SILVERCORP CONTINUES TO INTERSECT HIGH-GRADE SILVER-LEAD ZONES AT THE TLP MINE

Trading Symbol TSX: SVM
NYSE American: SVM

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report high-grade silver-lead intercepts from its ongoing diamond drilling program at the TLP mine at the Ying Mining District, China .

Highlights (all intersections are in core lengths) :

Surface hole ZKTDB0413 intersected 1,025 grams per tonne ("g/t") silver ("Ag"), 3.01% lead ("Pb"), and 0.11 g/t gold ("Au") over a 2.48 metre ("m") interval of vein T26 at the 1,113 m elevation;
Surface hole ZKTDB2005 intersected 3,211 g/t Ag, 2.41% Pb, 0.15% zinc ("Zn"), and 0.16% copper ("Cu") over a 0.63 m interval of vein T1E at the 1,129 m elevation;
Surface hole ZKTDB0501 intersected 312 g/t Ag, 3.21% Pb, and 0.43% Zn over a 5.04 m interval of vein T2 at the 980 m elevation;
Hole ZKG0847 intersected 8,254 g/t Ag, 11.71% Pb, and 1.30% Zn over a 1.87 m interval of vein T16 at the 684 m elevation;
Hole ZKG1447 intersected 7,140 g/t Ag, 30.79% Pb, 0.92% Zn, and 1.43% Cu over a 0.57 m interval of vein T15W2 at the 818 m elevation;
Hole ZKG0325 intersected 3,475 g/t Ag, 2.22% Pb, 1.52% Zn, and 0.75 g/t Au over a 0.86 m interval of vein T38 at the 752 m elevation;
Hole ZKT4710 intersected 83 g/t Ag, 10.46% Pb, 0.46% Zn, 0.09 g/t Au, and 0.75% Cu over a 6.26 m interval of vein T3 at the 638 m elevation;
Hole ZKG1024 intersected 2,743 g/t Ag, 6.95% Pb, and 1.67% Zn over a 1.27 m interval of vein T11 at the 630 m elevation;
Hole ZKG1437 intersected 2,204 g/t Ag, 5.13% Pb, 0.43% Zn, and 0.51% Cu over a 2.08 m interval of vein T16 at the 749 m elevation;
Hole ZKG1441 intersected 3,437 g/t Ag, 2.09% Pb, 1.55% Zn, and 0.22% Cu over a 1.20 m interval of vein T16 at the 727 m elevation;
Hole ZKT0829 intersected 453 g/t Ag, 5.10% Pb, and 0.93% Zn over a 4.60 m interval of vein T14E at the 975 m elevation; and
Hole ZKG0009 intersected 542 g/t Ag, 52.01% Pb, 0.20% Zn, and 0.16% Cu over a 0.81 m interval of vein T15W at the 637 m elevation.

From January 1, 2022 , to June 15, 2023 , a total of 66,679 m in 340 diamond drill holes, including 270 underground holes and 70 surface holes, were completed at the TLP mine. Assay results for 227 holes have been received, with 197 holes intersecting mineralization. Currently, there are 10 rigs drilling at the TLP mine.

The drilling program has targeted three areas: 1) silver-lead vein structures in the resource area at higher elevations, close to surface, which have seen limited exploration; 2) infilling in the production area, particularly above or below previously-mined stopes, where production stopped due to higher than modelled variability in grades, thicknesses, and attitudes of the vein structures; and 3) step out drilling to test the extension of the major vein structures to the northeast of the resource area.

Drilling Near-Surface Ag-Pb Vein Structures within the Resource Area

Drilling over the past few years primarily focused on the lateral and downdip extent of known vein structures and paid insufficient attention to their extension potential at elevations above 900 m . In addition to the 70 surface drill holes, which account for over 20% of the drill holes in this program, many underground holes drilled also targeted the vein structures at higher elevations. High-grade Ag-Pb vein structures intersected at higher elevations include the T1 series, T2, T3 series, T11 series, T14E, T15 series, T16 series, T23 series, and T26 series (Table 1).

Drilling Above or Beneath Previously-Mined Stopes within the Resource Area

Most holes drilled during this period targeted blocks of known Ag-Pb vein structures that were previously missed due to limited drilling or tunneling, changes in thickness, strikes and dips of the pay-zones in veins within the resource areas below the 900 m elevation. The high-grade intercepts are mainly associated with the northwest-dipping T1 series, T2 series, T3 series, T4, T11 series, T15 series, T16 series, T23 series, T20, T21, T31W3, T33 series, and T35 series, and the east-dipping T14 series, T22 series, T26 series, and T28 series. These intercepts have led to significant expansion and upgrading of resources. Since the ramps and access tunnels are already in place, these defined high-grade blocks can be quickly converted to reserves and mined.

Step-Out Drilling Intersecting Ag-Pb Veins to the Northeast of the Resource Area

Step-out surface and underground drilling intersected high-grade Ag-Pb veins T2, T3 series, T4, T5, and T21 series to the northeast of the resource area. Hole ZKT4710 intersected 83 g/t Ag, 10.46% Pb, 0.46% Zn and 0.75% Cu over a 6.26 m interval. These intercepts have extended the boundary of the resource area approximately 300 m to the northeast.

Table 1: Selected intercepts from the drilling programs at the TLP mine

Hole ID	From (m)	To (m)	Elevation (m)	Interval (m)	Ag (g/t)	Pb (%)	Zn (%)	Au (g/t)	Cu (%)	Vein
ZKTDB2005	23.60	24.90	1,141	1.30	108	1.18	0.03	0.03	0.07	T1
ZKTDB0412	82.92	84.76	1,101	1.84	216	1.08	0.07	0.05	0.03	T1
ZKTDB0422	74.09	75.86	1,101	1.77	268	0.18	0.03	0.02	0.02	T1
ZKTDB0413	90.30	92.14	1,084	1.84	195	2.94	0.03	0.07	0.01	T1
ZKTDB1781	126.97	129.95	984	2.98	162	2.01	0.07	0.02	0.03	T1
ZKT0933	124.02	124.62	910	0.60	261	11.44	2.52			T1
ZKT0006	38.46	38.96	888	0.50	190	3.96	0.18	0.07	0.06	T1
ZKTDB2005	54.64	55.27	1,129	0.63	3,211	2.41	0.15	0.03	0.16	T1E
ZKTDB0422	53.88	55.16	1,107	1.28	244	0.31	0.08	0.02	0.01	T1W
ZKTDB0427	58.17	58.71	1,105	0.54	672	0.67	0.07	0.03	0.07	T1W
ZKTDB0428	71.16	71.66	1,078	0.50	233	0.54	0.04			T1W
ZKTDB0603	106.05	107.10	1,034	1.05	837	2.64	0.31	0.05	0.05	T1W
ZKTDB0006	176.90	179.95	912	3.05	274	7.86	0.13			T1W
ZKT0815	73.01	73.92	871	0.91	119	4.58	0.09	0.35	0.01	T1W
ZKT1145	92.26	95.18	831	2.92	49	5.47	0.28	0.05	0.12	T1W
ZKTDB0428	13.40	16.59	1,117	3.19	134	0.48	0.26			T1W1
ZKTDB0422	28.46	30.10	1,116	1.64	91	1.42	0.10	0.02	0.02	T1W1
ZKTDB0603	28.83	30.64	1,100	1.81	177	0.79	0.05	0.05	0.06	T1W1
ZKTDB0008	109.91	110.44	1,017	0.53	867	1.11	1.73	0.11	0.09	T1W1
ZKTDB0006	118.81	119.30	958	0.49	60	5.59	0.07			T1W1
ZKT0826	3.79	4.54	897	0.75	204	0.17	0.08	0.02	0.02	T1W1
ZKT0613	148.66	149.52	884	0.86	960	1.11	1.28			T1W1
ZKT0404	151.28	153.71	866	2.43	137	1.18	0.37	0.02	0.02	T1W1
ZKT0907	126.35	126.87	636	0.52	324	3.15	0.49			T1W1
ZKT1315	119.43	120.43	590	1.00	175	4.09	2.25	1.11	0.58	T1W1
ZKT0941	125.28	128.32	590	3.04	138	3.15	1.23	0.16	1.06	T1W1
ZKT1314	134.41	135.01	545	0.60	1,061	4.41	1.44	0.58	0.89	T1W1
ZKT1315	128.64	129.22	585	0.58	141	1.27	1.69	0.49	0.17	T1W1a
ZKTDB0412	17.86	19.27	1,120	1.41	361	1.55	0.25	0.05	0.09	T1W2
ZKTDB0413	17.40	19.20	1,117	1.80	162	0.27	0.15	0.07	0.02	T1W2
ZKTDB0411	10.12	13.67	1,116	3.55	503	1.99	0.28			T1W2
ZKTDB0603	10.39	11.13	1,116	0.74	206	3.59	0.06	0.05	0.03	T1W2
ZKTDB0008	66.67	67.18	1,031	0.51	590	4.08	0.19	0.05	0.46	T1W2
ZKT0613	151.96	153.87	883	1.91	531	2.59	1.20			T1W2
ZKT0802	183.01	183.53	828	0.52	166	1.32	0.40	0.11	0.01	T1W2
ZKT0802	183.01	183.53	828	0.52	166	1.32	0.40	0.11	0.01	T1W2
ZKT1574	147.02	147.64	584	0.62	216	0.54	0.66	0.79	0.09	T1W2
ZKT1145	150.45	152.60	824	2.15	599	1.25	1.07	0.16	0.15	T1W2a
ZKTDB0404	77.13	78.61	1,131	1.48	166	0.71	0.18	0.05	0.01	T2
ZKT0224	87.79	88.48	986	0.69	538	1.60	0.05	0.05	0.04	T2
ZKTDB0501	172.99	178.03	980	5.04	312	3.21	0.43	0.06	0.06	T2
ZKTDB3306	60.85	63.13	947	2.28	132	0.35	0.11			T2
ZKTDB3307	58.45	60.31	946	1.86	208	0.37	0.14			T2
ZKT1145	46.32	49.47	836	3.15	225	3.12	2.08	0.43	0.68	T2
ZKT1144	42.50	43.39	836	0.89	132	4.87	0.23	0.03	0.44	T2
ZKT1354	166.38	168.31	824	1.93	120	0.76	0.02	0.02	0.04	T2
ZKT4708	140.80	141.95	710	1.15	31	5.54	0.04	0.19	0.01	T2
ZKT4715	145.31	145.87	666	0.56	186	2.01	0.09			T2
ZKT4522	151.31	152.86	641	1.55	34	6.12	0.10		0.80	T2
ZKT5104	251.05	251.65	540	0.60	18	3.58	0.19	2.45	0.07	T2
ZKT1129	32.06	32.80	839	0.74	435	0.06	0.04	0.03	0.01	T2E
ZKT0006	126.31	126.85	877	0.54	344	1.48	0.35	0.13	0.04	T2E1
ZKT0224	68.22	70.88	990	2.66	114	1.54	0.03	0.05	0.03	T2W
ZKT0106	42.26	44.20	886	1.94	275	3.45	0.07			T2W
ZKT0107	45.39	45.96	882	0.57	229	0.96	0.02			T2W
ZKT0106	74.47	76.83	882	2.36	114	1.70	0.08			T2W1
ZKTDB1201	46.72	49.99	1,120	3.27	41	4.92	0.13			T3
ZKTDB2401	143.18	144.13	1,029	0.95	180	1.11	0.11	0.02	0.04	T3
ZKTDB3305	75.62	77.18	917	1.56	3	0.01	0.03	2.67	0.01	T3
ZKT0006	142.50	143.06	875	0.56	311	2.35	0.10	0.14	0.32	T3
ZKT0201	114.56	117.54	871	2.98	284	2.71	0.10	0.08	0.01	T3
ZKT1129	20.40	22.61	840	2.21	226	1.95	0.68	0.16	0.09	T3
ZKT1145	21.01	22.20	839	1.19	257	1.32	0.44	0.14	0.19	T3
ZKT1144	19.30	22.36	839	3.06	327	0.25	0.11	0.50	0.06	T3
ZKT1127	22.42	23.61	833	1.19	173	2.02	0.42	0.23	0.27	T3
ZKT0214	177.80	178.38	787	0.58	100	8.93	0.05			T3
ZKT0215	201.22	205.34	786	4.12	100	1.78	0.06			T3
ZKT4708	145.90	146.66	709	0.76	23	7.18	0.07	0.05	0.04	T3
ZKT4521	155.20	158.41	663	3.21	38	9.72	0.04			T3
ZKT4712	162.88	168.60	644	5.72	25	5.08	0.09			T3
ZKT4710	165.61	171.87	638	6.26	83	10.46	0.46	0.09	0.75	T3
ZKT5912	145.09	145.64	635	0.55	333	0.23	0.06	0.01	0.02	T3
ZKT4716	180.22	181.10	630	0.88	60	6.27	0.06			T3
ZKT5910	196.49	197.29	605	0.80	7	0.01	0.01	3.81	0.01	T3
ZKT5104	260.62	261.45	532	0.83	19	7.78	0.55	0.03	0.20	T3
ZKT5504	220.79	221.61	404	0.82	13	5.55	0.61	0.05	0.01	T3
ZKTDB1780	192.54	193.05	932	0.51	77	4.27	0.16	0.02	0.01	T3E
ZKT3737	7.16	7.72	749	0.56	213	3.38	0.24	0.45	0.65	T3E
ZKT5502	118.56	120.15	652	1.59	193	0.53	0.22	0.05	0.01	T3E
ZKT4710	174.72	175.24	633	0.52	79	35.25	1.14	0.03	0.19	T3E
ZKT4709	173.87	176.13	630	2.26	77	11.35	0.05	0.06	0.49	T3E
ZKT5910	205.53	207.22	599	1.69	334	0.51	0.42	0.30	0.04	T3E
ZKT5106	390.24	391.41	384	1.17	8	5.96	0.05	0.03		T3E
ZKG0607	234.64	235.25	298	0.61	1,012	1.30	2.84	5.15	0.07	T3E
ZKT0006	147.31	148.05	874	0.74	43	7.28	0.18	0.06	0.01	T3E1
ZKT3721	9.26	10.89	746	1.63	208	4.28	1.20	2.60	0.49	T3E1
ZKTDB3307	127.81	128.65	921	0.84	831	0.90	1.10			T4
ZKTDB3305	136.37	137.81	877	1.44	703	1.35	0.23	0.21	0.03	T4
ZKT3737	37.61	38.66	741	1.05	131	29.55	0.22	0.21	0.77	T4
ZKT3718	37.51	38.16	734	0.65	66	6.57	0.07	0.23	0.25	T4
ZKT3719	38.82	41.01	724	2.19	44	6.47	0.63	0.19	0.22	T4
ZKT5106	398.53	399.05	377	0.52	51	8.27	0.11	0.90		T4
ZKT3737	52.90	54.74	737	1.84	96	4.10	0.14	0.40	0.23	T5
ZKT3721	47.99	50.80	726	2.81	88	2.55	0.21	0.19	0.12	T5
ZKT5505	126.23	127.57	696	1.34	88	2.85	0.24	0.01	0.01	T5
ZKG1221A	136.00	136.53	948	0.53	178	7.35	0.79	0.05	0.03	T11
ZKG1814	11.67	12.18	838	0.51	533	2.38	0.16	0.05	0.08	T11
ZKG1030	129.28	131.45	814	2.17	957	0.52	0.15			T11
ZKG0503	147.37	148.58	733	1.21	682	3.64	0.39	0.05	0.21	T11
ZKG0504	137.22	137.73	716	0.51	748	2.53	0.14	0.20	0.10	T11
ZKG0812	230.25	231.19	712	0.94	911	0.42	0.05	0.01	0.02	T11
ZKG1226	125.24	125.77	683	0.53	56	0.27	0.28	0.02	3.32	T11
ZKG1024	128.39	129.66	630	1.27	2,743	6.95	1.67			T11
ZKG1105	206.94	207.90	626	0.96	48	10.31	0.09	0.05	0.13	T11
ZKG1009	145.17	145.76	578	0.59	752	11.83	5.55			T11
ZKG0108	279.35	280.02	541	0.67	57	8.73	1.39	0.39	0.04	T11
ZKG0454	200.83	201.89	535	1.06	385	8.98	1.48	2.12	0.12	T11
ZKT0616	69.45	70.16	906	0.71	101	2.69	0.13	0.05	0.04	T11E
ZKG0108	342.11	342.74	517	0.63	166	8.89	6.78	1.65	0.01	T11E
ZKG0809	227.42	228.35	627	1.01	216	0.64	0.14			T11E2
ZKG0810	227.29	227.93	619	0.64	260	0.93	0.34			T11E2
ZKT0812	131.72	132.31	907	0.59	781	5.82	0.71	0.05	0.18	T11E4
ZKT0616	82.24	82.74	902	0.50	1,259	2.97	0.47	0.05	0.29	T11E4
ZKT0812	29.72	30.31	919	0.59	754	0.45	0.48	0.05	0.02	T11W
ZKG1815	34.90	35.45	840	0.55	684	0.91	0.25	0.02	0.04	T11W1
ZKG1819	87.46	88.02	794	0.56	24	6.21	0.29	0.01		T12
ZKG0104	152.05	152.67	791	0.62	130	2.12	0.36	0.02	0.01	T14
ZKT0530	108.41	110.59	752	2.18	79	5.28	0.54	0.01	0.04	T14
ZKG0465	115.81	116.44	680	0.63	222	4.42	0.54	0.22	0.08	T14
ZKT0829	35.73	40.33	975	4.60	453	5.10	0.93	0.05	0.07	T14E
ZKT0611	110.05	110.85	918	0.80	322	0.46	0.17			T14E
ZKT0610	92.60	93.10	902	0.50	264	10.60	0.14	0.05	0.01	T14E
ZKG0106	200.35	201.89	824	1.54	134	1.57	0.07	0.03	0.08	T14E
ZKT0717	130.39	131.53	788	1.14	252	1.48	1.18	0.05	0.02	T14E
ZKG1221A	93.13	93.71	951	0.58	158	2.06	0.26	0.05	0.01	T15
ZKT0813	14.69	15.29	921	0.60	189	1.87	0.12	0.05	0.01	T15
ZKT0812	17.59	18.13	921	0.54	233	1.42	0.16	0.05	0.05	T15
ZKG1815	11.36	12.09	838	0.73	298	1.09	0.48	0.02	0.05	T15
ZKG1447	15.23	15.81	832	0.58	321	0.56	0.26	0.01	0.25	T15
ZKG1610	114.81	115.80	815	0.99	548	1.28	0.50			T15
ZKG0113	105.51	106.22	617	0.71	310	2.86	0.21	0.24	0.19	T15
ZKT1027	142.72	144.13	944	1.41	40	3.30	0.15	0.05		T15W
ZKT1006	5.03	6.07	919	1.04	573	0.37	0.07	0.05	0.04	T15W
ZKG1815	47.76	48.42	841	0.66	209	0.51	0.20	0.02	0.06	T15W
ZKG1437	48.75	49.28	816	0.53	429	0.10	0.26	0.05	0.10	T15W
ZKG1438	58.28	58.95	808	0.67	784	0.97	1.16	0.06	0.10	T15W
ZKG1606	131.63	132.15	685	0.52	184	6.49	0.20	0.12	0.03	T15W
ZKG0009	88.28	89.09	637	0.81	542	52.01	0.20	0.05	0.16	T15W
ZKG1024	125.56	127.29	632	1.73	279	0.40	0.10			T15W
ZKG0115	74.92	76.05	622	1.13	404	19.59	0.50			T15W
ZKG0113	96.89	97.75	620	0.86	596	10.45	0.53	0.09	0.19	T15W
ZKG0005	107.91	108.41	593	0.50	460	11.98	0.35			T15W
ZKT0804	60.41	60.93	921	0.52	211	0.60	0.20	0.05	0.02	T15W1
ZKT0805	48.50	49.00	921	0.50	382	1.47	0.73			T15W1
ZKG0605	191.30	191.82	632	0.52	2,128	3.43	0.21	0.11	0.12	T15W1
ZKG0113	75.05	75.85	627	0.80	216	1.12	0.24	0.17	0.01	T15W1
ZKG1821	63.03	63.85	826	0.82	373	0.52	0.25	0.05	0.05	T15W2
ZKG1447	67.99	68.56	818	0.57	7,140	30.79	0.92	0.04	1.43	T15W2
ZKG1437	73.12	73.67	806	0.55	1,246	1.09	0.09	0.05	0.16	T15W2
ZKG1441	82.74	83.25	798	0.51	646	13.14	0.10	0.11	0.05	T15W2
ZKG1226	40.17	41.60	694	1.43	162	1.02	0.40	0.02	0.03	T15W2
ZKG1024	39.63	40.18	678	0.55	909	0.76	0.25			T15W2
ZKG1821	122.47	123.08	817	0.61	1,036	0.76	0.25	0.05	0.20	T15W4
ZKT0716	61.96	62.53	794	0.57	672	1.41	1.34	0.05	0.06	T15W4
ZKG0111	92.43	92.95	621	0.52	103	3.05	0.08			T15W4
ZKG1447	188.43	188.98	787	0.55	2,778	2.40	2.56	0.02	0.21	T16
ZKT1365	178.41	179.04	780	0.63	635	4.54	1.04	0.07	0.11	T16
ZKG1437	212.50	214.58	749	2.08	2,204	5.13	0.43	0.05	0.51	T16
ZKG1441	240.19	241.39	727	1.20	3,437	2.09	1.55	0.05	0.22	T16
ZKG0852	39.02	39.54	712	0.52	502	1.71	0.42			T16
ZKG1023	38.65	39.20	710	0.55	465	1.38	1.05		0.06	T16
ZKG1012	45.94	46.44	691	0.50	281	2.37	0.18	0.05	0.01	T16
ZKG0847	59.22	61.09	684	1.87	8,254	11.71	1.30			T16
ZKG0452	63.17	63.78	645	0.61	310	0.62	0.54	0.14	0.01	T16
ZKG0360	199.06	201.45	576	2.39	84	2.91	0.44	0.16	0.02	T16
ZKG0535	214.82	216.01	560	1.19	343	19.10	2.95	1.68	0.08	T16
ZKT1017	50.71	51.32	973	0.61	313	3.17	0.30	0.03	0.02	T16E1
ZKG1022	15.13	15.65	704	0.52	420	0.89	0.36		0.05	T16E1
ZKG0852	81.75	82.26	725	0.51	540	6.43	0.24			T16W
ZKG1022	89.20	89.82	719	0.62	414	5.38	1.45		0.02	T16W
ZKG1816	308.92	309.46	715	0.54	247	3.04	0.74	0.05	0.01	T16W
ZKG0847	95.45	96.02	675	0.57	20	5.25	0.43			T16W
ZKG1449	319.14	320.46	661	1.32	1,350	2.07	2.02		0.05	T16W
ZKG0852	53.88	55.15	716	1.27	537	0.91	0.10			T16W1
ZKG0107	113.70	114.24	597	0.54	245	1.83	1.82	0.59	0.04	T16W1
ZKT0113	68.27	68.89	927	0.62	253	0.07	0.10	0.02	0.02	T16W3
ZKG1814	208.28	209.82	857	1.54	181	2.03	0.82	0.05	0.04	T17
ZKG1810	221.15	221.74	753	0.59	283	14.98	0.24	0.03	0.02	T17
ZKG1816	221.45	224.88	749	3.43	73	1.80	0.26	0.05	0.02	T17
ZKG2211	234.94	235.54	732	0.60	192	5.66	0.39			T17
ZKG1438	263.73	264.25	712	0.52	53	7.18	0.06	0.02	0.01	T17
ZKG1449	299.01	300.60	672	1.59	1,028	3.33	0.33		0.05	T17
ZKG1814	203.27	205.21	857	1.94	419	2.66	0.54	0.05	0.14	T17E
ZKG1438	244.49	245.05	721	0.56	267	1.11	0.17	0.03	0.03	T17E
ZKG1820	16.59	18.21	696	1.62	188	0.72	0.23	0.05	0.05	T17E
ZKG1810	266.29	268.43	735	2.14	463	2.51	0.35	0.02	0.07	T17W
ZKG0429	80.78	81.39	682	0.61	135	4.01	0.36			T17W
ZKG1810	261.84	262.36	737	0.52	716	0.74	0.18	0.02	0.41	T17W2
ZKT3718	46.48	50.52	730	4.04	61	2.88	0.13	0.27	0.27	T20
ZKTDB0504	23.97	24.70	1,055	0.73	308	1.49	0.06			T21
ZKTDB0404	247.57	248.81	1,046	1.24	334	2.41	0.40	0.05	0.21	T21
ZKT0523	100.78	103.75	916	2.97	89	15.87	0.22	0.05	0.11	T21
ZKT3738	64.96	65.46	734	0.50	445	7.29	0.84	0.44	0.14	T21
ZKT3737	68.47	69.89	733	1.42	914	0.63	0.64	1.25	0.17	T21
ZKT3738	87.81	88.33	728	0.52	30	8.08	0.07	0.05	0.01	T21E
ZKT1142	93.10	93.58	1,012	0.48	286	14.66	0.32	0.02	0.04	T22
ZKT1129	133.63	134.24	830	0.61	211	0.73	0.37	0.11	0.03	T22
ZKG1810	300.74	302.32	723	1.58	195	0.80	0.06	0.03	0.12	T22E
ZKTDB0381	169.22	170.44	1,002	1.22	131	1.38	0.27	0.02	0.06	T22W
ZKTDB0009	22.74	23.35	1,046	0.61	2,587	0.72	0.22	0.05	0.29	T23
ZKTDB0006	26.43	28.42	1,032	1.99	256	1.20	0.08			T23
ZKTDB0004	26.34	26.87	1,029	0.53	288	11.11	0.20			T23
ZKT1354	19.67	20.30	808	0.63	178	1.69	0.28	0.03	0.11	T23
ZKT4712	98.27	101.25	681	2.98	92	4.78	0.06			T23
ZKT4716	114.15	114.93	669	0.78	261	0.70	0.14			T23
ZKT1574	167.09	167.74	580	0.65	591	0.81	0.95	0.19	0.15	T23
ZKT1574	163.88	164.48	581	0.60	669	1.28	2.49	0.20	0.24	T23E
ZKTDB0381	60.81	62.77	1,056	1.96	373	0.22	0.08	0.02	0.02	T23W
ZKTDB0381	156.86	157.39	1,008	0.53	304	1.64	1.18	0.04	0.06	T23a
ZKTDB0011	22.96	25.70	1,114	2.74	150	0.50	0.13			T26
ZKTDB0413	27.07	29.55	1,113	2.48	1,025	3.01	0.07	0.11	0.03	T26
ZKTDB0413	29.55	34.61	1,112	5.06	255	0.48	0.08	0.05	0.14	T26E
ZKTDB0426	99.53	100.22	1,068	0.69	193	0.52	0.06			T26E
ZKTDB0011	27.43	28.04	1,112	0.61	159	1.48	0.06	0.05	0.03	T26E1
ZKT0006	2.89	3.42	892	0.53	229	0.70	0.07	0.09	0.19	T26E1
ZKTDB0011	13.39	14.15	1,119	0.76	332	2.51	0.06	0.07	0.03	T26W
ZKT0613	126.73	127.24	886	0.51	580	5.87	0.25			T28
ZKT0802	80.59	81.35	866	0.76	21	6.27	0.10	0.05		T28
ZKT0802	80.59	81.35	866	0.76	21	6.27	0.10	0.05		T28
ZKT0404	126.56	127.08	871	0.52	165	1.32	0.31	0.03	0.03	T28E2
ZKT0613	122.73	123.30	886	0.57	141	1.90	0.30			T28a
ZKT0221	65.00	65.69	1,012	0.69	162	1.90	0.03	0.01	0.08	T29
ZKT0616	32.41	32.92	915	0.51	395	1.18	0.07	0.11	0.14	T31W3
ZKT0812	92.25	92.77	912	0.52	130	3.06	0.37	0.05	0.01	T31W3
ZKTDB1522	225.44	226.03	1,020	0.59	326	4.04	0.14	0.01	0.02	T33
ZKT1315	69.52	70.02	618	0.50	379	1.08	0.17	0.04	0.05	T33E
ZKT1354	1.27	2.63	806	1.36	134	0.53	0.32	0.02	0.01	T33E1
ZKT1315	83.69	85.19	610	1.50	154	1.32	0.51	0.01	0.11	T33E1
ZKT4723	10.50	11.04	740	0.54	401	1.74	0.48			T35
ZKT0771	190.81	191.32	878	0.51	169	8.58	1.52	0.03	0.03	T35E
ZKT0711	118.10	120.85	825	2.75	136	1.99	0.28	0.02	0.02	T35E
ZKT0523	233.46	233.96	907	0.50	566	0.91	0.21	0.05	0.19	T35E1
ZKT0771	231.20	231.74	868	0.54	669	1.54	0.45	0.03	0.10	T35E2
ZKTDB0201	161.59	162.22	946	0.63	347	1.15	0.18	0.11	0.11	T38
ZKT2926	113.66	114.19	829	0.53	569	6.31	0.17	0.05	0.05	T38
ZKT2927	121.02	122.93	828	1.91	576	0.65	0.58	0.05	0.02	T38
ZKT2925	106.81	107.35	805	0.54	464	3.39	5.48	0.16	0.02	T38
ZKG0105	70.07	71.92	797	1.85	220	5.85	0.19	0.03	0.05	T38
ZKG0104	82.94	83.57	796	0.63	948	3.00	2.24	0.02	0.15	T38
ZKT0709	52.12	52.62	794	0.50	196	0.47	0.49	0.05	0.02	T38
ZKT0529	46.13	46.95	793	0.82	326	5.67	1.26	0.05	0.12	T38
ZKT0710	51.13	51.67	793	0.54	581	6.04	0.66	0.03	0.03	T38
ZKG0325	96.57	97.43	752	0.86	3,475	2.22	1.52	0.75	0.07	T38
ZKT2928	209.12	209.70	820	0.58	445	0.68	0.25	0.05	0.02	T39
ZKT2925	173.10	173.72	784	0.62	199	1.55	0.73	0.03	0.03	T39E2
ZKT2927	167.57	168.07	824	0.50	308	0.26	0.05	0.05	0.02	T39W
ZKT2928	171.00	171.51	824	0.51	373	1.14	0.22	0.05	0.01	T39W
ZKT2925	150.01	150.61	791	0.60	420	0.58	0.28	0.03	0.01	T39W
ZKG1030	94.18	94.82	820	0.64	71	4.23	0.42			NA ^[1]

[1] New vein with no vein ID

Quality Control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contacts or shear/alteration contacts, were split into halves by sawing. 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 by two-acid digestion 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 CRMs, 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, social and economic impacts of COVID-19; risks relating to: 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 under the heading "Risk Factors" and in the Company's Annual Report on Form 40-F, and in the Company's other filings with Canadian and U.S securities regulators. 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.

Additional information related to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR at www.sedar.com , on EDGAR at www.sec.gov , and on the Company's website at www.silvercorpmetals.com .

For further information

Lon Shaver
Vice President
Silvercorp Metals Inc.

Phone: (604) 669-9397
Toll Free: 1 (888) 224-1881
Email: investor@silvercorp.ca
Website: www . silvercorpmetals . com

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 feasibility 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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/silvercorp-continues-to-intersect-high-grade-silver-lead-zones-at-the-tlp-mine-301878940.html

SOURCE Silvercorp Metals Inc

View original content to download multimedia: https://www.newswire.ca/en/releases/archive/July2023/17/c7774.html

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New Pacific Metals: A New Frontier of Silver Exploration

New Pacific Metals (TSX:NUAG,OTCQX:NUMPF) has launched its campaign on the Investing News Network’s resource channel.

New Pacific Metals is an exploration and development company targeting projects in Bolivia. The company’s largest shareholders are Silvercorp Metals Inc. (TSX:SVM), the largest primary silver producer in China, and Pan American Silver Corp. (TSX:PAAS), one of the world’s largest primary silver producers. Both Silvercorp and Pan American Silver hold additional Bolivian assets.

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

Silver Outlook

Thank you for requesting our exclusive Investor Report!

This forward-thinking document will arm you with the insights needed to make well-informed decisions for 2025 and beyond.

A Sneak Peek At What The Insiders Are Saying

"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”
— David Morgan, the Morgan Report

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The Investing News Network is a growing network of authoritative publications delivering independent, unbiased news and education for investors. We deliver knowledgeable, carefully curated coverage of a variety of markets including gold, cannabis, biotech and many others. This means you read nothing but the best from the entire world of investing advice, and never have to waste your valuable time doing hours, days or weeks of research yourself.

At the same time, not a single word of the content we choose for you is paid for by any company or investment advisor: We choose our content based solely on its informational and educational value to you, the investor.

So if you are looking for a way to diversify your portfolio amidst political and financial instability, this is the place to start. Right now.

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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SILVERCORP CONTINUES TO INTERSECT HIGH-GRADE SILVER-LEAD ZONES AT THE TLP MINE

In this article

Why is Neumeyer calling for a US$100 silver price?

What factors affect the silver price?

Could silver hit US$100 per ounce?

What do other experts think about US$100 silver?

FAQs for silver

Can silver hit $1,000 per ounce?

Why is silver so cheap?

Is silver really undervalued?

Is silver better than gold?

At what price did Warren Buffet buy silver?

How to invest in silver?

Silver Outlook

A Sneak Peek At What The Insiders Are Saying

Who We Are

Table of Contents

Silver Price Forecast: Top Trends for Silver in 2025

How will Trump's presidency impact silver?

Silver deficit expected to continue

Silver M&A set to heat up in 2025

Investor takeaway

Silver Price Update: Q1 2025 in Review

What happened to the silver price in Q1?

Tariff fears lift silver, but industrial demand uncertainty looms

Recession could provide headwinds

Silver price forecast for 2025

Top 5 Canadian Silver Stocks of 2025

1. Discovery Silver (TSX:DSV)

2. Almaden Minerals (TSX:AMM)

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

4. Highlander Silver (CSE:HSLV)

5. Santacruz Silver Mining (TSXV:SCZ)

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