SILVERCORP METALS INC
For the period ended Oct 19, 2026. Filed Oct 20, 2026.
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Oct 19, 2026 · Filed Oct 20, 2026
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Contents
EX-99.1 · Mine Development & Construction Updates:
Mine Development & Construction Updates:
| • | Kuanping mine construction continued, with 1,507 metres ("m") of ramp development, 462 m of exploration tunneling and 4,759 m of drilling completed; |
| • | El Domo mine construction was impacted by persistent heavy rainfall throughout Q2 Fiscal 2027, which is typically dry season, but due to the effects of this year's Super El Niño. During the quarter, approximately 1,009,239 cubic metres of excavation and pre-stripping were completed, despite precipitation of 620 millimetres - 489% higher than the six-year average. Not only were construction works suspended during 77 days of rain, but many finished engineering works were repeatedly damaged by the heavy rainfall and required repeated repairing. This has especially impacted the construction of the Tailing Storage Facility (TSF), as all surface water runs to the low point of the initial dam site. Significant efforts were put into the water management systems, such as building more water drainage and diversion systems, beyond the original engineering design. Civil works at the Process Plant are progressing well as this site is protected by the Northeast Water Channel. The foundations for the plant buildings and main equipment were completed, waiting for installation. The pre-fabricated structural steel for the Process Plant has been shipped from the factory, and the first batch of major long lead-time equipment has also arrived in the Ecuador port. Construction of a Substation at the El Domo site and the external power line to connect to the power grid has also commenced, while 10 gen-sets of 17 MW capacity are ready to be shipped to site as an independent power supply, as required by Ecuador regulations. Open-pit pre-stripping has also been impacted by heavy rainfall and progressed across three working areas, with a fleet of ten 60-tonne haul trucks and twenty to thirty 30-tonne trucks from local community members; |
| • | Chaarat ZAAV project: A camp with 110 beds for our site management team and 290 beds for contractors with winter heating facilities has been constructed and is in use. Since mid May 2026, CRCC19 has advanced 1,880 m of a 15-metre wide access road and has reached the Tulkubash ore body, and pit pre-stripping has commenced. Site preparation, surface clearing and earthworks for the construction of the Heap Leach Pad are completed by CRCC19, with 0.93 million cubic metres of material being cut and removed under the supervision of independent QA/QC agents, UK-based SLR Engineering and locally-based Ken-Too. The site is now largely ready for drainage and liner installation and facility construction, scheduled for the Spring of 2027 after completion of Kyrgyz local adaptation and legalization of the 2021 Ausenco design and after selection of the qualified contractors. Preliminary design for the ADR and crushing plants by Beijing-based BGRIMM, assisted by a Kyrgyzstan engineering firm to comply with Kyrgyz standards, has been completed. The equipment tender bids for the ADR and crushing plants are in progress. |
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