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 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, containing 0.37 million and 1.50 million gold equivalent ounces respectively at a cutoff grade of 2.2 g/t AuEq. This substantial resource update represents a critical development in Silvercorp's strategic repositioning of the Condor Project as a high-grade underground gold operation, tapping into Ecuador's rich mineral endowment.

The company is currently executing an extensive 3,500-metre drill program specifically designed to expand the known mineralization zones beyond the current resource boundaries. This ongoing exploration work is expected to further enhance the project's resource base and provide additional data for future development planning. The timing of this resource update coincides with Silvercorp's broader corporate strategy to advance multiple projects simultaneously, with the El Domo Project also progressing toward a targeted production start in 2026. The parallel advancement of these projects demonstrates the company's commitment to building a diversified portfolio of mining assets in Ecuador.

A Preliminary Economic Assessment for an underground operation at the Condor Project is anticipated by the end of 2025, which will provide crucial economic parameters and development scenarios for the high-grade deposits. This assessment will evaluate the technical and economic viability of developing an underground mining operation, considering factors such as mining methods, processing options, infrastructure requirements, and capital and operating costs. The successful completion of this assessment will represent a major milestone in the project's development timeline and provide stakeholders with a clearer understanding of the project's potential value proposition.

The updated resource estimate and ongoing development activities underscore Ecuador's growing importance as a mining jurisdiction with significant mineral potential. Silvercorp's continued investment in exploration and development work at the Condor Project reflects confidence in the region's geological prospects and the company's ability to successfully advance mining projects in the country. For additional information about this development, visit https://ibn.fm/J4HYK. The combination of substantial resource estimates, ongoing exploration programs, and planned economic assessments positions the Condor Project as a potentially significant contributor to Silvercorp's future production profile and underscores the strategic importance of Ecuador in the company's growth plans.