# SILVERCORP REPORTS UPDATED MINERAL RESERVES AND RESOURCES AT THE GC MINE Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c Original source: https://money.tmx.com/en/quote/SVM/news/7159713507477962/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine Publisher: tmx Original announcement: 2026-06-23T21:05:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Silvercorp Metals Inc. - Ticker: SVM - Exchange: TSX - Region: Guangdong Province, China - Primary commodity: Silver - Secondary commodities: Lead, Zinc - Document categories: Resource update - Extracted: 2026-08-24 05:06:03 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Silvercorp Metals Inc. has reported updated Mineral Reserves and Resources for its GC Mine, effective December 31, 2025, prepared in accordance with NI 43-101. The update shows a 59% increase in Measured and Indicated resource tonnes and a 25% increase in Proven and Probable reserve tonnes. However, these increases were accompanied by significant grade dilution across all commodities and categories, leading to a decrease in contained metal for reserves and inferred resources. Reasoning: The updated resource and reserve estimates show a mixed picture. While there was significant tonnage growth in M&I resources and reserves, this was accompanied by substantial grade dilution across all commodities and categories. This resulted in a decline in contained metal for reserves and inferred resources, and only a moderate increase for M&I resources, suggesting dilutive growth. The grades for lead and zinc are marginal, and contained lead is below the weak threshold for contained metal scale. - Positive factor: Measured and Indicated resource tonnage increased by 59%, leading to a 23-25% increase in contained metal for silver, lead, and zinc. - Positive factor: Proven and Probable reserve tonnage increased by 25%. - Positive factor: The resource and reserve estimates are NI 43-101 compliant and signed off by Qualified Persons. - Positive factor: Cut-off grades for both resources and reserves are clearly disclosed. - Negative factor: Average grades for Measured and Indicated resources decreased significantly \(21-23% for Ag, Pb, Zn\). - Negative factor: Average grades for Proven and Probable reserves decreased significantly \(22-25% for Ag, Pb, Zn\). - Negative factor: Contained metal for Proven and Probable reserves decreased by 2-7% despite tonnage growth, indicating dilutive growth. - Negative factor: Contained metal for Inferred resources decreased substantially \(32-47% for Ag, Pb, Zn\) alongside a 23% tonnage decrease. - Negative factor: The contained lead in the Measured and Indicated resource \(167 kt\) is below the weak threshold of 200 kt, indicating a very small scale for lead. Facts used in scoring: 36 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports an 'updated Technical Report' with 'updated Mineral Reserves and Resources'. Evidence · text > SILVERCORP REPORTS UPDATED MINERAL RESERVES AND RESOURCES AT THE GC MINE **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report was 'prepared in accordance with National Instrument 43-101'. Evidence · text > prepared in accordance with National Instrument 43-101 \("NI 43-101"\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The estimates were 'reviewed by independent Qualified Person, Ms. Yanfang Zhao, MAIG, MAusIMM' and 'reviewed by independent Qualified Person, Falong Hu, FAusIMM \(CP\)'. Evidence · text > reviewed by independent Qualified Person, Ms. Yanfang Zhao, MAIG, MAusIMM, of SRK Consulting \(China\) Ltd., who takes responsibility for these estimates. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document states 'Mineral Resources are reported above cut-offs' and 'reported at a cut-off grade of 80 g/t AgEq' for resources, and '100 g/t AgEq and 130 g/t AgEq COG was applied to shrinkage and resuing type stopes' for reserves. Evidence · text > Mineral Resources are reported above cut-offs after applying a minimum practical extraction width of 0.4 m. Cut-off grades are based on in situ values in silver equivalent \(AgEq\) terms in grams per tonne **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Measured and Indicated Resource tonnes increased by 59% and Proven and Probable Mineral Reserves tonnes increased by 25%. Evidence · text > Measured and Indicated Resource tonnes have increased by 59% **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The net result in the Measured and Indicated categories has been an increase in the contained Ag, Pb and Zn of 23%, 24% and 25%, respectively. Evidence · text > net result in the Measured and Indicated categories has been an increase in the contained Ag, Pb and Zn of 23%, 24% and 25%, respectively. **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: Measured and Indicated grades decreased by 21-23% for Ag, Pb, and Zn, and total Mineral Reserve grades decreased by 22-25% for Ag, Pb, and Zn. Evidence · text > Measured and Indicated grades decreasing by 23%, 23% and 21% for Ag, Pb and Zn, respectively. **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Total GC Mineral Reserve metal content for Ag, Pb and Zn decreased by 4%, 7%, and 2% respectively, and Inferred contained metal decreased by 32-47%. Evidence · text > Decrease in total GC Mineral Reserve metal content for Ag, Pb and Zn of 4%, 7%.and 2% respectively. **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: Reserve tonnage increased by 25% but contained metal decreased by 2-7%, indicating that the tonnage growth was dilutive. Evidence · text > 25% increase in total Proven and Probable Mineral Reserves tonnes. The changes in total contained metal for Ag, Pb, and Zn are -4%, -7%, and -2% respectively. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 'Estimated Inferred Resources of 7.36 Mt'. Evidence · text > Estimated Inferred Resources of 7.36 Mt **Underground Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document describes 'current stoping practices will continue to be predominant at the GC Mine, namely cut and fill resuing, overhand cut and fill stoping... and shrinkage stoping'. Evidence · text > current stoping practices will continue to be predominant at the GC Mine, namely cut and fill resuing, overhand cut and fill stoping \("OCAF"\), and shrinkage stoping ## Extracted facts Stored fact records: 36. Some facts used in scoring do not have a stored record. ## Resource Estimates (36) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-0) GC Mine · silver #### Identity - Project: GC Mine - Commodity: silver - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 8970000 - Grade: 66 - Grade Unit: g/t - Contained Metal: 19091 - Contained Unit: koz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. - Positive factor: High confidence Measured category. - Positive factor: Grade of 66 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.091 Moz is exceptional scale. Evidence · table > 66 Context: 8.97 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-1) GC Mine · lead #### Identity - Project: GC Mine - Commodity: lead - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 8970000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 91 - Contained Unit: kt - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource for lead with a marginal grade and very small contained metal scale, indicating limited economic contribution from lead. - Positive factor: High confidence Measured category. - Negative factor: Grade of 1.01% Pb is considered marginal for underground mining. - Negative factor: Contained lead of 91 kt is below the weak threshold for contained metal scale \(200 kt\). Evidence · table > 1.01 Context: 8.97 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-2) GC Mine · zinc #### Identity - Project: GC Mine - Commodity: zinc - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 8970000 - Grade: 2.44 - Grade Unit: % - Contained Metal: 219 - Contained Unit: kt - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource for zinc with a marginal grade and weak contained metal scale, indicating limited economic contribution from zinc. - Positive factor: High confidence Measured category. - Negative factor: Grade of 2.44% Zn is considered marginal for underground mining. - Negative factor: Contained zinc of 219 kt is considered weak scale \(below 500 kt moderate threshold\). Evidence · table > 2.44 Context: 8.97 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-3) GC Mine · silver #### Identity - Project: GC Mine - Commodity: silver - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: indicated - Tonnes: 9300000 - Grade: 64 - Grade Unit: g/t - Contained Metal: 19180 - Contained Unit: koz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value. - Positive factor: High confidence Indicated category. - Positive factor: Grade of 64 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.180 Moz is exceptional scale. Evidence · table > 64 Context: 9.30 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-4) GC Mine · lead #### Identity - Project: GC Mine - Commodity: lead - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: indicated - Tonnes: 9300000 - Grade: 0.82 - Grade Unit: % - Contained Metal: 76 - Contained Unit: kt - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Indicated resource for lead with a marginal grade and very small contained metal scale, indicating limited economic contribution from lead. - Positive factor: High confidence Indicated category. - Negative factor: Grade of 0.82% Pb is considered marginal for underground mining. - Negative factor: Contained lead of 76 kt is below the weak threshold for contained metal scale \(200 kt\). Evidence · table > 0.82 Context: 9.30 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-5) GC Mine · zinc #### Identity - Project: GC Mine - Commodity: zinc - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: indicated - Tonnes: 9300000 - Grade: 2.04 - Grade Unit: % - Contained Metal: 190 - Contained Unit: kt - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Indicated resource for zinc with a marginal grade and weak contained metal scale, indicating limited economic contribution from zinc. - Positive factor: High confidence Indicated category. - Negative factor: Grade of 2.04% Zn is considered marginal for underground mining. - Negative factor: Contained zinc of 190 kt is considered weak scale \(below 500 kt moderate threshold\). Evidence · table > 2.04 Context: 9.30 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-6) GC Mine · silver #### Identity - Project: GC Mine - Commodity: silver - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: inferred - Tonnes: 7360000 - Grade: 75 - Grade Unit: g/t - Contained Metal: 17729 - Contained Unit: koz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate. - Positive factor: Grade of 75 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 17.729 Moz is exceptional scale. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate. Evidence · table > 75 Context: 7.36 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-7) GC Mine · lead #### Identity - Project: GC Mine - Commodity: lead - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: inferred - Tonnes: 7360000 - Grade: 0.84 - Grade Unit: % - Contained Metal: 62 - Contained Unit: kt - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Inferred resource for lead with a marginal grade and very small contained metal scale, coupled with a significant decrease in both tonnage and contained metal from the previous estimate, indicating reduced potential. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Grade of 0.84% Pb is considered marginal for underground mining. - Negative factor: Contained lead of 62 kt is below the weak threshold for contained metal scale \(200 kt\). - Negative factor: Inferred resource tonnes decreased by 23% and contained metal by 47% compared to the prior estimate. Evidence · table > 0.84 Context: 7.36 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-8) GC Mine · zinc #### Identity - Project: GC Mine - Commodity: zinc - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: inferred - Tonnes: 7360000 - Grade: 1.91 - Grade Unit: % - Contained Metal: 140 - Contained Unit: kt - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Inferred resource for zinc with a marginal grade and weak contained metal scale, coupled with a significant decrease in both tonnage and contained metal from the previous estimate, indicating reduced potential. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Grade of 1.91% Zn is considered marginal for underground mining. - Negative factor: Contained zinc of 140 kt is considered weak scale \(below 500 kt moderate threshold\). - Negative factor: Inferred resource tonnes decreased by 23% and contained metal by 40% compared to the prior estimate. Evidence · table > 1.91 Context: 7.36 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-9) GC Mine · silver #### Identity - Project: GC Mine - Commodity: silver - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 3570000 - Grade: 59 - Grade Unit: g/t - Contained Metal: 6789 - Contained Unit: koz - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. - Positive factor: Highest confidence Proven category. - Positive factor: Contained silver of 6.789 Moz is exceptional scale. - Negative factor: Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 59 Context: 3.57 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-10) GC Mine · lead #### Identity - Project: GC Mine - Commodity: lead - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 3570000 - Grade: 0.96 - Grade Unit: % - Contained Metal: 34 - Contained Unit: kt - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for lead with a marginal grade and very small contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution. - Positive factor: Highest confidence Proven category. - Negative factor: Grade of 0.96% Pb is considered marginal for underground mining, and decreased by 25% from prior estimate. - Negative factor: Contained lead of 34 kt is below the weak threshold for contained metal scale \(200 kt\). - Negative factor: Contained metal for lead decreased by 7% from prior estimate despite tonnage increase. Evidence · table > 0.96 Context: 3.57 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-11) GC Mine · zinc #### Identity - Project: GC Mine - Commodity: zinc - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 3570000 - Grade: 2.27 - Grade Unit: % - Contained Metal: 81 - Contained Unit: kt - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for zinc with a marginal grade and weak contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution. - Positive factor: Highest confidence Proven category. - Negative factor: Grade of 2.27% Zn is considered marginal for underground mining, and decreased by 22% from prior estimate. - Negative factor: Contained zinc of 81 kt is considered weak scale \(below 500 kt moderate threshold\). - Negative factor: Contained metal for zinc decreased by 2% from prior estimate despite tonnage increase. Evidence · table > 2.27 Context: 3.57 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-12) GC Mine · silver #### Identity - Project: GC Mine - Commodity: silver - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: probable - Tonnes: 2620000 - Grade: 67 - Grade Unit: g/t - Contained Metal: 5673 - Contained Unit: koz - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. - Positive factor: High confidence Probable category. - Positive factor: Contained silver of 5.673 Moz is exceptional scale. - Negative factor: Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 67 Context: 2.62 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-13) GC Mine · lead #### Identity - Project: GC Mine - Commodity: lead - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: probable - Tonnes: 2620000 - Grade: 0.84 - Grade Unit: % - Contained Metal: 22 - Contained Unit: kt - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Probable reserve for lead with a marginal grade and very small contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution. - Positive factor: High confidence Probable category. - Negative factor: Grade of 0.84% Pb is considered marginal for underground mining, and decreased by 25% from prior estimate. - Negative factor: Contained lead of 22 kt is below the weak threshold for contained metal scale \(200 kt\). - Negative factor: Contained metal for lead decreased by 7% from prior estimate despite tonnage increase. Evidence · table > 0.84 Context: 2.62 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-14) GC Mine · zinc #### Identity - Project: GC Mine - Commodity: zinc - Region: china - Reported Region: Guangdong Province, China - Ticker: SVM #### Resource Data - Category: probable - Tonnes: 2620000 - Grade: 2.17 - Grade Unit: % - Contained Metal: 57 - Contained Unit: kt - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Probable reserve for zinc with a marginal grade and weak contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution. - Positive factor: High confidence Probable category. - Negative factor: Grade of 2.17% Zn is considered marginal for underground mining, and decreased by 22% from prior estimate. - Negative factor: Contained zinc of 57 kt is considered weak scale \(below 500 kt moderate threshold\). - Negative factor: Contained metal for zinc decreased by 2% from prior estimate despite tonnage increase. Evidence · table > 2.17 Context: 2.62 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-15) silver #### Identity - Commodity: silver - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 8970000 - Grade: 66 - Grade Unit: g/t - Contained Metal: 19091 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category. - Positive factor: Grade of 66 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.091 Moz is exceptional scale. Evidence · table > 66 Context: 8.97 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-16) lead #### Identity - Commodity: lead - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 8970000 - Grade: 91 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category. - Positive factor: Grade of 66 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.091 Moz is exceptional scale. Evidence · table > 91 Context: 8.97 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-17) zinc #### Identity - Commodity: zinc - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 8970000 - Grade: 219 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category. - Positive factor: Grade of 66 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.091 Moz is exceptional scale. Evidence · table > 219 Context: 8.97 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-18) silver #### Identity - Commodity: silver - Ticker: SVM #### Resource Data - Category: indicated - Tonnes: 9300000 - Grade: 64 - Grade Unit: g/t - Contained Metal: 19180 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Indicated category. - Positive factor: Grade of 64 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.180 Moz is exceptional scale. Evidence · table > 64 Context: 9.30 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-19) lead #### Identity - Commodity: lead - Ticker: SVM #### Resource Data - Category: indicated - Tonnes: 9300000 - Grade: 76 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Indicated category. - Positive factor: Grade of 64 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.180 Moz is exceptional scale. Evidence · table > 76 Context: 9.30 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-20) zinc #### Identity - Commodity: zinc - Ticker: SVM #### Resource Data - Category: indicated - Tonnes: 9300000 - Grade: 190 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Indicated category. - Positive factor: Grade of 64 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.180 Moz is exceptional scale. Evidence · table > 190 Context: 9.30 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-21) silver #### Identity - Commodity: silver - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 18280000 - Grade: 65 - Grade Unit: g/t - Contained Metal: 38271 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category. - Positive factor: Grade of 66 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.091 Moz is exceptional scale. Evidence · table > 65 Context: 18.28 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-22) lead #### Identity - Commodity: lead - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 18280000 - Grade: 167 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category. - Positive factor: Grade of 66 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.091 Moz is exceptional scale. Evidence · table > 167 Context: 18.28 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-23) zinc #### Identity - Commodity: zinc - Ticker: SVM #### Resource Data - Category: measured - Tonnes: 18280000 - Grade: 408 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category. - Positive factor: Grade of 66 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 19.091 Moz is exceptional scale. Evidence · table > 408 Context: 18.28 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-24) silver #### Identity - Commodity: silver - Ticker: SVM #### Resource Data - Category: inferred - Tonnes: 7360000 - Grade: 75 - Grade Unit: g/t - Contained Metal: 17729 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Grade of 75 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 17.729 Moz is exceptional scale. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate. Evidence · table > 75 Context: 7.36 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-25) lead #### Identity - Commodity: lead - Ticker: SVM #### Resource Data - Category: inferred - Tonnes: 7360000 - Grade: 62 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Grade of 75 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 17.729 Moz is exceptional scale. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate. Evidence · table > 62 Context: 7.36 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-26) zinc #### Identity - Commodity: zinc - Ticker: SVM #### Resource Data - Category: inferred - Tonnes: 7360000 - Grade: 140 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Grade of 75 g/t Ag is considered economic for underground mining. - Positive factor: Contained silver of 17.729 Moz is exceptional scale. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate. Evidence · table > 140 Context: 7.36 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-27) silver #### Identity - Commodity: silver - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 3570000 - Grade: 59 - Grade Unit: g/t - Contained Metal: 6789 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Highest confidence Proven category. - Positive factor: Contained silver of 6.789 Moz is exceptional scale. - Negative factor: Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 59 Context: 3.57 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-28) lead #### Identity - Commodity: lead - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 3570000 - Grade: 34 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Highest confidence Proven category. - Positive factor: Contained silver of 6.789 Moz is exceptional scale. - Negative factor: Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 34 Context: 3.57 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-29) zinc #### Identity - Commodity: zinc - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 3570000 - Grade: 81 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Highest confidence Proven category. - Positive factor: Contained silver of 6.789 Moz is exceptional scale. - Negative factor: Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 81 Context: 3.57 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-30) silver #### Identity - Commodity: silver - Ticker: SVM #### Resource Data - Category: probable - Tonnes: 2620000 - Grade: 67 - Grade Unit: g/t - Contained Metal: 5673 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Probable category. - Positive factor: Contained silver of 5.673 Moz is exceptional scale. - Negative factor: Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 67 Context: 2.62 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-31) lead #### Identity - Commodity: lead - Ticker: SVM #### Resource Data - Category: probable - Tonnes: 2620000 - Grade: 22 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Probable category. - Positive factor: Contained silver of 5.673 Moz is exceptional scale. - Negative factor: Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 22 Context: 2.62 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-32) zinc #### Identity - Commodity: zinc - Ticker: SVM #### Resource Data - Category: probable - Tonnes: 2620000 - Grade: 57 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Probable category. - Positive factor: Contained silver of 5.673 Moz is exceptional scale. - Negative factor: Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 57 Context: 2.62 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-33) silver #### Identity - Commodity: silver - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 6190000 - Grade: 63 - Grade Unit: g/t - Contained Metal: 12462 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Highest confidence Proven category. - Positive factor: Contained silver of 6.789 Moz is exceptional scale. - Negative factor: Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 63 Context: 6.19 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-34) lead #### Identity - Commodity: lead - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 6190000 - Grade: 56 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Highest confidence Proven category. - Positive factor: Contained silver of 6.789 Moz is exceptional scale. - Negative factor: Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 56 Context: 6.19 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/silvercorp-reports-updated-mineral-reserves-and-resources-at-the-gc-mine--47c5199f-5e0b-4e53-a05d-573e98a34f6c#fact-resource-facts-35) zinc #### Identity - Commodity: zinc - Ticker: SVM #### Resource Data - Category: proven - Tonnes: 6190000 - Grade: 138 - Grade Unit: kt #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-23T00:00:00.000Z Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Highest confidence Proven category. - Positive factor: Contained silver of 6.789 Moz is exceptional scale. - Negative factor: Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate. - Negative factor: Contained metal for silver decreased by 4% from prior estimate despite tonnage increase. Evidence · table > 138 Context: 6.19 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.