Exhibit 99.1

Independent Technical Report for the
Condor Project, Ecuador

Report Prepared for Silvercorp Metals Inc.     Report Prepared by SRK Consulting (Canada) Inc.

CAPR003605   ■   May 12, 2025

Independent Technical Report for the Condor Project, Ecuador

Peer Reviewed by:

Glen Cole, PGeo, Practice Leader and Principal Consultant (Resource Geology)

Cover Image(s):

Image of the Condor Project property sourced from https://silvercorpmetal.com

IMPORTANT NOTICE

This report was prepared as a National Instrument 43-101 Standards of Disclosure for Mineral Projects Technical Report for Silvercorp Metals Inc. (Silvercorp) by SRK Consulting (Canada) Inc. (SRK). The quality of information, conclusions, and estimates contained herein are consistent with the quality of effort involved in SRK’s services. The information, conclusions, and estimates contained herein are based on i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Silvercorp subject to the terms and conditions of its contract with SRK and relevant securities legislation. The contract permits Silvercorp to file this report as a Technical Report with Canadian securities regulatory authorities pursuant to National Instrument 43-101. Except for the purposes legislated under provincial securities law, any other uses of this report by any third party is at that party’s sole risk. The responsibility for this disclosure remains with Silvercorp. The user of this document should ensure that this is the most recent Technical Report for the property as it is not valid if a new Technical Report has been issued.

Contents

Tables

Figures

Executive Summary

Introduction

Silvercorp Metals Inc. (Silvercorp, SVM, the Company or the Client) commissioned SRK Consulting (Canada) Inc (SRK) to undertake an independent technical review of the Condor project (the Condor Project or the Project) located in Ecuador. The deliverable of this Project is a National Instrument 43- 101 compliant Independent Technical Report with an independent and unbiased view of the Project which will enable potential equity investors and possible future shareholders to review the Project’s operations.

The Condor Project consists of the Condor North area, the Condor Central area and the Condor South area. The Condor North area consists of the deposits at Los Cuyes, Soledad, Enma, Camp, and the Prometedor Prospect. The Condor Central area consists of the copper-gold and copper-molybdenum porphyries at Santa Barbara and El Hito. The Condor South area consists of the newly identified Nayumbi Prospect.

The Condor Project in this report refers to the Los Cuyes, Soledad, Enma and Camp deposits in the Condor North area.

The Report documents an updated Mineral Resource estimate for the Los Cuyes, Soledad, Enma and Camp Deposits following the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 and Form 43-101 F1 (the “NI 43-101 Standard”) and in conformity with the generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (the CIM)’s Definition Standards and the “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” (2019).

Property Description and Ownership

The Condor Project is located in the Province of Zamora-Chinchipe, near the Ecuador-Peru border and the southern end of the Cordillera del Condor. The Project is approximately 400 km south-southeast of Quito, 149 km east of the city of Loja, and 76 km east of the town of Zamora.

The ownership history of the Condor Project began with artisanal and small-scale miners operating in the area pre-1988. In 1988, modern exploration commenced through a joint venture between ISSFA and Prominex UK. This partnership lasted until 1991 when Prominex UK withdrew, and in 1993, TVX Gold, Inc. (TVX) and Chalupas Mining joined the venture. They remained involved until 2000, after which Goldmarca (formerly Hydromet Technologies Ltd.) formed a new joint venture with ISSFA in 2002. Goldmarca was rebranded to Ecometals Ltd. in 2007 and continued operations until the Ecuadorian government imposed a moratorium on mineral exploration from April 2008 to November 2009. In 2010, Ecometals sold its interest to Ecuador Capital, which was later renamed Ecuador Gold and Copper Corp. (EGX). Lumina Gold Corp (Lumina) acquired EGX in 2016, and in 2018, Lumina spun out Luminex Resources Corp. (Luminex), leading to the Condor Project being 90% owned by Condormining, a Luminex subsidiary, with ISSFA retaining a 10% stake. However, ISSFA has made no funding contribution to the continuing operation of the project; consequently, its share has been diluted

to 1.3% to date. In January 2024, Adventus Mining Corporation (Adventus) merged with Luminex. In July 2024, Silvercorp acquired Adventus and assumed the ownership of the Condor Project.

Accessibility, Climate, Physiography, Local Resources and Infrastructure

Access to the project is provided by paved and gravel roads. The climate in the Project area is highland tropical, with an average daily temperature ranging from 21°C to 24°C, and an average annual rainfall of approximately 2,000 mm to 3,000 mm. There is a distinct annual rainy season that typically occurs between January and June.

The city of Loja (population ~181,000) is the largest regional centre in the area of the Project and will be a major source of basic goods and services for advanced phases of exploration as well as mine construction and operation. Initial estimates indicate that the national electric grid is capable of providing all necessary power to the Project. Current infrastructure at the Condor Project consists of a fully equipped 70-man exploration camp, located at 1,456 masl directly above the Camp deposit. The camp consists of dormitories, canteen, medical clinic, administrative offices, warehouse, emergency generator, water treatment plant, septic system, diesel storage tanks and fuelling station, a meteorological station, various security installations, and a large core logging and storage facility.

Ancillary core storage, warehousing, and waste segregation/accumulation facilities are also located near the camp. The camp is connected to the national grid and has full internet and cellular telephone access. The Congüime River and numerous smaller streams and springs within the Project concessions can serve as sources of water for all anticipated mining, mineral processing, potable usage, and other Project requirements.

The Project is located in steep, high-relief terrain, near the southern end of the Cordillera del Condor. Elevations range between 960 m and 1,830 m above sea level. The Condor Project area is subject to frequent landslides and mudflows, due to the steepness of terrain, underlying geology, periodically extreme precipitation events, and the accumulated exacerbating impacts of illegal mining clearances.

History

The exploration of the Condor Project area has been extensive and spans several decades.

Despite extensive exploration efforts, the Condor Project has not yet achieved commercial mineral production. However, artisanal mining has been a significant activity in the area since the 1980s.

Geology and Mineralization

The Condor Project is located in the Cordillera del Condor in the Zamora copper-gold metallogenic belt. The Project area comprises epithermal gold-silver, porphyry copper-gold ±molybdenum, and numerous alluvial gold deposits.

The Condor Project's geology is both diverse and complex, particularly in the Condor North area. This region is characterized by distinctive low- to intermediate-sulphidation epithermal vein swarms located in the northern part. These vein swarms form a series of north-northwest-striking, narrow, high-grade gold and electrum-bearing manganoan carbonate veins, often accompanied by base metals and hosted in dacite porphyry. The Condor breccia, dyke, and dome complex is further divided into four main zones: Camp, Los Cuyes, Soledad and Enma. Gold-silver mineralization in these zones is linked with sphalerite-pyrite/marcasite veins, which typically occur within breccias, along the contacts of rhyolite dykes, and as replacements and disseminations. These veins are often disrupted by post- mineral extensional faults.

Camp:  The Camp deposit features gold and silver mineralization linked to a swarm of northwest- striking rhyolite-dacite dykes, likely originating from a larger buried rhyolite intrusion. These dykes are concentrated at the contact between a volcanic/intrusive complex and a major granodiorite intrusion. The mineralized zone, dipping steeply at 85° to the northeast, extends over 700 m along strike and is 200 m wide. Gold occurs within veins containing pyrite, marcasite, iron-rich sphalerite (marmatite), galena, ± chalcopyrite, pyrrhotite, quartz, and rhodochrosite gangue. Host rocks include altered granodiorites, breccias, flow-banded rhyolite, and phreatomagmatic breccia. The area is capped by 30 to 80 m of trachyte to rhyolitic welded tuff, with the Camp ridge bounded by the Camp Fault and Piedras Blancas Fault.

Los Cuyes:  Los Cuyes is hosted within an oval-shaped diatreme measuring 450 m northeast- southwest, 300 m northwest-southeast, and extending to at least 350 m in depth. This diatreme, resembling an inverted cone plunging approximately 50° to the southeast, consists of an outer shell of polymictic phreatomagmatic breccia and an internal fill of well-sorted rhyolitic lapilli tuffs, breccias, and volcanic sandstones. Amphibolite and quartz arenite fragments occur around its periphery, with dacite and rhyolite ring dykes intruding the steep margins. Lithological contacts, such as dykes cutting through the diatreme and its outer breccia shell, favoured vein development. The mineralization and alteration at Los Cuyes post-date all local rock types, including blocks of the Hollín Formation, indicating that the mineralization is post-Early Cretaceous.

Soledad:  The Soledad Zone features a 700-meter diameter oval-shaped rhyolite intrusion within the Zamora Batholith, surrounded by discontinuous pyritic breccias. The overall mineralization at Soledad is described as a north-south elongated wine glass-shaped body, tapering between 200 to 300 m below the surface and extending approximately 110 m northwest by 50 m northeast. Sphalerite transitions to pyrite as the dominant sulphide at around 100 m below the surface, leading to diminished gold and silver grades similar to Los Cuyes.

Enma:  Gold and silver mineralization at Enma is hosted in a west-northwest-trending rhyolitic breccia that occurs at the contact between andesite lapilli tuffs and the Zamora batholith. The deposit has dimensions of 280 m east-northeast, is approximately 20 to 75 m wide, and has a vertical extent of 350 m. Alteration mineralogy is primarily chlorite with minor quartz-sericite ± alunite-kaolinite. Gold is associated with pyrite-sphalerite-quartz and locally rhodochrosite veins. At depths greater than 200 m, gold-poor, pyrite-pyrrhotite ± chalcopyrite veins are more dominant.

Deposit Types

Camp, Los Cuyes, Soledad and Enma Deposits are consistent with low- to intermediate sulphidation epithermal mineralization. Characteristics of such deposits are:

Exploration, Quality Assurance and Quality Control

Since 1994, the Condor Project has undergone extensive drilling by various operators. The drilling campaigns of Condor Project from 1994 to 2023, totalling 538 holes with 157,312 meters, focused primarily on the Condor North Area and Condor Central Area.

No QAQC data are available for the TVX Gold, Inc. (TVX) drilling programme.

From 2004 to August 2007, the Certified Reference Materials (CRMs or standards Standards), blanks and quarter core duplicate samples were used on the Project. The QAQC procedure from July 2007 to 2011 involved inserting a blank every 6 samples, a standard after 7 samples, a duplicate after 6 samples, followed by another blank. Checks by SRK indicate that this methodology was not strictly adhered to in terms of the number of blanks and standards. From July 2007, OREAS standards and blanks were used, mine waste material was no longer used.

During the Goldmarca / Ecuador Gold and Copper Corp. (EGX) drill programs from 2012 to 2014, CRMS, blanks and quarter core duplicate sample were inserted after every 20 samples as part of the QAQC procedure.

Quality control failures for programs from 2012–2015 were addressed with programs of remedial assay analysis.

During the 2017–2018 drill program, QAQC samples are inserted after every six core samples. These include three certified standards (high, medium and low gold grades), a blank, and a coarse duplicate.

During the 2019–2021 drill program, QAQC samples are inserted with the insert rate about 2% - 4% for each type, including the certified standards, blank, coarse duplicate and fine duplicates.

The author considers that quality control measures adopted for assaying of the Condor Mineral Resource drilling have established that the assaying is representative and free of any biases or other factors that may materially impact the reliability of the analytical results. The author considers that the sample preparation, security and analytical procedures adopted for Condor drilling provide an adequate basis for the current Mineral Resource estimates.

Data Verification

SRK conducted a site inspection of the Condor Project from June 19 to 20, 2024. The inspection was led by Principal Geologist Mark Wanless (QP) from SRK Canada, Falong, Hu (Principal Mining Consultant) and Yanfang Zhao (Principal Geologist) from SRK China, who carried out a series of verification steps. These included a thorough examination of the Project area, meetings with company representatives, and discussions with geologists regarding sample collection, preparation, storage, and QAQC procedures. The team also reviewed geological interpretations, inspected outcrops, mineralization, and fault structures, and verified drillhole sealing marks. Additionally, they visually checked stratigraphy against interpreted drilling sections and visited the drill core storage facility and core catalog room to assess the company’s core storage protocols and procedures.

The QP was provided the database named CN_DH_Export_Database_8Sept2023.xlsx which covers the QAQC data for several deposits from 1994 to 2023. A review of historical QAQC data was conducted by SRK.

Based on SRK’s site visit, review of the previous and ongoing exploration datasets, communication with the Condor’s technical personnel and consideration of the mineralization characteristics of the deposit, SRK is satisfied with the quality and result of the sample preparation and assay conducted by related analytical laboratories. The analytical procedures are consistent with generally accepted industry practices and the primary sample results are therefore suitably reliable for use in Mineral Resource estimation.

Mineral Processing and Metallurgical Testing

Mineralization of Los Cuyes, Camp, Soledad (San Jose) and Enma deposits comprise gold and silver with low-level base metal sulphides of copper, lead and zinc. The recovery target metals are gold and silver as dore by gravity concentration and cyanide leach, as well as copper, lead and zinc as flotation concentrates when their contents are high enough for economic recovery.

Cyanide leaching tests were conducted on all four deposit samples, including standard whole ore cyanidation (WOCN), carbon in leach (CIL) and gravity plus concentrate intensive cyanidation and tails WOCN. The results are summarised in Table i. All the samples from four deposits are amenable to WOCN, and there is no preg-robbing effect. For a San Jose sample with 2.72 g/t gold and 26.7 g/t, grind size of 90% passing 75 µm, and leaching for 72 hours, the gold and silver extractions reached 91.6% and 82.0%, respectively. For an Enma ore sample with 0.97 g/t gold and 36.8 g/t silver, grind size of 80% passing 75 µm, and leaching for 24 hours, the gold and silver extractions reached 74.2% and 67.9%, respectively.

The bulk rougher flotation was also investigated with the bulk concentrate being cyanide leached samples of Los Cuyes, Camp and San Jose. The cyanide leached bulk concentrate was floated again to produce the silver/lead concentrate and silver/zinc concentrate. The results are shown in Table ii. Overall gold recoveries of flotation and concentrate cyanide leach were 90.2% to 91.5% for Los Cuyes and 92.6% for Camp. The flotation of the concentrate cyanide leach residues likely produced saleable lead concentrate and zinc concentrate in some cases, depending on the feed grade and flotation operating conditions. The tests obtained a saleable zinc concentrate and a silver/lead concentrate for

the Los Cuyes samples, only a saleable lead/silver concentrate for the Camp sample. The San Jose sample at Soledad has not obtained a satisfied bulk flotation result likely due to overly coarse grind size. Enma has not been tested yet on bulk flotation. The bulk flotation and then concentrate cyanide leach followed by selective flotation to produce the silver/lead concentrate and zinc concentrate is a capital cost effective flowsheet, it can comprehensively recover the residual gold and silver from the cyanide residue. However, the overall gold recovery may be somewhat compromised, and the management of process waters will be complicated, because any residual cyanide in the process water will reduce gold recovery during flotation. Optimization test work of this flowsheet should be carried out on all the deposits.

Since gold and silver in the mineralized materials are easily cyanide leachable, in order to obtain a higher gold and silver recovery, the process flowsheet of cyanidation followed by flotation of the cyanide residue has also been preliminarily tested. The overall results are summarized in Table iii. This process flowsheet can achieve higher gold and silver recoveries than the process of bulk flotation – bulk concentrate cyanidation – cyanide residue separate flotation and does not have the issue of residual cyanide in the process water on gold recovery. Although the capital cost is higher, it is recommended that the detailed cyanide residue flotation tests be carried out on all of the master composite samples (MC) from the four deposits to demonstrate whether the marketable lead and zinc concentrates can be produced and to determine overall recoveries for gold, silver, lead, zinc and copper. A trade-off study between the two process flowsheets should be conducted during the next technical study phase.

Table i:     Cyanidation Test Results Summary - Gold and Silver Extractions

Table ii:     Overall Recovery of Bulk Flotation – Concentrate Cyanidation – Residue Flotation

Table iii:     Overall Recovery of Cyanidation - Residue Flotation

Mineral Resource Estimates

Condor Project comprises several deposits, however this section only focuses on the Camp, Los Cuyes, Soledad and Enma deposits in the Condor North area, which are included in the Mineral Resources estimation.

The Mineral Resource estimation work of Condor Project was completed by SRK in 2025. The estimates are based on drilling samples information available up to 2023. The QP believes the drilling information is sufficiently reliable to interpret with confidence the boundaries for the deposits and that the assay data are sufficiently reliable to support Mineral Resource estimation. Mr Mark Wanless (Pr.Sci.Nat, FGSSA), and Ms Yanfang Zhao (MAusIMM), who are Principal Geologists from SRK have reviewed the drillhole database, geological model and the mineralisation domains generated by SVM, made some adjustment, performed the grade estimation, classified the Mineral Resources and prepared the Mineral Resource estimate using Datamine, Isatis.Neo and Leapfrog Geo and Edge.

The Qualified Person responsible for the Mineral Resources is Mr Mark Wanless, who is a full time employee of SRK Consulting (Canada) Inc. (SRK Canada) and registered with the South African Council for Natural Scientific Professionals as Pr.Sci.Nat, 400178/05, Fellow of the Geological Society of South Africa, Member of the Geostatistical Association of South Africa and a Member of the South African Institute for Mining and Metallurgy (SAIMM). Mr. Mark Wanless visited the Condor Project between the 19th and 20th of June 2024.

The Mineral Resources have been estimated in accordance with generally accepted CIM Definition Standards and are reported in accordance with the Stock Exchange listing requirements.

The Company considered future operation on Soledad and Enma using surface mining. However at Camp and Los Cuyes the Company plans underground mining due to the steep terrain conditions, relative complexity, high grade tabular mineralization, and that the surface infrastructure might best be located in Camp and/or Los Cuyes area.

The optimization parameters reflect a conventional open pit operation although the cost and revenue assumptions on Soledad and Enma used are not related to any mine plan or financial analysis, they were used only to define the reasonable prospects for eventual economic extraction (RPEEE) envelope, and the figures were derived from the current information.

For the higher-grade and thicker tabular domains at Camp and Los Cuyes, there is the opportunity of using a bulk mining method such as long hole open stoping for underground extraction. The thinner tabular domains at Camp and Los Cuyes require using more selective mining methods such as short hole shrinkage and/or cut and fill methods. The Company has extensive experience on selective mining methods and advised that they would like to consider a selective method as the primary approach. Therefore, a breakeven cut-off grade was calculated to determine the subset of the estimated blocks that can be economically exploited using shrinkage or cut and fill mining.

The commodity prices are sourced from an independent analyst, Consensus Market Forecast (CMF) for gold, silver, lead, and zinc. The projected outlook (in real USD) was issued by CMF in February 2025. The long-term prices were used for the consideration of the Reasonable Prospect for Eventual Economic Extraction (RPEEE).

Within the current mining license area, as of 31 December 2024, Mineral Resources are reported for the Condor Project, above a COG of 2.2 g/t gold equivalent for Camp and Los Cuyes which are amenable to underground extraction, and 0.6 g/t and 0.5 g/t gold equivalent for Enma and Soledad respectively which are amenable for open pit extraction.

For the open pit deposits, the Mineral Resource is constrained by a conceptual pit, designed using Whittle software. For the underground mineral Resources, SRK used a Mineable Shapes Optimiser (MSO) to outline areas of the mineralization domain that have suitable continuity and grade to sustain underground mining operations. SVM intend using a highly selective mining method (shrinkage or cut and fill) for which the MSO process is not well suited. Therefore, SRK reported the underground Mineral Resources using only a cut off value and excluding small and isolated areas which are unlikely to be practically extractable. The summary of the estimated Mineral Resources is shown in Table iv for Mineral Resources with underground mining potential, and in in Table v for Mineral Resources with open pit mining potential.

Table iv:     Underground Extraction Mineral Resource Statement for Condor Project, as of 28 February 2025

Sources: SRK 2025

Notes: Mineral resources are reported above an underground extraction economic cut off value for Camp and Los Cuyes. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.

The resource statement does not include mineralization in the Halo domain of the Los Cuyes, and its economic potential remains to be further investigated in future studies.

Underground Mineral Resources are reported at a cut-off grade of 2.2 g/t AuEq at Camp and Los Cuyes. Underground cut off grades have been determined using a gold price of USD/oz 2,200, silver price of USD/oz 27, zinc price of USD/t 2,650 and lead price of USD/t 1,950.

1 troy ounce = 31.1034768 metric grams.

Table v:     Open Pit Mineral Resource Statement for Condor Project, as of 28 February 2025

Sources: SRK 2025

Notes: Mineral resources are reported in relation to a conceptual pit shell for Soledad and Enma. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.

Open pit Mineral Resources are reported at a cut-off grade of 0.6 g/t AuEq for Enma and 0.5 g/t AuEq for Soledad. Open pit optimizations have been determined using a gold price of USD/oz 2,200, silver price of USD/oz 27, zinc price of USD/t 2,650 and lead price of USD/t 1,950.

1 troy ounce = 31.1034768 metric grams.

Interpretation and Conclusions

SVM has reviewed, re-logged, and remodelled the mineralization at the Condor Project. At the Los Cuyes and Camp deposits the updated model of mineralization has included identification of several high-grade tabular domains which are potentially amenable to extraction using underground mining methods. At Soledad, Enma and outside of the high-grade domains at Los Cuyes SVM have modelled a lower grade disseminated mineralization which has the potential for extraction using an open pit mining method.

This mineralization interpretation at Los Cuyes is a change from the previous model which only considered a disseminated mineralization style, and did not isolate the high-grade zones separately. For some domains at Los Cuyes (such as the LCW domain) the data strongly support the revised interpretation, with good continuity in the mineralization observed over the project area. While for other domains, the continuity is less clear, and the quantity of data supporting these is less, resulting in lower confidence in these interpretations. The lateral extents of some of the domains are based on wider spaced drilling which naturally carries some additional risk to the confidence in the interpretation of the domain continuity.

At Camp, the previous models relied on interpolated domain definition using indicators, and the current interpretation is supported by a more geologically rigorous interpretation using a combination of the grade and geological logs to link up intersections between drill holes into more coherent and continuous domains.

The geological interpretation at Soledad and Enma is not as well developed as that of Los Cuyes and Camp, relying on grade shells to constrain the mineralization. At Soledad, there is sufficient dense sampling in several locations to confirm the continuity of the mineralization despite the lower understanding of the mineralization controls, and SRK considers this sufficient to support an Indicated Mineral Resource classification.

For all the deposits, the metallurgical test work indicated that there are reasonable prospects for achieving the recoveries applied to the economic assessment. However, further work is required to be able to confirm the optimal processing configuration for each style of mineralization. As such, there is a risk that these recovery factors may change with additional test work and depending on the ultimate processing flow sheet that is selected if the project is developed.

Recommendations

In order to confirm the interpretation of the high-grade domains at Camp and Los Cuyes, SRK recommends that a phased exploration program should be undertaken. SVM has planned an initial two-phase exploration program of surface drilling. The initial phase plans for drilling six holes at Los Cuyes with an average length of approximately 400 m for a total of 2,470 m, and a second phase plans for drilling four holes split between Los Cuyes and Camp totalling 1,030 m.

Pending the approval of an environmental permit which is in progress at present, SVM plans to develop underground access drives to intersect the mineralization, and to provide platforms for drilling which will allow for better targeted drilling of shorter holes from the underground development. SVM has not yet developed a detailed development and drilling plant, as this is contingent on the outcomes of the initial surface drilling results and the approval of the environmental permit applications.

SRK recommends that the two mineral processes of "bulk flotation – bulk concentrate cyanidation - cyaniding residue separation flotation " and "cyanidation - cyaniding residue flotation" should be tested in detail, and the trade-off study between the two processes should be conducted according to the final test results.

The Condor Project is located in the Province of Zamora-Chinchipe, near the Ecuador-Peru border and the southern end of the Cordillera del Condor. Silvercorp took ownership of the Condor Project during 2024 through the acquisition of Adventus Mining Corporation.

As part of the advancement of the project, Silvercorp aims to update the Mineral Resource estimates, with underground mining of the Camp and Los Cuyes deposits being the primary focus, and open pit mining of the Soledad and Enma deposits.

SRK Consulting (China) (SRK CN) was previously engaged in May 2024 by Silvercorp to undertake a due diligence audit of the Adventus Mining Corporation's assets in Ecuador in relation to a possible stock exchange listing. A team of consultants from SRK CN and SRK Consulting (North America) undertook an audit including a site visit to the Condor Project during June 2024.

This technical report summarizes the technical information available on the Condor Project and demonstrates that the Condor Project clearly qualifies as an “Advanced Exploration Property”. In the opinion of the QP, this property has merit warranting additional exploration expenditures. An exploration work program is recommended comprising diamond core drilling, open pit and underground development to facilitate exploration drilling, and geological and Mineral Resource modelling.

The sources of information and data contained in the technical report include a review of all relevant information and documents provided by Silvercorp as of December 2024.

This technical report was prepared following the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 (NI 43-101) and Form 43-101F1. The Mineral Resource Statement reported herein was prepared in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.

The scope of work is focused on an update of the Mineral Resource estimates for the Camp and Cuyes deposits for which there is additional data subsequent to the June 2024 review, but to also include updates on the Soledad and Enma deposits for which there is no additional data, except for a revised geological model generated by Silvercorp. During the site visit in June 2024, it was apparent that the understanding of the geology and the controls on the mineralization has evolved since the previous Mineral Resource estimates were undertaken. SRK and Silvercorp agreed that the estimates for these deposits needed to be updated to reflect this understanding.

The detailed items for which the consultants from SRK are responsible include:

The Mineral Resource statement reported herein is a collaborative effort between Silvercorp and SRK personnel. The exploration database was compiled and maintained by Silvercorp and was audited by SRK. The geological model and outlines for the gold mineralization were constructed by Silvercorp and reviewed and in the case of Enma, modified by SRK. In the opinion of SRK, the geological model is a reasonable representation of the distribution of the targeted mineralization at the current level of sampling. The geostatistical analysis, variography, and grade models were completed by SRK during the months of January 2025 to March 2025.

The Mineral Resource Statement reported herein was prepared in conformity with the generally accepted CIM Exploration Best Practices Guidelines and CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines. This technical report was prepared following the guidelines of the Canadian Securities Administrators’ NI 43-101 and Form 43-101 F1.

This report is based on information collected by SRK consultants during a site visit in June 2024, and on additional information provided by Silvercorp throughout the course of SRK’s investigations. SRK has no reason to doubt the reliability of the information provided by Silvercorp. This technical report is based on the following sources of information:

The SRK Group comprises more than 1,700 professionals, offering expertise in a wide range of resource engineering disciplines. The independence of the SRK Group is ensured by the fact that it holds no equity in any project it investigates and that its ownership rests solely with its staff. These facts permit SRK to provide its clients with conflict-free and objective recommendations. SRK has a proven track record in undertaking independent assessments of Mineral Resources and mineral reserves, project evaluations and audits, technical reports and independent feasibility evaluations to bankable standards on behalf of exploration and mining companies, and financial institutions worldwide. Through its work with a large number of major international mining companies, the SRK Group has established a reputation for providing valuable consultancy services to the global mining industry.

To complete the scope of work detailed above, SRK appointed a team of professionals sourced from the SRK Toronto and SRK China offices under the supervision of Mr. Mark Wanless, Pr.Sci.Nat, a Principal Consultant based out of the SRK Toronto office. Ms. Bonnie Zhao is responsible for the data review, QAQC validation and descriptive sections of the technical report. Mr. Falong Hu is responsible for the mining related activities and for the calculation of the required reporting constraints such as open pit shells, and cut-off grades. Mr. Wanless takes the role as the Qualified Person for the reporting on Mineral Resources with support from Mrs. Zhao.

In accordance with NI 43-101 guidelines, Mr. Wanless, Ms. Zhao, and Mr. Hu travelled to the Condor Project in June 2024 to undertake an inspection of the project, the drill core available at the Camp site for these projects, and to review the exploration procedures, data capture and geological interpretation with the Silvercorp exploration team.

The SRK team was given full access to relevant data and conducted interviews with exploration staff to obtain the information required for technical reporting.

SRK would like to acknowledge the support and collaboration provided by Silvercorp personnel for this assignment. Their collaboration was greatly appreciated and instrumental to the success of this project.

SRK’s opinion contained herein and effective 28 February 2025 is based on information collected by SRK throughout the course of SRK’s investigations. The information in turn reflects various technical and economic conditions at the time of writing this report. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results may be significantly more or less favourable.

This report may include technical information that requires subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, SRK does not consider them to be material.

SRK is not an insider, associate or an affiliate of Silvercorp, and neither SRK nor any affiliate has acted as advisor to Silvercorp, its subsidiaries or its affiliates in connection with this project. The results of the technical review by SRK are not dependent on any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings.

SRK has not performed an independent verification of land title and tenure information as summarized in Section 3 of this report. SRK did not verify the legality of any underlying agreement(s) that may exist concerning the permits or other agreement(s) between third parties, but have relied on Flor, Bustamante, Pizarro, Hurtado Abogados, as expressed in a legal opinion provided to SVM on 26 August 2024. A copy of the title opinions is provided in Appendix A. The reliance applies solely to the legal status of the rights disclosed in Section 3.

The Condor Project is located in the Province of Zamora-Chinchipe, near the Ecuador-Peru border and the southern end of the Cordillera del Condor (Figure 3.1). The Project is approximately 400 km south- southeast of Quito, 149 km east of the city of Loja, and 76 km east of the town of Zamora. The approximate centre of the Project properties is located at 95523500 m North and 768000 m East (geographic projection: Provisional South American Datum 1956, UTM Zone 17M).

Figure 3.1:     Location of the Condor Project

The Condor Project consists of nine concessions in alphabetical order: Chinapintza, Escondida, FADGOY, FJTX, Hitobo, Santa Barbara, Viche Congüime I, Viche Congüime II, Viche Congüime III (Figure 3.2).

Figure 3.2:     Condor Concessions

The mining concessions are held under Condormining S.A, Corporación FJTX S.A, and Bestminers S.A., subsidiaries of Adventus Mining Corporation which was acquired by SVM in 2024. Adventus Mining Corporation owns 100% of Ecuador Gold Holdings Ltd., which owns 98.73% of Condormining S.A through its 100% owned subsidiary EMH S.A.. Corporación FJTX is owned by Adventus Mining Corporation through EMH S.A., which holds 99.974% of the common shares of Corporación FJTX. Bestminers S.A. is 98.73% owned by Adventus Mining Corporation through EMH S.A.

Condormining S.A. holds four mining concessions that are part of the Condor Project, namely:

Corporación FJTX S.A. holds four mining concessions also included in the Condor Project, namely:

Bestminers S.A. holds the Chinapintza concession, which was created from a division of Viche Congüime Cuerpo I in 2014. The concession is valid for ~17 years (since February 6, 2014).

Condormining previously held a joint venture agreement with Minera Guangsho Ecuador and JV Chinapintza Mining S.A. (signed November 2, 2012). This agreement was terminated on April 29, 2016, but Condormining still owns 30% of JV Chinapintza Mining S.A., which is undergoing liquidation.

Currently, the Condor Mining Project holds an active Environmental License for advanced exploration activities, formalized by the Ministry of the Environment, Water, and Ecological Transition (MAATE) through Resolution No. 267 dated April 22, 2013.

However, the Ministry of Energy and Mines (MEM), through an official administrative resolution, has categorized the mining concessions of the Cóndor project under the small-scale mining regime. This categorization provides full legal support for initiating processes related to regularization, monitoring, mining control, and environmental management based on the established mining rights.

The Mineral Resources in the Condor North area are located within the three northernmost contiguous concessions shown in Figure 3.2. According to MEM and MAATE, advanced exploration works have been conducted in these concessions since 2013 in compliance with an approved EIS (Ambienconsul, 2006), biennial environmental audits, and regularly updated PMAs.

From February 19, 2025, the environmental regularization process for a new EIS under the small-scale mining regime was initiated via the Single Environmental Information System (SUIA) for the simultaneous phases of exploration, exploitation, and beneficiation of metallic minerals within an operational area inside the concessions.

The Mining Law allows concessionaires to enter pre-negotiation agreements with the Government of Ecuador related to the development of exploitation contracts. Such discussions may commence following a formal request during the Economic Evaluation Period.

Before the construction of the mine and the commencement of mineral production, the Condor Project will be subject to the guidelines and directives required by the current Ecuadorian laws and regulations on mining and environment. Considering previous experience with projects of a similar scale in Ecuador, it is estimated that the main permitting actions will take up to 24 months to complete. These actions are summarized in the following: Change of Mining Phase, Environmental Licensing Process, Water Permits, Safety and Health Planning Actions, Electricity-Related Permits, Fuel and Explosives Permits, among others.

In Ecuador, mining concessions are granted by the Ministry of Energy and Mines (MEM) through a Mining Title. Condormining is the lawful title holder of four mining concessions. The Condormining and Corporación FJTX S.A. FJTX and Fadgoy concessions were originally granted in 2001. In 2009, the Mining Law was reformed and it provided that existing mining titles shall be substituted with new mining titles in accordance with the new provisions of the Mining Law. Therefore, in 2010, new/substituted mining titles were granted to Condormining and Corporación FJTX S.A. for these six concessions. The concession information is summarized in Table 3.1 to Table 3.3.

Table 3.1:     Condormining Concessions

Table 3.2:     Corporación FJTX S.A. Concessions

Sources: SVM provided Independent Legal Opinion – Flor, Bustamante, Pizarro, Hurtado

Table 3.3:     Bestminers S.A. Concessions

Sources: SVM provided Independent Legal Opinion – Chinapintza

The Condor Project is located along the Ecuador-Peru border in southeast Ecuador, approximately 149 km southeast of the City of Loja and 76 km east of the town of Zamora in the province of Zamora- Chinchipe (Figure 4.1). Access is provided by paved and gravel roads.

Figure 4.1:     Access to Condor Project

The climate in the Project area is highland tropical, with an average daily temperature ranging from 21°C to 24°C, and an average annual rainfall of approximately 2,000 mm to 3,000 mm. There is a distinct annual rainy season that typically occurs between January and June. A meteorological station has been fully operational at Condor Camp (at 1,456 masl) since January 2021. Relevant historical rainfall data are also available from the National Institute of Meteorology and Hydrology (Instituto Nacional de Meteorología en Hidrología (INAMHI)) stations in Yantzaza and El Pangui; however, neither station is currently operational.

The city of Loja (population ~181,000) is the largest regional centre in the area of the Project and will be a major source of basic goods and services for advanced phases of exploration as well as mine construction and operation. Loja is served by regular daily flights with Quito via Ciudad de Catamayo Airport, located 20 km to the west. Skilled labour can be retained in Loja and Zamora and towns closer to the Project; unskilled labour is typically sourced in the smaller villages nearest to the Project.

The Project is connected to Loja, Zamora (population ~14,000) and other regional centres via the national highway network).

Initial estimates indicate that the national electric grid is capable of providing all necessary power to the Project.

Current infrastructure at the Condor Project consists of a fully equipped 70-man exploration camp, located at 1,456 masl directly above the Camp deposit. The camp consists of dormitories, canteen, medical clinic, administrative offices, warehouse, emergency generator, water treatment plant, septic system, diesel storage tanks and fuelling station, a meteorological station, various security installations, and a large core logging and storage facility. Ancillary core storage, warehousing, and waste segregation/accumulation facilities are also located near the camp. The camp is connected to the national grid and has full internet and cellular telephone access.

The Congüime River and numerous smaller streams and springs within the Project concessions can serve as sources of water for all anticipated mining, mineral processing, potable usage, and other Project requirements.

The Condor Project is located in steep, high-relief terrain, near the southern end of the Cordillera del Condor. Elevations range between 960 m and 1,830 m above sea level. The Project drains into the Congüime River, which flows to the Nangaritza River, a main tributary of the Zamora River.

The Condor Project area is surrounded by secondary tropical forest (Figure 4.2), which has been heavily impacted by illegal mining and other intrusive anthropic activities for at least the last 30-40 years. The Condor Project area is subject to frequent landslides and mudflows, due to the steepness of terrain, underlying geology, periodically extreme precipitation events, and the accumulated exacerbating impacts of illegal mining clearances.

Figure 4.2:     Typical Landscape in the Condor Project

The ownership history of the Condor Project commenced with artisanal and small-scale miners operating in the area since pre-1988. In 1988, modern exploration commenced through a joint venture between ISSFA and Prominex UK. This partnership lasted until 1991 when Prominex UK withdrew, and in 1993, TVX Gold, Inc. (TVX) and Chalupas Mining joined the venture. They remained involved until 2000, after which Goldmarca (formerly Hydromet Technologies Ltd.) formed a new joint venture with ISSFA in 2002.

Goldmarca rebranded to Ecometals Ltd. in 2007 and continued operations until the Ecuadorian government imposed a moratorium on mineral exploration from April 2008 to November 2009. In 2010, Ecometals sold its interest to Ecuador Capital, which was later renamed Ecuador Gold and Copper Corp. (EGX). Lumina Gold Corp (Lumina) acquired EGX in 2016, and in 2018, Lumina spun out Luminex Resources Corp. (Luminex), making the Condor Project 90% owned by Condormining, a Luminex subsidiary, with ISSFA retaining a 10% stake. ISSFA has however not contributed any funding to the continuing operation of the project, and consequently its share has been diluted to 1.3% to date. In January 2024, Adventus Mining Corporation (Adventus) merged with Luminex.

In July 2024, Silvercorp acquired Adventus and assumed the ownership of the Condor Project.

The exploration of the Condor Project area has been extensive and spans several decades.

From 1988 to 1991, ISSFA and Prominex UK conducted regional stream sediment sampling and geological mapping. When TVX Gold, Inc. and Chalupas Mining joined in 1993, they expanded the exploration program to include soil, rock, and stream sampling, trenching, geophysical surveys, and drilling 195 holes totalling 42,101.5 m. They also completed 1,081 m of underground development at the Chinapintza veins.

After TVX and Chalupas withdrew in 2000, Goldmarca / Ecometals took over and continued with reconnaissance mapping, IP and magnetic surveys, and drilling 154 holes totalling 33,322.9 ms from 2002 to 2008.

Exploration was stopped due to a moratorium imposed from April 2008 to November 2009. Resuming in 2012, EGX focused on geological mapping, rock sampling, and diamond drilling 37 holes totalling 22,051.7 m until 2016.

Under Lumina Gold Corp from 2016 to 2018, the project saw additional mapping, sampling, and geophysical surveys, leading to the drilling of nine holes totalling 1,907.4 m.

Since 2018, Luminex Resources Corp. has continued these efforts, conducting a property-wide airborne ZTEM geophysical survey and drilling 28 holes totalling 14,801 m at the Camp deposit.

Since the early 1980s, extensive geochemical work (Table 5.1) has been conducted at the Condor Project, Stream, soil, and rock surveys have been carried out, identifying well-defined gold-copper soil anomalies at Santa Barbara and a copper-molybdenum soil anomaly at El Hito. Other areas also show anomalous gold and copper values.

As of 2018, previous operators completed 703 trenches totalling 14,650 m, mainly around the Condor breccia pipes.

From 2017 to 2018, Soil surveys were conducted at Santa Barbara, Prometedor, Camp, Wanwintza Bajo, and Wanwintza Alto by Luminex. Detailed results are available in the 2018 Technical Report.

In 2019, Luminex conducted two soil sampling grids in the Camp area, collecting 110 samples.

Since 2018, Luminex has continued property-wide sampling activities, advancing Prometedor and Nayumbi to drill-ready stages.

Table 5.1:     Geochemical Surveys of Condor Project

Sources: SRK, Summary from 2021 Condor Project PEA

Geophysical surveys (Table 5.2) have played a crucial role in identifying targets within the Condor Project, Magnetic Surveys did not yield significant useful data before 2006.

CSAMT Surveys were Conducted by previous owners, these surveys identified areas of low resistivity correlating with the sulphide-rich Chinapintza veins before 2006.

In 2006, A Pole-Dipole IP Survey with 100 m spacing on northwest-trending lines covered the Condor breccias. High-chargeability values reflecting sulphide mineralization were found only at the Enma breccia deposit. High-chargeability zones near other breccia zones remain untested.

In 2019, A helicopter-supported ZTEM survey by Geotech Ltd. covered 780-line kilometres in the Condor North area. This survey revealed several conductive zones correlating with precious-metal showings, including Prometedor and the Soledad Baja target, aligning with the Camp discovery.

Table 5.2:     Geophysical Surveys of Condor Project

Sources: SRK, Summary from 2021 Condor Project PEA

Despite extensive exploration efforts, the Condor Project has not yet achieved commercial mineral production. However, artisanal mining has been a significant activity in the area since the 1980s. Legal and illegal artisanal miners have been extracting gold from the Chinapintza veins, and this activity continues to the present day. Unfortunately, there are no official production records available for this artisanal mining, highlighting the need for more formal and regulated mining operations to fully realize the project's potential.

The Condor Project has seen several updates to its Mineral Resource estimates over the years, reflecting the evolving understanding of the area's geology and mineral potential:

From 1993 to 2000, TVX Gold, Inc. and Chalupas Mining conducted extensive exploration, including drilling 195 holes totaling 42,101.5 m. This period's exploration provided initial insights into the mineralization but did not culminate in a formal resource estimate.

Between 2002 and 2008, Goldmarca/Ecometals continued drilling, completing 154 holes totaling 33,322.9 m across various gold deposits. Their work helped delineate significant mineralized zones, although specific resource estimates from this period are not detailed in the provided history.

Ecuador Gold and Copper Corp. (EGX) conducted diamond drilling from 2012 to 2016, completing 37 holes totaling 22,051.7 m at several deposits. Their efforts contributed to a better understanding of the mineralization, leading to more refined resource estimates.

In 2015, A Preliminary Economic Assessment (PEA) was completed for the Santa Barbara Project (Short et al., 2015). This PEA included updated Mineral Resource estimates, providing a more comprehensive understanding of the project's economic potential.

Lumina Gold Corp released an updated Mineral Resource estimate in May 2018, covering four deposits: Santa Barbara, Los Cuyes, Soledad, and Enma. This estimate was further detailed in a technical report released on July 10, 2018. This update significantly advanced the project's resource understanding and laid the groundwork for further exploration and development by Lumina and later Luminex.

The mineral resources for Santa Barbara, Los Cuyes, Soledad, Enma deposits were restated in a subsequent PEA Technical Report released on July 28, 2021, using updated metal prices and other parameters. Additionally, an underground Mineral Resources estimate for Camp was also released in the PEA.

The contents of this section are mainly sourced from the Condor Project, Ecuador NI 43-101 Technical Report, Condor Project NI 43-101 Technical Report on Preliminary Economic Assessment Report in 2021 (Elfin et al, (2021)).

The Condor Project is located in the Cordillera del Condor in the Zamora copper-gold metallogenic belt. The Project area comprises epithermal gold-silver, porphyry copper-gold ±molybdenum, skarn gold-copper, and numerous alluvial gold deposits (Morrison, 2007; Williams, 2008).

The Condor Project is located in the Cordillera del Condor in the Zamora copper-gold metallogenic belt. The Project area comprises epithermal gold-silver, porphyry copper-gold ±molybdenum, and numerous alluvial gold deposits (Morrison, 2007; Williams, 2008). The Fruta del Norte and Mirador Mines, and the San Carlos-Panantza and Warintza deposits are also located within the Zamora copper-gold metallogenic belt (Drobe et al., 2013).

The geologic make-up of the Cordillera del Condor is dominated by the Middle to Late Jurassic Zamora batholith, dated between 153–169 Ma (Litherland et al., 1992; Drobe et al., 2013). Calc-alkaline, I-type batholith lithologies form components of a continent-scale remnant magmatic arc emplaced along an Andean-type continental margin. Batholith magmas intrude supra-crustal sequences of Palaeozoic to Mesozoic sedimentary and arc-related igneous and volcanic rocks. The Zamora batholith is exposed along a 200 km north-northeast trend, is over 100 km wide, and is dissected by predominantly north- south faults forming part of a laterally extensive fold and thrust belt.

The regional geology and key mineral deposits are shown in Figure 6.1.

Figure 6.1:      Regional Geological Map of Condor Project

Source: Modified from 2021 Condor Project PEA

Batholith magmas are typically composed of equigranular, medium-grained monzonites and granodiorites along with younger sub-volcanic porphyritic (plagioclase-hornblende ±quartz) intrusions, the latter spanning rare gabbroic to more commonplace andesitic to rhyolitic compositions. Porphyritic intrusions form every 15 km to 20 km along the north-northeast axis of the Zamora batholith and are commonly associated with copper and gold mineralization.

The Zamora batholith intrudes Late Triassic to Early Jurassic Santiago Formation sedimentary and volcanic rocks, locally incorporating them as faulted blocks or roof pendants. Late Jurassic Chapiza Formation sedimentary rocks and Misahuallí volcanic rocks unconformably overlie the batholith. Early Cretaceous quartz arenites of the Hollín Formation as well as sandstones, mudstones and limestones of the Napo Formation further cover portions of the eroded Jurassic volcano-sedimentary sequence and the batholith (Hedenquist, 2007; Drobe et al., 2013). This sequence is locally overlain by rhyolitic to dacitic volcanoclastic rocks of the Early Cretaceous Chinapintza Formation. Late Cretaceous felsic to intermediate stocks and dykes are aligned with regional fault structures.

North-south-trending detachment faults form the principal structural grain, precursors of which controlled the emplacement of the batholith and its subsequent uplift. A series of younger northeast-, northwest- and east-northeast-striking cross structures control the emplacement of younger intrusions.

The Condor Project encompasses a diverse and geologically complex area with at least three distinctive mineral sub-districts, each characterized by unique mineralization styles and deposits. Only the Condor North area is discussed in this report. The sub-districts highlight the geological diversity and significant exploration potential within the Condor Project, underscoring the presence of various mineral deposits and targets across the concession. A concession-scale geology map of the Condor Project is shown in Figure 6.2.

Figure 6.2:      Property Geology Map of Condor Project

Source: Modified from 2021 Condor Project PEA

Condor North Area:

The Condor Project's geology is both diverse and complex, particularly in the Condor North area. This region is characterized by distinctive low- to intermediate-sulphidation epithermal vein swarms located in the northern part. These vein swarms form a series of north-northwest-striking, narrow, high-grade gold and electrum-bearing manganoan carbonate veins, often accompanied by base metals and hosted in dacite porphyry.

Notably, the Chinapintza vein district extends along strike for 1.5 km over a zone 0.6 km wide, traversing the former Jerusalem concession and continuing into Peru. In the 1990s, TVX conducted more than 45,000 m of drilling followed by underground trial mine development to explore these veins. Although sufficient data for an accurate Mineral Resource evaluation is lacking, artisanal mining continues to exploit these veins.

Immediately south of the Chinapintza vein district lies the Condor breccia, dyke, and dome complex. This complex is hosted by Early Cretaceous rhyodacite to dacite intrusions and volcaniclastics of the Chinapintza Formation, encircled by the Zamora Batholith. Within this area, several diatreme breccias, dykes, plugs, and sub-volcanic domes are associated with these intrusions. Rhyolite dykes, in particular, play a crucial role in localizing vein mineralization. The Condor breccia, dyke, and dome complex is further divided into four main zones: Los Cuyes, Soledad, Enma, and Camp (Figure 6.3). Gold-silver mineralization in these zones is linked with sphalerite-pyrite/marcasite veins, which typically occur within breccias, along the contacts of rhyolite dykes, and as replacements and disseminations.

These veins are often disrupted by post-mineral extensional faults.

Figure 6.3:      Diagrammatic Cross-section of Los Cuyes, Soledad, and Camp

Source: Hathaway (undated)

The Condor breccia, dyke and dome complex hosts the Camp, Los Cuyes, Soledad, Enma and the Chinapintza vein deposits and the un-drilled Prometedor prospect (Figure 6.4, Prometedor lies southeast of the area shown in the figure).

Camp

The Camp deposit features gold and silver mineralization linked to a swarm of northwest-striking rhyolite-dacite dykes, likely originating from a larger buried rhyolite intrusion. These dykes are concentrated at the contact between a volcanic/intrusive complex and a major granodiorite intrusion. The mineralized zone, dipping steeply at 85° to the northeast, extends over 500 m along strike and is 80 to 130 m wide.

Gold occurs within veins containing pyrite, marcasite, iron-rich sphalerite (marmatite), galena, ± chalcopyrite, pyrrhotite, quartz, and rhodochrosite gangue. Host rocks include altered granodiorites, breccias, flow-banded rhyolite, and phreatomagmatic breccia. The area is capped by 30 to 80 m of trachyte to rhyolitic welded tuff, with the Camp ridge bounded by the Camp Fault and Piedras Blancas Fault.

Anomalous surface copper mineralization and stockwork porphyry clasts with molybdenite in the nearby Los Cuyes diatreme suggest a deeper common mineralized porphyry underlying the Condor breccia, dyke, and dome complex.

Los Cuyes

Los Cuyes is hosted within an oval-shaped diatreme measuring 450 m northeast-southwest, 300 m northwest-southeast, and extending to at least 350 m in depth. This diatreme, resembling an inverted cone plunging approximately 50° to the southeast, consists of an outer shell of polymictic phreatomagmatic breccia and an internal fill of well-sorted rhyolitic lapilli tuffs, breccias, and volcanic sandstones. Amphibolite and quartz arenite fragments occur around its periphery, with dacite and rhyolite ring dykes intruding the steep margins.

Alteration within the diatreme is primarily sericite-illite, with localized carbonate and intense phyllic alteration at the margins, indicating focused hydrothermal fluid flow. Gold and silver mineralization occurs in veins containing pyrite, sphalerite, galena, chalcopyrite, and pyrrhotite. The entire diatreme exhibits a low background level of gold, primarily in disseminated pyrite and sphalerite. The highest gold values are found in veins of massive sphalerite, pyrite, and marcasite, with minor quartz, galena, and rhodochrosite, similar to the nearby Chinapintza veins.

Lithological contacts, such as dykes cutting through the diatreme and its outer breccia shell, favoured vein development. The mineralization and alteration at Los Cuyes post-date all local rock types, including blocks of the Hollín Formation, indicating that the mineralization is post-Early Cretaceous.

Soledad

The Soledad Zone features a 700-meter diameter oval-shaped rhyolite intrusion within the Zamora Batholith, surrounded by discontinuous pyritic breccias. It includes individual mineralized zones named Soledad, San Jose, Bonanza, and Guayas. Epithermal gold-silver mineralization at Soledad resembles that of the Camp deposit, with patchy matrix replacement by sulphides, grain-scale replacement of rhyolite feldspars by sphalerite and pyrite, and irregular sphalerite veinlets. Unique to Soledad are the pyritic hydrothermal matrix breccias at the upper margins of the intrusion at San Jose and Guayas.

The overall mineralization at Soledad is described as a north-south elongated wine glass-shaped body, tapering between 200 to 300 m below the surface and extending approximately 110 m northwest by 50 m northeast. Sphalerite transitions to pyrite as the dominant sulfide at around 100 m below the surface, leading to diminished gold and silver grades similar to Los Cuyes.

Enma

Gold and silver mineralization at Enma is hosted in a west-northwest-trending rhyolitic breccia that occurs at the contact between andesite lapilli tuffs and the Zamora batholith. The deposit has dimensions of 280 m east-northeast, is approximately 20-75 m wide, and has a vertical extent of 350 m. Alteration mineralogy is primarily chlorite with minor quartz-sericite ± alunite-kaolinite. Gold is associated with pyrite-sphalerite-quartz and locally rhodochrosite veins. At depths greater than 200 m, gold-poor, pyrite-pyrrhotite ± chalcopyrite veins are more dominant.

Figure 6.4:      Condor Volcanogenic Breccia and Dome Complex

Sources: 2021 Condor Project PEA

In the Condor North area, gold and silver mineralization within the Condor breccia, dyke and dome complex, and the adjacent Chinapintza veins, as well as at the newly identified Nayumbi prospect located in the Condor South area, is consistent with low to intermediate sulphidation epithermal mineralization (Hedenquist et al., 1996). Notable examples of epithermal gold deposits include Fruta del Norte (Ecuador), McLaughlin (California), Hishikari (Japan), Waihi (New Zealand) and parts of Porgera (Papua New Guinea). The Condor Project is reported to display the characteristics of low to intermediate sulphidation epithermal deposits (as described by Sillitoe, 1993; White and Hedenquist, 1995; Leary et al., 2016).

The Camp, Los Cuyes, Soledad, and Enma prospects are consistent with low to intermediate sulphidation epithermal mineralization. Characteristics of such deposits are:

In 2024, Silvercorp took ownership of the Condor Project through the acquisition of Adventus Mining Corporation. As part of the 2024 SVM relogging program (Figure 8.1), the geology team completed the evaluation of 100 DDH, totalling 46,942 m, including 38 DDH from Camp Zone and 62 DDH from Los Cuyes. The program focused on understanding and confirming the project characteristics including lithology types, structural setup, and mineralization style.

Figure 8.1:      2024 SVM Relogging Program

Sources: SVM, 2024

Since 1994, the Condor Project has undergone extensive drilling by various operators. The drilling campaigns of Condor Project from 1994 to 2021, totalling 538 holes with 157,312 m, focused primarily on the Condor North Area and Condor Central Area.

Drilling campaigns from 2022 to Sep 2023, totalled 21,838 m, mainly distributed in Camp Condor, Los Cuyes, 4 holes in El Hito, and 7 holes in Prometedor. Figure 9.1 and Figure 9.2 display the locations of the drillholes in North and Central Area of Condor Project respectively.

Figure 9.1:      Condor North Area Drilling Location Map

Figure 9.2:      Condor Central Area Drilling Location Map

Condor Project has experienced extensive drilling by various operators during 1994 to 2018. The drilling programs summary is presented in Table 9.1.

TVX Gold, Inc. initiated drilling between 1994 and 2000, testing the Chinapintza veins (75 holes; 20,489 m), Condor breccias (97 holes; 16,128 m), Santa Barbara (19 holes; 4,296 m), and El Hito (4 holes; 1,188 m). It used worker-portable drills that produced HQ- or NQ-size core. Downhole surveys were completed, but the specific method is unknown, except at Santa Barbara where a Pajari instrument was used. Most of the collars are marked with a concrete pad.

From 2004 to 2007, Goldmarca drilled the Condor breccia pipes (124 holes; 21,612 m), followed by Ecometals in 2008, focusing on the Condor breccias (29 holes; 11,111 m) and Santa Barbara (1 hole; 600 m). All holes were drilled using HQ-size core, reducing to NQ as needed. Holes were located using a handheld Garmin GPS instrument. Downhole surveys were completed for 33 of the drill holes using a FLEXIT instrument which takes readings at 3 m or 6 m intervals. Core recoveries for holes drilled by Goldmarca and Ecometals were generally >90% (Hughes, 2008).

Between 2012 and 2014, Ecuador Gold and Copper Corp. (EGX) conducted further drilling on the Chinapintza veins (1 hole; 757 m), Los Cuyes and Soledad breccias (4 holes; 2,574 m), Santa Barbara (27 holes; 15,223 m), and El Hito (5 holes; 3,498 m). Two contractors were used for this drilling: Roman Drilling Corp. S.A. and Hubbard Perforaciones Cia., Ltda. (Hubbard); both are based in Cuenca, Ecuador. All holes were drilled using HTW-size (HQ) core, reducing to NTW (NQ) as needed. The Hubbard drills were worker-portable and similar to Hydracore 4000 rigs. Holes were located using

a handheld Garmin GPS. When a hole was completed, the hole location was marked with a cement monument displaying the hole number, azimuth and dip. A Reflex EZ-SHOT™ was used to provide downhole orientation data at 50 m intervals. Core recoveries during this period of drilling average approximately 93%.

From 2017 to 2018, Lumina used Hubbard Perforación Cia. Ltda.to complete nine HTW (HQ) drill holes (1,907 m) in the Santa Barbara area. Three targets peripheral to the main Santa Barbara mineralization were tested: Santa Barbara northwest, northeast, and southeast. A Hydracore 2000 drill was used, and the drill was moved using a small tractor. Drill holes were located using a handheld Garmin GPS. A Reflex EZ-SHOT™ was used to provide downhole orientation data at 50 m intervals. Core recoveries in holes drilled by Lumina average just over 91%.

Table 9.1:      Drilling Programs of Condor Project (Pre-2019)

Sources: SRK, Summary from 2021 Condor Project PEA

From 2019 to 2020, Luminex Resources Corp. has completed 46 holes (23,683 m) focusing on geochemical anomalies and delineation drilling at Camp and Soledad deposits, and additional holes to recover metallurgical material from Cuyes and Enma. Drilling was completed by two contractors, Kluane Drilling Ecuador S.A. and Rumi Drilling Services Ecuador (RDSEC) S.A. Each used a Hydra core 2000. All holes were collared with HQ-size (or HTW) core and reduced to NQ (or NTW) when needed. Access trails to drill pads were constructed by hand as well as using a small excavator. Rig movements were facilitated by a Bobcat and, where possible, a larger Morooka all-terrain vehicle was used.

All holes were drilled as oriented core via Reflex ACT II or III equipment with downhole surveys completed by either DeviShot TM or Reflex EZ-TRACTM XTF tools. Data from downhole surveys were collected at 30 m to 50 m intervals. Collars were initially spotted via handheld Garmin GPS and later surveyed using a total-station theodolite (Sokkia model 105) to a 5 mm accuracy.

Core recoveries average 98% for drilling conducted by Luminex.

In 2021, Luminex completed one short hole (100 m) for metallurgical samples at the Enma deposit. Drilling was completed by Rumi Drilling and under the same protocols as prevailed during the 2020 program.

The QP was provided the drillhole database CN_DH_Export_Database_8Sept2023.xlsx) as of September 8, 2023, totalling 55 holes with 21,838 m. These new holes were not included for Mineral Resource estimates as of December 31, 2021. The drilling hole summary is presented in Table 9.2.

Table 9.2:      Drilling hole Summary of Condor Project (2022-2023)

Sources: SRK, Summary from the drillhole database CN_DH_Export_Database_8Sept2023.xlsx

The exploration drilling procedure involves meticulous planning and execution to ensure accuracy and minimal environmental impact. Initially, diamond drilling using HQ and NQ diameter rods is the primary method, continuously monitored by Exploration Managers or their designees, with reverse-circulation (RC) drilling used occasionally as outlined in Lumina’s "Guidelines for Drilling and Trenching Contractors." Drilling contractors are responsible for mobilizing all necessary equipment to the site, controlling water usage and drilling mud, managing borehole progress, transporting core boxes, providing required pipes and consumables, and preventing spills of fuel and lubricants. They must also collect and transport all garbage or waste generated during the drilling process.

Contractors must construct drilling pads at specified borehole locations, taking care to separate and preserve topsoil for later reclamation. Geologists mark the positions in the field and assist drillers with

marking azimuth and dip of the planned hole. Surveyors accurately measure collar locations with elevation using Total Station or GPS equipment with centimetre-scale accuracy. Drillers complete hole deviation surveys during drilling at systematic intervals using down-hole survey equipment.

Post-drilling, contractors are responsible for reclaiming drill pads by re-grading them to original contours to blend with the surrounding ground surface. The disturbed sites are covered with reserved topsoil and revegetated with native species. Drilling mud pits are backfilled, covered with reserved topsoil, and revegetated; all geosynthetic pit liner material and any other debris from drilling operations must be properly disposed of. Any residual water in the mud pits is tested for pH and adjusted with lime to pH 5-7 before release into the environment.

Drill collars are reclaimed by pouring an approximately 0.5 m² concrete monument around the casing. The monument is inscribed with the hole number and date of the borehole. The casing stub is cut off about 0.5 m to 0.75 m above the monument surface, fitted with a PVC slip cap, and marked with reflective tape. These detailed procedures ensure precise data collection and uphold environmental stewardship throughout the exploration process.

Condor resource drilling sampling from 1994 to 1996 were sent to Bondar Clegg (now ALS Chemex) or SGS in Ecuador for preparation; analysis by SGS laboratories in Canada. In 1999 and 2020, drill samples from Santa Barbara analysed by ALS Chemex. Bondar Clegg and SGS were recognized for their high standards, holding ISO/IEC 17025 and ISO 9000 accreditations respectively.

From 2004 to 2008, The samples of Condor project were sent to ALS Chemex in Quito or Acme’s preparation lab in Cuenca. Acme Labs in Vancouver, Canada, conducted the analysis, including fire assay with ICP finish for Au and Ag, and AA for Zn, Cu, and Pb. Acme Labs, known for its reliability, held ISO 9001:2000 accreditation at the time.

Between 2012 and 2014, The samples of Condor project were transported to Acme Lab’s preparation facility in Cuenca. Analysis was performed by Acme Lab in Santiago, Chile, using fire assay techniques for gold and ICP-ES for silver and copper. Acme Labs maintained ISO 9001:2000 accreditation during this period.

During Lumina Gold Corp.’s 2017-2018 drilling program of Condor Project, samples were sent to MSALABS in Vancouver, Canada, for analysis. MSALABS conducted gold assays using fire assay techniques and ICP-MS analysis with four-acid digestion. The laboratory-maintained ISO/IEC 17025:2005 accreditation, ensuring high-quality results.

From 2019 to 2021, Luminex Resources Corp. continued with rigorous sampling procedures similar to those of Lumina. Samples were sent to ALS Laboratories in Quito for preparation. Analysis was performed by ALS Laboratories in Lima, Peru, using fire assay and ICP-MS analysis. ALS Laboratories held ISO/IEC 17025:2017 accreditation, providing assurance of the reliability of their results.

Throughout the Condor Project, rigorous sampling procedures were consistently applied to ensure the integrity and reliability of collected data.

From 1994 to 2000, drill core was cut in half using a diamond saw, with one half sent for analysis and the other half stored securely in core boxes at the project site. TVX Gold Inc. conducted continuous sampling at 1.0-m intervals for the first holes drilled on the Chinapintza veins. Subsequent holes focused on potentially mineralized core with variable lengths. For other areas such as Enma, Los Cuyes, San Jose, and Soledad Breccias, entire holes were sampled with intervals ranging from 1.0 to

2.5 m.

Between 2004 and 2007, Goldmarca, later known as Ecometals, continued the practice of sampling entire drill holes at 2.0-m intervals. The core was cut in half, with one half placed in marked sample bags and sealed, while the other half was returned to the core box and stored in a warehouse.

From 2012 to 2014, Ecuador Gold and Copper Corp. maintained a similar approach, Core was cleaned and photographed in two box sets at the core-logging facility. Core intervals were marked at intervals of 1.0, 2.0, or 2.5 m, and cut in half using a diamond saw. Half of the core was placed in labelled plastic sample bags secured with tamper-proof zip ties, with the remaining half stored securely.

In the period from 2017 to 2018, Lumina Gold Corp. followed suit, sampling core at 2-m intervals and placing half of the core in plastic bags with bar-coded sample tickets, secured with tamper-proof zip ties. The other half was stored on-site. Core was washed, and wet and dry photos were taken of the whole core at the Luminex exploration camp.

Since 2019, Luminex Resources Corp. has continued this rigorous sampling procedure, cutting core at intervals of 1 to 2 m, with half the core placed in plastic bags with bar-coded sample tickets, secured with tamper-proof zip ties, and the remaining half stored on-site at the Luminex exploration camp. Some older core from previous operators is stored near the Soledad deposit. Core was washed and photographed (Figure 10.1) in dry and wet conditions under consistent artificial light at the Luminex exploration camp.

Figure 10.1: Drill Core Photograph and Logging Areas of Condor Project

Sources: SRK site visit, 2024

The preparation and analysis of samples from the Condor Project were managed by various reputable laboratories to ensure high-quality results.

During the period from 1994 to 2000, TVX Gold Inc. sent samples to Bondar Clegg (now ALS Chemex) or SGS in Ecuador for preparation, with analysis conducted by SGS laboratories in Canada using fire assay techniques. From 1999 onwards, ALS Chemex analyzed drill samples from Santa Barbara.

Between 2004 and 2007, Goldmarca and later Ecometals prepared samples at ALS Chemex in Quito or Acme’s preparation lab in Cuenca. Analysis was conducted by Acme Labs in Vancouver, using fire assay with ICP finish for gold and silver, and AA for zinc, copper, and lead.

From 2012 to 2014, Ecuador Gold and Copper Corp. prepared samples at Acme Lab’s facility in Cuenca and sent them to Acme Lab in Santiago, Chile, for analysis. They used fire assay for gold and ICP-ES for silver and copper.

Between 2017 and 2018, Lumina Gold Corp. used MSALABS in Vancouver, Canada, for sample analysis. They conducted gold assays using fire assay techniques on a 30 g charge and 34-element ICP-MS analysis with four-acid digestion.

Since 2019, Luminex Resources Corp. has prepared samples at ALS Laboratories in Quito, with analysis conducted at ALS Laboratories in Lima, Peru. They used a 50 g charge for gold by fire assay and 34-element ICP-MS analysis.

Drill core is stored in a clean and well-maintained core shack in the Luminex exploration camp. To avoid swelling and caking, the pulp samples are stored in a sealed plastic bag in the refrigerator (Figure 10.2).

Stringent sample shipment and security measures were consistently implemented to maintain the integrity of the samples throughout the project.

From 1994 to 2000, TVX Gold Inc. ensured samples were securely shipped to SGS in Ecuador for preparation and then to Canada for analysis and the other half stored securely. Samples for ALS Chemex were sent directly to their lab.

Between 2004 and 2007, Goldmarca and Ecometals transported samples by truck to Loja and then shipped them to ALS Chemex in Quito or Acme in Cuenca. Any broken sample bags were retaken and reshipped to ensure integrity.

From 2012 to 2014, Ecuador Gold and Copper Corp. used their employees or bonded couriers to transport samples to Acme Lab’s preparation facility in Cuenca, ensuring secure handling.

In the period from 2017 to 2018, Lumina Gold Corp. shipped samples to MSALABS preparation lab in Cuenca. Secure tamper-proof tags were checked upon arrival to ensure no irregularities.

Subsequent to 2019, Luminex Resources Corp. had samples collected from their exploration camp by ALS Laboratories representatives and delivered to their preparation lab in Quito. Secure handling and tamper-proof tags ensured the integrity of the samples throughout the process.

Figure 10.2: Core Tray and Sample Storage of Condor Project

Sources: SRK Site visit, 2024

Specific gravity (SG) data are only available for the Los Cuyes and Camp areas. SG measurements are determined using the water immersion method (weight in air versus weight in water). The SG data was collected by the operators in 1994/95 (TVX), 2004-2007 (Goldmarca / Ecometals), 2012 (EGX) and 2019-2023 (Luminex).

Typically, SG measurements were conducted on samples spaced at 10 m intervals down each drill hole.

The volume and distribution of SG data are considered sufficient to support calculation of average densities per rock type in the block models at Los Cuyes and Camp.

There is no QAQC data were available for the TVX drilling programme.

From 2004 to August 2007, The Certified Reference Materials (CRMs or standards Standards), Blanks and quarter core duplicate samples were used on the Project. Some standards used mine waste material. However, due to high variability in analysis, these were no longer used.

The QAQC procedure from July 2007 to 2011 involved inserting a blank every 6 samples, a standard after 7 samples, a duplicate after 6 samples, followed by another blank. A random check indicated that this methodology was not strictly adhered to in terms of the number of blanks and standards. From July 2007, OREAS standards and blanks were used, mine waste material was no longer used.

During the EGX drill programs from 2012 to 2014, Three types of control samples were inserted after every 20 samples as part of the QAQC procedure. These include certified reference standards, from CDN Resource Laboratories Ltd. (CDN) or OREAS, a blank (OREAS), and a quarter core duplicate sample.

Quality control failures for programs from 2012–2015 were addressed with programs of remedial assay analysis.

During the 2017–2018 drill program, QAQC samples are inserted after every six core samples. These include three certified standards (high, medium and low gold grades), a blank, and a coarse duplicate.

During the 2019–2021 drill program, QAQC samples are inserted with the insert rate about 2% - 4% for each type, including the certified standards, blank, coarse duplicate and fine duplicates.

From 2022 to 2023, drill program was conducted in Camp and Los Cuyes, QAQC samples are inserted with the insert rate about 1% - 4% for each type, including the certified standards, blank, coarse duplicate and fine duplicates.

A summary of QAQC samples is provided in Table 10.1.

Table 10.1:      Condor QAQC Samples During the Period 1994 to 2023

Sources: Summary by SRK based on CN_DH_Export_Database_8Sept2023.xlsx from Adventus

Note:

The author of this report considers that quality control measures adopted for assaying of the Condor resource drilling have established that the assaying is representative and free of any biases or other factors that may materially impact the reliability of the analytical results. The author considers that the sample preparation, security and analytical procedures adopted for Condor drilling provide an adequate basis for the current Mineral Resource estimates.

The QP makes the following recommendations to improve and streamline procedures: