Disseminated on behalf of Silvercorp Metals Inc. (NYSE-A/TSX: SVM) and includes paid advertisement.
Silvercorp management and staff with analysts at the Ying Mining District site in Henan Province, China. SILVERCORP METALS
Silvercorp Staff, December 2025
At the largest primary silver mine in China, Vancouver-based Silvercorp Metals (NYSE American: SVM, TSX: SVM) continues to expand capacity and extend the life of the project. These achievements were evident to a group of analysts and investors visiting the site in late October, who observed why Ying will remain a high quality asset for years to come.
Located in Henan Province, Ying is about 780 kilometres southwest of Beijing and consists of seven different underground mines that feed two mills. Over 3,000 contractors and staff are employed at Ying, which has a footprint of approximately 69 square kilometres.
For Matthew O’Keefe, a Senior Research Analyst for metals and mining from Cantor Fitzgerald’s Toronto office, the site visit to Ying left him simply, “quite impressed.” As he explained in a client equity research note about his visit, “Ying operations are running smoothly and our recent site visit highlighted recent and ongoing site improvements that will support further growth and longevity.”
Guests visiting one of the core shacks at Ying. SILVERCORP METALS
Capital Investments
The analysts saw firsthand Silvercorp’s latest capital investments at the site, most significantly the expansion at mill No. 2, completed late last year, which increased Ying’s overall throughput to 4,000 tonnes per day (tpd) from 2,500. The expansion added a ball mill and a parallel flotation production line that produces silver-lead and zinc concentrates. The company is also testing an X-ray transmission (XRT) ore-sorting system to help improve ore head grades.
As O’Keefe points out, the new construction was completed on time, under budget and with a relatively low capex (less than US$7M) due, in part, to easy access to equipment and skilled labour—just one of the many advantages of operating in China.
And while the new mill was intended to have an effective capacity of 1,500 tpd, it has proven to be even more efficient.
“The mill has routinely run at 1,800 tpd capacity, and total milling capacity at Ying is currently over 1.3 million metric (MM) tonnes per annum (tpa),” commented O’Keefe, while also pointing to other capital investments that support long-term production.
The new flotation production line at Ying. SILVERCORP METALS
“Silvercorp also completed the construction of tailings storage facility (TSF) No. 3 with a phase 1 storage capacity of about 9.92 MM cubic metres.”
This newest TSF will allow Ying to process at least 1.3 MM tpa of ore for the next 12 years. Bringing TSF No. 3 online was important as the company is closing and decommissioning its TSF No. 1, while TSF No. 2 has six years of life remaining. Similar to Silvercorp’s mill expansion, the new TSF was completed on time and came in almost US$10 million under budget.
The new tailings storage facility at Ying. SILVERCORP METALS
Guests also got a look at the work being done to green up the Ying operation, including upgrades to the mine-water treatment plants, surface and storm water management facilities to increase water recycling, and the commissioning of online monitoring facilities at discharge outlets to enhance transparency.
Additionally, as O’Keefe pointed out, “Ore stockpiles have also been enclosed and several dust control facilities have been added to improve local air quality. [Silvercorp] has also brought in a fleet of EV haul trucks.”
EV haul truck fleet at Ying. SILVERCORP METALS
Future Mine Developments
Nicolas Dion, an Institutional Equities Research Analyst with Toronto-based investment bank Cormark Securities was also on the visit.
“We see upside at Ying from exploration, including extensions of known veins and the discovery of new ones on the property,” stated Dion. “We note again that many of the gold veins currently being mined are outside the current reserve/resource … and see this as an opportunity to expand on.”
One of those opportunities that Silvercorp is advancing is Kuanping, a satellite deposit located 30 km from Ying that will be the eighth underground mine of this hub-and-spoke operation. Currently outside of the resource and mine plan, it was acquired by the company in 2021 for US$13.5 million. Over 800m of underground development has already been completed at Kuanping, with first production expected in 2026.
Both analysts noted that Silvercorp is moving to a more mechanized mining at Ying, something that should reduce labour costs and lead to higher productivity.
The analysts were told that Silvercorp has already begun addressing the need for higher efficiencies at Ying by replacing access and haulage shafts with ramps, allowing for the use of higher capacity trackless vehicles. Additionally, the company is adopting more productive mining methods, like shrinkage and long-hole stoping, and less cut-and-fill reusing.
Underground at the LM7 vein, mined using long-hole stoping SILVERCORP METALS
“Further, there remain other deposits nearby which could come up for auction by the government and be added to the hub-and-spoke,” commented Dion.
He added that if mining rates warranted it, these additional deposits could lead to the construction of a third production mill at Ying, the site of which he said has already been cleared and leveled.
As silver continues its strong momentum, O’Keefe is bullish on the future of Ying: “While we continue to model the guided growth that will see AgEq (Ag+Au) production at Ying increase from about 7.3 MMoz AgEq in FY2026 to about 9.1 MMoz AgEq in FY2028, there is scope to see this grow even further.”
After visiting the Ying site and reviewing material provided by Silvercorp, both analysts gave the Vancouver miner a buy recommendation, with a one-year target price in the range of C$13-13.50 (US$9.20-9.50).
Like his colleague Matthew O’Keefe, Nicolas Dion summed up his experience on the site visit quite simply: “We were impressed by the scale of Ying.”
For more information about Silvercorp, please visit silvercorpmetals.com/welcome.
The latest news and updates relating to SVM are available in the company’s newsroom at https://ibn.fm/SVM
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