Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE:SVM), is pleased to announce a budget US$196.3 million for Chaarat ZAAV CJSC ("ZAAV") which includes the development of Tulkubash (Phase 1) and initial expenditures to advance Kyzyltash (Phase 2). The forecast spending for 2026 is US$57 million and the forecast spending for 2027 is US$139 million.

ZAAV is a joint venture company with Silvercorp holding a 70% interest and being the operator, and Kyrgyzaltyn holding a 30% free-carried interest. ZAAV holds a 100% interest in the mining license (~7 km2) hosting the fully-permitted Tulkubash/Kyzyltash gold projects as well as surrounding exploration licenses (27.42 km2) hosting the Karator and Ishakuld gold zones (the "Projects") in the Tien Shan area of the Kyrgyz Republic.