SILVERCORP REPORTS UPDATED MINERAL RESERVES AND RESOURCES AT THE GC MINE
Rhea-AI Summary
Silvercorp (TSX/NYSE American: SVM) released updated NI 43-101 Mineral Reserves and Resources for the GC silver-lead-zinc mine in China, effective December 31, 2025.
Measured & Indicated Resources are 18.3 Mt, Proven & Probable Reserves are 6.2 Mt, LOM runs to 2043, and post-tax NPV is projected at $101.4 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Measured & Indicated Resources 18.3 Mt, containing 38.3 Moz Ag, 167 kt Pb, 408 kt Zn
- Measured & Indicated tonnes up 59%; contained Ag, Pb, Zn up 23–25% vs June 2024
- Proven & Probable Reserves 6.2 Mt, containing 12.5 Moz Ag, 56 kt Pb, 138 kt Zn
- Total Reserve tonnes up 25% vs June 2024 Technical Report
- LOM production plan to 2043, averaging about 370 ktpa ROM from 2029–2041
- Projected annual silver production about 0.7 Moz based on current Reserves
- Post-tax NPV projected at $101.4M; $100.3M attributable to Silvercorp (99% interest)
- Technical Report concludes GC Mine remains economically viable with further exploration upside
Negative
- Inferred Resources 7.36 Mt with contained Ag, Pb, Zn down 32–47% vs June 2024
- Reserve grades for Ag, Pb, Zn down 22%, 25%, 22% respectively vs June 2024
- Total Reserve metal content for Ag, Pb, Zn down 4%, 7%, 2% respectively vs June 2024
- LOM currently capped by tailings storage capacity unless expanded before fiscal 2043
News Market Reaction – SVM
On the day this news was published, SVM declined 1.70%, reflecting a mild negative market reaction. Argus tracked a trough of -4.1% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $40M from the company's valuation, bringing the market cap to $2.33B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 22 | Project capex plan | Neutral | -1.7% | Approved multi‑year construction budget for Chaarat ZAAV gold projects. |
| Jun 18 | Technical report filing | Neutral | -1.3% | Filed updated NI 43‑101 technical report for Ying Mining District. |
| Jun 12 | Reserve upgrade | Positive | +7.5% | Reported 50% reserve tonne and 20% silver ounce increase at Ying. |
| May 26 | Fiscal 2026 earnings | Positive | -4.3% | Strong revenue and cash flow but GAAP loss from derivative charges. |
| May 25 | HK listing plan | Positive | +5.6% | Announced Hong Kong listing application and potential global offering. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
SVM has mostly traded in line with operational and strategic news, with one notable divergence on strong Fiscal 2026 earnings.
Key Terms
national instrument 43-101 regulatory
measured and indicated mineral resources technical
proven and probable mineral reserves technical
life of mine technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Trading Symbol: TSX/NYSE American: SVM
Summary of the GC 2026 Technical Report
- Estimated Measured and Indicated Mineral Resources of 18.3 million tonnes ("Mt") grading 65 grams per tonne ("g/t") silver ("Ag"),
0.91% lead ("Pb"), and2.24% zinc ("Zn"), containing 38.3 million ounces ("Moz") Ag, 167 thousand tonnes ("Kt") Pb, and 408 Kt Zn.- In comparison with the 2024 Technical Report (Mineral Resources as of 30 June 2024), Measured and Indicated Resource tonnes have increased by
59% , and contained metal has increased by23% for Ag,24% for Pb and25% for Zn.
- In comparison with the 2024 Technical Report (Mineral Resources as of 30 June 2024), Measured and Indicated Resource tonnes have increased by
- Estimated Proven and Probable Mineral Reserves of 6.2 Mt grading 63 g/t Ag,
0.91% Pb, and2.23% Zn, containing 12.5 Moz Ag, 56 Kt Pb, and 138 Kt Zn.- In comparison with the 2024 Technical Report (Mineral Reserves as of 30 June 2024), there has been a
25% increase in total Proven and Probable Mineral Reserves tonnes. The changes in total contained metal for Ag, Pb, and Zn are -4% , -7% , and -2% respectively.
- In comparison with the 2024 Technical Report (Mineral Reserves as of 30 June 2024), there has been a
- Estimated Inferred Resources of 7.36 Mt grading 75 g/t Ag,
0.84% Pb, and1.91% Zn, containing 17.7 Moz Ag, 62 Kt Pb, and 140 Kt Zn. In comparison with the 2024 Technical Report, Inferred Resource tonnes have decreased by23% , and contained metal has decreased by32% for Ag,47% for Pb and40% for Zn. - Based on Proven and Probable Mineral Reserves only, an annual production rate increase is planned from the current level of around 345 thousand tonnes per annum ("ktpa") in FY2026 to between 350 and 365 ktpa from FY2027 to FY2028, and then increase to approximately 370 ktpa from FY 2029 to FY 2041, and then decrease to 223 and 62 ktpa for FY 2042 and final year FY 2043, respectively. Annual production of Ag is projected to be approximately 0.7 Moz. The Life of Mine ("LOM") plan is capped unless the GC Mine can complete a tailings storage facility expansion prior to fiscal year 2043. There is the potential to extend the LOM beyond year 2044 with such a tailings storage facility capacity expansion.
- Using the LOM production profile based on the December 31, 2025 Mineral Reserves, at an
8% discount rate, the projected post-tax NPV5 is$101.4 $100.3 99% interest).
Mineral Resources
The December 31, 2025 Mineral Resources were estimated using a block modelling approach in Micromine. All grade estimation was completed using inverse distance squared. Resource estimates were made for a total of 315 mineralized vein structures for the GC Mine.
The Mineral Resources are reported above cut-offs after applying a minimum practical extraction width of 0.4 m. Cut-off grades are based on in situ values in silver equivalent (AgEq) terms in grams per tonne and incorporate mining, trucking and processing costs, with metallurgical recoveries and payable values provided by Silvercorp and reviewed by the QPs. AgEq formulas are shown in the footnotes of the table below.
The estimated Mineral Resources and metal content for the GC Mine as of December 31, 2025, are detailed in Table 1 below.
Table 1. GC Mine Mineral Resources and metal content for Ag, Pb, and Zn as of December 31, 2025 (Inclusive of Mineral Reserves)
Resource Classification | Tonnes | Ag (g/t) | Pb (%) | Zn (%) | Contained Metal | ||
(Mt) | Ag (koz) | Pb (kt) | Zn (kt) | ||||
Measured | 8.97 | 66 | 1.01 | 2.44 | 19,091 | 91 | 219 |
Indicated | 9.30 | 64 | 0.82 | 2.04 | 19,180 | 76 | 190 |
Measured+Indicated | 18.28 | 65 | 0.91 | 2.24 | 38,271 | 167 | 408 |
Inferred | 7.36 | 75 | 0.84 | 1.91 | 17,729 | 62 | 140 |
Notes: | |
1 | Mineral Resource Statement as of December 31, 2025. |
2 | The cut-off grade estimates are based on the forecast prices |
3 | AgEq = Ag+28.74*Pb+33.53*Zn. |
4 | Mineral Resource are reported at a cut-off grade of 80 g/t AgEq. |
5 | The veins within the depth less than 5m below surface are not included in the Mineral Resource. |
6 | The totals may not compute exactly due to rounding. |
7 | The Mineral Resource estimates for the GC Mine were carried out by Silvercorp and reviewed by independent Qualified Person, Ms. Yanfang Zhao, MAIG, MAusIMM, of SRK Consulting ( |
A comparison of Mineral Resource estimates between June 30, 2024 and December 31, 2025 for payable metals indicates the following:
- Measured and Indicated tonnes have increased by
59% overall, with Measured and Indicated grades decreasing by23% ,23% and21% for Ag, Pb and Zn, respectively. - The net result in the Measured and Indicated categories has been an increase in the contained Ag, Pb and Zn of
23% ,24% and25% , respectively. - The Inferred tonnes have decreased by
23% , with Inferred grades decreasing by12% ,32% and22% for Ag, Pb and Zn, respectively. - The net result in the Inferred category has been a decrease in the contained Ag, Pb and Zn of
32% ,47% , and40% , respectively.
Reasons for the differences in grade, tonnes, and contained metal include updated interpretation of the mineralization, conversion to higher categories arising from drilling and level development, application of different cut-off grades (COGs), and depletion due to mining.
Mineral Reserves
The Mineral Reserve estimation is based on the assumption that current stoping practices will continue to be predominant at the GC Mine, namely cut and fill resuing, overhand cut and fill stoping ("OCAF"), and shrinkage stoping, using hand-held drills and hand-mucking or wheelbarrows within stopes, and loading to mine cars or truck by rocker-shovel or by load-haul-dump machine ("LHD"). The largely sub-vertical veins, generally competent ground, reasonably regular vein width, and hand-mining techniques using short rounds, allows a significant degree of selectivity and control in the stoping process. Minimum mining widths of 0.5 m for resuing and 1.0 m for shrinkage and OCAF are assumed. The QP has observed the mining methods at the GC Mine and considers the minimum extraction and mining width assumptions to be reasonable. Minimum dilution assumptions are 0.10 m of total overbreak for a resuing cut, and 0.2 m of total overbreak for a shrinkage stope and OCAF stope.
Mining dilution and recovery factors vary somewhat from stope to stope and with mining method. Average dilution factors have been estimated as
For the total tonnage estimated as GC Mine Reserves and included in the life of mine plan, approximately
The estimated Mineral Reserves and metal content for the GC Mine as of December 31, 2025 are detailed in Table 2 below.
Table 2. GC Mine Mineral Reserve estimates and metal content as of December 31, 2025
Category | Tonnes | Ag | Pb | Zn | Contained metal | ||
Unit | (Mt) | (g/t) | ( %) | ( %) | Ag (koz) | Pb (kt) | Zn (kt) |
Proven | 3.57 | 59 | 0.96 | 2.27 | 6,789 | 34 | 81 |
Probable | 2.62 | 67 | 0.84 | 2.17 | 5,673 | 22 | 57 |
Proven + Probable | 6.19 | 63 | 0.91 | 2.23 | 12,462 | 56 | 138 |
Notes: | |
1 | Mineral Resource Statement as of December 31, 2025. |
2 | The cut-off grade estimates are based on the forecast prices |
3 | AgEq = Ag+28.74*Pb+33.53*Zn. |
4 | 100 g/t AgEq and 130 g/t AgEq COG was applied to shrinkage and resuing type stopes, respectively. |
5 | The Mineral Reserves are reported on a metric dry tonne basis. |
6 | The Mineral Reserves are reported at the reference point of ROM stockpile before crushing or directly crushing. |
7 | The totals may not compute exactly due to rounding. |
8 | The Mineral Reserve estimates for the GC Mine were carried out by Silvercorp and reviewed by independent Qualified Person, Falong Hu, FAusIMM (CP), of SRK Consulting ( |
Total GC Mine Mineral Reserve tonnes are approximately
Some significant aspects of a comparison of Mineral Reserve estimates between June 30, 2024 (the GC 2024 Technical Report) and the GC 2026 Technical Report are the following:
25% increase in total (Proven + Probable) GC Mine Mineral Reserve tonnes.- Decrease in total GC Mineral Reserve Ag, Pb and Zn grades of
22% ,25% and22% respectively. - Decrease in total GC Mineral Reserve metal content for Ag, Pb and Zn of
4% ,7% .and2% respectively.
The projected production profile for the GC Mine using current Mineral Reserves is shown in Table 3.
Table 3. GC Mine LOM production profile
Year | ROM | AgEq | Ag | Pb | Zn |
Unit | kt | g/t | g/t | % | % |
2026 | 345 | 168 | 58 | 0.97 | 2.44 |
2027 | 350 | 176 | 62 | 1.06 | 2.50 |
2028 | 365 | 164 | 62 | 0.98 | 2.22 |
2029 | 372 | 164 | 68 | 0.93 | 2.04 |
2030 | 372 | 172 | 68 | 0.88 | 2.35 |
2031 | 373 | 171 | 68 | 0.84 | 2.35 |
2032 | 373 | 166 | 68 | 0.82 | 2.20 |
2033 | 372 | 169 | 62 | 0.89 | 2.44 |
2034 | 373 | 151 | 59 | 0.88 | 1.99 |
2035 | 372 | 162 | 63 | 0.86 | 2.20 |
2036 | 372 | 168 | 66 | 0.87 | 2.29 |
2037 | 373 | 160 | 65 | 0.86 | 2.10 |
2038 | 373 | 161 | 56 | 1.02 | 2.24 |
2039 | 373 | 154 | 60 | 0.95 | 2.00 |
2040 | 372 | 158 | 59 | 0.88 | 2.20 |
2041 | 372 | 156 | 58 | 0.85 | 2.18 |
2042 | 223 | 165 | 62 | 1.05 | 2.18 |
2043 | 62 | 161 | 60 | 0.84 | 2.27 |
LOM total | 6,186 | 163 | 63 | 0.91 | 2.23 |
Notes: |
Rounding of some figures may lead to minor discrepancies in totals. |
"Fiscal Year" (FY) refers to the Canadian fiscal year, running from 1 April of a given year to 31 March of the following year. The schedules of GC Mine are presented on a calendar‑year basis (January 1 to December 31). |
The GC 2026 Technical Report concludes that the GC Mine continues to be a strongly viable operation based on current Mineral Reserves, with potential to extend its Mineral Resources via further exploration and development, particularly in areas with identified Inferred material.
Qualified Persons
All lead authors of the GC Technical Report qualify as independent Qualified Persons ("QPs"). Four of the independent authors have visited the GC Mine from April 27 to 29, 2026. The QPs have examined all aspects of the project, including drill core, underground workings, processing plant and surface infrastructure. The GC 2026 Technical Report will be made available for review on the SEDAR system and on the Company's website at www.silvercorpmetals.com within 45 days of this news release.
Yanfang Zhao, MAIG, MAusIMM, of SRK Consulting (
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.
For further information
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release constitute "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 Canadian provincial securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: the price of silver and other metals; foreign exchange rates; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of revenues, operation costs, capital expenditures, mine plan, and estimated production from the Company's mines; estimated mine life, potential to expand mine life and extend Mineral Resources via further exploration and development and any anticipated changes related thereto; future tailings storage facility capacity expansion; 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 statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, 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; permits and licences; 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 future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China, Canada, the United States, Ecuador and Kyrgyzstan; 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; 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.
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
CAUTIONARY NOTE TO US INVESTORS
The technical and scientific information contained herein has been prepared in accordance with NI 43‐101 and the Canadian Institute of Mining, Metallurgy and Petroleum classification system, which differs significantly from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC. In particular, and without limiting the generality of the foregoing, this news release uses the terms "measured resources," "indicated resources" and "inferred resources" as defined in accordance with NI 43-101 and the CIM Standards.
Further to recent amendments, mineral property disclosure requirements in the United States (the "U.S. Rules") are governed by subpart 1300 of Regulation S-K of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") which differ from the CIM Standards. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the "MJDS"), the Company is not required to provide disclosure on its mineral properties under the U.S. Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. If the Company ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then the Company will be subject to the U.S. Rules, which differ from the requirements of NI 43-101 and the CIM Standards.
Pursuant to the new U.S. Rules, the SEC recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the definitions of "proven mineral reserves" and "probable mineral reserves" under the U.S. Rules are now "substantially similar" to the corresponding standards under NI 43-101. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are "substantially similar" to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.
Additional information relating to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca on EDGAR at www.sec.gov, and on the Company's website at www.silvercorpmetals.com
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SOURCE Silvercorp Metals Inc.