Silvercorp Metals hikes El Domo budget to $284M, delays construction; files Condor PEA

Silvercorp updates project plans amid higher costs

Silvercorp Metals is revising its construction outlook for the El Domo project after announcing a larger-than-expected budget increase and an extended schedule. The company raises the total construction budget to $284 million, up $44 million from its March 31, 2025 estimate and exceeding the 2021 feasibility-study budget. Management attributes the bulk of the rise to a change in VAT policy and to scope increases driven by detailed design work and higher process requirements.

El Domo budget overruns reshape construction outlook

Silvercorp outlines that a VAT rate revision from 10% to 15% accounts for $35 million of the budget growth, of which about $16 million the company expects to recover as a tax credit during the first year of concentrate exports. Material and equipment scope increases add roughly $15 million — driven by previously omitted items and the need for larger milling and flotation equipment after metallurgical reassessments. Notable additions include a SAG mill, regrind mill, larger flotation cells and thickeners, and a water recycling system for the tailings storage facility to handle higher sulphur content in ore, which rises from an earlier design assumption of 9% to 25% in the current plan.

Detailed construction and logistics adjustments also drive cost pressure and schedule slippage. Silvercorp flags increases for civil works, a larger ROM ore shack, road upgrades to accept 40-foot container trucks, added external powerline payments, and higher logistics costs including sea freight, customs and insurance. Owner’s costs rise modestly and the company models a six-month extension to the construction period, raising expenditures for insurance, community engagement, security and commissioning support.

Condor gold project technical report filed

Separately, Silvercorp files a Preliminary Economic Assessment for the Condor gold project in Ecuador, encapsulated in an NI 43‑101 technical report prepared by SRK Consulting and effective Nov. 30, 2025. The report, which names the qualified persons responsible for geology, mining, processing, geotechnical and environmental sections, is available on Silvercorp’s website and on SEDAR+ and EDGAR.

Company focus and disclosure

Silvercorp, a Canadian miner of silver, gold, lead and zinc, stresses its strategy of generating free cash flow from long‑life mines, organic growth through drilling, M&A activity and a commitment to responsible mining and ESG. The company provides investor materials and full technical disclosures on regulatory filing platforms and lists corporate contacts on its website for further information.