Silvercorp Metals Reports Significant Mineral Resource Update for Ecuador's Condor Project

Silvercorp Metals Inc. has released 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 demonstrates the project's viability as a future underground mining operation and underscores the mineral richness of Ecuador's mining districts.

The company is currently advancing the project through an active 3,500-metre drill program designed to expand the known mineralization zones and potentially upgrade resource classifications. This ongoing exploration work is crucial for further delineating the deposit's geometry and continuity, which could lead to additional resource growth. The timing of this resource update is strategically important as Silvercorp prepares for a Preliminary Economic Assessment for an underground operation, anticipated by the end of 2025. This assessment will provide critical economic parameters and development scenarios for the project, helping to determine its commercial viability and optimal development pathway.

Simultaneously, Silvercorp is progressing its El Domo Project toward a targeted production start in 2026, creating a pipeline of development assets in Ecuador. The Condor Project resource update represents a pivotal step in Silvercorp's broader strategy to reposition the asset as a high-grade underground gold operation. This strategic shift leverages Ecuador's established mineral resources and growing mining sector, potentially positioning Silvercorp as a significant player in the country's mining industry. The company's systematic approach to project development, combining resource expansion with economic studies, demonstrates a methodical pathway toward potential future production decisions.

The significance of this announcement extends beyond the immediate resource numbers, as it reflects growing confidence in Ecuador's mining potential and the specific geological characteristics of the Condor Project. The high-grade nature of the resources, particularly in the indicated category, provides a solid foundation for future mine planning and economic evaluation. For additional information about this development, visit https://ibn.fm/J4HYK. This resource update marks an important milestone in the project's evolution from exploration concept to potential mining development, contributing to the broader narrative of Ecuador's emergence as a significant mining jurisdiction in South America.