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November 2025 Investor Presentation s i l v e r c o r p m e t a l s . c o m | NYSE -A / TSX : SVM
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CAUTIONARY STATEMENTS TSX: SVM | NYSE AMERICAN SVM 2 Cautionary Note Regarding Forward-Looking Information and Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable securities laws relating to, among other things, the operations of Silvercorp Metals Inc. (“Silvercorp” or the “Company”) , including statements about the anticipated benefits of the completed transaction between Silvercorp and Adventus Mining Corporation (“Adventus”); the possibility, timing and amount of estimated future production, costs of production, and reserve determination and reserve conversion rates, and statements with respect to the price of silver, gold, copper, lead and zinc; estimated mine life and any anticipated changes related thereto; estimates of revenues, operation costs, capital expenditures, mine plan, and estimated production from the Company’s mines; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties. Forward-looking information may in some cases be identified by words such as “will”, “anticipates”, “expects”, “intends” and similar expressions suggesting future events or future performance. We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in China, Ecuador and Canada; our ability to comply with environmental, health and safety laws; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; global economic and social impact of COVID‐19; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws. This list is not exhaustive of the factors that may affect any of the Company’s forward‐looking statements. Forward‐ looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward‐looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward‐looking statements. A comprehensive discussion of other risks that impact Silvercorp can also be found in its public reports and filings which are available under its profile at www.sedarplus.ca Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated and Inferred Resources Silvercorp has prepared disclosure in accordance with Canadian reporting standards, which differ significantly from the current requirements of the U.S. Securities and Exchange Commission (the “SEC”) set out in Industry Guide 7. The terms “proven mineral reserve”, “probable mineral reserve” and “mineral reserves” used in this presentation are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Standards”), which definitions have been adopted by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and differ from the definitions in the SEC’s Industry Guide 7. “Reserves” under the CIM Standards may not qualify as reserves under Industry Guide 7. Under SEC Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit, which could be economically and legally extracted or produced at the time the reserve determination is made. Accordingly, information contained in this presentation providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in the CIM Standards and are required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to corresponding definitions under the CIM Standards. During the period leading up to the compliance date of the SEC Modernization Rules, information regarding minimal resources or reserves contained or referenced in this presentation may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are expected to be “substantially similar” to the CIM Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Standards.
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TSX: SVM | NYSE AMERICAN SVM Note: 1. Sep 30, 2025. 2. Nov 7, 2025. C H I N A Producing Under Construction PEA Study Under Permit Indirect Exposure – Equity Interest PROFITABLE SILVER MINES IN CHINA SUPPORT GROWTH INTO ECUADOR PROVEN TRACK RECORD 3 1. Ying & GC operating mines in China 2. El Domo copper-gold mine under construction in Ecuador 3. Kuanping silver mine under construction in China 4. Condor gold deposit under PEA study in Ecuador 5. BYP gold mine under permit in China GC Mine (Ag-Pb-Zn; >15-year mine life) Ying Mining District (Ag-Pb-Zn-Au; >15-year mine life) BYP Mine (Au) ECUADOR BOLIVIA Carangas (Ag-Au) (28% of New Pacific Metals) Silver Sand (Ag) (28% of New Pacific Metals) Proven Track Record Profitable Mines to Support Growth El Domo (Cu-Au; 10-year mine life) Condor (Au) >100 Moz Silver + 1.5 Blb Lead + Zinc >$600M >$200M $382M + $145M MSCI A Production since 2006: Profits Generated: Returned to Shareholders: Cash1 + Investments2: ESG Rating:
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Disciplined Approach TSX: SVM | NYSE AMERICAN SVM China • Ying Mining District: upgrade & expansion • Kuanping: satellite mine under construction Ecuador • El Domo: copper-gold mine under construction • Condor: high grade underground gold project • High margin projects ready to be built at reasonable capex • Adventus transaction completed July 2024 • OreCorp (2023): outbid, made $10M profit • Celsius Resources (2023): didn’t proceed • Guyana Goldfields (2020): outbid, made $20M profit • 28% interest in New Pacific Metals Corp.: Two open-pit silver projects in permitting in Bolivia (Silver Sand & Carangas) • Other early-stage investments 4 GROWTH STRATEGY TO ADD VALUE Market Cap1: $1.4B | Consensus NAV: ~$2.0B Notes 1) Nov 7, 2025 Incubating Opportunities AcquisitionsOrganic Growth
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TSX: SVM | NYSE AMERICAN SVM Note 1: Revenue for Current Mines are based on metal production from FY2026 production guidance and 2024 Ying and GC NI 43-101 reports, revenue for El Domo based on metal production from 2021 El Domo Feasibility Study, and using US$4.60/lb copper, US$3,350/oz gold, US$1.15/lb zinc, US$1.00/lb lead, and US$33.00/oz silver metal prices Note 2: El Domo gold and silver revenue adjusted for 50% gold stream and 75% silver stream to Wheaton Current Mines1 El Domo1,2 Total $354M $425M $614M 5 SIGNIFICANT NEAR-TERM REVENUE GROWTH FROM COPPER AND GOLD
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TSX: SVM | NYSE AMERICAN SVM Ying Mining District, Henan Province (SGX, HPG, HZG, TLP, LME, LMW and DCG mines) GC Mine, Guangdong Province BYP Mine, Hunan Province (Under Permit) China Advantages: • Close to customers (smelters) & suppliers • Stable regulations • Free profit distribution • Home for 80% of global solar panel manufacturers, a main user of silver China is the Centre for Manufacturing • Nike 36% of shoe manufacturing • Wal-Mart source for majority of goods • BASF $15B petrochemical complex • Exxon Mobil $10B complex • Tesla Shanghai plant accounted for 51% of 2024 deliveries • Apple over 90% of iPhone production 6 PROFITABLE MINES IN A STABLE JURISDICTION
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TSX: SVM | NYSE AMERICAN SVM Overview • 7 mines feeding ores to 2 mills (4,000 tpd) • Ag-Pb & Zn concentrates sold to local smelters • >15 year mine life benefited from extensive exploration drilling – Drilled >2,600,000 m since inception with 250,000 m budgeted in FY2026 Mine Optimization to Grow Production • Continue transition to more mechanized mining • $25M in FY2026 to enhance ramp access • Trackless system (with LHDs) to replace shafts Kuanping Mine Development (33 km north) • Mine construction – $4M allocated in FY2026 • Ramp development and exploration tunnelling underway 7 For further details please refer to Silvercorp’s Q4 FY2025 MD&A and sections 4, 9 through 13 in the NI 43-101 Technical Report Update on the Ying Ag-Pb-Zn Property in Henan Province, People’s Republic of China with the effective date July 16, 2024. YING DISTRICT – GROWING THROUGH DRILLING, OPTIMIZATION, EXPANSION & CONSOLIDATION
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TSX: SVM | NYSE AMERICAN SVM YING MINING DISTRICT 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
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TSX: SVM | NYSE AMERICAN SVM 9 THE ECUADOR GROWTH OPPORTUNITY Strong Government Support • December 2022: Investment protection agreement (IPA) for the El Domo Copper-Gold project • March 2024: Investment agreement for the Condor project • May 2025: Amended IPA for SolGold’s Cascabel project Mining’s Role in the Economy • Created ~100,000 jobs and $800M in tax revenue in 2023 • Mining exports (Mirador + Lundin Gold) went from $275M in 2018 to $3.3B in 2023 • Minerals now represent Ecuador’s fourth largest export • Government endorse mining as a key socioeconomic driver Quito Guayaquil Loja Development Construction Production Cities Cangrejos (Au-Cu) Condor (Au) Fruta Del Norte (Au) Mirador (Cu) Warintza (Cu) El Domo (Cu-Au) Cascabel (Cu-Au)
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TSX: SVM | NYSE AMERICAN SVM Source: Adventus Mining Corp. filings and El Domo Technical Report. See Appendix 2021 Feasibility Study Highlights Mine Life (years) 10 Avg. Annual Payable Production (Years 1- 9) (Mlb Cu) 24 (koz Au) 26 (Mlb Zn) 26 (koz Ag) 488 (Mlb Pb) 0.9 LOM AISC (US$/lb CuEq) $1.26 Project Economics (After-Tax) Copper Price (US$/lb) $3.50 Gold Price (US$/oz) $1,700 NPV8% (US$M) $259 IRR (%) 32% Payback Period (years) 2.6 Ecuador’s Next Mine • 2025 capex estimate of $241M based on contracts signed • To be funded by cash on hand & $175M stream payment from Wheaton Progress Update • Construction underway for site preparation, infrastructure and tailings storage facility • 481-bed construction camp completed • Major equipment for process plant ordered • Construction contracts for four sections of the external power line awarded • Commissioning of the mine and process plant targeted in late 2026 10 EL DOMO COPPER-GOLD PROJECT: CONSTRUCTION STARTED IN 2025
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EL DOMO COPPER-GOLD PROJECT CONSTRUCTION Road #1 Constructi on CampTemporary Oil Depot Perman ent Camp Processing Plant Road #7 & Explosive Magazine Construction Camp TSF Starter Dam Area Clearance Road #2 Road #5-1 3 Stage Sediment Ponds (temporary) Road #1 SWD Diesel Depot & Agitator & Mixing Plant Road #4 481-Bed Construction Camp Site Preparation for Processing Plant and Saprolite Storage Facility Pit Area
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TSX: SVM | NYSE AMERICAN SVM Re-thinking development strategy as a high grade underground Au project 12 SILVERCORP’S SECOND MINE IN ECUADOR: CONDOR GOLD PROJECT Source: Luminex Resources Corp. filings and Condor news release dated May 12, 2025. See Appendix Project Overview • Located in the productive Zamora Cu-Au 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 • 2025 underground resources (Camp & Los Cuyes deposits): ✓ Indicated: 0.34 Moz Au @ 3.32 g/t ✓ Inferred: 1.38 Moz Au @ 3.55 g/t Next steps • PEA for underground operation • Permits for exploration tunnels
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108 Moz 120 Moz 103 Moz 2P Reserve M&I Resource (not in 2P Reserve) Inferred Resource 162 Moz 181 Moz 269 Moz 2P Reserve M&I Resource (not in 2P Reserve) Inferred Resource TSX: SVM | NYSE AMERICAN SVM See Appendix for notes and detailed breakdowns of Consolidated Proven & Probable Reserves and Measured, Indicated & Inferred Resources by operations. 1 Silver equivalent calculated by converting gold at a rate of 86.364:1, but excluding base metals China Mines Inventory for Silver+Gold1 Ecuador China China + Ecuador Growth & Diversification1 13 SILVER+GOLD RESOURCES GROWTH & DIVERSIFICATION
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TSX: SVM | NYSE AMERICAN SVM Fiscal Year 14 Lead & Zinc Silvercorp’s fiscal year is Apr 1-Mar 31. 1 Capital IQ COMEX Silver; 2 AISC net of by-product credits from FY2007 to FY2013 not reported; 3 Mid-point of FY2026 guidance; 4 Silver equivalent (AgEq) calculated by converting gold using realized gold and silver prices for all years expect FY2026, which converted gold at a rate of 86.364:1, and excluding base metals HISTORY OF PROFITABLE PRODUCTION + GROWTH 33 66 66 77 85 87 66 46 67 70 89 82 88 91 96 90 92 87 85 96 0 20 40 60 80 100 120 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Pb + Zn Pounds (M) E Silver Equivalent 3 1.9 4.1 4.3 4.7 5.5 6.1 5.6 4.5 5.5 5.2 6.7 6.2 6.7 6.6 6.7 6.4 7.0 6.8 7.6 8.3 $15.95 $11.33 $10.20 $3.82 $3.27 $3.52 $6.86 $7.49 $8.77 $9.73 $11.38 $12.12 - 2 4 6 8 10 AgEq Ounces (M) Consolidated Production Silver Price AISC 3 21 4
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TSX: SVM | NYSE AMERICAN SVM *Realized silver price is calculated using the Shanghai Metal Exchange price, less smelter deduction and Value Added Tax 15 FOCUS ON GENERATING FREE CASH FLOW Per Tonne Value (US$) Calendar Year Realized Silver Price (US$/oz) Maintained stable AISC per tonne cost over last 10 years Profit (Green Bar Below) on every tonne of ore mined
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TSX: SVM | NYSE AMERICAN SVM EBITDA Margin Trailing 12 Months Return on Equity Trailing 12 Months 53% Silvercorp VS. 33% Peer Avg. 13% Vanguard Industrials ETF 11.3% Silvercorp VS. 6.6% Peer Avg. Sources: Capital IQ, FactSet, Corporate Filings Note: Peer group includes PAAS, AG, HL, FVI, CDE, EDR, AYA. Vanguard Industrials ETF and GDX indices consist of a basket of companies in that sector 48% GDX 16 MARGINS OUTPERFORM INDUSTRY AVERAGES Calendar Year Calendar Year 52.7% 0 15 30 45 60 75 2010 2012 2014 2016 2018 2020 2022 2024 Silvercorp Peer Avg. Vanguard Industrials ETF GDX 11.3% -10 0 10 20 30 40 2010 2012 2014 2016 2018 2020 2022 2024 Silvercorp Peer Avg.
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TSX: SVM | NYSE AMERICAN SVM Note: Free cash flow = operating cash flow less capital expenditures, less capital lease payments Note: Adjusted net income = adjusted for one-time non-cash items, FX gain(loss), investment in associates gain(loss), equity investments gain(loss) and share - based compensation Calendar Year Calendar Year Adjusted Net Income (US$M) Free Cash Flow (US$M) 17 FOCUS ON GENERATING FREE CASH FLOW
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TSX: SVM | NYSE AMERICAN SVM EV / EBITDA Trailing 12 Months 7.4x Silvercorp 14.9x Peer Median Sources: Capital IQ (Nov 7, 2025) VS. P / Adj E Trailing 12 Months 17.2x Silvercorp 22.9x Peer MedianVS. P / OCF Trailing 12 Months 8.4x Silvercorp 16.5x Peer MedianVS. 18 UNDERVALUED RELATIVE TO PEERS 3.7x 7.4x 11.5x 13.6x 14.9x 14.9x 17.2x 39.8x 150.2x Fortuna Silvercorp Pan American Coeur First Majestic Peer Median Hecla Endeavour Silver Aya 15.3x 17.2x 22.5x 22.9x 22.9x 51.9x 65.4x NM NM Fortuna Silvercorp Coeur Pan American Peer Median Hecla First Majestic Endeavour Silver Aya 5.2x 8.4x 15.1x 16.4x 16.5x 16.5x 22.5x 44.2x 119.9x Fortuna Silvercorp Pan American Coeur First Majestic Peer Median Hecla Endeavour Silver Aya
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28% 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 the M&I category TSX: SVM | NYSE AMERICAN SVM Silver Sand Project June 2024 PFS1: • Annual 12 Moz of Ag production over 13 years at <$11/oz AISC • Post-tax NPV5% & IRR @ $24.00/oz Ag: $740M | 37% • Initial capex: $358M, Payback Period: < 2 years Carangas Project October 2024 PEA1: • Annual 6.6 Moz of Ag over 16 years at <$8/oz AISC (net of credits) • Post-tax NPV5% & IRR @ $24.00/oz Ag: $501M | 26% • Initial capex: $324M, Payback Period: ~3 years 1. Information from New Pacific Metals Corp public filings. 19 INCUBATING WORLD CLASS OPPORTUNITIES
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TSX: SVM | NYSE AMERICAN SVM Advance El Domo project construction Advance Condor gold project’s high grade underground PEA update Increased silver production from Ying Mining District Obtain gold mining permit for BYP gold project in China New Pacific – Permitting advancements at Silver Sand and Carangas 1 2 3 4 5 20 CATALYSTS
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TSX: SVM | NYSE AMERICAN SVM A RATING • Ranked top 52nd percentile overall in Metals and Mining- Precious Metals • Community relations and labor management score in the top 25th percentile, toxic emissions & waste scores in the top 10th percentile • Ranked top 18th percentile in the Precious Metals Mining Sector • Significant improvement (decrease) in ESG risk rating from 55.3 to 22.6 22.6 C+ RATING 59 • Ranked top 20th percentile in the Metals & Mining industry • Average score in the Metals & Mining industry is 35 • Ranked top 20th percentile in the industry • Significant improvement in the performance score from 33.3 to 43.9 UNRATED RATING RISK RATING (Medium Risk) 21 STRONG & IMPROVING ESG RATINGS AND RISK PROFILE
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TSX: SVM | NYSE AMERICAN SVM Environment Health & Safety Social Responsibility 84% Water recycling rate 39% Waste rock utilization rate 232 MWh of electricity annually from rooftop solar 0.52 Total Recordable Incident Rate (per million working hours) $3.6M Invested in production safety 66% Workforce from local province 70% Local supplier procurement at Ying 18% Percentage of female employees (vs. 14% peer average) $1.3M Invested in community support 2,026 Worker safety training sessions Average safety training hours per worker >36 0 Environmental incidents 22 FISCAL YEAR 2025 SUSTAINABILITY HIGHLIGHTS
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TSX: SVM | NYSE AMERICAN SVM Management Rui Feng, Ph.D., Geology Chairman and CEO Lon Shaver, CFA President Winnie Wang, CPA Interim CFO Board of Directors Rui Feng, Ph.D., Geology Yikang Liu, Former Dep. Gen. Sec. of the China Mining Assoc.; over 40 years geological experience Paul Simpson, Securities lawyer; 20 years experience advising natural resources companies Marina Katusa, BSc., MBA, over 10 years experience in geology and corporate development Ken Robertson, CA, CPA, ICD.D, over 35 years of public accounting experience in Canada and England Helen Cai, CFA, CAIA, finance & investment professional with over 20 years of capital market and corporate finance experience 23 LEADERSHIP: A SOLID HISTORY OF VALUE CREATION
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$1 $2 $3 $4 $5 $6 $7 $8 $9 1$0 1$1 HEAD OFFICE Suite 1750–1066 West Hastings St. Vancouver, BC Canada V6E 3X1 Tel: 604-669-9397 Investor@silvercorp.ca www.silvercorpmetals.com TSX:SVM ~2,300,000 30-Day Avg Daily Volume NYSE American:SVM ~6,800,000 30-Day Avg Daily Volume FOLLOW US ON
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APPENDICES TSX: SVM NYSE AMERICAN: SVM
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TSX: SVM | NYSE AMERICAN SVM Top 10 Investors % O/S 1 Tidal Investments 4.04 2 Rui Feng 3.02 3 Global X Management 3.02 4 Van Eck Associates 2.86 5 Millennium Management 2.36 6 Renaissance Technologies 2.19 7 BlackRock Fund Advisors 2.14 8 UBS Financial Services 1.94 9 Citadel Advisors 1.88 10 Connor Clark & Lunn 1.83 Source: BD Corporate Analyst Coverage 26 OWNERSHIP & COVERAGE
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TSX: SVM | NYSE AMERICAN SVM 27 1 YTD FY2026 RESULTS VERSUS GUIDANCE Production Capital Expenditures Head grades Metal production Production costs Ore processed Gold Silver Lead Zinc Gold Silver Lead Zinc Cash cost AISC (tonnes) (g/t) (g/t) (%) (%) (ounces) (million ounces) (million pounds) (million pounds) ($/t) ($/t) Six months ended September 30, 2025 Silver-lead ore 235,168 0.2 207 2.6 0.4 Gold ore 29,834 1.4 81 0.9 0.1 Ying Mining District 548,357 0.3 199 2.6 0.5 4,135 3.22 27.53 3.27 83.03 134.41 GC Mine 151,118 — 64 0.9 2.8 — 0.27 2.44 7.61 60.38 91.23 Consolidated 699,475 4,135 3.49 29.97 10.87 78.11 138.46 Fiscal 2026 Guidance Silver-lead ore 900,000-915,000 — 252 3.2 0.8 Gold ore 131,000-142,000 2.1 62 0.9 0.4 Ying Mining District 1,031,000-1,057,000 0.3 225 2.8 0.7 9,100-10,400 6.80 - 7.00 58.80 - 60.30 11.80 - 12.20 86.8-88.4 157.8-160.5 GC Mine 300,000-312,000 — 74 1.1 2.9 — 0.58 - 0.60 6.40 - 6.60 17.50 - 18.10 60.3-60.8 90.9-92.6 Consolidated 1,331,000-1,369,000 9,100-10,400 7.38 - 7.60 65.20 - 66.90 29.30 - 30.30 80.7-82.1 154.8-157.8 Development and Capital Expenditures Expensed Ramp and Development Tunnels Exploration Tunnels Drilling Equipment & Mill and TSF Total Mining Preparation Tunnels Drilling (Metres) ($ Thousand) (Metres) ($ Thousand) (Metres) ($ Thousand) ($ Thousand) ($ Thousand) (Metres) (Metres) Six months ended September 30, 2025 Ying Mining District 21,168 $ 13,926 30,262 $ 12,006 67,657 $ 1,925 2,039 $ 29,894 30,069 63,179 GC Mine 1,724 831 4,125 1,532 10,240 219 390 2,972 6,727 17,856 El Domo — 14,611 — — — — 371 14,982 — — Condor — 1,053 — — 2,268 315 — 1,368 — — Kuanping/other 1,093 1,036 832 299 — — 341 1,676 — — Consolidated 23,984 $ 31,456 35,219 $ 13,837 80,165 $ 2,458 $ 3,140 $ 50,892 36,796 81,035 Fiscal 2026 Guidance Ying Mining District 38,800 25,300 67,700 24,800 190,600 5,800 17,500 73,400 67,300 58,500 GC Mine 5,700 3,600 11,100 3,900 48,400 1,100 700 9,300 11,400 12,600 El Domo — 102,000 — — — — — 102,000 — — Condor — 2,470 — — 3,500 730 — 3,200 — — Kuanping/other 6,300 2,700.0 1,300 400 — — 800 3,900 — — Consolidated 50,800 $ 136,070 80,100 $ 29,100 242,500 $ 7,630 $ 19,000 $ 191,800 78,700 71,100
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TSX: SVM | NYSE AMERICAN SVM 28 1 EL DOMO CAPITAL COST ESTIMATE DETAILS Package #1 Details Budget Overview FY2026 FY2027 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 Construction and Equipment 14.0 19.0 33.0 4 Temporary and Permanent Camps 2.0 5.0 7.0 5 Packages #4,5 -Site Infrastructure (bypass roads, powerline, standby diesel generators, water treatment plant) 16.0 17.0 33.0 Direct costs sub-total $68.2 $91.2 $159.5 6 Owner's Contingency 13.6 18.3 31.9 7 Owner's Cost 12.0 18.0 30.0 8 Value added tax (VAT) 8.2 10.9 19.1 Total $102.0 $138.4 $240.5 FY2026 FY2027 Total ($ Million) ($ Million) ($ Million) Package #1 Site Preparation 10.4 — 10.5 TSF 2.8 8.4 11.2 Roads 5.7 3.0 8.7 Channels 6.2 6.4 12.6 Other (SWD) 4.1 0.4 4.5 Package #1 $29.2 $18.2 $47.5
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TSX: SVM | NYSE AMERICAN SVM 29 1 EL DOMO CAPITAL COST ESTIMATE DETAILS Package #2 Details Package #3 Details FY2026 FY2027 Total ($ Million) ($ Million) ($ Million) Package #2 Stripping 5.5 24.0 29.5 Ore Mining — 0.1 0.1 Other 1.5 7.9 9.4 Package #2 – Open pit Mining and Stripping $7.0 $32.0 $39.0 FY2026 FY2027 Total ($ Million) ($ Million) ($ Million) Package #3 Run of Mine Platform/Shack + Crushing 1.4 0.8 2.2 Grinding and Cyclone Facilities 2.1 3.2 5.3 Flotation Workshop Facilities 3.3 5.3 8.6 Concentrate/Tailings Dewatering Facility 1.4 2.1 3.5 Process Water Supply/TSF Water Reclaim System 1.0 1.6 2.6 Laboratory/Maintenance/Electrical/Automation 1.9 2.5 4.4 General Layout Engineering 0.5 0.7 1.2 Other 2.4 2.8 5.2 Package #3 – Processing plant construction and equipment $14.0 $19.0 $33.0
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TSX: SVM | NYSE AMERICAN SVM Calendar Year 30 REVENUE PERCENTAGE BY METAL Silver: 67% Gold: 7% Base Metals: 26%
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TSX: SVM | NYSE AMERICAN SVM Silver US$ Per Ounce Lead US$ Per Pound Zinc US$ Per Pound Shanghai Metal Exchange quoted prices on May 27, 2025: Silver=8.228 RMB/gram, lead=16,735 RMB/tonne, Zinc=22,390 RMB/tonne, all including 13% VAT. Conversion to net realized selling prices as follows: Silver in US$ =8.228/1.13*31.1035/7.200*92.5%=$29.10 Lead in US$=(16,735—0 smelter deduction)/1.13/2204.62/7.200=$0.93 Zinc in US$=(22,390—3,500 smelter deduction)/1.13/2204.62/7.200=$1.05 *Net of value added tax 31 REALIZED METAL PRICE EXAMPLES
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TSX: SVM | NYSE AMERICAN SVM Benefits of drilling 1) Made new discoveries, including gold and gold-copper zones 2) Increased FY2026 production 3) Resource and reserve replacement in updated NI 43-101 MRE 4) Deferring mine development at greater depths, or even mining at shallower depths 5) Reducing amount of tunnel development and sustaining capital 6) Improving mine planning to boost productivity and reduce costs Silvercorp’s extensive drilling & tunnelling Calendar Year Kilometer 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 32 EXTENSIVE EXPLORATION FOR ORGANIC GROWTH
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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 (Aug 2024) • P&P Reserve tonnes up 20% from the last Resource Estimate Report, despite 3.5 years mine production depletion • M&I Resources up 11% and inferred resource up 17% • Projected LOM has the potential to go beyond 2038 33 GC MINE
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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 approximately 800 ha, including 100% of resource areas 4. Altius acquired a 2% NSR on El Domo for $10 M in Jan 2019 5. Ecuador Government royalty: 4% 6. JV Structure – I. Silvercorp funds 100% of the capital costs (excluding Wheaton Stream Financing) to production to receive 100% of first US$30M free cash flows II. Silvercorp Receives 95% of the free cash flow until all its equity contributions since October are repaid III.Silvercorp Receives 75% free cash flow & Salazar 25% IV.Income tax rate: 20% 34 EL DOMO OVERVIEW: MINING TITLE AND INTEREST
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TSX: SVM | NYSE AMERICAN SVM Source: Adventus Mining Corp. filings 35 EL DOMO OVERVIEW: SITE LAYOUT
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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 metal recoveries in three concentrates: a) Copper: 83.4% in Cu concentrate (7.5% in Lead Concentrate) b) Gold: 51.8% (35.4% in Cu, 15.2% in Zn, 1.2% in Pb concentrates) c) Silver 61.8% (31.9% in Cu, 24.3% in Zn, 5.7% in Pb concentrates) d) Zinc: 83.1% (all in Zn concentrate) e) Lead: 29.1% (all in Pb concentrate) Source: Adventus Mining Corp. filings 36 EL DOMO OVERVIEW: TECHNICAL DETAILS
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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 500 tpd Mill at the BYP Mine See Appendix pages 37 and 40 for notes and a detailed breakdown of BYP’s Consolidated Measured, Indicated & Inferred Resources. 37 BYP GOLD MINE
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TSX: SVM | NYSE AMERICAN SVM TAILINGS DRY STACKING TAILINGS BACK FILL FACILITY Industry best practice Further waste reduction Increases recycling, reduces freshwater consumption 1M T/Y WASTE ROCK AGGREGATE PLANTSGX MINE WASTE WATER TREATMENT SYSTEM GC MINE Crushes waste rock to supply the local aggregate market YING MINES GC MINE YING MINES 38 WE CONSTRUCT GREEN MINES THAT GENERATE SUSTAINABLE VALUE
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TSX: SVM | NYSE AMERICAN SVM Project Reserve Category Tonnes (Million) Average Grades Contained Metal Reserves Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Silver (Moz) Gold (Koz) AgEq3 (Moz) Lead (Kt) Zinc (Kt) Ying Mining District Proven 7.17 223 0.16 3.45 1.05 51 37 55 248 75 Probable 5.58 207 0.19 2.87 0.85 37 34 40 160 48 Proven + Probable 12.76 216 0.17 3.20 0.96 89 71 95 408 123 GC Mine Proven 2.73 81 - 1.26 2.95 7 - 7 34 81 Probable 2.23 81 - 1.15 2.71 6 - 6 26 61 Proven + Probable 4.97 81 - 1.21 2.84 13 - 13 60 141 Consolidated4 Proven 9.91 184 0.16 2.85 1.57 59 37 62 282 156 Probable 7.82 171 0.19 2.38 1.38 43 34 46 186 108 Total 17.72 178 0.17 2.64 1.49 102 71 108 468 264 1 Mineral Reserves Estimate for Ying Mining District effective June 30, 2024; Mineral Reserves Estimate for GC Mine effective June 30, 2024. 2 Totals may not add up due to rounding. 3 Silver equivalent (AgEq) includes gold converted to AgEq at a rate of 86.364:1. 4 Consolidated average grades reflect those assets that produce the metal. 5 For further details please refer to a) Silvercorp news release dated August 19, 2024, and titled Silvercorp Issues Updated Technical Report for the Ying Mining District, and b) Silvercorp news release dated August 26, 2024, and titled Silvercorp Issues Updated Technical Report for the GC Mine 39 SUMMARY OF CHINA RESERVES1,2
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TSX: SVM | NYSE AMERICAN SVM Project Resource Category Tonnes (Million) Average Grades Contained Metal Resources (Inclusive of Reserves) Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Silver (Moz) Gold (Koz) AgEq3 (Moz) Lead (Kt) Zinc (Kt) Ying Mining District Measured 12.03 213 0.20 3.38 0.97 83 76 89 407 117 Indicated 10.12 190 0.20 2.67 0.74 62 66 68 270 75 Measured + Indicated 22.15 203 0.20 3.06 0.87 144 143 157 677 192 Inferred 8.80 187 0.56 2.96 0.64 53 158 66 260 56 GC Mine Measured 5.87 88 - 1.30 3.11 17 - 17 76 183 Indicated 5.62 80 - 1.05 2.57 15 - 15 59 144 Measured + Indicated 11.49 84 - 1.18 2.85 31 - 31 135 327 Inferred 9.57 85 - 1.23 2.44 26 - 26 117 234 BYP Mine (Au Area) Measured 3.30 - 2.7 - - - 294 25 - - Indicated 1.80 - 2.8 - - - 162 14 - - Measured + Indicated 5.10 - 2.8 - - - 456 39 - - Inferred 1.60 - 2.2 - - - 116 10 - - BYP Mine (Pb-Zn Area) Indicated 3.80 - - 0.6 2.3 - - - 25 87 Inferred 2.80 - - 0.7 2.5 - - - 19 71 Consolidated4 Measured 21.20 172 0.75 2.70 1.67 99 370 131 483 300 Indicated 21.34 151 0.59 1.80 1.57 76 228 96 354 306 Measured + Indicated 42.54 162 0.67 2.23 1.62 175 599 227 837 606 Inferred 22.77 134 0.81 1.88 1.70 79 274 103 396 361 1 Mineral Resources Estimate for Ying Mining District effective June 30, 2024; Mineral Resources Estimate for GC Mine effective June 30, 2024; Mineral Resources Estimate for BYP Mine as of June 30, 2024. 2 Totals may not add up due to rounding. 3 Silver equivalent (AgEq) includes gold converted to AgEq at a rate of 86.364:1. 4 Consolidated average grades reflect those assets that produce the metal. 5 For further details please refer to a) Silvercorp news release dated August 19, 2024, and titled Silvercorp Issues Updated Technical Report for the Ying Mining District, b) Silvercorp news release dated August 26, 2024, and titled Silvercorp Issues Updated Technical Report for the GC Mine, and c) BYP’s National Instrument 43 -101 Mineral Resource Technical Report dated June 30, 2024. SUMMARY OF CHINA RESOURCES1,2
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TSX: SVM | NYSE AMERICAN SVM Source: Adventus Mining Corp. filings and the El Domo Technical Report. See slide 40 El Domo Open Pit El Domo Underground 41 EL DOMO: RESOURCES AND RESERVES 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 50 46.4 9.4 89.4 240 5,342 P&P 6.5 1.93% 0.25% 2.49% 2.52 46 124.9 16.2 161.4 525 9,517 Measured 3.2 2.61% 0.2% 2.50% 3.03 45 84.9 7.7 81.1 316 4,704 Indicated 3.8 1.38% 0.3% 2.77% 2.29 52 52.6 11.3 105.2 280 6,370 M&I 7.1 1.95% 0.3% 2.64% 2.63 49 137.5 19.0 186.3 596 11,074 Inferred 0.3 0.34% 0.2% 1.01% 1.34 39 1.2 0.7 3.5 15 430 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 ) Indicated 1.9 2.72% 0.14% 2.38% 1.37 31 51.9 2.6 45.4 84 1,895 Inferred 0.8 2.31% 0.11% 2.68% 1.74 29 17.3 0.8 20.1 42 688
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TSX: SVM | NYSE AMERICAN SVM Source: Condor News Release dated May 12, 2025. See slide 43. 1. Cutoff grade calculation= (Mining cost + Processing cost + G&A) / (Au price * Au payable * Au recovery * (1-royalty)/31.1035): - Camp = (US$80/t + US$40/t+ US$22/t)/(US$2,200 * 99.5% * 96% * (1-3%)/ 31.1035. -Los Cuyes = (US$80/t + US$35/t+ US$18/t)/(US$2,200 * 99.2% * 88% * (1-3%)/ 31.1035. 2. Cutoff grade within pit shell = (Processing cost + G&A)/ (Au price * Au payable * Au recovery * (1-royalty)/31.1035): -Soledad = (US$20/t+ US$12/t)/(US$2,200 * 99.5% * 90% * (1-3%)/ 31.1035. -Enma = (US$20/t+ US$12/t)/(US$2,200 * 99.5% * 75% * (1-3%)/ 31.1035. 42 CONDOR: RESOURCES Condor Underground Constrained Resource (2.2 g/t AuEq cutoff grade)1 Condor Open Pit Constrained Resource2 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 2.45 3.44 3.17 18.68 0.08 0.73 0.27 0.25 1.47 4 39 Los Cuyes 0.72 4.04 3.82 22.9 0.09 0.63 0.09 0.09 0.53 1 10 Total Indicated 3.17 3.58 3.32 19.63 0.08 0.71 0.37 0.34 2.00 6 49 Camp 7.9 3.38 3.07 20.59 0.08 0.89 0.86 0.78 5.23 13 155 Los Cuyes 4.2 4.71 4.47 24.64 0.12 0.53 0.64 0.60 3.33 11 49 Total Inferred 12.1 3.84 3.55 22.00 0.09 0.77 1.50 1.38 8.56 24 204 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) Soledad 4.03 1.14 1.06 7.05 0.05 0.56 0.15 0.14 0.91 4 50 Enma 0.03 1.05 0.97 7.11 0.07 0.3 0.00 0.00 0.01 0.05 0.21 Total Indicated 4.06 1.14 1.06 7.05 0.05 0.56 0.15 0.14 0.92 4 50 Soledad 14.15 0.83 0.76 5.86 0.04 0.51 0.38 0.35 2.66 13 158 Enma 0.02 0.74 0.56 16.07 0.06 0.2 0.00 0.00 0.01 0.03 0.10 Total Inferred 14.17 0.82 0.76 5.87 0.04 0.51 0.38 0.35 2.68 13 158
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TSX: SVM | NYSE AMERICAN SVM 43 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 Instrument 43-101 – Standards Of Disclosure for Mineral Projects (“NI 43-101”) who supervised the preparation of the scientific and technical information of Silvercorp included in this presentation. The Qualified Person has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process that could be expected to affect the reliability or confidence in the information discussed herein. For more information on Silvercorp’s projects, readers should refer to Silvercorp’s latest Annual Information Form dated June 22, 2022, and Silvercorp’s technical reports available on SEDAR+ at www.sedarplus,ca. The scientific and technical information related to Silvercorp’s projects included in this investor presentation are derived from the following technical reports: ⚫ The technical report titled “NI 43-101 Technical Report Update on the Ying Ag-Pb-Zn Property in Henan Province, People’s Republic of China” dated August 28, 2024 with an effective date of July 16, 2024, which is filed on the Company’s profile on SEDAR+. ⚫ The technical report titled “Technical Report on the Gaocheng Silver-Lead-Zinc Project in Guangdong Province, People’s Republic of China”, dated July 20, 2024 with an effective date of June 30, 2024, which is filed on the Company’s profile on SEDAR+. ⚫ The technical report titled “Baiyunpu Gold-Lead-Zinc Project, Hunan Province, China, National Instrument 43-101 Mineral Resource Technical Report”, dated effective June 30, 2024, which is filed on the Company’s profile on SEDAR+. ⚫ The technical report titled “NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador” dated December 10, 2021 with an effective date of October 26, 2021, which is filed on Adventus’ profile on SEDAR+. ⚫ The news release titled “Silvercorp Announces Updated Mineral Resource Estimate for its Condor Project, located in the Zamora Chinchipe Province of Ecuador” dated May 12, 2025 ⚫ The technical report titled “Condor Project, NI 43-101 Technical Report on Preliminary Economic Assessment, Zamora-Chinchipe, Ecuador” dated effective July 28, 2021. CAUTIONARY STATEMENTS