<SEC-DOCUMENT>0001279569-25-000860.txt : 20250808
<SEC-HEADER>0001279569-25-000860.hdr.sgml : 20250808
<ACCEPTANCE-DATETIME>20250808122159
ACCESSION NUMBER:		0001279569-25-000860
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250807
FILED AS OF DATE:		20250808
DATE AS OF CHANGE:		20250808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERCORP METALS INC
		CENTRAL INDEX KEY:			0001340677
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34184
		FILM NUMBER:		251197129

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 1750
		STREET 2:		1066 W. HASTINGS STREET
		CITY:			VANCOUVER
		NON US STATE TERRITORY:  	BRITISH COLUMBIA
		PROVINCE COUNTRY:   	A1
		ZIP:			V6E 3X1
		BUSINESS PHONE:		6046699397

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 1750
		STREET 2:		1066 W. HASTINGS STREET
		CITY:			VANCOUVER
		NON US STATE TERRITORY:  	BRITISH COLUMBIA
		PROVINCE COUNTRY:   	A1
		ZIP:			V6E 3X1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>silvercorp6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 13.5pt"><B>UNITED
STATES</B></FONT><FONT STYLE="font-size: 10pt"><BR>
</FONT><FONT STYLE="font-size: 13.5pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><FONT STYLE="font-size: 10pt"><BR>
<B>Washington, D.C. 20549</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>REPORT OF FOREIGN PRIVATE
ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>PURSUANT TO RULE 13a-16 OR
15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">For the month of August, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Commission File No. 001-34184</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 24pt"><B><U>SILVERCORP
METALS INC.<BR>
</U></B></FONT><FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Suite 1750 - 1066 West Hastings
Street<BR>
<U>Vancouver, BC Canada V6E 3X1<BR>
</U></B>(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">[Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Form 20-F [&nbsp;&nbsp; ] Form
40-F [ X ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt">Dated:
    August 7, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><B>SILVERCORP METALS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt 0.75pt 0.75pt 24.45pt"><FONT STYLE="font-size: 10pt"><U>/s/
    Jonathan Hoyles</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt 0.75pt 0.75pt 24.45pt"><FONT STYLE="font-size: 10pt">Jonathan
    Hoyles</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt 0.75pt 0.75pt 24.45pt"><FONT STYLE="font-size: 10pt">General
    Counsel and Corporate Secretary</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">EXHIBIT INDEX</P>

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    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><U>EXHIBIT</U></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>DESCRIPTION OF EXHIBIT</U></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">99.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">News
    Release - August 7, 2025 - SILVERCORP REPORTS ADJUSTED NET INCOME OF $21.0 MILLION, $0.10 PER SHARE,
AND CASH FLOW FROM OPERATING ACTIVITIES OF $48.3 MILLION FOR Q1 FISCAL 2026</A></FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 7, 2025
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>


<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

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  <TD STYLE="width: 50%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD>
  <TD STYLE="text-align: right; width: 50%; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SILVERCORP REPORTS ADJUSTED NET INCOME OF $21.0
MILLION, $0.10 PER SHARE, AND CASH FLOW FROM OPERATING ACTIVITIES OF $48.3 MILLION FOR Q1 FISCAL 2026</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Trading Symbol:&nbsp;&nbsp;TSX/NYSE AMERICAN:&nbsp;SVM</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Silvercorp Metals
Inc. (&quot;Silvercorp&quot; or the &quot;Company&quot;) (TSX: SVM) (NYSE American: SVM) reported its financial and operating results
for the three months ended June 30, 2025 (&quot;Q1 Fiscal 2026&quot;). All amounts are expressed in US dollars, and figures may not add
due to rounding.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>HIGHLIGHTS FOR Q1 FISCAL 2026</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Produced approximately 1.8 million ounces (&quot;oz&quot;) of silver, 2,050
oz of gold, or approximately 2.0 million ounces of silver equivalent<SUP>1</SUP>, 15.7 million pounds (&quot;lb&quot;) of lead and 5.2
million lb of zinc;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sold approximately 1.8 million oz of silver, 1,951 oz of gold, 15.2 million
lb of lead, and 5.2 million lb of zinc, for revenue of $81.3 million;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All-in sustaining cost (&quot;AISC&quot;) per oz of silver, net of by-product
credits, of $13.49;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net income attributable to equity shareholders of $18.1 million, or $0.08
per share;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted net income attributable to equity shareholders of $21.0 million,
or $0.10 per share, after excluding a $4.8 million charge on the fair value of derivative liabilities and warrants and other non-cash
or non-routine items;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Earnings before interest, income tax, depreciation and amortization (&quot;EBITDA&quot;)
attributable to equity shareholders of $33.8 million, or $0.15 per share;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Generated cash flow from operating activities of $48.3 million, and free cash
flow of $22.5 million;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Spent and capitalized $18.8 million on exploration, development, and equipment
and facilities for the China operations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Spent and capitalized $5.4 million for the Ecuador operations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paid cash dividends of $2.7 million to holders of the Company's common shares;
and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ended the period with cash and cash equivalents and short-term investments
of $377.1 million, an increase of $8.1 million from the previous quarter, and a portfolio of equity investments with a total market value
of $72.2 million. The Company also has a stream financing commitment of $175 million available from Wheaton Precious Metals International
Ltd. for the El Domo project construction.</FONT></TD></TR></TABLE>

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    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">____________________</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP>&nbsp; The company reports certain alternative performance (&quot;non-GAAP&quot;) measures, which include silver equivalent. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See &quot;Alternative Performance (Non-GAAP) Measures&quot; at the end of this news release for further details of these measures.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>CONSOLIDATED FINANCIAL AND OPERATING RESULTS</U></B></P>

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  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three months ended June 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial Results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Revenue (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>81,334</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,165</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mine operating earnings (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35,823</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,514</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss)&nbsp; attributable to equity holders (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18,126</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,938</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(17)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Earnings (loss) per share - basic ($/share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.08</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.12</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(33)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted earnings attributable to equity holders (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21,048</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,618</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted earning per share - basic ($/share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.12</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(17)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EBITDA attributable to equity holders (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>33,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,352</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(9)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EBITDA per share ($/share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.19</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(26)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA attributable to equity holders (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>34,978</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,032</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA per share ($/share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.16</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.19</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net cash generated from operating activities (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48,281</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,955</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash spent on capital expenditures (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(25,766)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,385)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>57&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Free cash flow (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,514</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,570</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basic weighted average shares outstanding</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>217,991,115</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">177,577,667</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Metals sold</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver (Koz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,829</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,739</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gold (oz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,951</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">998</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>95&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver equivalent (Koz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,802</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead (Klb)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,246</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,663</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc (Klb)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,189</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,484</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(20)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average Selling Price,&nbsp;Net of Value Added Tax and Smelter Charges</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver ($/oz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29.54</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.34</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gold ($/oz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,876</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,990</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>45&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead ($/lb)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.96</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.99</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc&nbsp;&nbsp;($/lb)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.96</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.01</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5)&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost Data</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash cost per ounce of silver, net of by-product credits ($)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.67)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>166&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>All-in sustaining cost per ounce of silver, net of by-product credits ($)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.49</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>37&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial Position as at</B></FONT></TD>
    <TD STYLE="text-align: right; padding: 0.75pt 2.05pt 0.75pt 3.95pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2025&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; padding: 0.75pt 2.05pt 0.75pt 3.95pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31, 2025&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash and cash equivalents and short-term investments (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>377,133</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369,056</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2&nbsp;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Working capital (in thousands of $) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>309,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">310,359</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;- &nbsp;%</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>CONSOLIDATED FINANCIAL RESULTS</U></B>&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Revenue </B>in Q1 Fiscal 2026 was $81.3 million,
up 13% compared to $72.2 million in Q1 Fiscal 2025. The increase is mainly due to 5% more silver and 95% more gold produced and sold ($5.4
million of increased revenue), coupled with increases of 12% and 45% in the selling prices for silver and gold respectively ($5.7 million
of increased revenue).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Income from mine operations </B>in Q1 Fiscal 2026
was $35.8 million, down 2% compared to $36.5 million in the three months ended June 30, 2024 (&quot;Q1 Fiscal 2025&quot;). The decrease
was mainly due to&nbsp; i) an increase of 16% in tonnes of ore processed, which led to&nbsp; an increase of $5.9 million in production
cost; and ii) an increase of $1.5 million in mineral rights royalties, which was implemented in China in the third quarter of Fiscal 2025,
partially offset by the increased revenue noted above.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Net income attributable to equity shareholders
of the Company</B>&nbsp;in Q1 Fiscal 2026 was $18.1 million or $0.08 per share, compared to net income of $21.9 million or $0.12 per share
in Q1 Fiscal 2025. The decrease in net income is mainly due to a $4.8 million charge on the fair value of the derivative liabilities related
to the convertible notes issued in November 2024. Lower earnings per share was partially due to an additional 38.8 million shares issued
upon the acquisition of Adventus Mining Corporation in July 2024.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>The adjusted net income to equity shareholders</B>&nbsp;was
$21.0 million or $0.10 per share, after excluding the charge on the fair value of derivative liabilities and other non-cash or non-routine
items, compared to $20.6 million or $0.12 per share in Q1 Fiscal 2025. Lower adjusted earnings per share was mainly due to the additional
38.8 million shares issued noted above.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Cash flow provided by operating activities</B>&nbsp;in
Q1 Fiscal 2026 was $48.3 million, up $8.3 million, compared to $40.0 million in Q1 Fiscal 2025.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Free cash flow</B>&nbsp;in Q1 Fiscal 2026 was $22.5
million, compared to $23.6&nbsp;million&nbsp;in Q1 Fiscal 2025 as the Company funded $7.6 million in expenditures to advance construction
at the El Domo Project&nbsp; and exploration at the Condor Project in Ecuador.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Cash, cash equivalents and short term investments</B>&nbsp;at
the end of the quarter was $377.1 million, up 2% or $8.1 million compared to $369.1 million as at June 30, 2025. The Company holds a further
portfolio of equity investments with a total market value of $72.2 million as at June&nbsp;30, 2025.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>CONSOLIDATED OPERATIONAL RESULTS</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In Q1 Fiscal 2026, the company produced approximately
1,827 thousand ounces (&quot;Koz&quot;) of silver, 2,050 oz of gold, or approximately 2.0 million oz of silver equivalent, 15,735 thousand
pounds (&quot;Klb&quot;) of lead and 5,229 Klb of zinc, representing increases of 6% (silver), 79% (gold), 12% (silver equivalent), and
1% (lead), and a decrease of 19% in zinc over the three months ended June 30, 2024 (&quot;Q1 Fiscal 2025&quot;).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The consolidated production cost (&quot;cash cost&quot;)
per ounce of silver, net of by-product credits, was $1.11, compared to negative $1.67 in Q1 Fiscal 2025. The increase was mainly due to
an increase of 16% in ore production, which led to in an increase of $5.9 million in production cost, while silver production increased
by only 6%, resulting in a higher cash cost per ounce of silver, partially offset by an increase of $0.9 million in by-product credits
as revenue from other metals increased. The consolidated AISC per ounce of silver, net of by-product credits, was $13.49, up 37.4%&nbsp;compared
to $9.82 in Q1 Fiscal 2025. The increase is mainly due to i) an increase of $1.0 million in general administrative expenses as a result
of the acquisition of Adventus Mining Corporation completed in July 2024; ii) an increase of $1.5 million in mineral rights royalty, implemented
in the third quarter of Fiscal 2025; and iii) the increase in cash cost per ounce of silver.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>INDIVIDUAL MINE OPERATING PERFORMANCE&nbsp;
</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ying Mining District</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q1 F2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q4 F2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q3 F2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q2 F2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q1 F2025</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March 31, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2024</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">September 30, 2024</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June 30, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ore processed (tonnes)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver-lead ore</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>252,958</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">265,199</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">255,783</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">193,423</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212,766</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gold ore</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30,397</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,912</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,075</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,476</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>283,355</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>304,224</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>277,695</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>210,498</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>221,242</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average head grades for silver-lead ore</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver (grams/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>217</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">189</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">226</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">254</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">241</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average head grades for gold-ore</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gold (grams/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver (grams/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>51</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead (5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Recovery rates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gold (%)**</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>93.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash cost ($/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>83.08</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84.90</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84.92</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92.86</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AISC ($/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>129.83</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120.62</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150.87</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146.90</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140.25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash cost, net of by-product credits ($/oz of silver)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.05</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.30)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.62</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.68)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AISC, net of by-product credits ($/oz of silver)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.05</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.05</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Metal Production</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver <I>(Koz)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,689</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,563</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,778</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,518</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,572</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gold <I>(oz)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,050</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,110</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,056</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,183</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,146</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver equivalent (Koz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,850</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,850</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,951</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,614</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,657</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead <I>(Klb)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,601</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,563</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,234</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,970</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,080</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc <I>(Klb)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,845</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,039</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,250</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,795</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,468</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>**Gold recovery only refers to the recovery rate for gold ore processed.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In Q1 Fiscal 2026, the Ying Mining District produced&nbsp;
approximately 1,689 Koz of silver,&nbsp; 2,050 oz of gold, or approximately 1,885 Koz of silver equivalent, plus 14,601 Klb of lead, and
1,845 Klb of zinc, representing production increases of 7% (silver), 79% (gold), 14% (silver equivalent), and 4% (lead), and a decrease
of 25% in zinc, compared to Q1 Fiscal 2025.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company reports a fatality involving a worker
of the mining contractor at the HZG mine of the Ying Mining District. Silvercorp extends its sincere condolences to the family of the
deceased worker.&nbsp; The contractor did not disclose the accident to the Company, which only became aware of the incident in mid-July
when the government safety production authority initiated an investigation following a whistleblower report.&nbsp; The initial investigation
revealed that the worker was killed by a rock fall while on a recruitment tour with the mining contractor.&nbsp; After the accident happened,
the mining contractor settled with the family but did not follow appropriate protocols to report it to the relevant authorities nor to
the Company. &nbsp;As a full investigation is currently underway, certain mining areas are closed, which will result in a production shortfall
estimated at up to 20-25% for the current quarter.&nbsp;Silvercorp is waiting for the final investigation report from government agents
for instruction on safety facility improvement, if any. The Company places the safety and well-being of all workers as its highest priority
and expresses its disappointment that its safety policies and protocols implemented to minimize the risk of such incidents were not followed
by the contractor.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GC Mine</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q1 F2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q4 F2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q3 F2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q2 F2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q1 F2025</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March 31, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2024</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">September 30, 2024</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June 30, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ore processed (tonnes)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74,869</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41,760</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84,115</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86,707</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86,454</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Head grades</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver (grams/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Recovery rates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>85.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash cost ($/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62.53</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77.46</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53.69</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.08</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AISC ($/tonne)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>99.93</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117.83</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75.55</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74.53</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83.42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash cost,&nbsp; net of by-product credits ($/oz of silver)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.80)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8.53)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19.14)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15.67)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12.19)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AISC, net of by-product credits ($/oz of silver)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20.02</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.05</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6.13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.62</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Metal Production</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Silver <I>(Koz)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>138</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lead <I>(Klb)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">699</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,853</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,232</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,539</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Zinc <I>(Klb)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,384</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,365</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,418</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,966</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In Q1 Fiscal 2026, metals produced at the GC Mine
were approximately&nbsp; 138 Koz of silver, 1,134 Klb of lead, and 3,384 Klb of zinc, representing decreases of 5% (silver), 26% (lead),
and 15% (zinc), compared to Q1 Fiscal 2025.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>EXPLORATION AND DEVELOPMENT</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; vertical-align: bottom; border: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capitalized expenditures</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Plant and </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">equipment</FONT></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Capital </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">expenditures</FONT></FONT></B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Expensed</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ramp, Development </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tunneling, and other</FONT></FONT></B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exploration </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tunneling</FONT></FONT></B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exploration </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Drilling</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mining </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Preparation </FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tunnels</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Drilling</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Metres)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($ Thousand)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Metres)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($ Thousand)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Metres)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($ Thousand)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($ Thousand)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($ Thousand)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Metres)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Metres)</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three months ended June 30, 2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ying Mining District</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,289</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,804</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,624</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,735</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,889</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,217</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,703</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,172</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,615</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GC Mine</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">226</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,326</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">859</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,731</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,560</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,769</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,189</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">El Domo</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,670</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,776</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Condor</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,017</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">273</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">656</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kuanping &amp; other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">262</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">78</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">498</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Consolidated</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,952</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,382</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,168</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,672</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40,637</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,342</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,797</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,194</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,941</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42,804</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Three months ended June 30, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ying Mining District</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,065</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,681</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,090</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,328</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,036</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,570</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,242</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,830</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,823</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GC Mine</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,781</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">697</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,106</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,247</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,921</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">345</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,330</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,465</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,533</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Consolidated</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,846</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,378</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,196</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,575</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,957</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,084</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,619</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,656</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,295</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,356</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Total capital expenditures in Q1 Fiscal 2026 were
$24.2 million, up 23% compared to $19.7 million in Q1 Fiscal 2025. Exploration and development continued at the Ying Mining District and
the GC Mine,&nbsp; the El Domo Mine construction progressed steadily, and the Kuanping mine construction commenced in Q1 Fiscal 2026.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>CONFERENCE CALL DETAILS </U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A conference call to discuss these results will be
held on Friday, August 8, at 9:00 am PDT (12:00 pm EDT). To participate in the conference call, please dial the numbers below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Canada/USA TF: 888-510-2154</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">International/Local Toll: 437-900-0527</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Conference ID: 43265</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Participants should dial-in 10 - 15 minutes prior
to the start time. A replay of the conference call and transcript will be available on the Company's website at <U>www.silvercorpmetals.com.</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Mr. Guoliang Ma, P.Geo., Manager of Exploration and
Resources of the Company, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects
(&quot;NI 43-101&quot;) and has reviewed and given consent to the technical information contained in this news release.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>About Silvercorp </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Silvercorp is a Canadian mining company producing
silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder
value by 1) focusing on generating free cash flow from long life mines; 2) organic growth through extensive drilling for discovery; 3)
ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information,
please visit our website at <U>www.silvercorpmetals.com</U>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>For further information<BR>
</B>Silvercorp Metals Inc.<BR>
Lon Shaver<BR>
President<BR>
Phone: (604) 669-9397<BR>
Toll Free 1(888) 224-1881<BR>
Email: investor@silvercorp.ca<BR>
Website: www.silvercorpmetals.com&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">This news release should be read in conjunction with
the Company's Management Discussion &amp; Analysis (&quot;MD&amp;A&quot;), the unaudited consolidated condensed interim financial statements
and related notes contains therein for the three months ended June 30, 2025, which have been posted on SEDAR+ under the Company's profile
at <U>www.sedarplus.ca</U>&nbsp;and on EDGAR at <U>www.sec.gov</U>,&nbsp;and are also available on the Company's website at&nbsp;<U>www.silvercorpmetals.com</U>&nbsp;under
the Investor section. This news release refers to various alternative performance (non-IFRS) measures, such as adjusted earnings and adjusted
earnings per share, EBITDA and EBITDA per share, adjusted EBITDA and adjusted EBITDA per share, free cash flow, cash cost and all-in sustaining
cost per ounce of silver, net of by-product credits, cash cost and AISC per tonne of ore processed, silver equivalent, and working capital.
The tonnage of ore production refer to wet tonne, containing approximately 2.2% to 2.75% moisture. These measures are widely used in the
mining industry as a benchmark for performance, but do not have standardized meanings under IFRS as an indicator of performance and may
differ from methods used by other companies with similar description. The detailed description and reconciliation of these alternative
performance (non-GAAP) measures have been incorporated by reference and can be found under section 12 - Alternative Performance (Non-GAAP)
Measures in the MD&amp;A for the three months ended June 30, 2025 filled on SEDAR+ at <U>www.sedarplus.ca</U>&nbsp;and EDGAR at <U>www.sec.gov</U>&nbsp;and
which is incorporated by reference here in.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">This news release includes &quot;forward-looking statements&quot;
within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &quot;forward-looking information&quot; within
the meaning of applicable securities laws relating to, among other things statements the accuracy of mineral resource and mineral reserve
estimates at the Company's material properties; estimates of the Company's revenues and capital expenditures; estimated production from
the Company's mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of
funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds
from any financing and development of the Company's properties; and construction of the Kuanping Project. By their very nature, forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Forward-looking information may in some cases be identified by words such as &quot;will&quot;, &quot;anticipates&quot;, &quot;expects&quot;,
&quot;intends&quot; and similar expressions suggesting future events or future performance.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">We caution that all forward-looking information is
inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking
information. A number of risks, uncertainties and other factors, including fluctuating commodity prices; recent market events and condition;
estimation of mineral resources, mineral reserves and mineralization and metal recovery; interpretations and assumptions of mineral resource
and mineral reserve estimates; exploration and development programs; climate change; economic factors affecting the Company; timing, estimated
amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into existing
operations; permits and licences for mining and exploration in China; title to properties; non-controlling interest shareholders; acquisition
of commercially mineable mineral rights; financing; competition; operations and political conditions; regulatory environment in China;
regulatory environment and political climate in Bolivia and Ecuador; integration and operations of Adventus; environmental risks; natural
disasters; dependence on management and key personnel; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations;
conflicts of interest; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; outcome of current
or future litigation or regulatory actions; bringing actions and enforcing judgments under U.S. securities laws; cyber-security risks;
public health crises; the Company's investment in New Pacific Metals Corp. and Tincorp Metals Inc.; and the other risk factors described
in the Company's Annual Information Form and filed with the U.S. Securities and Exchange Commission as part of the Company's Form 40-F
and other filings with Canadian and U.S. regulators on www.sedarplus.ca and www.sec.gov; could cause actual results and events to differ
materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions
to change. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that
it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee
that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information.
Any forward-looking information contained in this news release represent expectations as of the date of this news release and are subject
to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any
statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information,
future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the
cautionary statements herein.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A comprehensive discussion of other risks that impact
Silvercorp can also be found in its public reports and filings under the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at
www.sec.gov, and on the Company's website at www.silvercorp.ca.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Cautionary Note to United States Investors Concerning
Estimates of Reserves and Resources </U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Reserve and resource estimates included in this news
release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards
on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards
for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated,
all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards,
including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource
information included in this news release may not be comparable to similar information disclosed by U.S. companies.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:https://www.prnewswire.com/news-releases/silvercorp-reports-adjusted-net-income-of-21-0-million-0-10-per-share-and-cash-flow-from-operating-activities-of-48-3-million-for-q1-fiscal-2026
- 302524669.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE Silvercorp Metals Inc.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2025/07/c1581.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001340677</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: Silvercorp Metals Inc.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 17:05e 07-AUG-25</P>

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