Silvercorp Mining releases audit report… Promoting the restart of the Cusi mine in Mexico by the end of 2026

Silvercorp Metals (SICOF) has released its audited consolidated financial statements for fiscal year 2025, as well as Management’s Discussion and Analysis (MD&A) materials. Investors can use this disclosure to learn about the company’s annual performance and financial position.

The company stated that the relevant materials have been published on the Canadian electronic document analysis and retrieval system SEDAR+. This document contains a complete set of audited annual financial information as of December 31, 2025, and is the core material for reviewing Silvercorp Metals’ business status and financial flows.

Cusi Mine in Mexico, targeting restart by the end of 2026

Silvercorp Metals also announced the results of its preliminary economic assessment (PEA) for the restart of its wholly owned Cusi Mine (Coosa Mine) in Chihuahua, Mexico. The company plans to resume operations by the end of 2026 and expects to achieve full-scale expansion by mid-2027.

According to the PEA, the estimated after-tax net present value (NPV, discount rate 5%) is $104.1 million. In won, this is approximately 153.8 billion won. The internal rate of return (IRR) is 94.8%, and the payback period is about 0.9 years. These figures are based on an assumption of a silver price of $44.58 per ounce.

The initial investment cost is $19.2 million, which is converted to approximately 28.4 billion won. From 2028 to 2033, the expected average annual production (measured in silver equivalent) is about 2.47 million ounces. The total life-of-mine sustaining cost (AISC) is $26.75 per ounce of silver equivalent, with an initial estimated mine life of about 9 years.

However, the analysis suggests that the economics of this project are highly sensitive to silver prices. Silvercorp Metals’ future profitability is also very likely to be influenced to a large extent by silver price trends.

Strengthening management… and carrying out equity incentives

Silvercorp Metals also announced three senior personnel appointments as of March 23, 2026. George Paspalas was appointed as an advisor, Tara Hasan as Senior Vice President of Corporate Development, and Victoria Avila as Senior Vice President of Corporate Affairs and Finance.

At the same time, the company granted 55,000 stock options and 285,000 restricted stock units (RSUs). The exercise price of the stock options is CAD 9.02, and the term is 5 years. The RSUs have a 3-year term. All awards will vest according to a predetermined schedule and ultimately require approval from the TSX Venture Exchange.

OTCQB listing, expanding access for U.S. investors

Silvercorp Metals also announced that, effective March 18, 2026, its shares have begun trading on the U.S. over-the-counter market OTCQB under the ticker symbol “SICOF.” The company’s shares continue to be traded on the TSX Venture Exchange as usual under the “SICO” code.

The OTCQB listing is interpreted as a move aimed at improving U.S. investors’ awareness, enhancing trading accessibility, and increasing liquidity. For Silvercorp Metals, which is seeking to expand its North American investor base, this can be an opportunity to broaden its access to capital markets.

This series of announcements indicates that Silvercorp Metals is not merely making straightforward financial disclosures, but is also moving forward with the mine restart plan, management changes, and expansion of its investor base. In particular, if the Cusi Mine can be restarted as planned, it is expected to become an important turning point in assessing Silvercorp Metals’ medium- to long-term growth potential.

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