significantly strengthens the company's position in the country's mining landscape and contributes to Ecuador's growing reputation as an attractive mining investment destination. The substantial gold equivalent ounces identified in both resource categories underscore the project's potential to become a meaningful gold producer. For additional information about these developments, visit https://ibn.fm/J4HYK. The updated mineral resource estimate marks a pivotal milestone in Silvercorp's comprehensive strategy to develop the Condor Project into a commercially viable underground mining operation, potentially contributing to regional economic development and strengthening Ecuador's position in the global mining industry.