FINAL

Technical Report on Gaocheng Silver-Lead-Zinc Project in Guangdong Province, China

Gaocheng Project, Guangdong Province, People's Republic of China  Silvercorp Metals Inc.

SRK Consulting China Ltd.      §   SCN949_1GC     §   Apr. 20, 2026    §  Effective Date: Dec. 31, 2025

FINAL

Technical Report on Gaocheng Silver-Lead-Zinc Project in Guangdong Province, China

Gaocheng Project, Guangdong Province, People's Republic of China

Prepared for:

Silvercorp Metals Inc. Suite 1750 - 1066 W. Hastings Street, Vancouver, BC, Canada V6E 3X1 +1-604-669-9397 www.silvercorpmetals.com

Prepared by:

SRK Consulting China Ltd. B1301 COFCO Plaza, No. 8 Jianguomennei Dajie Dongcheng District, Beijing, China 100005 +86 10 6511 1000 www.srk.com

Reg. No. 91110101771550334A

File Name:

SCN949_GC Project_ITR31DEC25.docx

Suggested Citation:

SRK Consulting China Ltd. Technical Report on Gaocheng Silver-Lead-Zinc Project in Guangdong Province, China. FINAL. Prepared for Silvercorp Metals Inc.: Vancouver, BC. Project number: SCN949_1GC. Issued Apr. 20, 2026.

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Plant Overview 2026

Copyright © 2026

SRK Consulting China Ltd.      §   SCN949_1GC     §   Apr. 20, 2026    §  Effective Date: Dec. 31, 2025

Acknowledgments

SRK Consulting China Ltd. would like to acknowledge the support and collaboration provided by Gaocheng Mine and Sivercorp Metal Inc. personnel for this assignment, who are Guoliang Ma, P.Geo, (Geologist), Bingfei Lu (Geologist), Qiang Song (Processing), Yunqiang Huang (Finance), Winnie Wang (Finance), Baofu Mo (VP operation) and Yanlong Wang (General Manager). Their collaboration was greatly appreciated and instrumental to the success of this project.

SRK Consulting China Ltd. has prepared this document for Silvercorp Metals Inc., our client. Any use or decisions by which a third party makes of this document are the responsibility of such third parties. In no circumstance does SRK accept any consequential liability arising from commercial decisions or actions resulting from the use of this report by a third party.

The opinions expressed in this document have been based on the information available to SRK at the time of preparation. SRK has exercised all due care in reviewing information supplied by others for use on this project. While SRK has compared key supplied data with expected values, the accuracy of the results and conclusions from the review are entirely reliant on the accuracy and completeness of the supplied data. SRK does not accept responsibility for any errors or omissions in the supplied information, except to the extent that SRK was hired to verify the data.

Technical Report on Gaocheng Silver-Lead-Zinc Project in Guangdong Province, China

Contents  §  FINAL

Contents

Appendices

Useful Definitions

SRK Consulting China Limited (“Ltd.”) (“SRK”) was requested by Silvercorp Metals Inc. (“SVM” or “Silvercorp”) to prepare a Qualified Person’s Report (“QPR” or Competent Person’s Report, “CPR”)) for Gaocheng (“GC”) Silver-Lead-Zinc Project (the “GC Project”), located in Yunfu City of Guangdong Province, People’s Republic of China (the “PRC” or “China”) in compliance with the requirements of Canadian National Instrument 43-101 (the “NI 43-101”) and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) for the listing by Silvercorp Metals Inc., who indirectly owns 99% of GC Mine.

This QPR or CPR is an independent review of the GC Mine’s geology, exploration, Mineral Resources, Mineral Reserves, mining, mineral processing, capital investment, operating cost, and environmental and social aspects.

The scope of work includes the review the Mineral Resources estimates, modifying factors for Mineral Reserve conversion, operation records and mining operations of the GC Mine as of the effective date of the report, conducting site visit by the Qualified Persons, and preparation of the QPR in compliance with the NI 43-101 and the Listing Rules.

The Mineral Resource statement reported herein is a collaborative effort between GC Mine, SVM and SRK personnel.

The exploration database was compiled and maintained by GC Mine and was reviewed by SRK. The geological model and wireframes defining the mineralization were constructed by SVM in December 2025, In SRK’s opinion, the geological model is a reasonable representation of the distribution of the targeted mineralization at the current level of sampling.

The statistical analysis, block model(s) and grade estimate were constructed by SRK, between January and February 2026.

Based on the Mineral Resource estimates and model(s), the mine plan and operation practices, GC Mine converted the qualified Mineral Resources into Mineral Reserves and scheduled the productions of the mine under SRK’s review. SRK updated the technical-economic analysis to demonstrate the project economic viability for perspective operation.

GC Mine, 99% owned by SVM, in the vicinity of Gaocheng village, Gaocun Township, Yun’an District, Yunfu City, Guangdong Province, which is accessed from Guangzhou, the capital of Guangdong Province, is via a 178 kilometer (“km”), four-lane express highway to Yunfu, then a 48 km of paved road to the Project.

The poly-metallic mineralization of the GC deposits belongs to the mesothermal vein infill style of deposit, with silver, lead and zinc elements for commercial extraction.

The Mine is an operating underground mine (“UG”), with related facilities and infrastructure that are suitable and constructed for supporting the operation, and necessary regulation permits and licenses.

The GC Mine is a producing UG Mine applying decline (ramp) and shaft hybrid access method and shrinkage, resuing and overhand cut and fill mining methods, to produce plant feed ore since Q2 2014. The GC processing plant has a nominate capacity of 330 thousand tonnes per annual (“ktpa”) feed ore to produce commercial lead concentrate and zinc concentrate.

SRK has worked on the GC Mine since November 2025, conducted data verification programs and carried out quality assurance and quality control (“QA/QC”) programs on drill hole information. SRK reviewed the active database and economic and technical parameters provided by GC Mine and SVM and opined the estimation of Mineral Resources is reasonable.

The Mineral Resource statements for GC Mine are shown in Table 1.1.

Table 1.1: Mineral Resource Statement for GC Mine, as of December 31, 2025

Sources: GC Mine, SRK summarized

Notes:

The mine plan prepared by GC Mine is based on the eligible Mineral Resource, that are Measure and Indicated categories (“MI”) and generates an 18 year life of mine (“LOM”) for the GC Mine at a production rate of about 370 ktpa run of mine (“ROM”), which was converted to Mineral Reserve after considering and applying the modifying factors.

GC Mine could be scheduled for more than 25 years based on eligible Measured and Indicated categories Resources (9.32 million tonnes (“Mt”)), primarily driven by: increases or upgrades in the Mineral Resources resulting from exploration investment; reductions in cut-off grade (“COG”) due to higher metal prices; and planned development of deeper Mineral Resources. After accounting for the tailings used in backfilling, total tailings generation, and the remaining tailing storage facility (“TSF”) capacity, the mine schedule has been shortened to 18 years to match the mine’s TSF remaining capacity.

SRK is of the view that the project’s Mineral Resources present an opportunity to extend the mine life; however, a TSF expansion study or the design of a second TSF will be required at an appropriate stage.

The capital costs and operating costs provided to SRK, were matched production capacity and the current economic conditions. The economic analysis results demonstrate the economic viability of GC Mine.

Based on the SRK’s review, the key assumptions and projection using discount cash flow modelling, the GC Mine has a net present value (the “NPV”) of US Dollar (the “USD”) 101.4 million at a discount rate of 8%.

The economically mineable parts of the Measured and Indicated Mineral Resources within the designed stopes, including diluting materials and allowance for losses, were classified as Proven and Probable Mineral Reserves, respectively. The Mineral Reserve is estimated based on the reference point being the primary crusher or temporary stockpile at the crusher feed. The Mineral Reserve statement for GC Mine is shown in Table 1.2.

Table 1.2: Mineral Reserve Statement for GC Mine, as of December 31, 2025

Sources: GC Mine, SRK summarized

Notes:

The GC mine is located in the vicinity of Gaocheng Village of Gaocun Township, Yun’an District, Yunfu City, Guangdong Province, China. Altitudes in the region range from 78 to 378 meter (“m”) above sea level (“ASL”), usually 150 to 250 m ASL, with relative differences of 50 to 150 m. Vegetation is in the form of secondary forests of pine and hardwoods, bushes, and grasses. Topsoil covers most of the ground. Outcrops of bedrocks can only be observed in valleys.

The region belongs to a sub-tropical monsoon climate zone with average annual temperature of 20 – 22 degree Celsius (“°C”). Rainfall is mainly concentrated in spring and summer from March to August. Winters feature short periods of frosting. The GC Mine is able to operate year-round.

In 2008, SVM acquired 100% of the shares of Yangtze Gold Ltd. (“Yangtze Gold”), a private British Virgin Island (“BVI”) company, which in turn wholly owns Yangtze Mining Ltd. (“Yangtze Mining”).

Guangdong Found Mining Co. Ltd. (China), (“Guangdong Found”), is the designated joint venture operating company of the GC Mine. Yangtze Mining (H.K.) Ltd. (“Yangtze Mining HK”), a wholly owned subsidiary of Yangtze Mining, owns 95% of Guangdong Found.

In October 2018, Silvercorp Metals (China) Inc., a wholly owned subsidiary of SVM, acquired an additional 4% equity interest in Guangdong Found, and as a result, the SVM now beneficially owns a 99% interest in Guangdong Found, who has a 100% beneficial interest in GC Mine.

GRT Mining Investment (Beijing) Co., Ltd. is a 1% equity interest holder of Guangdong Found.

Table 1.3 summarises the status of key operational licences and permits for GC Mine. SRK has reviewed the information provided and is satisfied that the extent of the properties described in the various rights are consistent with the maps and diagrams received from GC Mine.

Table 1.3: Key Operational Licences and Permits

Notes: “Y” denotes the licence/permit is granted and has been sighted by SRK.

Prior to Yangtze Mining Ltd. acquiring the then project in 2005, illegal mining activity resulted in the excavation of several tunnels and small-scale mining of veins. In 2008, SVM acquired a 100% interest in the shares of Yangtze Gold which in turn wholly owned the entirety of Yangtze Mining.

The GC Mine was discovered in 1959 by traditional prospecting methods. From 1959 to 2007, Geophysical Survey Brigade of Guangdong Bureau of Geology and Mineral Resources and Guangdong Provincial Institute of Geological Survey (“GIGS”) conducted the exploration work on the GC Mine, and SVM started the exploration work from 2008, while detailed systematic drilling commenced in 2011 and has been on-going.

Prior to Yangtze Mining acquiring the Property, illegal mining activity resulted in the excavation of several tunnels and small-scale mining of veins; V2, V2-2, V3, V4, V5, V6, and V10. GIGS reported that a total of 1,398 m of excavation comprised of 10 adits and tunnels had been completed on the Property through the illegal activity.

Since 2008, six Mineral Resource estimates for the GC Mine have been documented by AMC Mining Consultants (Canada) Ltd. (“AMC”) following the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards.

The Project is located on the east margin of the Luoding basin, east of the Wuchuan – Sihui major fault within the north portion of the Yunkai uplift of the South China Orogenic Belt. Basement geology in the area comprises late Proterozoic Sinian sedimentary clastics and carbonate rocks; Palaeozoic (Ordovician, Silurian, Devonian, Carboniferous) sedimentary clastics and carbonate rocks; and Mesozoic (Triassic) coal-bearing clastic rocks and Cretaceous red clastic rocks. Silver (“Ag”)-lead (“Pb”)-zinc (“Zn”) polymetallic deposits occur within late Proterozoic rocks. Copper (“Cu”)-Pb-Zn, manganese (“Mn”), and gold (“Au”)-Ag deposits occur within Paleozoic rocks.

The majority of Ag-Zn-Pb mineralization is hosted by the Mesozoic granite. The granite dips south and strikes west north-west, parallel to the majority of mineralized veins on the GC property.

Ag-Pb-Zn mineralization at the GC deposit can be divided into two types: primary and oxidized. The primary mineralization is mainly composed of galena-sphalerite-silver minerals, which occur sparsely, as disseminations, veinlets, and lumps. Primary mineralization accounts for 95% of the entire Mineral Resource. Oxide mineralization occurs on and near the surface. Alteration minerals associated with the GC vein systems include quartz, sericite, pyrite, and chlorite, together with clay minerals and limonite. Silicification commonly occurs near the centre of the veins. Chlorite and sericite occur near and slightly beyond the vein margins.

The poly-metallic mineralization of the GC deposit belongs to the mesothermal vein infill style of deposit.

Various state-sponsored Chinese Geological Brigades and companies have conducted geological and exploration work in the Project area.

During 2001 and 2002, and again in 2004 and 2005, GIGS conducted general prospecting at the GC Mine area and defined some mineralized bodies and estimated Mineral Resources for the GC deposit.

From 2006 to 2007, GIGS conducted detailed prospecting at the GC Mine area, and completed a 36-hole, 11,470 m surface diamond drilling program and 1,964 cubic meter (“m³”) of trenching and surface stripping to update and upgrade the Mineral Resources of the GC deposit.

In 2008, SVM completed a surface exploration program including soil sampling, geological mapping, and trenching. After 2008, SVM continued the underground tunnelling and sampling at the Property Area.

All SVM drilling from 2008 to 2025 was conducted using NQ-sized core (47.6 mm diameter core), with all drill programs managed by SVM. Drillhole collars were surveyed using a total station, and downhole surveys were completed every 50 m using a Photographical Inclinometer manufactured by Beizheng Weiye Science and Technology Co. Ltd. (Chinese equivalent of the Sperry-Sun downhole survey tool). After the completion of drilling, surface drillhole collars were cemented closed, and the locations were marked with concrete blocks measuring 50 x 30 x 20 centimeter (“cm”). Core recoveries from SVM's drilling programs ranged from 35.66% to 100.00%, with an average recovery rate of 99.36%. A review of the relationship between grade and core recovery showed no bias.

From 2008, SVM continued the underground tunnelling and sampling at the GC Mine. Details of drill programs completed between 2008 and 2025 are presented in Section 5 of this report.

Channel sampling was conducted at 5 m intervals across mineralized vein structures in the adits, with wider spacing (15 or 25 m) in non-mineralized sections. Each channel comprised multiple chip samples taken across the mineralization and wallrocks.

All data for the GC Mine is stored within a central Microsoft Access Database, which is managed by two designated database administrators. Drillhole data is collected in Microsoft Excel software and imported into the Access database software. Underground mapping is recorded on grid paper and in Excel and then imported into Access or Micromine 3D software.

SVM has established QA/QC procedures which cover sample collection and processing at the GC Mine. These QA/QC protocols have been progressively refined since 2011. Certified Reference Materials (“CRMs”) and coarse blanks have been included with drilling samples since 2011, and with underground samples since 2014. Field duplicates have been included with drilling samples since 2012 and with underground samples since 2014. Check (umpire) samples (pulp duplicates) have been sent to a separate ‘umpire’ laboratory since 2012.

In 2018, SVM further improved their QA/QC protocols to include regular and more frequent submission of CRMs, coarse blanks, and field duplicates with drilling and underground samples. Coarse reject duplicates and pulp duplicates were also incorporated into drill sampling programs. The proportion of check samples, sent to a different laboratory was also increased. In 2019, SVM initiated real-time monitoring of QA/QC protocols.

SRK has reviewed QA/QC data collected to date. Except for a small portion of data missing, all the data collected shows reasonable analytical accuracy and precision. SRK considers the GC Mine Mineral Resource database acceptable for Mineral Resource estimation.

The database, estimation domains of GC Mine was completed by SVM Resource Geologists . Mr. Huaixiang (Hubert) Li (Member of the Australian Institute of Geoscientists, (“MAIG”)), Senior Geologist and Ms. Yanfang Zhao, Principal Geologists (MAIG), both full-time employees of SRK have reviewed the database, estimation domains and are satisfied that they comply with reasonable industry practice. SRK has generated the block models, performed the grade estimation and prepared the Mineral Resource estimate work.

The Qualified Person (“QP”) responsible for the Mineral Resources are Mr. Huaixiang Li (MAIG #8667) and Ms. Yanfang Zhao (MAIG #10796). Mr. Huaixiang Li and Ms. Yanfang Zhao, visited the GC Mine between the 28 and 29 of April 2026.

The estimates are based on drilling samples and underground samples information available up to December 2025. With respect to drilling and underground sample information available for the December 2025 Mineral Resource estimates, SRK believes the current drilling and channel sampling information is sufficiently reliable to interpret with confidence the boundaries for GC deposits and that the assay data is sufficiently reliable to support the Mineral Resource estimation.

The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated, or interpreted from specific geological evidence and knowledge, including sampling. SRK considers that the majority of the GC Mine is amenable for underground mining.

Within the current mining License area, as of December 31, 2025, the GC Mine, above a COG of 80g/ t equivalent silver grade (“AgEq”) [AgEq, considered Pb and Zn grades after applying the equivalent factors. AgEq = Ag+28.74*Pb+33.53*Zn], there are 18.28 Mt of Measured and Indicated Mineral Resources at an average grade of 65 gram per tonne (“g/t”) Ag, 0.91% Pb, 2.24% Zn; and 7.36 Mt of Inferred Mineral Resources at an average grade of 75 g/t Ag, 0.84% Pb, 1.91% Zn.

The Mineral Reserve estimation work was completed by Mr. Falong Hu, Principal Mining Engineer, Fellow of the Australasian Institute of Mining and Metallurgy (“FAusIMM”), a full-time employee of SRK, based on the review of modifying factors supplied by GC Mine and the mine plan by Mr Chengsen Lin, Mining Engineer of GC Mine,.

The modifying factors relevant to metallurgical and processing are relied on the opinions from Mr. Lanliang Niu, Principal Processing Engineer, member of the AusIMM (“MAusIMM”), a full-time employee of SRK; the modifying factors relevant to environmental permitting, and social impact are relied on the opinions from Mr. Nan Xue, Principal Environmental Scientist, MAusIMM, and full-time employee of SRK; the modifying factors relevant to costings and technical-economic analysis are relied on the opinions from Ms. TzuHsuan Chuang, Senior Mining Engineer, MAusIMM, and full-time employee of SRK. Mr Falong Hu and engineers or scientists he reliance on are satisfied that they comply with reasonable industry practice.

The QP responsible for the Mineral Reserve is Mr Falong Hu, who visited the GC Mine between the 28 and 29 of April 2026.

Within the current mining License area and mine plan scope, as of December 31, 2025, the GC Mine, by applying the Modifying Factors, the economically mineable parts of the Measured and Indicated Mineral Resources within the designed stopes, including diluting materials and allowance for losses, were classified as Proven and Probable Mineral Reserves, respectively. The ROM ore is estimated based on the reference point being the primary crusher or temporary stockpile at the crusher feed.

Above a COG of 100 g/t AgEq and 130 g/t AgEq applied to Shrinkage (including overhand cut and fill (“OCAF”)) and resuing stopes, respectively, there are 6.19 Mt of Proven and Probable Mineral Reserve at an average grade of 63g/t Ag, 0.91% Pb, 2.23% Zn. The estimated Mineral Reserves are shown in Table 1.2.

Due to the restriction of the TSFs capacity, there are still 3.13 Mt categorised as Measured and Indicated Mineral Resources are not converted to Mineral Reserves. SVM should consider expanding the current TSF or building another TSF in order to mine this part of the resources. This requires detailed design studies to be carried out.

The rock mass condition is categorized as Fair to Good, and it is anticipated that the vein and host rocks in the mine area will continue to be largely competent and require minimal ground support other than in weaker ground areas. For AMC’s preliminary geotechnical assessments, minor water inflows (less than five litres per minute locally) were assumed. SRK notes that operating experience to date indicates that the assumption of minor water inflows is reasonable.

UG mining to date has been conducted in two Phases, and designing the third Phase, which are horizontally defined by mine sections and vertically by elevations:

The mining method employed by the mine was traditionally shrinkage and resuing stoping methods, prior to 2021. Overhand cut and fill method has been introduced as the backfill plant finished construction.

The underground infrastructure, including water supply and dewatering system, hoisting system, ventilation, power supply, compressed air supply, are well constructed for the first two Phases of mining.

The mine is scheduled to operate 8 hours per shift, 3 shifts per day, 330 days per year. The nominate capacity is to be 330 ktpa ROM plant feed.

Annual ore production is forecast to increase from the current level of approximately 345 kt to about 365 kt for the period 2026–2028 and then stabilise at around 373 kt from 2029 for the remainder of the planned mine life. The key reason of production ramp up is associated with the third Phase development and more stopes employing mobile equipment. The key target of the mine plan is to achieve the planned grade, mining more efficiently and lower the cost base. The LOM schedule is summarized in Table 1.4.

Table 1.4: Summary of LOM Schedule

Source: GC Mine, summarized by SRK

Notes:

The GC Mine contains silver-lead-zinc polymetallic ore, with minor quantities of copper and tin available for comprehensive recovery. The processing test work conducted by the Hunan Research Institute for Nonferrous Metals in 2009 employed a preferential flotation process, sequentially yielding lead, zinc, and sulfur concentrates with favourable results, providing technical support for the design of the GC processing plant. An exploratory test on tin recovery from tailings was undertaken, achieving a recovery rate of 34% through gravity separation using classified shaking tables. Additionally, a copper-lead separation flotation test was performed on the lead concentrate, successfully producing copper concentrate.

The GC processing plant is designed with a processing capacity of 1,600 tonnes per day (“tpd”), and the grinding and flotation system consists of two parallel circuits. The original lead-zinc-sulphur sequential preferential flotation process was modified in 2013 to a lead preferential flotation, a zinc-sulphur mixed flotation and then zinc-sulphur separation flotation process. The actual capacity of each circuit has reached between 900 and 950 tpd. Historical production indicators are positive, with the lead concentrate averaging a lead grade of 45%, a lead recovery rate of 90%, and containing 1,500 g/t of silver with a silver recovery rate of 60%, and a zinc content of 6%. The zinc concentrate has a zinc grade of 44%, a zinc recovery rate of 89%, and contains 290 g/t of silver with a silver recovery rate of 23%. The sulphur concentrate has a sulphur grade of 45% and a sulphur recovery rate of 49%.

In 2023, the newly implemented intelligent pre-sorting system replaced the manual hand-sorting methodology, allowing for the preliminary removal of waste rock and enhancing the grade of ore fed into the mill. This advancement is particularly beneficial for the processing of low-grade ores. The system is currently undergoing continuous optimization, and it is anticipated to significantly contribute to the efficient pre-discarding of tailings, thereby yielding improved economic benefits.

The GC TSF is a dry-stacking tailings dam, located in a valley on the south side of the GC processing plant, 200 m away from the GC processing plant in a straight line. Between the GC processing plant and the TSF are the tailings dewatering station and the paste filling station. The tailings from the GC processing plant is pumped to the deep cone thickener for thickening, after which it is primarily used for the underground paste filling needs, and the remaining part is pressed and filtrated in the tailings press filter workshop, and the filter cake is transported to the TSF by the belt conveyor, which will be levelled and compacted by bulldozers and excavators. The total designed dam height of the TSF is 99.5 m (elevation of 233 m ASL), and the total storage capacity is 2,989,300 m³. At present, the tailings stacking height is 71 m (elevation of 204.5 m ASL) with the tailings stacking stock of about 1,356,000 m³ (45.4% of capacity), and the remaining storage capacity is 1,633,300m³ corresponding to a tailings stacking volume of 2,858 kt according to a tailings stacking specific gravity of 1.75t/ m³.

The GC TSF is a third-class dam with a number of displacement monitoring facilities and phreatic line monitoring systems installed to monitor the safety of the dam body and obtained the latest “Safety Production Permit” on August 31, 2023, valid until August 30, 2026. It is renewal every 3 year as the regulation requirement.

The GC Mine has obtained the main environmental protection-related permits required for operation, including the safety production permit, water use permit, and site discharge permit. An environmental impact assessment report for the project was prepared by Guangdong Heli Engineering Survey Institute in March 2020. Guangdong Province Environmental Protection Bureau issued aforementioned Environmental Impact Assessment (“EIA”) approval on 13 June 2010. The EIA report covers the main production facilities including the mine site, GC processing plant and TSF.

Some treated dewatering water is reused to supplement fresh water for underground mining operations and GC processing plant production, while the remaining portion is discharged. All processing wastewater is internally recycled and not discharged externally. The project conducts comprehensive environmental monitoring every quarter, which includes water quality monitoring, noise emission and dust emission. Additionally, surface water and groundwater monitoring are conducted annually, separately during the first and second halves of the year.

The GC Mine does not cover any nature reserves, scenic spots, or cultural relics. The general project area does not include any cultural minority groups. The project area consists mostly of secondary forest land, with a few hillsides cleared for farmland. The company actively participates in a range of social welfare and charitable initiatives, such as community development, support for vulnerable groups, educational assistance, and contributions to foundations. Moreover, it offers a variety of employment opportunities for working-age residents in the local area.

Forecasting of capital expenditure (“Capex”) and record of operating cost (“Opex”) for the last three fiscal years have been provided to SRK. The associated Capex for expansion development (deepening the mine) are estimated by GC Mine. The other sustainable Capex such as mine closure, facilities upgrades, and capital maintenance are also estimated. The summary of Capex is presented in Table 1.5.

Table 1.5: Summary of Capex for GC Mine

Sources: GC Mine, summarized by SRK

Notes: Any differences between totals and sum of components are due to rounding

GC Mine has a relative stable operation which addresses the Opex forecasting via their historic production records. The Opex is forecasted from the historical operation records of the past three years, which is USD 69.4/t. The operating costs are categorized into mining, processing, backfill, tailings and filtration, sale, general and administrative, (“S&GA”), and corporate social responsibility costs (“CSR”). Table 1.6 presented the summary of unit costs for the last three year and the weighted average parameters.

Table 1.6: Summary of Opex Historical & Forecasted for GC Mine

Sources: GC Mine, summarized by SRK

Notes: Mining and backfill costs are united by mine ROM and the others are united by plant feed.

The cash flow estimate includes only the revenue, costs, taxes, and other factors directly associated with GC Mine. The assumptions are as follows:

The technical-economic analysis was conducted using conventional Discounted Cash Flow (“DCF”) techniques. The projection for Project operation shows a positive economic prospect. At a discount rate of 8%, the NPV of the Project is USD 101.4 million. The NPVs at different discount rates were estimated by SRK through DCF model, presented in Table 1.7.

Table 1.7: Estimated NPVs at Different Discount Rate

Sources: SRK

SRK conducted a single-factor sensitivity analysis for the Project. The analysis focused on metal prices, Capex, and Opex, each tested within a ±30% range. The results showed that the Project is most sensitive to changes in metal prices. The break-even prices (NPV=0, at 8% discount rate) are around a change of -30.5% simultaneously of silver, lead and zinc, from the base scenario prices used in the model. In summary, all the three metal prices drop to about 69.5% of the forecasting prices, the Project NPV will become negative.

SRK completed a risk assessment of the risks identified for the GC Mine in relation to their likelihood of occurrence within the LOM and consequence in accordance with Guidance Note 7 to the Listing Rules.

In general, project risk decreases from exploration, development, through to the production stage. GC Mine is at production stage.

SRK considered various technical aspects which may affect the feasibility and future cash flow and conducted a qualitative risk analysis which has been summarised in Table 1.8. In this risk analysis, various risk sources/ issues have been assessed for likelihood and consequence, and then an overall risk rating has been assigned.

Table 1.8: Risk Assessment

In November 2025, SRK was requested by Yangtze Mining (H.K.) (wholly owned subsidiary company of Silvercorp Metals Inc.) to prepare an independent technical review report on GC Mine”), located in Yunfu City of Guangdong province, China. The deliverable of this project is an independent technical review report which will enable potential equity investors and possible future shareholders to review the Project’s operations.

The purpose of this Report is to provide an independent technical assessment for inclusion in a prospectus to be issued by Silvercorp Metal Inc, who is 99% owned GC Mine, to support the proposed listing on the Stock Exchange of Hong Kong Limited (“HKEX”).

SVM is a Canadian mining company producing silver, gold, lead, zinc, and other metals with a long history of profitability and growth potential. SVM operates several silver-lead-zinc mines at the Ying Mining District in Henan Province, China, the GC Mine. and the El Domo copper-gold-silver-lead-zinc project under construction in Ecuador; the Condor gold-silver-lead-zinc advanced exploration Project in Ecuador, and Chaarat gold advanced exploration Project in Kyrgyzstan. The Company’s common shares are traded on the Toronto Stock Exchange (“TSX”) and New York Stock Exchange (“NYSE”), under the symbol “SVM”.

SRK was advised that the report will be included in the listing and/or disclosure documents that the company plans to submit to the TSX, the report is in accordance with NI 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") format and CIM Standard Definition.

The scope of work, as defined in the engagement includes the preparation of an independent technical report in compliance with NI 43-101 and Form 43-101F1 guidelines. This work typically involves the assessment of the following key aspects of this project:

SRK’s scope excludes any work relating to the marketing, commodity price and exchange rate assumptions, inflation rates and financial analysis (including discount rate) adopted in the technical economic model.

The Mineral Resource statement reported herein is a collaborative effort between GC Mine and SRK personnel. The exploration database was compiled and is maintained by GC Mine and was audited by SRK.

The geological model and outlines for the silver, lead and zinc mineralization were constructed by GC Mine from a two-dimensional geological interpretation. 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 two months (December 2025 and January 2026). The Mineral Resource statement was updated to the date of December 31, 2025.

The Mineral Reserve estimate was prepared by GC Mine based on the stated Mineral Resource model and validation/consideration of the modifying factors as outlined in the engineering design for the mine and during the operation practice since 2014 to date. A technical assessment and an economic analysis were performed by SRK and indicates the GC Mine is both technically feasible and economically viable. The Mineral Reserve statement was updated to the date of December 31, 2025.

The Mineral Resource and Mineral Reserve 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 43-101F1.

The technical report was compiled in the SRK during the four months of January 2026 to April 2026.

This report is based on information collected by SRK during a site visit performed and on additional information provided by GC Mine throughout the course of SRK’s investigations. SRK has no reason to doubt the reliability of the information provided by GC Mine. Other information was obtained from the public domain. This technical report is based on the following sources of information:

The SRK Consulting Group (“SRK Consulting”) including SRK, comprises more than 1,800 professionals, offering expertise in a wide range of resource engineering disciplines. The independence of SRK Consulting 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 Consulting 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, SRK Consulting has established a reputation for providing valuable consultancy services to the global mining industry. Table 2.1 below indicates the SRK team who prepared or contributed to the independent technical review, resulting in the QPR.

Table 2.1: SRK Team Contributed to This Report

Sources: SRK

The Mineral Resource and Mineral Reserve evaluation review work and the compilation of this technical report was completed by Mr. Huaixiang Li MAIG (8667), Ms. Yanfang Zhao MAIG (10796) and Mr. Falong Hu, FAusIMM (CP) (313608). By virtue of their education, membership to a recognized professional association and relevant work experience, Huaixiang, Yanfang and Falong are independent Qualified Persons as this term is defined by NI 43-101. Falong is the project manager and the chief compiler of this report who takes overall responsibility.

Mr. Alexander (Alex) Thin, FAusIMM (CP) (227503), FIMMM (C.Eng) (47860), FSAIMM (702076), RPEQ (26347), a Corporate Consultant (Project Evaluation and Mining) with SRK, reviewed drafts of this technical report prior to their delivery to GC Mine and/or SVM as per SRK internal quality management procedures. Alex did not visit the project.

Neither SRK, nor any of the authors of this Report, has any material present or contingent interest in the outcome of this Report, nor any pecuniary or other interest that could be reasonably regarded as capable of affecting their independence or that of SRK.

SRK had prior involvement with GC Mine that is the subject of the Technical Report in 2024 and 2023. In 2024, SRK conducted the independent technical review of GC Mine then deliver the QPR in accordance with NI 43-101 format. In 2023, SRK assisted the independent valuer with SRK Australian team to review the mining method recovery method as well as environment assessment, with respect to an independent technical valuation service.

SRK has no beneficial interest in the outcome of the technical assessment capable of affecting its independence.

SRK’s estimated fee for completing this QPR is based on its normal professional daily rates plus reimbursement of incidental expenses. The fees are agreed based on the complexity of the assignment, SRK’s knowledge of the assets and availability of data. The fee payable to SRK for this engagement is estimated based on the working hours and rates of the consultants assigned to complete the project. The payment of this professional fee is not contingent upon the outcome of this Report.

In accordance with NI 43-101 guidelines, Huaixiang Li (Geology), Yanfang Zhao (Geology), Falong Hu (Mining), Langliang Niu (Processing), and Nan Xue (Environmental) visited the GC Mine from April 28 to 29, 2026 accompanied by Guoliang Ma P.Geo of SVM.

The purpose of the site visit was to review the digitalization of the exploration database and validation procedures, review exploration procedures, define geological modelling procedures, examine drill core, interview project personnel, and collect all relevant information for the preparation of a revised Mineral Resource model and the compilation of a technical report. During the site visit, particular attention was given to the treatment and validation of historical drilling data.

The site visits also aimed at investigating the geological and structural controls on the distribution of the mineralization, also aimed at investigating the infrastructure of the mine constructed and the operation performed by the management.

SRK was given full access to relevant data and conducted interviews with GC Mine personnel to obtain information on the past exploration work, to understand procedures used to collect, record, store and analyse historical and current exploration data, as well the operation data and costing data.

The conclusions expressed in this report are appropriate as of December 31, 2025. The report and associated technical-economic analysis are only appropriate for this date and may change in time in response to variations in economic, market, legal or political factors, in addition to ongoing exploration results.

Based on the information provided by GC Mine, there are no events that have occurred since the Effective Date that are likely to have a material impact on the Mineral Resource and Mineral Reserve statements for GC Mine, at the date of publication of this QPR.

All monetary values outlined in this assessment are expressed in United States Dollars (“US$ or USD”), unless otherwise stated.

Quantities are generally stated in Système international d’unités (“SI”) metrics units, the standard Canadian and international practices, including metric tonne (“tonne”, “t”) for weight, and kilometre (“km”) or metre (“m”) for distances.

Fiscal year (“FY”) is stated in the report which start from the Q2 of last year till Q1 of this year. For example, FY2024 is from the 1 April 2023 to 31 March 2024.

SRK’s opinion contained herein is based on information provided to SRK by GC Mine throughout the course of SRK’s investigations as described in this QPR, which in turn reflects various technical and economic conditions at the time of writing. Such information as provided by GC Mine was taken in good faith by SRK.

This report includes technical information, which requires subsequent calculations to derive subtotals, totals, averages and weighted averages. Such calculations may involve a degree of rounding. Where such rounding occurs, SRK does not consider them to be material.

SRK has not been engaged to comment on any legal matters.

SRK notes that it is not qualified to make legal representations as to the ownership and legal standing of the mineral tenements that are the subject of this review. SRK has not attempted to confirm the legal status of the tenements with respect to joint venture agreements, local heritage or potential environmental or land access restrictions.

SRK consents to this Report being included, in full, in SVM’s offer document in connection with the HKEX listing and SVM’s documents in the form and context in which the technical assessment is provided, and not for any other purpose. SRK provides this consent on the basis that the technical assessment expressed in the Summary and in the individual sections of this Report is considered with, and not independently of, the information set out in the complete report.

In preparing this technical report, SRK has relied upon input from GC Mine. Standard professional review procedures were also used by SRK in preparation of this report.

SRK trusts the information from GC Mine regarding mine ownership, legal and financial liability. SRK did not carry out independent verification of the information regarding licenses and permits of the Project as summarized in Section 4 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 has relied on the GC Mine. A copy of the original mining license is provided in Appendix A. The reliance applies solely to the legal status of the rights disclosed in Section 4.1.

SRK was informed by GC Mine that there are no known litigations potentially affecting the GC Mine.

GC Mine provided the digital database used for geological modelling, and the geological and grade block models which was updated to date by SRK. SRK verified this database and reviewed the previous estimation. It is SRK’s opinion that the database used for the Mineral Resource estimation has been validated and was collected and built in a professional manner.

The topography used in estimating the Mineral Resource statement in this report relies on the topographic survey map from the geological report prepared by GC Mine. SRK trusts the results of this survey. SRK also relied on the geological reports approved by related governmental authorities which were compiled by various Chinese geological brigades.

SVM is the sole shareholder of Fortune Mining Limited (“Fortune”) which was incorporated under the laws of BVI on August 23, 2002, to be the holding company of several other subsidiaries which are parties to agreements relating to mineral properties in China. Fortune owns 100% of Yangtze Mining, which was incorporated on February 11, 2002, under the laws of the BVI. It holds a 100% equity interest in Yangtze Mining HK.

Yangtze Mining HK holds a 95% equity interest in Guangdong Found Mining Co. Ltd. (“Guangdong Found”), a company incorporated on October 26, 2008, under the laws of the PRC, that holds a 100% interest in the silver-lead-zinc exploration Project in Gaocheng, in Guangdong Province.

In October 2018, Silvercorp Metals (China) Inc., a wholly owned subsidiary of the SVM, acquired an additional 4% equity interest in Guangdong Found, and as a result, the Company now beneficially owns a 99% interest in Guangdong Found.

GRT Mining Investment (Beijing) Co., Ltd. is a 1% equity interest holder of Guangdong Found.

The boundaries of the mining permit were surveyed, and the boundary markers were staked in the ground by the Bureau of Land and Resources of Guangdong Province before issuing the mining permit to Guangdong Found in 2010.

On June 14, 2010, SVM announced that it had been issued an Environmental Permit for the Project from the Department of Environmental Protection of Guangdong Province, an essential document required for a mining permit application.

A Mining Permit was issued to Anhui Yangtze by the Ministry of Land and Resources of China on November 24, 2010. The permit is valid for 30 years to November 24, 2040, covers the entire 5.5238 square kilometers (“km²”) area of the GC Mine and permits mining from 315 ASL to minus 530 ASL. The permit was issued on the terms applied for and allows for the operation of an underground mine to produce silver, lead, and zinc. In June 2012, Anhui Yangtze transferred the mining permit to Guangdong Found, and a new mining permit was issued to Guangdong Found by the Ministry of Land and Resources of China on June 6, 2012.

SRK relies on the information provided by GC Mine, and SRK did not conduct a legal due diligence review of the Project since such work is outside the scope of SRK’s technical review. Mining Permit Corner Points of the Property are as shown below in Table 4.1.

Table 4.1: Mining Permit Corner Points of Property

Sources: The Copy of Mining Permit of GC Mine

The grid system used for the GC Mine is the Xi’an Geodetic Coordinate System 1980. Altitude is referred to the Yellow Sea 1956 Elevation System. The project survey control points were generated from three nearby national survey control points. Details of the mining permit for the Project are presented in Table 4.2.

Table 4.2: Information of Mining Permit for GC Mine

Sources: The Copy of Mining Permit of GC Mine

Apart from the mining permit, other operational permits are required for the GC Mine according to the relevant Chinese laws and regulations. These operational permits include:

The Property is located in the vicinity of Gaocheng village, Gaocun Township, Yun’an District, Yunfu City, Guangdong Province, People’s Republic of China (Figure 4.1).

Figure 4.1: General Location Map of the Project

Sources: GC Mine

Environmental liabilities associated with the project operation are mainly from underground mining, waste rock dumps, processing plant, TSF and other auxiliary facilities. The significant inherent environmental risks for the project consist of environmental approvals, water management and tailings management. Additional details on environmental approvals, water management and tailings/ TSF management are provided in Sections 20 of this QPR.

Based on the information provided by and discussions with GC Mine, the Mine has the following tax obligations.

Corporate Income Tax: In China the normal corporate income tax (“CIT”) is 25% of the taxable income. GC Mine has advised SRK that as a Hi-New Tech. enterprise, the subsidiary entities operating the GC Mine are subject to an enterprise income tax rate of 15% of taxable income for three years term, which is renewable. The last renewed one is issued on November 19, 2024.

Resource Tax:

Value Added Tax (“VAT”) (received):

Surtax/Surcharge:

The GC mine is located in the vicinity of Gaocheng Village of Gaocun Township, Yun’an District, Yunfu City, Guangdong Province, China. Altitudes in the region range from 78 to 378 m ASL, usually 150 to 250 m ASL, with relative differences of 50 to 150 m. Vegetation is in the form of secondary forests of pine and hardwoods, bushes, and grasses. Topsoil covers most of the ground. Outcrops of bedrocks can only be observed in valleys.

The mine is located west of the metropolitan city of Guangzhou, the capital of Guangdong Province. Guangzhou is located about 120 km north-west of Hong Kong and has a population of about 14 million people. It is serviced by rail and daily flights from many of China’s larger population centres. Access to the mine from Guangzhou is via 178 km of four-lane express highway to Yunfu, then 48 km of paved road to the GC Mine site. A railway connection from Guangzhou to Yunfu is also available.

The region belongs to a sub-tropical monsoon climate zone with average annual temperature of 20 – 22°C. Rainfall is mainly concentrated in spring and summer from March to August. Winters feature short periods of frosting. The GC Mine is able to operate year-round.

Streams are well developed in the district, with the Hashui Creek flowing in the Gaocheng mine area. There is a reservoir upstream of the mine. Small hydropower stations are developed in the region that are connected to the provincial electrical grid. There is a 10 kilovolts (“kV”) power line that crosses through the GC Mine area.

A power supply system consisting of a 5.8 km power line, a 110 kV substation, and a 10 kV safety backup-circuit was completed in 2013. This system has sufficient capacity to support the current production and any envisaged future production expansion.

The economy of Yun’an District mainly relies upon agriculture and some small township industrial enterprises. Labor is locally available, and technical personnel are available in Yunfu and nearby cities. The Gaocheng village is located within the Gaocheng mine area.

Prior to Yangtze Mining acquiring the project area in 2005, illegal mining activity resulted in the excavation of several adits/ tunnels and small-scale mining of veins.

In 2008, SVM acquired a 100% interest in the shares of Yangtze Gold which in turn wholly owned the entirety of Yangtze Mining HK, who owns a 95% equity interest in GC Mine. In October 2018, Silvercorp Metals (China) Inc., a wholly owned subsidiary of SVM, acquired an additional 4% equity interest in Guangdong Found, and as a result, SVM now beneficially owns a 99% interest in Guangdong Found, who is the owner of GC Mine.

The GC Mine was discovered in 1959 by traditional prospecting methods. Follow-up exploration in the region has included soil surveying, hydrogeological survey, geological mapping, rock chip sampling and diamond drilling.

All exploration work on the GC Mine from 1959 to 2007 was completed by Geophysical Survey Brigade of Guangdong Bureau of Geology and Mineral Resources and GIGS.

SVM completed its first phase of exploration work in 2008, Based on the soil geochemical and surface mapping, SVM conducted trenching, pitting, and drilling programs on the GC Property. The program exposed additional mineralized veins. Detailed systematic drilling commenced on the GC Property in 2011 and has been ongoing.

Prior to Yangtze Mining acquiring the GC Property, illegal mining activity resulted in the excavation of several adits/ tunnels and small-scale mining of veins; V2, V2-2, V3, V4, V5, V6, and V10. GIGS reported that a total of 1,398 m of excavation comprising 10 adits/ tunnels had been completed on the GC Property through the illegal activity.

In 2002, GIGS developed 66 m of tunnel to crosscut veins V5 and V5-1. GIGS sampled and mapped adits ML1 to ML5, ML6, ML7, ML9, and PD12.

Yangtze Mining, after its purchase of the GC Property in 2005, mapped and sampled the accessible tunnels ML5 and ML8. Tunnel ML5 had exposure to vein V10 and tunnel ML8 had exposure to vein V2-2. Assay results of tunnel samples were used in Mineral Resource estimation. Table 6.1 details the underground workings and work completed at this time. However, there are no detailed reconciliation data available for any of the mineralization extracted.

Table 6.1: Details of Historical Underground Workings

Sources: 2021 AMC report

During 2001 and 2002, and again in 2004 and 2005, GIGS conducted general prospecting and prepared a Mineral Resource estimate for the GC Mine, using the old Chinese classification standard system for mineral resources/ reserves, which differs from the CIM Definition Standards.

Since 2008, seven Mineral Resource estimates for the GC Mine have been documented, details are summarized in Table 6.2.

Table 6.2: Historical Mineral Resource Estimates

The contents of this section are mainly sourced from the 2008 SRK Technical Report and the technical report prepared by AMC in 2020 and 2021.

The GC Property is located on the east margin of the Luoding basin, east of the Wuchuan – Sihui major fault within the north portion of the Yunkai uplift of the South China Orogenic Belt (Figure 7.1). Northeast striking structures and arc structures form the basic geological framework of the region. Deposits on the Property occur at the intersection of a north-easterly striking fault zone and a near east westerly striking fault zone.

Figure 7.1: Tectonic Geology Map of Southern China

Sources: 2021 AMC report

Basement geology in the area comprises late Proterozoic Sinian sedimentary clastic and carbonate rocks; Palaeozoic (Ordovician, Silurian, Devonian, Carboniferous) sedimentary clastic and carbonate rocks; and Mesozoic (Triassic) coal-bearing clastic rocks and Cretaceous red clastic rocks. Ag-Pb-Zn poly-metallic deposits occur within late Proterozoic rocks. Cu-Pb-Zn, Mn, and Au-Ag deposits occur within Palaeozoic rocks.

Three prominent sets of structures occur within the region:

Palaeozoic granite batholiths and Mesozoic granite stocks and dykes occur commonly within the arc/ ring structure. These intrusions are closely related with Pb-Zn-Ag poly-metallic mineralization in the region. The Regional geological map is shown in Figure 7.2.

Figure 7.2: Regional Geological Map

Sources: 2021 AMC report

The GC Mine is located at the intersection between the Wuchuan-Sihui Deep Fault zone and Daganshan Arc-ring structural zone.

Basement rocks within the Property encompass quartz sandstone, meta-carbonaceous siltstone, carbonaceous phyllite, calcareous quartzite, and argillaceous limestone of the Sinian Daganshan Formation; quartz sandstone and shale of the Triassic Xiaoyunwushan Formation, and sandy conglomerate and conglomerate of the Cretaceous Luoding Formation. These rocks are intruded by Palaeozoic medium-grained biotite granite, and Mesozoic fine- to medium-grained adamellite, brownish, fine-grained, biotite mylonite, granite porphyry, quartz porphyry, diabase, and aplite. The Mesozoic intrusive rocks intruded along the south and south-west contacts of the Palaeozoic granites. The majority of Ag-Zn-Pb mineralization is hosted by the Mesozoic granite. The granite dips south and strikes approximately west north-west, parallel to many of the mineralized veins on the Property. The Property geological map is shown in Figure 7.3.

Figure 7.3: GC Property Geology Map

Sources: 2021 AMC report, modified by SRK in 2026

The Project area is located in the southwest part of the Daganshan uplift, characterized by several fault zones, including the west-northwest (“WNW”) and east-west (“EW”) striking Gaocheng Fault zone, the northeast (“NE”) striking Baimei Fault zone, and the Songgui Fault zone.

Mineralization at GC is primarily hosted within a WNW-east-northeast (“ENE”) trending fault zone that is 4.8 km long and 2 km wide. This zone contains numerous veins with the more common WNW veins generally striking between 90° and 150° and dipping between 55° to sub-vertical to the south (“S”) and southwest (“SW”). The average thickness of these WNW-ENE veins is 0.76 m.

EW striking veins generally strike between 50° and 130° and dip between 65° and sub-vertical to the southeast (“SE”) and south-southwest (“SSW”). The average thickness of these veins is 0.77 m.

NE-striking faults cut through the WNW-striking structures with no or minor displacement. Mineralized veins in this trend are sub-parallel to the major NE striking faults F25 and F27, generally striking between 10° and 80° and dipping between 60° and 75° to the SE. The average thickness of these veins is 0.76 m.

Figure 7.4 shows the distribution of mineralized veins and the fault zones.

Figure 7.4: The Distribution of Mineralized Veins and Fault Zones (Level -100 m)

Sources: SRK,2026

The Ag-Zn-Pb mineralization at the GC deposit can be categorized into primary and oxidized types. Primary mineralization, which constitutes 95% of the total Mineral Resource, is mainly composed of galena, sphalerite, and silver minerals, appearing sparsely, as disseminations, veinlets, and lumps. Oxide mineralization occurs near the surface, primarily within fault-breccia zones that are oxidized down to about 40 m. These veins display open space and boxwork lattice textures due to sulphide mineral oxidation, with secondary minerals like kaolinite, hematite, and limonite present.

Pyrite is the dominant sulphide mineral, making up a few percent to 13% of the veins. Other minerals include sphalerite, galena, pyrrhotite, arsenopyrite, magnetite, and trace amounts of chalcopyrite and cassiterite. Metallic minerals, found in smaller quantities, include argentite, native silver, bornite, wolframite, scheelite, and antimonite. These occur in narrow bands, veinlets, or as disseminations within the gangue, which consists of chlorite, quartz, fluorite, feldspar, mica, hornblende, and minor or trace amounts of kaolinite, tremolite, actinolite, chalcedony, garnet, zoisite, apatite, and tourmaline.

Alteration minerals associated with the GC deposit veins (Figure 7.5) include quartz, sericite, pyrite, chlorite, clay minerals, and limonite. Silicification is common near the centre of the veins, while chlorite and sericite are found near and slightly beyond the vein margins. Quartz, pyrite, fluorite, and chlorite are closely related to the mineralization.