Silvercorp Metals Inc. reported its plans to develop the Condor gold project, located in southern Ecuador. A preliminary economic assessment (PEA) was completed on the Project1 by a previous operator, which outlined a high tonnage, low-grade, open pit gold project. The Project comprises a cluster of gold deposits in the Condor North area, with Camp and Los Cuyes contributing the majority of the known mineral resources.

This highlights the potential for selective underground mining at Condor. Not notable intercepts include: Camp: CC19-01, 9.03 grams per tonne ("g/t") over 8.05 m true width from 260 m; Enma: DEN-31, 44.16 g/t Au over 4.5 m true width from 90 m; Los Cuyes: DCU-17B, 8.98 g/t Au over 16.7 m true width from 202 m; San Jose: DD-004, 9.00 g/t Au over 21.1 m true width from surface. In order to advance the Condor gold project as an underground operation, the Company will focus on high-grade gold structures/rhyolitic dykes.

Work to be conducted may include: Studies and Permitting: Develop two cross-cut exploration access tunnels, at two different elevations, to confirm the high-grade gold intervals. Conduct underground drilling to inform a future feasibility study and to improve the understanding of the geology. Construction Readiness a. Complete a feasibility study based on the data gathered from the underground tunneling program.

Complete permitting for a process plant, underground mine and tailings storage facility. Construction decision. Drilling: Limited drilling will target the high-grade mineralized structures by optimizing the grid pattern and could include: Infill drilling: Targeted between previous drill sections to confirm the continuity of high-grade mineralized structures.

Step-out drilling: Targeted along strike and dip of known high-grade zones to increase the mineral resource. New targets: Broad zones of sub-horizontal disseminated gold mineralization which occur within the rhyolitic tuffs at Los Cuyes. Contact zone of crypto rhyolite domes with batholith granodiorite for wide mineralization at Camp.

Region between the Camp and Los Cuyes deposits. Gap area between Camp and Soledad, testing for potential connection of NW trending mineralized structures across the two deposits and for potential strike extension of NW trending mineralized structures. Gap between the Los Cuyes and Enma deposits for potential strike extension ofNW trending mineralized structures.

Test expansion potential of near-surface, high-grade breccia deposits such as San Jose/Soledad.