Aris Mining Corporation press release

Silvercorp reports a Mineral Reserve increase of 50% in tonnes and 20% in silver ounces for the Ying Mining District

2026-06-12

TSX - Toronto Stock Exchange · Gold · Silver · Lead · Zinc · Copper · Canada · Resource Estimate

Canada NewsWire

Trading Symbol: TSX/NYSE American: SVM

VANCOUVER, BC, June 12, 2026/CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report the results of an updated Technical Report ("Ying 2026 Technical Report" or "Technical Report") titled "NI 43-101 Technical Report Update on the Ying Ag-Pb-Zn-Au Property in Henan Province, People's Republic of China", prepared in accordance with National Instrument 43‑101_Standards of Disclosure for Mineral Projects_("NI 43-101") by AMC Mining Consultants (Canada) Ltd. ("AMC") with a Mineral Reserve and Mineral Resource effective date of December 31, 2025. The Ying 2026 Technical Report covers seven underground mines (namely SGX, HZG, HPG, TLP, LME, LMW, and DCG) and the KP underground mine start-up in the Ying Mining District (also collectively referenced as the "Ying Property" and "Ying Mining District").

Approximately 106 million ounces (Moz) of silver ("Ag") plus lead, zinc, and gold are projected to be mined at the Ying Property in the currently planned 17-year life of mine (LOM). There remains significant potential to extend the LOM beyond 2042 via further exploration and development, particularly in areas with identified Inferred Resources.

Silvercorp Main Observations to the Independent Ying 2026 Technical Report:

Lower cut-off grades were applied due to a higher silver price used ($28/oz in 2026 vs $21/oz in 2024).

The 2026 Mineral Reserves reflect the replenishment of metals mined-out between June 2024 (effective date of 2024 Technical Report) and December 2025, with approximately 9.8 million ounces of silver ("Moz Ag"), 12.6 thousand ounces of gold ("koz Au"), 38.6 thousand tonnes of lead ("kt Pb") and 5.1 thousand tonnes of zinc ("kt Zn") produced.

Ying Mining District LOM metal production AgEq values, which only consider silver plus conversion of gold ounces to equivalent silver ounces[[1]](https://edge.prnewswire.com/c/link/?t=0&l=en&o=4710119-1&h=2755186471&u=https%3A%2F%2Fsilvercorpmetals.com%2Fsilvercorp-issues-updated-technical-report-for-the-ying-mining-district%2F%23_ftn1&a=%5B1%5D), are shown in Table 1.

Table 1. Ying LOM metal production AgEq values

| Ying Mines | FY 2026Q4 | FY 2027 | FY 2028 | FY 2029 | FY 2030 | FY 2031 | FY 2032 | FY 2033 | FY 2034 | FY 2035 | FY 2036 | FY 2037 | FY 2038 | FY 2039 | FY 2040 | FY 2041 | FY 2042 | Total | | AgEq koz | 1,597 | 7,801 | 9,176 | 9,984 | 9,709 | 9,499 | 9,140 | 8,792 | 8,468 | 7,451 | 6,625 | 5,761 | 4,317 | 3,356 | 3,249 | 2,660 | 1,535 | 109,119 |

| [[1]](https://edge.prnewswire.com/c/link/?t=0&l=en&o=4710119-1&h=3035125422&u=https%3A%2F%2Fsilvercorpmetals.com%2Fsilvercorp-issues-updated-technical-report-for-the-ying-mining-district%2F%23_ftnref1&a=%5B1%5D)AgEq (oz) = Ag (oz) + 83.279* Au (oz); Au and Ag prices at US$2,800/oz and US$28/oz. Silvercorp notes that AgEq calculations in the Technical Report consider all metals deemed payable. | | Note: Numbers may not compute exactly due to rounding. |

Summary of the Ying 2026 TechnicalReport

Estimated Measured and Indicated Mineral Resources of 42.18 million tonnes (inclusive of Mineral Reserves) grading 146 grams per tonne ("g/t") Ag, 0.17 g/t Au, 2.24% Pb, and 0.67% Zn, containing 198 Moz Ag, 231 koz Au, 944 kt Pb, and 284 kt Zn. In comparison with the 2024 Technical Report, Measured and Indicated Resource tonnes have increased by 90%, and contained metal has increased by 37% for Ag, 62% for Au, 39% for Pb and 48% for Zn.

Estimated Proven and Probable Mineral Reserves of 19 million tonnes grading 174 g/t Ag, 0.17 g/t Au, 2.47% Pb, 0.80% Zn, and 0.04% Cu, containing 106 Moz Ag, 107 koz Au, 472 kt Pb, 150 kt Zn, and 6.7 kt Cu. In comparison with the 2024 Technical Report there has been a 45% increase in total Proven Mineral Reserve tonnes and a 55% increase in total Probable Mineral Reserve tonnes. Total contained metal has increased for silver, gold, lead, and zinc by 20% for Ag, 52% for Au, 16% for Pb, and 22% for Zn.

In comparison with the 2024 Technical Report, Inferred Resource tonnes have increased by 54%, and contained metal has decreased by 1% for Ag, 10% for Au, and 4% for Pb, while Zn has increased by 40%. Annual ore production in the LOM plan is projected to rise from the projected full-year FY2026 level of about 1.2 Mt to: 1.3 Mt in FY2027; 1.5Mt in FY2028; and over 1.6 Mt in FY2029, with that level being maintained through to FY2031. From FY2032, production will decline gradually until the projected end of the mine life in 2042. Using the LOM production profile based on the 31 December 2025 Mineral Reserves, with long-term[2]metal prices of $28/oz Ag, $2,800/oz Au, $0.90/lb Pb, $1.20/lb Zn, and $4.40/lb Cu, and a 5% discount rate, pre-tax and post-tax NPVs of $1,275M and $1,030M, respectively, are projected3.

| [2]Gold/oz: $4,000 FY2026Q4, $3,500 FY2027; Silver/oz: $80 FY2026Q4, $50 FY2027, $40 FY2028. | | [3] As a conservative projection measure, 97% factor applied to metal production values in economic assessment. |

Mineral Resources

The December 2025 Mineral Resources were estimated using a block modelling approach in Datamine or Vulcan software for a total of 591 mineralized vein structures for the eight deposits in the Ying Mining District. All grade estimation was completed using inverse distance squared. Grade estimates were completed for silver and lead in all deposits, zinc in select deposits, and gold within select veins at select deposits.

The Mineral Resources are reported above cut‐offs after applying a minimum practical extraction width of 0.4 m. Diluted grades were estimated for blocks with mineralization widths less than 0.4 m by adding a waste envelope with zero grade. Cut‐off grades are based on either in situ values in silver equivalent (AgEq) or gold equivalent (AuEq) terms in grams per tonne and incorporate mining, trucking, and processing costs, with metallurgical recoveries and payable values provided by Silvercorp for each mine and reviewed by the QPs. Equivalency formulas by deposit are shown in the footnotes of the table below.

The estimated Mineral Resources and metal content for the Ying Mining District as of December 31, 2025 are detailed in Table 2 below.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted to Mineral Reserves.

Table 2. Ying Mining District – Mineral Resources and metal content for silver, lead, zinc, gold and copper as of December 31, 2025 (inclusive of Mineral Reserves)

| Mine | Resource category | Tonnes (Mt) | Au grade (g/t) | Ag grade (g/t) | Pb grade (%) | Zn grade (%) | Cu grade (%) | Au metal (koz) | Ag metal (Moz) | Pb metal (kt) | Zn metal (kt) | Cu metal (kt) | | SGX | Measured | 6.98 | 0.06 | 205 | 3.99 | 2.08 | 0.03 | 13.85 | 45.95 | 278.43 | 145.13 | 2.11 | | Indicated | 5.63 | 0.05 | 157 | 2.95 | 1.66 | 0.05 | 9.57 | 28.49 | 165.77 | 93.27 | 2.54 | | | Meas + Ind | 12.61 | 0.06 | 184 | 3.52 | 1.89 | 0.04 | 23.43 | 74.44 | 444.20 | 238.40 | 4.65 | | | Inferred | 3.77 | 0.07 | 150 | 3.06 | 1.21 | 0.05 | 8.17 | 18.22 | 115.32 | 45.77 | 2.04 | | | HZG | Measured | 0.86 | - | 229 | 0.89 | - | 0.31 | - | 6.32 | 7.63 | - | 2.71 | | Indicated | 0.87 | - | 189 | 0.72 | - | 0.28 | - | 5.28 | 6.27 | - | 2.44 | | | Meas + Ind | 1.73 | - | 208 | 0.80 | - | 0.30 | - | 11.60 | 13.90 | - | 5.14 | | | Inferred | 0.63 | - | 266 | 0.69 | - | 0.29 | - | 5.39 | 4.38 | - | 1.85 | | | HPG | Measured | 1.81 | 0.82 | 57 | 2.42 | 0.75 | 0.06 | 47.57 | 3.32 | 43.61 | 13.53 | 1.00 | | Indicated | 2.27 | 0.78 | 47 | 1.92 | 0.66 | 0.05 | 57.01 | 3.44 | 43.78 | 15.11 | 1.11 | | | Meas + Ind | 4.08 | 0.80 | 51 | 2.14 | 0.70 | 0.05 | 104.57 | 6.75 | 87.39 | 28.64 | 2.11 | | | Inferred | 2.55 | 0.79 | 48 | 1.57 | 0.66 | 0.08 | 64.88 | 3.91 | 39.95 | 16.89 | 1.96 | | | TLP | Measured | 6.51 | 0.00 | 131 | 2.33 | - | 0.05 | 0.21 | 27.40 | 151.77 | - | 3.22 | | Indicated | 5.14 | 0.00 | 111 | 1.89 | - | 0.07 | 0.58 | 18.37 | 97.46 | - | 3.49 | | | Meas + Ind | 11.65 | 0.00 | 122 | 2.14 | - | 0.06 | 0.79 | 45.77 | 249.23 | - | 6.71 | | | Inferred | 2.06 | 0.14 | 113 | 2.02 | - | 0.09 | 9.07 | 7.53 | 41.64 | - | 1.93 | | | LME | Measured | 1.55 | 0.03 | 216 | 1.08 | 0.24 | 0.03 | 1.34 | 10.75 | 16.74 | 3.79 | 0.53 | | Indicated | 2.97 | 0.09 | 172 | 0.93 | 0.25 | 0.05 | 8.29 | 16.46 | 27.79 | 7.57 | 1.41 | | | Meas + Ind | 4.52 | 0.07 | 187 | 0.98 | 0.25 | 0.04 | 9.63 | 27.21 | 44.53 | 11.36 | 1.94 | | | Inferred | 1.54 | 0.16 | 145 | 1.06 | 0.31 | 0.05 | 8.09 | 7.19 | 16.36 | 4.79 | 0.79 | | | LMW (Ag-rich veins) | Measured | 2.71 | - | 178 | 1.64 | - | 0.11 | - | 15.46 | 44.47 | - | 3.01 | | Indicated | 2.83 | - | 131 | 1.42 | - | 0.07 | - | 11.95 | 40.05 | - | 2.04 | | | Meas + Ind | 5.54 | - | 154 | 1.53 | - | 0.09 | - | 27.41 | 84.52 | - | 5.06 | | | Inferred | 1.22 | - | 129 | 1.42 | - | 0.08 | - | 5.05 | 17.35 | - | 0.95 | | | LMW (Au-rich veins) | Measured | 0.29 | 2.49 | 66 | 0.31 | - | 0.26 | 22.92 | 0.61 | 0.90 | - | 0.73 | | Indicated | 0.83 | 1.36 | 50 | 0.36 | - | 0.19 | 36.04 | 1.34 | 2.96 | - | 1.58 | | | Meas + Ind | 1.11 | 1.65 | 54 | 0.35 | - | 0.21 | 58.96 | 1.94 | 3.86 | - | 2.31 | | | Inferred | 0.81 | 1.19 | 25 | 0.22 | - | 0.12 | 31.12 | 0.66 | 1.81 | - | 0.99 | | | DCG | Measured | 0.25 | 1.62 | 54 | 1.68 | - | 0.04 | 12.97 | 0.43 | 4.17 | - | 0.09 | | Indicated | 0.44 | 1.01 | 35 | 2.01 | - | 0.02 | 14.27 | 0.50 | 8.84 | - | 0.08 | | | Meas + Ind | 0.69 | 1.23 | 42 | 1.89 | - | 0.03 | 27.24 | 0.93 | 13.01 | - | 0.17 | | | Inferred | 0.35 | 1.18 | 35 | 2.01 | - | 0.02 | 13.41 | 0.40 | 7.13 | - | 0.08 | | | KP | Measured | - | - | - | - | - | - | - | - | - | - | - | | Indicated | 0.25 | 0.75 | 197 | 1.29 | 2.34 | 0.00 | 5.99 | 1.57 | 3.20 | 5.82 | 0.00 | | | Meas + Ind | 0.25 | 0.75 | 197 | 1.29 | 2.34 | 0.00 | 5.99 | 1.57 | 3.20 | 5.82 | 0.00 | | | Inferred | 0.61 | 0.39 | 199 | 0.77 | 1.78 | 0.00 | 7.66 | 3.91 | 4.75 | 10.93 | 0.00 | | | All | Measured | 20.94 | 0.15 | 164 | 2.62 | 0.78 | 0.06 | 98.86 | 110.24 | 547.72 | 162.45 | 13.41 | | Indicated | 21.24 | 0.19 | 128 | 1.87 | 0.57 | 0.07 | 131.75 | 87.39 | 396.11 | 121.77 | 14.68 | | | Meas + Ind | 42.18 | 0.17 | 146 | 2.24 | 0.67 | 0.07 | 230.61 | 197.63 | 943.84 | 284.22 | 28.10 | | | Inferred | 13.55 | 0.33 | 120 | 1.84 | 0.58 | 0.08 | 142.40 | 52.26 | 248.70 | 78.38 | 10.60 | |

Notes:

CIM Definition Standards (2014) were used for reporting. Measured and Indicated Mineral Resources are inclusive of Mineral Reserves. Metal prices: gold US$3,200/troy ounce (oz), silver US$35.00/troy oz, lead US$1.03 per pound (lb), zinc US$1.36/lb, copper US$4.74/lb. Exchange rate: RMB 7.00: US$1.00. Mineral Resources exclude the first 5 m below surface. Veins diluted to minimum extraction width of 0.4 m after estimation except for HZG which was modelled to a minimum width of 0.4 m. COGs: SGX 75 g/t AgEq; HZG 75 g/t AgEq; HPG 0.95 g/t AuEq; TLP 65 g/t AgEq; LME 70 g/t AgEq; LMW silver rich veins 65 g/t AgEq; LMW gold rich veins 0.85 g/t AuEq; DCG 80 g/t AgEq, KP 90 g/t AgEq. AgEq equivalent formulas by mine for silver rich veins: SGX = Ag g/t + 21.3351 Pb% + 15.7268 Zn% + 37.3575 * Cu%. HZG = Ag g/t + 19.557 Pb% + 39.5464 Cu%. TLP = Ag g/t + 20.4155 Pb% + 37.2718 Cu%. LME = Ag g/t + 19.3704 Pb% + 8.3614 Zn% + 36.0026 * Cu%. LMW = Ag g/t + 20.6682 Pb% + 38.6489 Cu%. DCG = Ag g/t + 19.1772 Pb% + 33.4296 Cu%.

AuEq equivalent formulas by mine: HPG (all veins) = Au g/t+0.0119*Ag g/t+0.2544*Pb%+0.1888*Zn%+0.4926*Cu%. LMW (gold rich veins: LM21, LM22, LM26, LM27, LM28, LM28a, LM50, LM50_3, LM51, LM52, LM53, LM54, LM54_1, LM54_2, LM55, LM58, LM58_1, LM59, LM59_2) = Au g/t + 0.0133 Ag g/t + 0.2748 Pb% + 0.5139 * Cu%.

AgEq formulas used for significant gold bearing veins: SGX (Veins S16W, S18E, S21, S74) = Ag g/t + 52.7753 Au g/t + 21.3351 Pb% + 15.7268 Zn% + 37.3575 Cu%. TLP (T50, T51, T52, T53) = Ag g/t + 54.8113 Au g/t + 20.4155 Pb% + 37.2718 * Cu%. LME (Vein LM4E2) = Ag g/t + 46.0927 Au g/t + 19.3704 Pb% + 8.3614 Zn% + 36.0026 Cu%. DCG (C76, C9_1, C9_2, C9_3, C9_4, C9_5, C9_6, C9E1, C9E3, C9W1) = Ag g/t + 76.6609 Au g/t + 19.1772 Pb% + 33.4296 * Cu%. KP (all veins) = Ag g/t + 76.6609 Au g/t + 19.1772 Pb% + 17.9076 Zn% + 33.4296 Cu%.

Processing recovery factors: SGX – 61.3% Au, 95.6% Ag, 96.4% Pb, 70.1% Zn, 90.8% Cu. HZG – 62.2% Au, 95.6% Ag, 88.4% Pb, 96.2% Cu. HPG – 91.0% Au, 88.8% Ag, 90.1% Pb, 66.0% Zn, 93.8% Cu. TLP – 61.8% Au, 92.8% Ag, 89.6% Pb, 88.0% Cu. LME – 53.3% Au, 95.2% Ag, 87.2% Pb, 37.1% Zn, 87.2% Cu. LMW – 87.2% Au, 95.4% Ag, 93.3% Pb, 93.8% Cu. DCG – 75.9% Au, 81.4% Ag, 73.8% Pb, 69.2% Cu. KP - 75.9% Au, 81.4%, Ag, 73.8%, Pb, 68.0 % Zn, 69.2% Cu.

Payables: Au – 85%; Ag – 94.5%; Pb – 99.0%; Zn – 76.0%, Cu – 40%. Includes assay results up to and including 31 October 2025. Depleted for mine production to 31 December 2025. Non-recoverable Mineral Resources (sterile areas due to the proximity to stopes, unstable ground or where access to the vein is limited) defined as of 31 December 2025. Where gold grades show zero g/t, this reflects limited numbers of gold veins informing the Mineral Resource. Where copper grades show zero grade, this reflects the low tenor of the copper in the deposits. Numbers may not compute exactly due to rounding.

A comparison of Mineral Resource estimates between June 30, 2024 and December 31, 2025 indicates the following:

Measured and Indicated tonnes have increased by 90% overall. The Inferred tonnes have increased by 54%. Measured and Indicated grades have decreased for Ag and Au by 28% and 15%, respectively. Measured and Indicated grades have decreased for Pb by 27% and Zn by 22%. Inferred grades decreased for Ag, Au, Pb, and Zn by 42%, 38%, and 9%, respectively. The net result in the Measured and Indicated categories has been an increase in the contained Ag and Au of 37% and 62% respectively. Contained Measured and Indicated Pb and Zn have increased by 39% and 48% respectively. The net result in the Inferred category has been a decrease in the contained Ag, Au, and Pb of 1%, 10%, and 4% respectively. Inferred Zn has increased by 40%.

The reasons for the differences in grade, tonnes, and contained metal include changes made to vein interpretations for the 2025 Q4 model, conversion to higher categories arising from drilling and level development, application of different COGs and depletion due to mining. The QPs note that metal prices have increased by 67% for Ag, 78% for Au, 3% for Pb, and 36% for Zn. This has resulted in a reduction in COGs for all deposits.

Mineral Reserves

The Mineral Reserve estimation assumes that current stoping practices will continue to be predominant at the Ying property, namely cut and fill resuing and shrinkage stoping for most veins, using hand-held drills (jacklegs) and hand-mucking within stopes, and loading to mine cars by rocker-shovel or by hand. The QP also recognizes the increased use of more mechanized mining techniques at the Ying operations. The typically sub-vertical veins, generally competent ground, reasonably regular vein width, and generally hand-mining techniques using short rounds, allow a significant degree of selectivity and control in the stoping process. Minimum mining widths of 0.5 m for resuing and 1.0 m for shrinkage are assumed. The QP has observed the resuing and shrinkage mining methods at the Ying property on several occasions and considers the minimum extraction and mining width assumptions to be reasonable. Minimum dilution assumptions are 0.10 m of total overbreak for a resuing cut and 0.2 m of total overbreak for a shrinkage stope. Average Ying dilution projections for resuing and shrinkage are 17% and 20%, respectively. Mining recovery factors assumed as 95% for resuing and 92% for shrinkage, room and pillar, and longhole.

The QP notes that, for a small number of veins with relatively low-angle dip – generally veins with significant gold content – room and pillar stoping with slushers is now being used at the Property. Longhole stoping has also been recently employed in some areas of the LMW mine.

Recent initiatives at the Ying operations have resulted in a +20% increase in annual production in the last two years, with additional mine expansion activities also underway. In the future, the Ying operation plans to develop deeper mining zones within each mining area, as part of an aim to further enhance overall production rates. An increased use of trackless equipment in some mine areas and a focus on more mechanized mining will be a key part of future mine planning.

For the total tonnage estimated as Ying Mineral Reserves, approximately 64% is associated with resuing, 32% with shrinkage, 3% with room and pillar, 1% with longhole.

The estimated Mineral Reserves and metal content for the Ying Mining District as of December 31, 2025 are detailed in Table 3 below.

Table 3. Ying Mining District Mineral Reserve estimates and metal content at December 31, 2025

| Mine | Category | Mt | Au (g/t) | Ag (g/t) | Pb (%) | Zn (%) | Cu (%) | Metal contained in Mineral Reserves | | | | | | Au (koz) | Ag (Moz) | Pb (kt) | Zn (kt) | Cu (kt) | | | | | | | | | | SGX | Proven | 4.43 | 0.05 | 201 | 3.97 | 1.89 | | 7.0 | 28.6 | 175.9 | 83.5 | | | Probable | 2.81 | 0.03 | 198 | 3.70 | 1.70 | | 2.6 | 17.9 | 104.3 | 47.8 | | | | Subtotal P&P | 7.24 | 0.04 | 200 | 3.87 | 1.81 | | 9.6 | 46.5 | 280.2 | 131.4 | | | | HZG | Proven | 0.53 | | 212 | 0.75 | | 0.29 | | 3.6 | 4.0 | | 1.5 | | Probable | 0.56 | | 185 | 0.64 | | 0.26 | | 3.3 | 3.5 | | 1.4 | | | Subtotal P&P | 1.09 | | 198 | 0.69 | | 0.28 | | 6.9 | 7.5 | | 3.0 | | | HPG | Proven | 0.68 | 1.01 | 62 | 2.60 | 0.61 | 0.07 | 22.3 | 1.4 | 17.8 | 4.1 | 0.5 | | Probable | 0.67 | 0.96 | 61 | 2.36 | 0.69 | 0.06 | 20.6 | 1.3 | 15.7 | 4.6 | 0.4 | | | Subtotal P&P | 1.35 | 0.99 | 62 | 2.48 | 0.65 | 0.07 | 42.8 | 2.7 | 33.5 | 8.7 | 0.9 | | | TLP | Proven | 2.48 | | 150 | 2.28 | | | | 12.0 | 56.5 | | | | Probable | 1.58 | | 136 | 2.01 | | | | 6.9 | 31.9 | | | | | Subtotal P&P | 4.07 | | 145 | 2.18 | | | | 18.9 | 88.4 | | | | | LME | Proven | 0.73 | 0.01 | 254 | 1.07 | 0.24 | | 0.3 | 5.9 | 7.8 | 1.7 | | | Probable | 1.56 | 0.04 | 214 | 1.03 | 0.25 | | 2.2 | 10.7 | 16.0 | 3.8 | | | | Subtotal P&P | 2.28 | 0.03 | 227 | 1.04 | 0.24 | | 2.5 | 16.7 | 23.8 | 5.6 | | | | LMW | Proven | 1.41 | 0.29 | 181 | 1.37 | | 0.13 | 13.2 | 8.2 | 19.3 | | 1.9 | | Probable | 1.06 | 0.50 | 152 | 1.23 | | 0.09 | 17.0 | 5.2 | 13.1 | | 0.9 | | | Subtotal P&P | 2.48 | 0.38 | 168 | 1.31 | | 0.11 | 30.2 | 13.4 | 32.4 | | 2.8 | | | DCG | Proven | 0.15 | 1.64 | 44 | 0.46 | | | 8.0 | 0.2 | 0.7 | | | | Probable | 0.21 | 1.40 | 25 | 1.53 | | | 9.6 | 0.2 | 3.3 | | | | | Subtotal P&P | 0.36 | 1.50 | 33 | 1.08 | | | 17.6 | 0.4 | 3.9 | | | | | KP | Proven | | | | | | | | | | | | | Probable | 0.21 | 0.66 | 158 | 1.12 | 2.20 | | 4.4 | 1.1 | 2.3 | 4.5 | | | | Subtotal P&P | 0.21 | 0.66 | 158 | 1.12 | 2.20 | | 4.4 | 1.1 | 2.3 | 4.5 | | | | Ying Mines | Proven | 10.41 | 0.15 | 179 | 2.71 | 0.87 | 0.04 | 50.8 | 59.9 | 282.0 | 90.4 | 3.9 | | Probable | 8.66 | 0.20 | 167 | 2.19 | 0.71 | 0.03 | 56.3 | 46.6 | 190.1 | 61.7 | 2.7 | | | Total P&P | 19.08 | 0.17 | 174 | 2.47 | 0.80 | 0.04 | 107.1 | 106.5 | 472.1 | 150.2 | 6.7 | |

Notes to Mineral Reserve Statement:

Cut‐off grades (AgEq g/t): SGX – 180 Resuing, 155 Shrinkage; HZG – 150 Resuing, 130 Shrinkage; HPG – 195 Resuing (2.10 AuEq), 175 Shrinkage (1.90 AuEq); TLP – 160 Resuing, 135 Shrinkage; LME – 170 Resuing, 145 Shrinkage, 145 Room & Pillar; LMW – 170 Resuing, 150 Shrinkage, 150 Longhole, 150 Room & Pillar (1.8 g/t AuEq); DCG – 220 Resuing, 195 Shrinkage; KP ‑ 225 Resuing, 205 Shrinkage. Stope Marginal cut‐off grades (AgEq g/t): SGX – 155 Resuing, 130 Shrinkage; HZG – 130 Resuing, 110 Shrinkage; HPG – 165 Resuing (1.80 AuEq), 145 Shrinkage (1.60 AuEq); TLP – 230 Resuing, 1.95 Shrinkage; LME – 135 Resuing, 105 Shrinkage, 105 Room & Pillar; LMW ‑ 135 Resuing, 110 Shrinkage, 110 Longhole, 110 Room & Pillar (1.35 AuEq); DCG – 145 Resuing, 125 Shrinkage. Development Ore cut-off grades (AgEq g/t): SGX – 100; HZG – 80; HPG – 115; TLP – 90; LME – 80; LMW – 90; DCG – 90; KP – 95. Unplanned dilution (zero grade) assumed as 0.05 m on each wall of a resuing stope and 0.10 m on each wall of a shrinkage stope. 20% unplanned dilution assumed for LMW longhole. 27%, 31%, and 62% average dilution assumed for Room & Pillar at LME, LMW, and KP, respectively. Mining recovery factors assumed as 95% for resuing and 92% for shrinkage, room and pillar, and longhole. Metal prices: gold US$2,800/troy oz, silver US$28.00/troy oz, lead US$0.90/lb, zinc US$1.20/lb, copper US$4.40/lb. Processing recovery factors: SGX – 61.3% Au, 95.6% Ag, 96.4% Pb, 70.1% Zn, 90.80% Cu; HZG – 62.2% Au, 95.6% Ag, 88.4% Pb, 96.2% Cu; HPG – 91.0% Au, 88.8% Ag, 90.1% Pb, 66.0% Zn, 93.8% Cu; TLP – 61.8% Au; 92.8% Ag, 89.6% Pb, 88.0% Cu; LME – 53.3% Au, 95.2% Ag, 87.2% Pb, 37.1% Zn, 87.2% Cu; LMW – 87.2% Au, 95.4% Ag, 93.3% Pb, 93.8% Cu; DCG – 75.9% Au, 81.4% Ag, 73.8% Pb, 69.2% Cu; KP – 75.9% Au, 81.4% Ag, 73.8% Pb, 68.0% Zn, 69.2% Cu. Payables: Au – 85%; Ag – 94.5%; Pb – 99.0%; Zn – 76.0%, Cu – 40.0%. Exchange rate assumed is RMB 7.00: US$1.00. Numbers may not compute exactly due to rounding.