Silvercorp Metals Announces Updated Mineral Resource Estimate for Ecuador's Condor Project

Silvercorp Metals Inc. has announced an updated mineral resource estimate for its Condor Project in Ecuador, highlighting the substantial 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.

The significance of this updated resource estimate lies in its demonstration of the Condor Project's viability as a high-grade underground gold operation. The substantial inferred resource base of 12.1 million tonnes provides a strong foundation for future mine development and underscores Ecuador's position as an emerging mining jurisdiction with rich mineral potential. This resource update represents a critical milestone in Silvercorp's strategic repositioning of the Condor Project, transitioning it from previous conceptual models to a more defined underground mining opportunity.

Currently, Silvercorp is actively advancing the project through a 3,500-metre drill program designed to expand the known mineralization zones. This ongoing exploration work is crucial for converting inferred resources to indicated categories and potentially discovering new mineralized areas. The company has outlined a clear development timeline, with a Preliminary Economic Assessment for an underground operation expected by the end of 2025. This assessment will provide crucial economic parameters and technical details necessary for advancing the project toward development decisions.

Concurrently, Silvercorp is progressing its El Domo Project toward a targeted production start in 2026, creating a parallel development pathway that positions the company for near-term production growth. The combination of these two projects demonstrates Silvercorp's commitment to building a sustainable production pipeline in Ecuador. The updated resource estimate for the Condor Project substantially enhances the company's asset portfolio and provides investors with clearer visibility into the project's scale and potential economic value.

For additional information about these developments, interested parties can access detailed reports through https://ibn.fm/J4HYK. The resource update marks a pivotal advancement in Silvercorp's Ecuadorian operations and contributes to the growing recognition of the country's mineral endowment. As the company continues to de-risk the Condor Project through additional drilling and technical studies, the updated resource estimate provides a solid foundation for future investment and development decisions in Ecuador's evolving mining sector.