Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report results from its exploration programs at the DCG mine. Extensive exploration drilling and tunneling are ongoing at the DCG mine, and all other mines at the Ying Mining District, Henan Province China .

From March 1, 2020 to September 30, 2021 , 29,010 metres ("m") from a total of 207 diamond drill holes, including 117 underground holes and 90 surface holes, were completed at the DCG mine. Assay results for 164 holes have been received, with 110 holes intercepting mineralization. Currently there are six rigs drilling at the DCG mine.

The drilling program has been focused on three targets: 1) definition and step-out drilling for known gold vein C9 to the east of the resource area; 2) drilling for new gold veins to the east of the resource area; and 3) infill drilling for known silver-lead-zinc veins in the resource area.

Drilling Defined Gold Vein C9 for 850 Metres in Length

C9 is a gold vein striking north-northwest, with a dip varying between 30° and 50° to the East. It is associated with quartz and sericite alteration, and minor K-feldspar alteration, with disseminated pyrite and some overprinted galena and sphalerite. The thickness of the vein ranges between 0.5 m and 6 m .

Historically, there are only two drill holes which have intersected the C9 vein. However, during the 2020-2021 drilling program, 67 holes were drilled to define the C9 vein along a strike length of approximately 850 m , and over 150 m down-dip. The vein is still open laterally along strike and at depth. The drilling also intersected additional splay and parallel gold veins, including C9_1, C9_1E, C9E, C9W, and C9a.

Drilling Discovered Gold Vein C76

The newly discovered gold vein C76 is controlled by a fault striking approximately 225° and dipping 40°-50° to the northwest. The vein pinches-and-swells, with horizontal thickness ranging from 0.5 m to over 10 m . The gold mineralization is associated with dark gray quartz alteration, disseminated fine-grained pyrite, and black gouge with minor galena and sphalerite. This structure intersects vein C9 with sinistral apparent displacement of around 35 m . The drilling also discovered additional splay and parallel gold veins, including C76W, C77 and C77E.

Underground cross-cut works have shown that thick gold zones occur near C9 cutting C76 and C77, such as the cross-cut DCG-XPD-C76-800-400NMW-CM5 that exposed 5.46 m true width grading 5.66 grams per tonne ("g/t") gold ("Au") and 78 g/t silver ("Ag") at an elevation of 800 m (see Table 3).

Highlights of the high-grade gold intercepts at the DCG mine:

Hole ZKDB51BC902 intersected a 3.57 m interval ( 3.28 m true width) of vein C9 grading 7.17 g/t Au and 15 g/t Ag from 81.99 m depth at an elevation of 816 m ;
Hole ZKDB51C903 intersected a 7.17 m interval ( 5.74 m true width) of vein C9 grading 2.92 g/t Au and 4 g/t Ag from 74.54 m depth at an elevation of 812 m , which includes a 1.39 m interval ( 1.12 m true width) grading 8.93 g/t Au and 9 g/t Ag from 74.54 m depth at an elevation of 812 m ;
Hole ZK50C903 intersected a 2.87 m interval ( 2.74 m true width) of vein C9 grading 4.67 g/t Au and 51 g/t Ag from 62.10 m depth at an elevation of 818 m ; and
Hole ZKDB403AC7602 intersected a 1.55 m interval ( 1.47 m true width) of vein C77 grading 5.07 g/t Au and 19 g/t Ag from 22.80 m depth at an elevation of 1,010 m .

Drilling Defines Silver-Lead-Zinc Veins in the Resource Area

51 surface and underground holes were drilled within the resource area at the DCG mine to define the silver-lead-zinc veins, including C4, C4E, C4E1, C4E2, C4W, and C7. These veins strike southwest and dip northwest between 45° and 65°. The drilling defined a resource area of around 400 m along strike, and 100 m down-dip.

Highlights of the high-grade silver-lead-zinc intercepts at the DCG mine:

Hole ZKDB05C4E005 intersected a 1.70 m interval ( 1.66 m true width) of vein C4E grading 68 g/t Ag, 15.48% lead ("Pb"), 0.5% zinc ("Zn") and 0.16% copper ("Cu") from 160.81 m depth at an elevation of 837 m ;
Hole ZK03AC705 intersected a 1.02 m interval ( 0.98 m true width) of vein C7 grading 620 g/t Ag, 0.90% Pb, 0.04% Zn, and 0.09 g/t Au from 205.57 m depth at an elevation of 782 m ; and
Hole ZK03C8_202 intersected a 0.66 m interval ( 0.63 m true width) of newly discovered vein L1 grading 750 g/t Ag, 6.10% Pb, 0.23% Zn, 1.55 g/t Au, and 0.08% Cu from 84.69 m depth at an elevation of 849 m .

Table 1: Selected intercepts from the 2020-2021 drilling programs at the DCG mine

Hole ID	From (m)	To (m)	Elevation (m)	Interval (m)	True Width (m)	Au (g/t)	Ag (g/t)	Pb (%)	Zn (%)	Cu (%)	Vein	Ore Type
ZK03AC406	4.71	5.78	891	1.07	0.61	0.02	15	3.35	0.06	0.01	C4E	Ag-Pb-Zn
ZK03AC407	1.80	3.00	892	1.20	0.75	0.02	34	6.18	0.12	0.02	C4E	Ag-Pb-Zn
ZK03AC407	55.98	57.05	877	1.07	0.67	0.02	12	2.86	0.05	0.02	C4a1	Ag-Pb-Zn
ZK03AC407	67.44	68.49	874	1.05	0.78	0.02	30	1.81	0.17	0.02	C4	Ag-Pb-Zn
ZK03AC408	23.85	25.58	884	1.73	1.41	0.02	27	2.03	0.15	0.08	C4	Ag-Pb-Zn
ZK03AC409	4.00	6.03	891	2.03	1.28	0.02	20	6.07	0.12	0.02	C4E	Ag-Pb-Zn
ZK03AC409	89.16	91.54	860	2.38	1.50	0.02	291	0.19	0.02	0.27	C4	Ag-Pb-Zn
ZK03AC410	55.71	56.44	878	0.73	0.48	0.02	30	4.78	0.41	0.02	C4a1	Ag-Pb-Zn
ZK03AC412	48.27	49.71	876	1.44	0.65	0.02	13	3.71	0.13	0.01	C4a1	Ag-Pb-Zn
ZK03AC4E08	0.30	0.88	893	0.58	0.57	0.02	22	7.21	0.20	0.03	C4a	Ag-Pb-Zn
ZK03AC4E08	35.98	38.62	880	2.64	2.55	0.20	40	5.38	0.19	0.03	C4E	Ag-Pb-Zn
ZK03AC4E09	39.84	43.41	860	3.57	3.43	0.02	22	2.61	0.05	0.02	C4E	Ag-Pb-Zn
ZK03AC4E10	1.55	2.06	892	0.51	0.48	0.02	29	2.95	0.03	0.02	C4a1	Ag-Pb-Zn
ZK03AC4E10	39.95	42.52	871	2.57	2.44	0.02	33	6.56	0.07	0.02	C4E	Ag-Pb-Zn
ZK03AC4E11	42.17	44.51	881	2.34	2.00	0.02	48	7.39	0.11	0.02	C4E	Ag-Pb-Zn
ZK03AC701	451.65	452.23	587	0.58	0.56	1.00	42	6.42	0.18	0.47	C8_2	Ag-Pb-Zn
ZK03AC703	11.29	13.08	881	1.79	1.02	0.01	27	2.72	0.11	0.07	C4E2	Ag-Pb-Zn
ZK03AC705	205.57	206.59	782	1.02	0.98	0.09	620	0.90	0.04	0.01	C7	Ag-Pb-Zn
ZK03C4E02	45.19	46.16	861	0.97	0.87	0.02	21	4.79	0.08	0.01	C4E	Ag-Pb-Zn
ZK03C4E05	43.70	45.21	862	1.51	1.47	0.02	20	3.39	0.05	0.01	C4E	Ag-Pb-Zn
ZK03C8_202	84.69	85.35	849	0.66	0.63	1.55	750	6.10	0.23	0.08	L1 ^[1]	Ag-Pb-Zn
ZK05C401	67.56	71.15	875	3.59	2.75	0.02	150	2.74	0.24	0.07	C4	Ag-Pb-Zn
ZK05C403	73.24	76.27	868	3.03	2.09	0.02	39	4.55	0.09	0.02	C4	Ag-Pb-Zn
ZK05C406	106.31	106.66	859	0.35	0.22	4.85	429	1.97	1.09	0.37	C4_1	Ag-Pb-Zn
ZK05C4E08	35.72	36.45	881	0.73	0.63	0.02	14	5.78	0.03	0.02	C4E	Ag-Pb-Zn
ZK07C4E07	36.08	37.36	878	1.28	1.17	0.02	59	2.31	0.81	0.05	C4E	Ag-Pb-Zn
ZK400AC7601	50.10	51.77	834	1.67	1.51	1.14	25	0.75	0.40	0.01	C76 ^[1]	Au
ZK401AC8E102	176.28	178.11	734	1.83	1.23	0.06	42	5.62	0.18	0.02	C8E1	Ag-Pb-Zn
ZK401BC802	62.95	63.68	807	0.73	0.70	1.67	9	0.05	0.03	0.00	C76	Au
ZK401C7602	127.07	128.03	783	0.96	0.26	0.20	35	6.30	0.34	0.04	C8	Ag-Pb-Zn
ZK401C7603	239.85	240.44	728	0.59	0.44	0.01	19	10.83	0.10	0.03	C8E1	Ag-Pb-Zn
ZK403AC4002	47.45	48.48	882	1.03	0.72	0.02	47	2.30	0.21	0.01	C4Ea3	Ag-Pb-Zn
ZK403AC4002	78.53	79.36	875	0.83	0.57	0.02	16	3.09	0.14	0.01	C4Ea2	Ag-Pb-Zn
ZK403AC4002	145.76	146.88	862	1.12	0.78	0.02	225	5.95	0.12	0.02	C4E	Ag-Pb-Zn
ZK403C401	140.30	140.98	760	0.68	0.65	0.02	358	0.61	0.03	0.03	C4	Ag-Pb-Zn
ZK405C401	166.36	167.94	777	1.58	1.22	0.02	11	3.15	0.05	0.01	C4	Ag-Pb-Zn
ZK405C401	242.54	243.15	744	0.61	0.45	0.02	25	7.03	0.16	0.02	C4E	Ag-Pb-Zn
ZK417C1001	313.09	313.55	738	0.46	0.45	2.22	1	0.02	0.01	0.01	C1_1 ^[1]	Au
ZK50AC901	90.32	92.48	816	2.16	2.07	4.23	15	0.04	0.04	0.01	C9	Au
ZK50AC903	9.26	9.99	837	0.73	0.10	0.26	18	3.94	1.68	0.01	C9_2 ^[1]	Ag-Pb-Zn
ZK50C903	0.00	1.26	843	1.26	1.19	0.69	51	6.65	0.15	0.05	C9E	Au
ZK50C903	62.10	64.97	818	2.87	2.74	4.67	51	0.03	0.03	0.01	C9	Au
ZK50C903	69.13	70.71	815	1.58	1.51	0.39	36	2.01	3.63	0.25	C9a ^[1]	Au
ZK51AC902	221.76	222.92	780	1.16	0.76	3.38	4	0.01	0.02	0.01	C9	Au
ZK51BC902	45.17	45.93	787	0.76	0.60	0.03	48	3.41	0.05	0.12	C9W ^[1]	Au
ZK51C902	100.96	102.45	784	1.49	1.10	3.86	10	0.04	0.02	0.01	C9_1	Au
ZK51C902	195.68	197.13	779	1.45	1.07	2.00	4	0.01	0.02	0.01	C9	Au
ZK51C902	205.58	207.42	779	1.84	1.36	3.37	2	0.00	0.01	0.01	C9a	Au
ZKDB05AC4E001	97.80	98.36	872	0.56	0.51	0.23	455	1.04	0.01	3.59	C4_1	Ag-Pb-Zn
ZKDB05C4E005	160.81	162.51	837	1.70	1.66	0.02	68	15.48	0.50	0.16	C4E	Ag-Pb-Zn
ZKDB402C7602	97.51	99.44	815	1.93	1.68	1.39	31	0.05	0.04	0.01	C9	Au
ZKDB402C7603	165.91	168.39	759	2.48	2.15	2.59	5	0.04	0.10	0.01	C9	Au
ZKDB403AC7601	25.50	28.50	1,006	3.00	2.78	1.76	6	0.02	0.06	0.01	C77 ^[1]	Au
ZKDB403AC7601	34.10	35.20	999	1.10	1.02	4.52	3	0.01	0.01	0.03	C77E ^[1]	Au
ZKDB403AC7602	22.80	24.35	1,010	1.55	1.47	5.07	19	0.01	0.02	0.01	C77	Au
ZKDB409C7602	244.77	245.77	844	1.00	0.94	2.61	1	0.01	0.00	0.01	C8_1	Au
ZKDB51AC901	95.54	96.58	830	1.04	0.98	3.46	1	0.00	0.00	0.01	C9	Au
ZKDB51AC905	81.96	83.23	848	1.27	0.74	2.86	64	0.73	0.52	0.02	C9	Au
ZKDB51AC906	104.26	105.51	856	1.25	1.24	2.06	2	0.00	0.00	0.01	C9	Au
ZKDB51BC902	81.99	85.56	816	3.57	3.28	7.17	15	0.01	0.01	0.01	C9	Au
ZKDB51C903	74.54	81.71	812	7.17	5.74	2.92	4	0.01	0.01	0.01	C9	Au
incl	74.54	75.93	812	1.39	1.12	8.93	9	0.01	0.01	0.01	C9	Au
ZKDB51C907	72.97	73.57	835	0.60	0.60	1.73	64	0.22	0.09	0.01	C9	Au
ZKDB51C908	72.37	73.39	826	1.02	0.97	2.55	41	0.17	0.09	0.01	C9	Au
ZKDB52C902	121.08	122.72	829	1.64	1.52	2.55	1	0.00	0.01	0.01	C9E	Au
ZKDB53AC903	72.35	73.57	833	1.22	1.08	1.91	33	0.05	0.34	0.01	C9	Au
ZKDB53AC906	130.02	132.68	807	2.66	2.19	1.44	43	0.09	0.13	0.01	C9	Au
ZKDB53C904	147.90	148.54	737	0.64	0.37	1.04	29	5.44	3.74	0.04	C8	Ag-Pb-Zn
ZKDB53C905	79.61	81.00	834	1.39	1.33	2.59	18	0.11	0.11	0.01	C9	Au
ZKDB53C906	77.85	79.25	829	1.40	1.36	5.40	13	0.02	0.01	0.01	C9	Au
ZKDB55C901	118.79	119.93	820	1.14	0.94	5.24	32	0.14	0.20	0.01	C9	Au

[1] New veins

Tunneling Programs at the DCG Mine

A total of 4,377 m of exploration tunnels have been developed at the DCG mine during this period. The exploration tunneling, comprised of drifting, cross-cutting and raising, was driven along and across major mineralized vein structures to upgrade the drill-defined mineral resources, and to test for new parallel and splay structures (Table 2).

Table 2: Summary of the tunneling programs at the DCG mine

Major Target Veins	Elevation (m)	Total Tunneling (m)	Channel Samples Collected	Drift Included (m)	Total Mineralization Exposed by Drifts ^[1]
Major Target Veins	Elevation (m)	Total Tunneling (m)	Channel Samples Collected	Drift Included (m)	Length (m)	True Width (m)	Ag (g/t)	Pb (%)	Zn (%)	Au (g/t)	Cu (%)
C4, C4E, C9, C9_1, C76	750-900	4,377	1,360	1,689	346	0.63	57	2.66	0.16	2.35	0.02

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 125 g/t at the DCG mine.
(Formula used for AgEq calculation: AgEq = Ag g/t + 70.15 * Au g/t + 35.91 * Pb% + 21.9 * Zn%)

Highlights of selected mineralized zones exposed in the tunnels:

Cross-cut DCG-XPD-C4-850-403SMW-CM2 exposed mineralization 1.18 m wide (true width), grading 0.63 g/t Au, 2,427 g/t Ag, 2.60% Pb, 0.01% Zn, and 7.26% Cu within vein C4 at an elevation of 850 m ;
Cross-cut DCG-XPD-C76-800-400NMW-CM5 exposed mineralization 5.46 m wide (true width), grading 5.66 g/t Au, 78 g/t Ag, 1.22% Pb, 0.57% Zn, and 0.07% Cu within vein C76 at an elevation of 800 m ;
Cross-cut DCG-XPD-C76-843-400SMW-CM2 exposed mineralization 1.17 m wide (true width), grading 19.17 g/t Au, 54 g/t Ag, 0.15% Pb, 0.09% Zn, and 0.01% Cu within vein C76 at an elevation of 843 m ;
Drift Tunnel DCG-XPD-C9-800-53SYM exposed mineralization 38 m long and 0.93 m wide (true width), grading 2.88 g/t Au, 114 g/t Ag, 0.15% Pb, 0.19% Zn, and 0.04% Cu within vein C9 at an elevation of 800 m ; and
Drift Tunnel DCG-XPD-C4E-850-403SYM exposed mineralization 70 m long and 0.86 m wide (true width) grading 0.08 g/t Au, 76 g/t Ag, 7.33% Pb, 0.20% Zn, and 0.04% Cu within vein C4E at an elevation of 850 m .

Table 3: Selected mineralized zones exposed by cross-cuts at the DCG mine

Tunnel ID	Vein	Elevation (m)	From (m)	To (m)	Interval (m)	H Width (m)	True Width (m)	Au (g/t)	Ag (g/t)	Pb (%)	Zn (%)	Cu (%)
DCG-XPD-C76-800-400NMW	C9a	800	14.50	15.60	1.10	1.05	0.87	7.00	18	0.17	0.03	0.01
DCG-XPD-C9-888-51SYM-CM1	C9	888	1.60	4.50	2.90	2.89	1.78	0.87	52	0.12	0.11	0.01
DCG-XPD-C76-800-400NMW	C9	800	1.80	3.80	2.00	1.84	1.53	2.63	316	0.51	0.54	0.05
DCG-XPD-C76-800-400NMW-CM5	C9	800	2.40	4.40	2.00	0.55	0.35	0.02	50	12.77	0.31	0.04
DCG-XPD-C9-800-51NYM-CM2	C9	800	13.30	20.20	6.90	6.83	3.62	2.91	8	0.05	0.02	0.00
DCG-XPD-C9-800-53NYM-CM2	C9	800	1.80	4.80	3.00	2.98	2.58	0.88	46	0.19	0.04	0.00
DCG-XPD-C9-800-53SMW-CM1	C9	800	0.85	2.35	1.50	1.49	1.06	5.12	46	0.12	0.01	0.01
DCG-XPD-C9-800-53SMW-CM2	C9	800	5.60	8.00	2.40	2.08	1.50	1.65	24	0.34	0.55	0.01
DCG-XPD-C9-800-53SMW-CM3	C9	800	1.40	2.20	0.80	0.79	0.57	1.37	11	0.10	0.09	0.01
DCG-XPD-C9-800-53SMW-CM6	C9	800	6.40	7.10	0.70	0.61	0.40	0.19	130	0.15	0.18	0.01
DCG-XPD-C9-750-50AZCM	C9	750	1.00	3.20	2.20	1.85	1.37	3.94	111	0.79	0.15	0.04
DCG-XPD-C9-800-51AWCM	C8_1	800	0.00	1.10	1.10	0.57	0.48	0.75	63	8.09	0.67	0.08
DCG-XPD-C76-843-400NMW-CM1	C76	843	2.00	2.70	0.70	0.68	0.50	7.54	91	0.69	0.37	0.01
DCG-XPD-C76-843-400SMW-CM1	C76	843	3.30	5.05	1.75	2.84	2.33	3.53	40	0.09	0.13	0.01
DCG-XPD-C76-843-400SMW-CM2	C76	843	1.40	3.00	1.60	1.60	1.17	19.17	54	0.15	0.09	0.01
DCG-XPD-C76-843-400SMW-CM3	C76	843	2.00	2.80	0.80	0.80	0.57	6.49	54	0.17	0.42	0.01
DCG-XPD-C76-800-400NMW-CM1	C76	800	0.90	1.25	0.35	0.35	0.21	4.30	17	0.05	0.07	0.01
DCG-XPD-C76-800-400NMW-CM2	C76	800	2.90	3.70	0.80	0.75	0.52	3.25	26	0.08	0.04	0.01
DCG-XPD-C76-800-400NMW-CM3	C76	800	4.40	8.40	4.00	2.68	1.79	5.28	26	3.00	0.10	0.08
incl	C76	800	7.50	8.40	0.90	0.60	0.40	21.79	63	0.23	0.16	0.01
DCG-XPD-C76-800-400NMW-CM4	C76	800	2.00	2.60	0.60	0.55	0.40	3.32	61	2.68	0.25	0.14
DCG-XPD-C76-800-400NMW-CM5	C76	800	0.00	7.40	7.40	7.24	5.46	5.66	78	1.22	0.57	0.07
DCG-XPD-C76-800-400NMW-CM6	C76	800	0.00	12.60	12.60	12.55	9.33	2.07	25	0.63	0.12	0.03
DCG-XPD-C4-850-403SMW-CM2	C4	850	3.70	5.00	1.30	1.28	1.18	0.63	2,427	2.60	0.01	7.26
DCG-XPD-C4-850-403SMW-CM3	C4	850	2.65	4.23	1.58	1.58	1.53	2.24	516	3.36	0.20	1.01

Table 4: Selected mineralized zones exposed by drift tunneling at the DCG mine

Tunnel ID	Vein	Elevation (m)	Length (m)	Ore Length (m)	H Width (m)	True Width (m)	Au (g/t)	Ag (g/t)	Pb (%)	Zn (%)	Cu (%)
DCG-XPD-C4E-900-407NYM	C4E	900	300	81	0.75	0.66	0.02	46	7.02	0.23	0.03
DCG-XPD-C4E-850-403SYM	C4E	850	253	70	1.03	0.86	0.08	76	7.33	0.20	0.04
DCG-XPD-C9-843-53SYM	C9	843	144	54	0.79	0.57	2.37	54	0.14	0.15	0.01
DCG-XPD-C9-800-53SYM	C9	800	54	38	1.39	0.93	2.88	114	0.15	0.19	0.04
DCG-XPD-C9-800-53NYM	C9	800	164	45	0.81	0.54	1.78	26	0.04	0.05	0.01
DCG-XPD-C9-800-51ANYM	C9	800	48	20	1.16	0.77	5.19	17	0.13	0.15	0.00
DCG-XPD-C9-843-53SMW	C9a	843	120	38	0.30	0.17	9.23	28	0.02	0.02	0.01

Quality Control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contacts or shear/alteration contacts, were split into halves by saw cutting. The half cores are stored in the Company's core shacks for future reference and checks, and the other half core samples are shipped in securely sealed bags to the Chengde Huakan 514 Geology and Minerals Test and Research Institute in Chengde, Hebei Province , China , 226 km northeast of Beijing , the Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou , Henan Province , China , and SGS in Tianjin, China . All three labs are ISO9000 certified analytical labs. For analysis, the sample is dried and crushed to minus 1 mm and then split into a 200-300 g subsample which is further pulverized to minus 200 mesh. Two subsamples are prepared from the pulverized sample. One is digested with aqua regia for gold analysis with atomic absorption spectroscopy (AAS), and the other is digested with two-acids for analysis of silver, lead, zinc, and copper with AAS.

Channel samples are collected along sample lines perpendicular to the mineralized vein structure in exploration tunnels. Spacing between sampling lines is typically 5 m along strike. Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length ranges from 0.2 m to more than 1 m , depending on the width of the mineralized vein and the mineralization type. Channel samples are prepared and assayed with AAS at Silvercorp's mine laboratory ( Ying Lab ) located at the mill complex in Luoning County, Henan Province , China . The Ying lab is officially accredited by the Quality and Technology Monitoring Bureau of Henan Province and is qualified to provide analytical services. The channel samples are dried, crushed and pulverized. A 200 g sample of minus 160 mesh is prepared for assay. A duplicate sample of minus 1 mm is made and kept in the laboratory archives. Gold is analysed by fire assay with AAS finish, while silver, lead, zinc and copper are assayed by two-acid digestion with AAS finish.

A routine quality assurance/quality control (QA/QC) procedure is adopted to monitor the analytical quality at each lab. Certified reference materials (CRMs), pulp duplicates and blanks are inserted into each batch of lab samples. QA/QC data at the lab are attached to the assay certificates for each batch of samples.

The Company maintains its own comprehensive QA/QC program to ensure best practices in sample preparation and analysis of the exploration samples. Project geologists regularly insert CRM, field duplicates and blanks to each batch of 30 core samples to monitor the sample preparation and analysis procedures at the labs. The analytical quality of the labs is further evaluated with external checks by sending approximately 3-5% of the pulp samples to higher level labs to check for lab bias. Data from both the Company's and the labs' QA/QC programs are reviewed on a timely basis by project geologists.

Guoliang Ma , P. Geo., Manager of Exploration and Resource of the Company, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this news release.

About Silvercorp

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China . The Company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca .

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

Certain of the statements and information in this press 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. 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 or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; 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 the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District; 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 or information 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 or information, including, without limitation, risks relating to: social and economic impacts of COVID-19; 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 licenses; 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 and Canada ; environmental risks; legislative and regulatory initiatives addressing global climate change or other environmental concerns; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; 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 or information. Forward-looking statements or information 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 or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended March 31, 2021 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 or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

CAUTIONARY NOTE TO US INVESTORS

The disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms "proven mineral reserve", "probable mineral reserve" and "mineral reserves" used in this news release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-101. Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "Inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibiity or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019 , the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the "SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to corresponding definitions under the CIM Definition Standards. During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions 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 SEC Modernization Rules.

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SOURCE Silvercorp Metals Inc

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Silver Price Forecast - What Happened And Where Do We Go From Here?

Silver Outlook

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"I'm looking for US$40 (per ounce) or so in 2025. It's really hard to predict because technically there's no resistance above US$35 or so”
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Silver Price Forecast: Top Trends for Silver in 2025

Silver Price Update: Q1 2025 in Review

Top 5 Canadian Silver Stocks of 2025

Silver Price Forecast: Top Trends for Silver in 2025

The silver price reached highs not seen since 2012 this past year, supported by an ongoing deficit and increasing interest from investors as geopolitical concerns prompted safe-haven buying.

The white metal reached its highest point for the year in October, breaking through US$34 per ounce on the back of a shifting post-pandemic landscape and geopolitical tensions. However, Donald Trump's victory in the US presidential election just a few weeks later buoyed bond yields and the US dollar while weighing on silver and gold.

What will 2025 hold for silver? As the new year approaches, investors are closely watching how Trump's policies and actions could impact the precious metal, along with supply and demand trends in the space.

Here's what experts see coming for silver in 2025.

How will Trump's presidency impact silver?

As Trump's inauguration approaches, speculation is rife about how he could affect the resource industry.

The president-elect ran on a policy of “drill, baby, drill," and while his focus was largely on oil and gas companies, mining sector participants have taken it as a positive sign for exploration and development.

Trump's promise to reduce permitting timelines for anyone making an investment of US$1 billion or more in the US has excited sector members, and could end up being a boon to silver companies in the country.

However, part of the help Trump has promised to mining companies comes from reneging on environmental commitments, including the Paris Agreement. This could end up weighing on silver.

Current President Joe Biden's Inflation Reduction Act includes tax credits and deductions for solar projects, and there's some concern that the incoming administration and the new Elon Musk-led Department of Government Efficiency (DOGE) could impose reversals or have the entire act gutted, hurting the solar market.

However, Peter Krauth, author of "The Great Silver Bull" and editor of the Silver Stock Investor, told the Investing News Network (INN) that Tesla (NASDAQ:TSLA) CEO Musk could end up keeping solar safe.

“Tesla bought SolarCity, which became Tesla Energy. They are an important provider of solar panels. Again, Musk’s new role heading DOGE and obvious close connection to Trump just might help mitigate risks to Tesla and its solar panel/power storage business. If that happens, in whatever form it may take, it could shelter solar panel production and sales in the US to a considerable degree,” Krauth explained via email.

He also noted that Trump's presidency isn't without risks and that much uncertainty still remains.

Mind Money CEO Julia Khandoshko also isn't worried about solar demand in the US.

“Rolling back ESG policies and returning to carbon-based technologies could slow the green energy transition in the US. However, Europe and China, the main drivers of the green transition, remain committed to clean energy, which increases silver demand. Thus, global trends will continue to support silver use in renewable energy technologies,” she told INN.

Silver deficit expected to continue

Industrial segments have been critical for silver demand in recent years.

As of November, the Silver Institute was forecasting total industrial demand of 702 million ounces of silver for 2024, an increase of 7 percent over the 655 million ounces recorded in 2023.

The institute attributes much of this increase to energy transition sectors, highlighting photovoltaics in particular.

However, these gains are coming alongside flat mine production, which is expected to grow only 1 percent to 837 million ounces during 2024. Once factored in, secondary supply from recycling pushes total supply of silver to 1.03 billion ounces for the year, a considerable gap from the 1.21 billion ounces of total demand.

Both Krauth and Khandoshko think the gap between silver supply and demand will continue.

Krauth suggested that companies have been dipping into aboveground inventories to narrow the gap, which has helped to keep the price of silver from exploding over the past year. "That supply is quickly drying up, so I expect to see renewed upward price pressure since silver miners are unable to grow output," he told INN.

Khandoshko expressed a similar sentiment, saying demand is likely to keep outpacing supply.

However, she also sees geopolitics and a global macroeconomic situation that could constrain both demand and supply growth in 2025. For example, economic difficulties in Europe and China could slow energy transition demand.

"The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult" — Julia Khandoshko, Mind Money

When it comes to supply, Khandoshko told INN that she sees a different scenario.

“The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult," she explained.

"These factors limit silver’s growth potential compared to gold, which in turn benefits from its role as a safe-haven asset during times of economic uncertainty."

Silver M&A set to heat up in 2025

As silver supply becomes increasingly stressed, experts are eyeing projects that are ramping up.

Krauth highlighted Aya Gold and Silver’s (TSX:AYA:OTCQX:AYASF) Zgounder mine expansion. Its first pour was at the end of November, and it is expected to ramp up to full annual output of 8 million ounces in 2025.

Endeavour Silver’s (TSX:EDR,NYSE:EXK) Terronera mine is also nearing completion. Once complete, the operation is expected to produce 15.5 million silver equivalent ounces per year.

For its part, Skeena Resources (TSX:SKE,NYSE:SKE) is working to develop its Eskay Creek project. It is set to come online in 2027, and is expected to bring 9.5 million ounces of silver per year to market in its first five years.

Krauth said a rising silver price is likely good news for mergers and acquisitions in 2025.

“Higher prices, since they translate into higher share prices, meaning acquirers can use their more valuable shares as a currency to acquire others … I think 2024 will bring deals between mid-tiers and between juniors," he said.

Krauth added, "The truth is that many mid-tier producers have not been spending on exploration. Something has to give, so I think we’ll see this space heat up."

Investor takeaway

Khandoshko and Krauth have similar silver outlooks for 2025, suggesting a possible pullback.

“Due to supply shortages and increasing demand in the coming months, silver is expected to reach US$35. After this, a slight pullback to US$30 would be possible,” Khandoshko said.

However, after that happens she projects another rise, with silver potentially passing US$50.

Krauth was looking for silver to reach US$35 in 2024, which happened in Q4. Looking forward to 2025, he thinks the white metal will revisit that level in the first quarter, with US$40 or more possible later in the year.

However, he suggested that investors should be cautious of wider economic trends affecting silver.

“There is a serious risk of significant correction in the broader markets and of a recession. A broad market selloff could bleed into silver stocks, even if only temporarily,” Krauth said.

In the case of a recession, a lack of industrial demand could create headwinds for silver. Still, Krauth thinks that could be tempered by government stimulus efforts for green energy and infrastructure.

Overall, 2025 could be a significant year for silver investors. However, geopolitical and economic instability may provide headwinds across the resource sector and could stymie silver's upward momentum.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Prismo Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Silver Price Update: Q1 2025 in Review

Gold may be grabbing headlines with record-breaking highs in 2025, but silver is quietly making its own impressive climb, rising 17 percent since the start of the year.

Long supported by industrial demand, the silver market is also benefiting from its reputation as a safe-haven asset. However, mounting economic uncertainty has rattled investors in recent months.

While there are many driving forces behind this uncertainty, the ongoing tariff threats from US President Donald Trump and his administration have spooked equity markets worldwide.

What happened to the silver price in Q1?

After reaching a year-to-date high of US$34.72 per ounce in October 2024, the price of silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.

A momentum shift at the start of the year caused it to rise. Opening at US$29.53 on January 2, silver quickly broke through the US$30 barrier on January 7, eventually reaching US$31.28 by January 31.

Silver price, January 2 to April 4, 2025

Silver price, January 2 to April 4, 2025

Chart via Trading Economics.

Silver's gains continued through much of February, with the white metal climbing to US$32.94 on February 20 before retreating to US$31.13 on February 28. Silver rose again in March, surpassing the US$32 mark on March 5 and closing above US$32 on March 12. It peaked at its quarterly high of US$34.43 on March 27.

Heading into April, silver slumped back to US$33.67 on the first day of the month; it then declined sharply to below US$30 following Trump's tariff announcements on April 2.

Tariff fears lift silver, but industrial demand uncertainty looms

Precious metals, including silver, have benefited from the volatility created by the Trump administration’s constant tariff threats since the beginning of the year. These threats have caused chaos throughout global equity and financial markets, prompting more investors to seek safe-haven assets to stabilize their portfolios.

However, there are concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market. In an email to the Investing News Network (INN), Peter Krauth, editor of the Silver Stock Investor and author of "The Great Silver Bull," said it's too soon to tell how tariffs may affect silver.

“We don’t really have any indication yet that industrial demand has weakened. There is, of course, a lot of concern regarding industrial demand, as tariffs could cause demand destruction as costs go up,” he said.

Krauth noted that for solar panels there is an argument that tariffs could positively affect industrial demand if countries have a greater desire for self-sufficiency and reduced reliance on energy imports.

He referenced research by Heraeus Precious Metals about a possible slowdown in demand from China, which accounts for 80 percent of solar panel capacity. However, any slowdown would coincide with a transition from older PERC technology to newer TOPCon cells, which require significantly more silver inputs.

“This, along with the gradual replacement of older PERC solar panels with TOPCon panels, should support silver demand at or near recent levels,” Krauth said.

Recession could provide headwinds

Another potential headwind for silver is the looming prospect of a recession in the US.

At the beginning of 2024, analysts had largely reached a consensus that some form of recession was inevitable.

While real GDP in the US rose 2.8 percent year-on-year for 2024, data from the Federal Reserve Bank of Atlanta’s GDPNow tool shows a projected -2.8 percent growth rate for the first quarter.

The Bureau of Economic Analysis won't release official real GDP figures until April 30, but the Atlanta Fed’s numbers suggest a troubling fall in GDP that could signal an impending recession.

In comments to INN, Mind Money CEO Julia Khandoshko indicated that a recession may negatively impact the silver market due to the growing demand for silver from energy transition markets.

“When the economy slows down, demand for manufactured goods, including silver, decreases, which means that buying in the next six months is unlikely to be a wise decision,” she said.

Solar panels account for significant demand, with considerable amounts also used in electric vehicles. Tariffs on US vehicle imports and a possible recession could create added pressure for silver.

"In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so" — Peter Krauth, Silver Stock Investor

“Another important factor is silver’s connection to the electric vehicle market. Previously, this sector supported demand for the metal, but now its growth has slowed down. In Europe and China, interest in electric cars is no longer so active, and against the background of economic problems, sales may even decline,” Khandoshko said.

Silver demand from solar panel production stands at 232 million ounces annually, with an additional 80 million ounces used by the electric vehicle sector. A recession could lead consumers to postpone major purchases, such as home improvements or new vehicles, particularly if coupled with the extra costs of tariffs.

Although the impact of tariffs on the economy — and ultimately demand for silver — remains uncertain, the Silver Institute’s latest news release on March 3 indicates a fifth consecutive annual supply deficit.

Silver price forecast for 2025

“I think silver will hold up well and rise on balance over the rest of this year,” Krauth said.

He also noted that, like gold, there have been shipments of physical silver out of vaults in the UK to New York as market participants try to avoid any direct tariffs that may be coming.

“In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so,” Krauth explained to INN.

Khandoshko suggested silver's outlook is more closely tied to consumer sentiment. “The situation may also change when the news stops discussing the high probability of a recession in the US,” she remarked.

With Trump announcing a sweeping 10 percent global tariff along with dozens of specific reciprocal tariffs on April 2, there appears to be more instability and uncertainty ahead for the world’s financial systems.

This uncertainty has spread to precious metals, with silver trading lower on April 3 and retreating back toward the US$31 mark. Investors might be taking profits, but it could also be a broader pullback as they determine how to respond in a more aggressively tariffed world. In either scenario, the market may be nearing opportunities.

“There is some risk that we could see a near-term correction in the silver price. I don’t see silver as currently overbought, but gold does appear to be. I think we could get a correction in the gold price, which would likely pull silver lower. I could see silver retreating to the US$29 to US$30 level. That would be an excellent entry point. In that scenario, I’d be a buyer of both the physical metal and the silver miners,” Krauth said.

With increased industrial demand and its traditional safe-haven status, silver may present a more ideological challenge for investors in 2025 as competing forces exert their influence. Ultimately, supply and demand will likely be what drives investors to pursue opportunities more than its safe-haven appeal.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Top 5 Canadian Silver Stocks of 2025

Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.

How has silver's price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView's stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.

1. Discovery Silver (TSX:DSV)

Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03

Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.

Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.

A 2024 feasibility study for the project outlines proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.

The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.

Discovery's shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).

The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.

Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.

Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.

According to Discovery in its full-year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13

Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.

A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.

In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.

Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.

In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.

In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.

Shares in Almaden reached a year-to-date high of C$0.135 on February 24.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.

The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.

Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.

Avino's share price marked a year-to-date high of C$2.80 on March 27.

4. Highlander Silver (CSE:HSLV)

Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90

Highlander Silver is an exploration and development company advancing projects in South America.

Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.

The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.

In July 2024, the company said it was commencing field activities at the project; it has not provided results from the program. In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.

Highlander's most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.

Shares in Highlander reached a year-to-date high of C$1.96 on March 31.

5. Santacruz Silver Mining (TSXV:SCZ)

Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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