Silvercorp Metals Inc. released an updated technical report for its Ying Mining District in China's Henan Province, revealing a significant 50% increase in proven and probable ore reserves and a 20% rise in contained silver metal as of December 31, 2025.
The report, prepared by AMC Mining Consultants (Canada) Ltd. in accordance with Canadian NI 43-101 standards, covers seven operating underground mines and one newly commissioned mine within the district. It details current proven and probable reserves of 19 million tonnes, grading 174 grams per tonne silver, 0.17 g/t gold, 2.47% lead, and 0.80% zinc. Compared to the 2024 technical report, proven reserve tonnage increased by 45%, probable reserve tonnage grew by 55%, and contained metal rose by 20% for silver, 52% for gold, 16% for lead, and 22% for zinc.
The primary driver for the reserve growth was an increase in the assumed silver price from $21 to $28 per ounce, which lowered the cut-off grade and rendered more lower-grade material economically viable for extraction. Furthermore, mining activity from June 2024 through December 2025 produced approximately 9.8 million ounces of silver, 12,600 ounces of gold, 38,600 tonnes of lead, and 5,100 tonnes of zinc, with the new reserves fully replacing the material mined during this period.
Regarding resources, the Ying District's measured and indicated resources stand at 42.18 million tonnes, grading 146 g/t silver and containing 198 million ounces of silver. Tonnage increased by 90% and contained silver metal by 37% compared to the 2024 report, while inferred resource tonnage grew by 54%.
Based on the current reserves, the mining district has a projected mine life of 17 years, with an estimated total recoverable production of approximately 106 million ounces of silver along with associated lead, zinc, and gold. Annual ore production is forecast to rise from about 1.2 million tonnes in fiscal 2026 to over 1.6 million tonnes by fiscal 2029, maintaining that level through fiscal 2031. Using long-term metal price assumptions and a 5% discount rate, the project's pre-tax net present value is estimated at $1.275 billion, with an after-tax NPV of $1.03 billion.
Silvercorp indicated that the Ying Mining District retains potential for further mine life extension, particularly in areas with identified inferred resources, and that subsequent exploration and development work will continue.
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