Silvercorp Metals Raises El Domo Construction Budget to $284M; Files Condor NI 43‑101

Silvercorp outlines technical report and budget revisions

El Domo construction bill rises as VAT and ore changes force equipment upgrades

Silvercorp Metals is revising the El Domo project construction budget to $284 million, an increase of $44 million from the $240 million estimate it published on March 31, 2025. The company says principal drivers include a VAT rate revision and material changes to the process plant driven by feed sulphur content rising from 9% in the 2021 design to about 25% in current studies, prompting larger mills, flotation cells and thickeners and other omitted items.

The budget increase reflects a VAT jump from 10% ($19 million) to 15% ($35 million), a $16 million net VAT increase that Silvercorp expects to recover as a tax credit in the first year of operations once concentrate exports commence. Major process plant purchases rise by about $15 million, of which roughly $11 million is attributable to additional equipment such as a SAG mill, a regrind mill, larger flotation cells and thickeners, and a water-recycling system for the tailings storage facility.

Other increases include $5.1 million for Package #1 construction driven by detailed design changes and the addition of two buttresses for waste dumps; $4 million in logistics (sea freight, customs, storage, local transport, insurance and import tax); $7.2 million for a 5,000 m² ROM ore shack; $3.3 million for upgraded southern access roads to handle 40‑foot container trucks; $2.3 million for an external powerline payment to CNEL; and $10.1 million for previously unbudgeted items such as engineering of record (EoR), QA/QC, internal power, environmental rehabilitation and a 4G network. Owner’s costs rise to $32.5 million from $30 million, reflecting higher burn rates, insurance, services, community and security, and a six‑month extension to the construction schedule.

Condor gold project: NI 43‑101 technical report filed

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

Company outlook and governance

Silvercorp, a Canadian silver, gold, lead and zinc producer, says it maintains a strategy focused on free cash flow from long‑life mines, organic growth through drilling, M&A activity and a long‑term commitment to responsible mining and ESG. The company provides its technical filings and contact information on its website for regulators and stakeholders seeking further details.