SILVERCORP METALS INC

The following table summarizes consolidated operational information for three months and years ended March 31, 2026 and 2025:

For the year ended March 31, 2026, the Company produced approximately 6.8 million ounces of silver, 8,723 ounces of gold, or approximately 7.5 million ounces of silver equivalent, 60.4 million pounds of lead and 21.7 million pounds of zinc, representing an increases of 16% in gold and decreases of 2% (silver), 2% (silver equivalent), 3% (lead) and 7% (zinc) production over Fiscal 2025.

For Q4 Fiscal 2026, the Company produced approximately 1.5 million ounces of silver, 2,492 ounces of gold, or approximately 1.6 million ounces of silver equivalent, 14.0 million pounds of lead and 3.9 million pounds of zinc, representing decreases of 11% (silver), 20% (gold), 17% (silver equivalent), 14% (lead) and 12% (zinc) production over Q4 Fiscal 2025.

For the year ended March 31, 2026, the consolidated production cost ("cash cost") per ounce of silver, net of by-product credits, was negative $0.94, down 74% compared to negative $0.54 in Fiscal 2025, the decrease was mainly attributable to an increase of $9.6 million in by-product credits from revenue of non-silver metals. The consolidated AISC per ounce of silver, net of by-product credits, was $14.25, up 18% compared to $12.12 in Fiscal 2025, the increase was mainly due to an increase in sustaining capital expenditures.

In Q4 Fiscal 2026, the consolidated cash cost per ounce of silver, net of by-product credits, was negative $1.92, compared to $2.49 in Q4 Fiscal 2025. The decrease was mainly attributable to a higher percentage of using the more cost-efficient and mechanized shrinkage mining method, and an increase of $1.8 million in by-product credits from revenue of non-silver metals. The consolidated AISC per ounce of silver, net of by-product credits, was $17.35, up 21% compared to $14.31 in Q4 Fiscal 2025, mainly due to an increase in sustaining capital expenditures as more tunnels were completed.

In Fiscal 2026, the development work and capital expenditures are summarized as follows:

Total capital expenditures in Fiscal 2026 were $124.4 million, up 44% compared to $86.6 million in Fiscal 2025 mainly because of the expenditures of $39.0 million at the El Domo Project and $4.6 million at Kuanping project were newly incurred and capitalized for mine construction.

On a consolidated basis, 124,374 metres or $61.4 million worth of sustaining and growth tunnels, raises, ramps and declines were completed and capitalized, a total of 162,804 metres or $4.8 million worth of diamond drilling were growth drilling and capitalized for mineral resources exploration; $9.8 million of equipment and facilities were acquired; $45.8 million incurred for El Domo project on the site preparation for the processing plant, 5,000 square metre ROM ore shed, construction camp, internal roads, including roads to the TSF construction site, and orders of major equipment, and another $2.7 million for Condor mainly on environmental permitting, drilling and technical studies.

The following table summarizes the development work and capital expenditures in Q4 Fiscal 2026.

Total capital expenditures in Q4 Fiscal 2026 were $29.2 million, up 115% compared to $13.6 million in Q4 Fiscal 2025, mainly due to the El Domo and Kuanping mine construction.

For the Ying Mining District, capitalized expenditures for underground ramps, tunnels and drilling amounted to $10.6 million, plus $1.4 million for plant and equipment, compared to $7.9 million for underground ramps, tunnels and drilling and $1.0 million for plant and equipment in Q4 Fiscal 2025. The No. 3 Mill is under design and construction in Q4 Fiscal 2026 with a total budget of $31.6 million, expected to add 3,000 tonnes per day of capacity, and be commissioned in Q1 Fiscal 2028. Besides, the TLP 35kV Substation and Power Line Construction Project had its construction contract signed on March 9, 2026 and project commenced on April 10, 2026, and is expected to be completed by the end of Q3 Fiscal 2026, which will be able to meet the full-load power demands of the TLP and LMW mining areas.

For the GC Mine, total capitalized expenditures amounted to $1.2 million, a slight increase as compared to $1.0 million in Q4 Fiscal 2025.

The El Domo and Kuanping mine construction continued to progress. Please refer to "Individual Mine Performance" below for further discussion.

(i)Ying Mining District

The following table summarizes the operational information at the Ying Mining District for the three months and years ended March 31, 2026 and 2025. The Ying Mining District is the Company’s primary source of production and revenue, and consists of four mining licenses, including the SGX-HZG, HPG, TLP-LME-LMW, and DCG mines.

*Wet tonne

**Gold recovery only refers to the recovery rate for gold ore processed.

Fiscal 2026 vs. Fiscal 2025

In Fiscal 2026, the Ying Mining District produced approximately 6.3 million ounces of silver, 8,723 ounces of gold, or approximately 7.0 million ounces of silver equivalent, plus 55.1 million pounds of lead, and 6.6 million of zinc, representing a production increase of 16% in gold and decreases of 1% (silver), 1% (silver equivalent), 3% (lead) and 23% (zinc) production, compared to Fiscal 2025. Lower production was due to lower head grades, as a result of a higher dilution associated with an increase in shrinkage mining.

In Fiscal 2026, the cash cost was $79.71 per tonne of ore processed, down 10% compared to $88.46 in Fiscal 2025, mainly attributable to i) a higher percentage of ore mined by the more mechanized and less expensive shrinkage mining method versus labour intensive re-suing mining and ii) lower unit overhead cost allocation due to an increase of 18% in ore processed. The AISC was $134.19 per tonne of ore processed, down 4% compared to $139.33 in Fiscal 2025, mainly attributable to lower cash cost, partially offset by an increase of 13% in sustaining capital expenditure as more tunnels were completed.

The cash cost per ounce of silver, net of by-product credits, was $0.01, compared to $0.62 in Fiscal 2025, mainly attributable to i) a higher percentage of using the more cost-efficient and mechanized shrinkage mining method and ii) an increase of $10.0 million in by-product credits from revenue of non-silver metals. The AISC per ounce of silver, net of by-product credits, was $11.49, compared to $9.68 in Fiscal 2025, mainly due to an increase in sustaining capital expenditure as explained above.

In Fiscal 2026, a total of 138,163 metres or $3.9 million worth of drilling were growth drilling and capitalized (Fiscal 2025 – 60,804 metres or $1.9 million). In addition, 105,216 metres or $52.2 million worth of sustaining or growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (Fiscal 2025 – 96,521 metres or $46.3 million).

Q4 Fiscal 2026 vs. Q4 Fiscal 2025

In Q4 Fiscal 2026, the Ying Mining District produced approximately 1.4 million ounces of silver, 2,492 ounces of gold, or approximately 1.5 million ounces of silver equivalent, plus 12.9 million pounds of lead and 1.4 million pounds of zinc, representing production decreases of 11% (silver), 20% (gold), 18% (silver equivalent), 17% (lead) and 30% (zinc), over Q4 Fiscal 2025. Lower production was due to lower head grades, as a result of higher dilution associated with an increase in shrinkage mining.

In Q4 Fiscal 2026, the cash cost was $78.27 per tonne of ore processed, down 8% compared to $84.90 in Q4 Fiscal 2025, mainly attributable to a higher percentage of ore mined by the more mechanized and less expensive shrinkage mining method versus labour intensive re-suing mining. The AISC was $134.23 per tonne of ore processed, up 11% compared to $120.62 in Q4 Fiscal 2025, mainly due to i) a higher government taxes linked to increased revenue and ii) increase in sustaining capital expenditures of tunnels.

In Q4 Fiscal 2026, the cash cost per ounce of silver, net of by-product credits, was negative $1.03, compared to $3.05 in Q4 Fiscal 2025. The reduction is mainly attributable to lower unit cash cost and an increase of $0.8 million in by-product credits from revenue of non-silver metals. The AISC per ounce of silver, net of by-product credits, was $13.09, compared to $11.35 in Q4 Fiscal 2025, The increase was mainly the same as the reason in AISC per tonne as discussed above.

In Q4 Fiscal 2026, a total of 22,616 metres or $0.7 million worth of drilling were growth drilling and capitalized (Q4 Fiscal 2025 – 14,946 metres or $0.4 million). In addition, 18,336 metres or $9.9 million worth of sustaining or growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (Q4 Fiscal 2025 – 15,647 metres or $7.4 million).

Mining Permit Expansion Applications

As of March 31, 2026, the Company has completed the mining permits extension and mining capacity expansion for the four mining permits of the Ying Mining District, which are the SGX, TLP-LM, HPG, and DCG mining permits. The total mining capacity allowed by the mining permits is 1.32 million tonnes per year.

Production Safety License Renewal

Following the grants of the new mining permits of SGX, TLP-LM, HPG, and DCG, the company is working on the renewal of the production safety licenses: For SGX, the safety facility design has been approved, and it is currently in the construction phase; For TLP, the safety facility design has been submitted to the emergency management department of Henan Province for approval; For HPG, the safety facility design has been reviewed by the emergency management department, pending final signature; and for DCG, the safety facility design has been completed and submitted to the emergency management department for approval.

(ii)GC Mine

The following table summarizes the operational information at the GC Mine for the three months and years ended March 31, 2026 and 2025:

*Wet tonnes.

**Silver recovery includes silver recovered in lead concentrate and silver recovered in zinc concentrate.

Fiscal 2026 vs. Fiscal 2025

In Fiscal 2026, approximately 0.5 million ounces of silver, 5.2 million pounds of lead and 15.1 million pounds of zinc, representing production of an increase of 3% in zinc and decreases of 11% (silver) and 2% (lead), compared to Fiscal 2025.

In Fiscal 2026, the cash cost was $60.08 per tonne of ore processed, up 9% compared to $54.97 in Fiscal 2025, the increase is mainly due to an increase of 13% in mining preparation tunnel completed and expensed as part of mining costs as well as higher per tonne fixed costs allocation resulting from the decrease in ore production. The AISC was $87.48 per tonne of ore processed, up 5% compared to $83.36 in Fiscal 2025, mainly due to a 9% increase in cash cost per tonne as discussed above, partially offset by a decrease of 14% in sustaining capital expenditures.

The cash cost per ounce of silver, net of by-product credits, was negative $14.23, compared to negative $14.71 in Fiscal 2025. The AISC per ounce of silver, net of by-product credits, was $4.70, compared to $3.12 in Fiscal 2025, mainly driven by the increase in cash cost and AISC per tonne as discussed above.

In Fiscal 2026, a total of 20,749 metres or $0.5 million worth of drilling were growth drilling and capitalized (Fiscal 2025 – 41,335 metres or $0.9 million). In addition, 11,597 metres or $4.9 million worth of sustaining or growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (Fiscal 2025 – 12,165 metres or $5.2 million).

Q4 Fiscal 2026 vs. Q4 Fiscal 2025

Approximately 0.1 million ounces of silver, 1.1 million pounds of lead and 2.5 million pounds of zinc, representing increases of 3% (silver), 51% (lead) and 4% (zinc) compared to Q4 Fiscal 2025.

The cash cost was $71.12 per tonne of ore processed, down 8% compared to $77.46 in Q4 Fiscal 2025, and the AISC was $109.68, down 7% compared to $117.83 in Q4 Fiscal 2025 mainly attributable to a lower unit overhead cost allocation with an increase of 24% in ore processed.

The cash cost per ounce of silver, net of by-product credits in Q4 Fiscal 2026, was negative $19.93, compared to negative $8.53 in Q4 Fiscal 2025. The AISC per ounce of silver, net of by-product credits, was $10.22, compared to $15.05 in Q4 Fiscal 2025, mainly driven by an increase of $1.0 million in the by-product credits from revenue of non-silver metals.

In Q4 Fiscal 2026, approximately 3,493 metres or $0.1 million of drilling were growth drilling and capitalized (Q4 Fiscal 2025 – 7,636 metres or $0.2 million). In addition, 1,958 metres or $1.0 million of sustaining or growth horizontal tunnels, raises, and declines were completed and capitalized (Q4 Fiscal 2025 – 1,196 metres or $0.6 million).

GC Mine Classification Update

The Company has commissioned Changsha Mining Research Institute to prepare the development and utilization plan to change the GC mine’s classification from a lead-zinc mine to a silver mine. GC mine has an annual production capacity of 300,000 tonnes, is considered a medium-scale operation and is limited to no more than three production levels operating simultaneously. Once classified as a silver mine, GC mine would be considered large-scale and would no longer be subject to this restriction.

The Kuanping Project has received all required permits and licenses, and mine construction commenced in Q1 Fiscal 2026.

In Fiscal 2026, 7,562 metres or $4.3 million worth of growth tunnels, raises, ramps and declines were completed and capitalized, and 1,625 metres or $0.08 million worth of diamond drilling were capitalized.

In Q4 Fiscal 2026, Kuanping mine construction continued to advance, with 1,647 metres or $1.0 million worth of growth tunnels, raises, ramps and declines were completed and capitalized and 1,625 metres or $0.08 million worth of diamond drilling were capitalized. It produced initial amounts of ore in Q1 Fiscal 2027, which was shipped to Ying’s process plant for recovery of metals.

The BYP Mine was placed on care and maintenance in August 2014 due to required capital upgrades to sustain its ongoing production and the market environment. The Company is in the process of applying for a new mining license with Hunan Provincial Department of Natural Resources including a mining rights license and a mining permit. In Q1 Fiscal 2026, the Company engaged an independent firm to conduct studies, including a mineral resources estimate update as per the regulations in China which has been completed and under the filing process. In Q4 F2026, the application of the mining rights license has been filed and is expected to be approved in Q1 Fiscal 2027.

The Company acquired the El Domo Project through the acquisition of Adventus on July 31, 2024. The El Domo Project’s environmental license remains in good standing.

On April 16, 2026, the Company issued an updated construction plan and schedule. The total estimated costs ($283.6 million) and schedule remain unchanged from the February 4, 2026 news release .

During the year ended March 31, 2026, approximately 2.7 million cubic metres of material were removed with $45.8 million of expenditures capitalized. Construction at the El Domo project continued to advance in Q4 Fiscal 2026 despite heavy rainfall. During the quarter, approximately 0.4 million cubic metres of material were excavated. Cumulative earthmoving volumes have now reached 58% of the total design volume for Construction Package 1, with activities focused on haul road development, non-contact water channels, and tailings storage facility (“TSF”) Starter Dam foundation excavation.

Construction contracts for three sections of the external power lines and 3 substations were awarded to qualified Ecuadorian contractors this past September and recently received formal approval from the Corporación Nacional de Electricidad (“CNEL”).

Klohn Crippen Berger (KCB) mobilized its technical team to site to provide specialist Construction Quality Assurance (“CQA”) of TSF construction. To support ongoing operations and the ramp-up in activity, the Company maintained a regional workforce of 372 personnel as of March 31, 2026. Infrastructure development remains on schedule, highlighted by the timely completion of the ROM ore shed. Concurrently, earthworks and site preparation for the process plant were completed in line with the updated budget and schedule, supported by continuous rock blasting and site leveling operations.

As a key milestone, the Company executed and signed the definitive mining contract with China Railway 19th Bureau Group Co., Ltd. (“CRCC 19”) in early February 2026 for open-pit mining and stripping for the Construction Period and first 5 Operation Periods. CRCC 19 mobilized personnel and equipment to site immediately and transitioned into active construction, including access road development to the open pit and initial stripping preparation. Complementing this, the construction team completed the installation of 80 prefabricated modules for the Phase 2 construction camp, positioning the project to accommodate the peak workforce requirement.

Precious Metals Purchase Agreement

The Company has a precious metals purchase agreement (“PMPA”) with Wheaton Precious Metals International Ltd. (“Wheaton”) to fund the construction of the El Domo project. Under the terms of the agreement, Wheaton will provide total cash consideration of $175.5 million, available in four installments subject to specific conditions. In exchange, the Company is committed to delivering 50% of gold production and 75% of silver production until cumulative deliveries reach 145,000 ounces of gold and 4,600,000 ounces of silver, respectively. At these thresholds, the delivery obligations decrease to 33% for gold and 50% for silver.

For each ounce delivered during the deposit reduction period, the Company receives a cash production payment equal to 18% of the prevailing spot market price. The remaining balance (82%) of the market value is applied as a non-cash credit to reduce the outstanding upfront deposit. Once the deposit balance is fully credited, the cash production payment increases to 22% of the spot market price for all subsequent deliveries.

The Company accounts for the PMPA under IFRS 15. The upfront deposit is recorded as a contract liability. Management has determined the deposit contains a significant financing component due to the significant timing difference between receiving the deposit and the commencement of metal deliveries. Accordingly, the liability is accreted over time, with the accretion recorded as finance costs. Revenue, equivalent to the Production Payment, is recognized when control of the metal transfers to Wheaton upon delivery, at which point a corresponding portion of the contract liability is derecognized. As the amounts received under the PMPA represent a contract liability (deferred revenue) and not a financial liability or borrowing, the related proceeds are presented within cash flows from operating activities in the statement of cash flows. The only way in which the contract liability / deferred revenue will be released in the future is through the revenue account (which forms part of operating activities in the cash flow statement).

In October 2025, the Company received the first installment of $43.9 million under the PMPA. In Fiscal 2026, the Company recorded interest expense of $1.0 million related to the accretion of the significant financing component. As of March 31, 2026, the carrying amount of the contract liability related to the Wheaton PMPA was $44.9 million.

The Condor Project in southern Ecuador is 98.7% owned by the Company and was acquired through the purchase of Adventus on July 31, 2024.

On May 12, 2025, the Company reported an updated independent mineral resources estimate, focused on the higher-grade material that would be accessible though underground mining and prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Project ("NI 43-101").

In Fiscal 2026, total expenditures incurred and capitalized were $3.0 million, in which 2,268 metres of diamond drilling was completed for the purpose to define and upgrade the mineral resources to support potential underground mining. A PEA study for an underground mining operation was completed in Q3 Fiscal 2026. The PEA underscores significant potential for the project. The water permits have been approved by the relevant government authorities. Technical reports for the environmental license were also completed and submitted to the related government authorities for review. The Environmental Impact Study ("EIS") for the Condor Project has been approved by the Ministry of Energy and Mines(“MAE”).

The Company initiated the Free, Prior and Informed Consultation ("FPIC") and Citizen Participation Process ("PPC") required to obtain the small-scale mining environmental license, targeted for Q2 F2027. Once this license is secured, the Company will commence the development of underground access tunnels into the Camp and Los Cuyes deposits to facilitate advanced underground exploration and resource definition.

Unless otherwise stated, all reference to Fiscal 2026 Guidance in the MD&A refer to the “Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance” section in the Company’s Fiscal 2025 Annual MD&A dated May 21, 2025 (“Fiscal 2026 Guidance”) filed under the Company’s SEDAR+ profile at www.sedarplus.ca.

The following table summarizes the production and production costs achieved for the year ended March 31, 2026 compared to the respective Fiscal 2026 Guidance:

In Fiscal 2026, the Company processed a total of 1,475,512 tonnes of ore and produced approximately 6.8 million ounces of silver, 8,723 ounces of gold, 60.4 million pounds of lead, and 21.7 million pounds of zinc. Ore processed surpassed the higher end of the guidance and metal production were below the guidance due to lower head grades.

The consolidated cash cost per tonne was below the guidance because of a higher percentage of using the more cost-efficient and mechanized shrinkage mining method. The AISC per tonne was below the guidance due to less sustaining capital expenditures for tunnels completed.

The following table summarizes the development work and capitalized expenditures for the year ended March 31, 2026 compared to the respective Fiscal 2026 Guidance:

Development and exploration at the Ying Mining District will continue as planned to optimize mine operations to increase ore production, to upgrade and increase mineral resources, and to strengthen on-site management.

Mine construction at the El Domo and Kuanping projects continues to advance. Spending at the El Domo project was lower than guidance primarily due to an exceptionally heavy and prolonged rainy season, which limited the pace of earthworks and site preparation, and disrupted supplementary road maintenance and certain civil works, resulting in lower-than-planned excavation volumes.