Silvercorp Metals Inc. and Salazar Resources Limited to provide a progress report on the El Domo Project (the "Project"). The Companies are still targeting to bring the Project into production in the second half of 2026 and have recently awarded the earthworks contract to a large international mining contractor with over 10 years of experience working in Ecuador. Since Silvercorp completed its acquisition of Adventus Mining Corporation ("Adventus") by way of a plan of arrangement on July 31, 2024, the Companies have made substantial progress in advancing the Project, highlights include: Streamlined the Ecuadorian Operations: Optimized the organization chart by moving the management team and personnel to the El Domo and Condor project sites from the Quito office, and by initiating the winding down or transfer of most of the non-core regional projects.

Continued Community Engagement: Maintained open lines of communication with local communities and government representatives, keeping them informed of changes in the Project ownership and leadership, as well as on construction plans. Advanced Detailed Engineering: a) Reviewed the previous technical work, including interviewing all consulting firms to confirm all previous studies and detailed engineering designs for optimization; b) Optimized design with Klohn Crippen Berger (KCB) for the Tailing Storage Facilities (TSF), starter dam and impound area, Saprolite Waste Dump (SWD), and non-contact water channels; c) Selected a new site for the process plant so that its preparation will provide the required non-acid generating rocks for the construction of the starter dam of the TSF, while minimizing trucking distances; d) Optimized open pit mine design for mining, stripping, and scheduling, and coordinated the mining schedule with ongoing tailings dam raises using stripped waste rock; e) Commenced metallurgical test work on selective flotation ? potentially leading to higher recoveries and improved payabilities; and f) Started Detailed Engineering Design (EP) for the process plant, including engaging a consulting engineer, equipment selection, purchasing and detailed engineering drawings.

Advanced Project Infrastructure: a) Optimized designs for a new public bypass road and internal operational haul roads; b) Executed a powerline contract with the Ecuadorian state-owned power company (CNEL EP). The construction contractor will be selected once the updated engineering design is completed; and c) Commenced permitting for standby diesel power generation for the dry season, as climate change has impacted the power supply situation in Ecuador. Produced Project Materials Balance: including total cubic metres of cutting, filling, cement, and amount of high-density polyethylene material, and bill of quantities for the major construction projects of the mine and process plant, which are divided into three bidding packages: a) Bid Package 1: Construction of temporary camp, TSF to starter dam phase, SWD, non-contact water channels, internal haul roads, and preparation of the process plant site and permanent camp site; b) Bid Package 2: Mining, stripping and ongoing tailings dam raises using stripped waste rocks; and c) Bid Package 3: Construction of the process plant, tailings discharge and back water systems, water treatment plants, permanent camp, and other site infrastructure.