EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Silvercorp Metals (TSX/NYSE American: SVM) filed an early warning report related to its holdings in Tincorp Metals following Tincorp’s acquisition of the Santa Barbara Gold-Copper Project in Ecuador.

Silvercorp received 15,000,000 Tincorp shares as consideration and now beneficially owns 35,738,699 Tincorp shares, or about 27.4% of Tincorp’s outstanding Common Shares. Before Tincorp’s March 24, 2026 subscription receipts conversion and the acquisition closing, Silvercorp held 20,738,699 shares, or 28.9%. Following the conversion alone, its stake was about 17.9%. Silvercorp states the new shares were received as partial consideration and for investment purposes and may adjust its Tincorp position over time. An early warning report will be available on SEDAR+.

AI-generated analysis. Not financial advice.

Positive

Silvercorp receives 15,000,000 Tincorp Common Shares as acquisition consideration
Silvercorp now beneficially owns 35,738,699 Tincorp shares, representing 27.4% ownership

Negative

Silvercorp’s percentage ownership in Tincorp declines from 28.9% to 27.4% after transactions

News Market Reaction – SVM

-9.23%

35 alerts

-9.23% News Effect

-11.1% Trough in 26 hr 21 min

-$336M Valuation Impact

$3.30B Market Cap

0.6x Rel. Volume

On the day this news was published, SVM declined 9.23%, reflecting a notable negative market reaction. Argus tracked a trough of -11.1% from its starting point during tracking. Our momentum scanner triggered 35 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $336M from the company's valuation, bringing the market cap to $3.30B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Consideration Shares: 15,000,000 shares New Common Shares: 43,750,000 shares Share purchase warrants: 21,875,000 warrants +5 more

8 metrics

Consideration Shares 15,000,000 shares Tincorp Common Shares issued to Silvercorp/Adventus as consideration

New Common Shares 43,750,000 shares Aggregate Common Shares issued upon conversion of subscription receipts

Share purchase warrants 21,875,000 warrants Common Share purchase warrants issued on conversion

Subscription receipts 43,750,000 receipts Tincorp subscription receipts converted into shares and warrants

Pre-transaction holding 20,738,699 shares Silvercorp beneficial ownership in Tincorp before conversion and acquisition

Post-acquisition holding 35,738,699 shares Silvercorp beneficial ownership in Tincorp after Consideration Shares issuance

Ownership before conversion 28.9% Silvercorp percentage of Tincorp Common Shares before conversion

Ownership after acquisition 27.4% Silvercorp percentage of Tincorp Common Shares after acquisition closing

Market Reality Check

Price: $10.51 Vol: Volume 3,544,608 is near ...

normal vol

$10.51 Last Close

Volume Volume 3,544,608 is near the 20-day average of 3,816,735 (0.93x). normal

Technical Price $14.95 is trading above the $8.71 200-day MA and 5.2% below the 52-week high.

Peers on Argus

SVM fell 4.84% with several silver peers also down: EXK -3.05%, MAG -1.96%, AG -...

SVM fell 4.84% with several silver peers also down: EXK -3.05%, MAG -1.96%, AG -4.79%, TGB -1.93%, while MTAL rose 0.30%. Scanner data does not flag a confirmed sector-wide momentum move.

Historical Context

5 past events · Latest: Apr 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 20	Debt financing	Positive	-4.2%	Secured RMB1.5B syndicated term loan to support global mining growth.
Apr 16	Guidance & ops update	Positive	+1.5%	Strong FY26 revenue growth and FY27 production and capex guidance issued.
Mar 06	Resource estimate filing	Neutral	-2.2%	Filed updated NI 43-101 Mineral Resource Estimate for Kyrgyz gold projects.
Feb 09	Quarterly results	Positive	+0.9%	Q3 FY26 showed strong revenue, cash flow and improved cost metrics.
Feb 04	Project budget update	Negative	-9.8%	El Domo budget increased and production start delayed by six months.

Pattern Detected

Recent news shows mixed reactions: positive financing and operational updates sometimes saw negative price moves, while earnings and guidance tended to align positively with share performance.

Recent Company History

Over the last few months, Silvercorp reported stronger revenues and cash flow, updated budgets and timelines for El Domo, and advanced technical work in Kyrgyzstan. Financing was enhanced with a RMB 1.5 billion term loan. Market reactions have been mixed, with some positive developments (like financing and resource updates) followed by share price declines, while earnings and guidance news saw modest gains. Today’s ownership-related disclosure fits within this backdrop of active portfolio and project management.

Market Pulse Summary

The stock moved -9.2% in the session following this news. A negative reaction despite this largely i...

Analysis

The stock moved -9.2% in the session following this news. A negative reaction despite this largely informational early-warning disclosure would fit a pattern where ownership or financing updates sometimes coincided with selling pressure. The filing confirms Silvercorp’s sizable stake in Tincorp tied to the Santa Barbara project, while prior history shows that investors have been sensitive to capital allocation and project-risk headlines when reassessing valuation.

Key Terms

national instrument 62-103, early warning report, early warning system, take-over bid, +4 more

8 terms

national instrument 62-103 regulatory

"This press release is issued pursuant to National Instrument 62-103 - The Early Warning System"

National Instrument 62-103 is a Canadian securities rule that requires public disclosure when someone builds a large ownership stake or launches a takeover attempt for a company’s shares. Think of it as a neighborhood rule that forces anyone buying a big slice of a pie to put up a sign so neighbors know a change of ownership might be coming. For investors it matters because these filings signal potential shifts in control, can move the stock price, and trigger other regulatory steps that affect trading and governance.

early warning report regulatory

"EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103"

An early warning report is a regulatory filing that publicly discloses when an investor or insider has taken a large or potentially influential position in a company's shares or plans significant actions with those shares. It matters to investors because it flags possible shifts in control, takeover attempts, or concentrated influence—like a neighborhood notice that someone is buying several houses on the block—helping readers reassess risk, valuation, and trading strategy.

early warning system regulatory

"National Instrument 62-103 - The Early Warning System and Related Take-Over Bid"

An early warning system is a set of signals, measurements and alerts designed to detect emerging risks or unusual changes—such as weakening sales, rising leverage, regulatory flags, or abrupt market moves—before they become full-blown problems. For investors it works like a smoke detector: it gives advance notice to investigate, rebalance or limit exposure, helping reduce surprise losses and support better-timed decisions.

take-over bid regulatory

"The Early Warning System and Related Take-Over Bid and Insider Reporting Issues."

A take-over bid is a formal offer by a buyer to purchase shares of a company, often enough to gain control of it. Think of it like someone making a public offer to buy enough houses on a block so they control the neighborhood — it can push the target’s share price up, change who runs the business, and alter future dividends or strategy, so investors care because it affects the value and control of their holdings.

insider reporting regulatory

"The Early Warning System and Related Take-Over Bid and Insider Reporting Issues."

Insider reporting is the public disclosure of stock trades and holdings by a company’s executives, directors or large shareholders, filed with market regulators so investors can see when people with inside knowledge buy or sell. It matters because these actions can signal confidence or concern about a company’s future—much like a shop owner restocking or clearing shelves, insiders’ moves give clues about how those closest to the business view its prospects.

subscription receipts financial

"conversion of the 43,750,000 subscription receipts issued by Tincorp on March 24, 2026."

Subscription receipts are temporary securities sold to investors that act like a receipt for future shares or cash once certain conditions in a financing or acquisition are met; until those conditions are satisfied, the funds are held in trust. Think of them as a ticket you buy today that will convert into the actual product later or get you a refund if the event doesn’t happen. They matter to investors because they provide a way to participate in a deal now while limiting immediate ownership changes and risk until the outcome is confirmed.

AI-generated analysis. Not financial advice.

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05/14/2026 - 08:28 PM

Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

VANCOUVER, BC , May 14, 2026 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) announces that, in connection with the previously announced acquisition by Tincorp Metals Inc. ("Tincorp") (TSXV: TIN) of the Santa Barbara Gold-Copper Project located in southeastern Ecuador (the "Acquisition") disclosed in Tincorp's news release dated February 25, 2026, Silvercorp has acquired beneficial ownership of 15,000,000 Common Shares (as defined below) (the "Consideration Shares") pursuant to a share purchase agreement dated February 24, 2026 among Tincorp, Silvercorp and Silvercorp's wholly-owned subsidiary, Adventus Mining Corporation ("Adventus").

On May 13, 2026, Tincorp announced the issuance of an aggregate of 43,750,000 Common shares (each, a "Common Share") and an aggregate of 21,875,000 Common Share purchase warrants upon conversion (the "Conversion") of the 43,750,000 subscription receipts issued by Tincorp on March 24, 2026.

Prior to the Conversion and the Acquisition, Silvercorp beneficially owned, directly or indirectly, 20,738,699 Common Shares, representing approximately 28.9% of the issued and outstanding Common Shares. Following the Conversion, Silvercorp beneficially owned, directly or indirectly, approximately 17.9% of the issued and outstanding Common Shares.

On May 13, 2026, in connection with the closing of the Acquisition, Tincorp issued the Consideration Shares to Adventus, following which issuance Silvercorp beneficially owned, directly or indirectly, 35,738,699 Common Shares, representing approximately 27.4% of the issued and outstanding Common Shares.

The Consideration Shares were acquired as partial consideration for the Acquisition and for investment purposes. Depending on market and other conditions, Silvercorp may from time to time increase or decrease its direct or indirect beneficial ownership of securities of Tincorp through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise.

Silvercorp will file an early warning report in accordance with applicable Canadian securities laws. The report will be available on the SEDAR+ profile of the Company at www.sedarplus.ca.

About Silvercorp

Silvercorp Metals Inc. is a Canadian mining company producing silver, gold, lead and zinc from the Ying Mining District and the GC Mine in China. Silvercorp's additional assets include the development-stage Curipamba copper-gold project, containing the El Domo deposit, and the exploration-stage Condor project in Ecuador.

For further information

Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free: 1 (888) 224-1881
Email: investor@silvercorp.ca

Cautionary statement on forward-looking information

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. Such statements include, without limitation, the anticipation that Silvercorp may from time to time increase or decrease its direct or indirect beneficial ownership of securities of Tincorp through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward- looking statements or information, including, but not limited to, risks related to the fact that the Company's management will have broad discretion in determining whether to from time increase or decrease Silvercorp's direct or indirect beneficial ownership of securities of Tincorp through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise; fluctuating commodity prices; recent market events and condition; estimation of mineral resources, mineral reserves and mineralization and metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; climate change; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into existing operations; permits and licences for mining and exploration in China; title to properties; non-controlling interest shareholders; acquisition of commercially mineable mineral rights; financing; competition; operations and political conditions; regulatory environment in China; regulatory environment and political climate in Bolivia and Ecuador; integration and operations of Adventus; environmental risks; natural disasters; dependence on management and key personnel; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; conflicts of interest; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; outcome of current or future litigation or regulatory actions; bringing actions and enforcing judgments under U.S. securities laws; cyber-security risks; public health crises; the Company's investment in New Pacific Metals Corp. and Tincorp; and the other risk factors described in the Company's Annual Information Form and other filings with Canadian and U.S. regulators on www.sedar.com and www.sec.gov.

Although the forward-looking statements contained in this release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward- looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/early-warning-report-issued-pursuant-to-national-instrument-62-103-302773058.html

SOURCE Silvercorp Metals Inc.

FAQ

What did Silvercorp Metals (SVM) disclose in its May 2026 early warning report?

Silvercorp disclosed changes in its ownership of Tincorp Metals following Tincorp’s Santa Barbara project acquisition. According to Silvercorp, it now beneficially owns 35,738,699 Tincorp Common Shares, reflecting about 27.4% of Tincorp’s issued and outstanding Common Shares after recent share issuances.

How many Tincorp shares does Silvercorp (SVM) own after the Santa Barbara project acquisition?

Silvercorp reports owning 35,738,699 Tincorp Common Shares after the acquisition closed. According to Silvercorp, this represents approximately 27.4% of Tincorp’s issued and outstanding Common Shares, including 15,000,000 shares received as partial consideration for the Santa Barbara Gold-Copper Project.

How did Silvercorp’s percentage ownership in Tincorp change in May 2026?

Silvercorp’s Tincorp ownership fell from about 28.9% to 17.9% after subscription receipt conversion, then to 27.4% post-acquisition. According to Silvercorp, the company first experienced dilution from new Tincorp shares, then partially offset this by receiving 15,000,000 consideration shares.

Why did Silvercorp (SVM) receive 15,000,000 Tincorp shares in May 2026?

Silvercorp received 15,000,000 Tincorp Common Shares as partial consideration for Tincorp’s acquisition of the Santa Barbara project. According to Silvercorp, these consideration shares were issued to its subsidiary Adventus Mining under a February 24, 2026 share purchase agreement and are held for investment purposes.

Where can investors find Silvercorp’s May 2026 early warning report about Tincorp?

Investors can access Silvercorp’s early warning report on the SEDAR+ website under the company’s profile. According to Silvercorp, the filing complies with National Instrument 62-103 and provides detailed information on its Tincorp shareholdings and recent ownership changes.

Can Silvercorp change its Tincorp (TSXV: TIN) shareholdings after this early warning report?

Yes, Silvercorp may increase or decrease its Tincorp holdings depending on market and other conditions. According to Silvercorp, future changes could occur through market trades, private agreements, treasury issuances, or exercises of convertible securities, and may trigger further disclosure obligations.