SLIDE 1
Corpora rporate e Presen sentation tation Jun une e 2020 2020
SV SVM:TS :TSX/NY /NYSE SE AMERI ERICAN
SLIDE 2 FOR ORWARD ARD LOOK OKING ING STATEME MENT NTS
Safe e Harbor
ement under er the Unit ited ed States es Private e Securi urities ies Litigati igation
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited, to those with respect to the price of silver, lead and zinc, the possibility, timing and amount of estimated future production, costs
- f production, and reserve determination and reserve conversion rates, involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievement of Silvercorp Metals Inc. (“Silvercorp” or the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations, risks related to Chinese government issuance of mining and related development permits, risks related to joint venture operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, commodity price fluctuations especially in prices
- f silver, lead and zinc, as well as other factors. Readers should review the Company’s most recent Form 40-F for a more complete
discussion of these factors and other risks, particularly under the heading “Risk Factors”. Although Silvercorp has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such forward- looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. No securities regulatory authority has in any way passed on the merits of this presentation nor any securities referred herein. Cautiona ionary Note e to U.S. . Inves estors
ncerning ning estima imates es of Measured ured, , Ind ndica icated ed and Infer erred ed Resou
ces This presentation uses the terms “Measured”, “Indicated” and Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Resource exists, or is economically or legally mineable.
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SLIDE 3 CHINA’S PREMIER SILVER PRODUCER
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Ying ng Mini ning ng Distr strict, ct, Henan Provi vinc nce e GC Mine ne, , Guangdo gdong ng Provi vinc nce BYP Mine ne, Hunan n Province nce
(Care e and Maint ntenanc enance)
* Ying Mining District
Histori
cal Produ duction ction
(April 2006 – March 2020) ▸ Silver: 70 Moz. ▸ Lead+Zinc: 1.01 Blbs. ▸ Profit Distribution*: US$468M 15+ year mine life remain inin ing
SLIDE 4 FINA NANCIAL NCIAL HIGHLIGH LIGHTS
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Cash sh Generat ation ion vs. Cumulati ulative e Expen endit itures ures ($million
SLIDE 5 69.7 MILLION ION OUNCE CES S OF SILVER ER OVER R 14 YE 14 YEARS
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* Silvercorp’s fiscal year is April 1-March 31 * Red numbers are fiscal year’s guidance-FY2020
6.1 6. 6.2
SLIDE 6 GROWI WING NG RESERVE VES S & RESOUR URCE CES S - SILVE VER
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1. Measured & Indicated Resources inclusive of Reserves. See Appendix III, IV and V for breakout of Measured, Indicated and Inferred, Proven and Probable categories. 2. Excludes Lead and Zinc. Gold was converted to Silver equivalent at a rate of 65:1. 3. Includes production since the last technical reports for Ying and GC, respectively; BYP: approx. ounces produced prior to March 31, 2015
SLIDE 7 1 BILLION ON POUNDS NDS OF LEAD AD & ZI ZINC OVER R 14 YE 14 YEAR ARS
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87 87 91 91
* Silvercorp’s fiscal year is April 1-March 31 * Red numbers are fiscal year’s guidance-FY2020
SLIDE 8 GROWI WING NG RESERVE VES S & RESOUR URCE CES S - LEAD & ZI ZINC
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1. Measured & Indicated Resources inclusive of Reserves. See Appendix III, IV and V for breakout of Measured, Indicated and Inferred, Proven and Probable categories. 2. Includes production since the last technical reports for Ying and GC, respectively; BYP: approx. lbs produced prior to March 31, 2015
SLIDE 9 FINA NANCIAL NCIAL PERFORMANC ORMANCE (VAL ALUE & PROFIT FIT PER TONNE NE ORE MINED) ED)
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* Realized silver price is calculated using Shanghai Metal Exchange price, less smelter deduction and Value Added Tax * Indicated in calendar quarters
Pe Per Tonne ne Value ue (US$ S$) Silv lver er Pric ice e (US$ S$ per ounce) e)
SLIDE 10 QUART RTERL ERLY ADJU JUST STED ED NET INCOM OME & FREE CA CASH FLOW
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Free cash flow = operating cash flow less capital expenditures less capital lease payments Adjusted net income = adjusted for one time non-cash items * Indicated in calendar quarters
SLIDE 11 PEER COMPARI ARISON ON: : OPERATING TING PERFORMAN ORMANCE
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- 1. Indicated in calendar quarters
- 2. Net of by-product credits
- 3. Changed reporting basis to AgEq
- 4. Only reflects silver segment
* EBITDA Margin Data Source: Capital IQ
(1) (2) (3) (3) (4)
SLIDE 12 COMPARIS ARISON ON WITH PEERS: : KEY VALUATION ION RATIOS OS
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* Stock prices as of May 29, 2020; LTM results are most recent reported. EV/EBITDA Data Source: Capital IQ
120
SLIDE 13 GRO ROWTH: H: GRO ROW FREE CA CASH FLOW OR SHARES OUTSTANDI ANDING?
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Free cash flow=operating cash flow less capital expenditures less capital lease payments Silvercorp bought back 5,754,552 common shares of the Company since 2015
174M
* Indicated in calendar quarters
SLIDE 14 OUR STRATE TEGY TO SUPPORT ORT QUALIT ITY GROWTH H
Maint ntain in steady dy production ction with a focus cus on cost st contr trol
Pursue e growth th opportu tuni nities ties capita talizin izing g on corpor
e stren engths gths:
▸ Grow existin
sting g assets ts organica ically y through gh drilling ng
▸ Bri
ring g BYP P back ck into
ction
▸ Approxi
xima mate e 29% interest est in New Pa Pacific ic Met etals s (MC: C: US$471M 1M*). ). Its s flags gshi hip p asset: t: the Silver er Sand primar ary silver er project ct in Bolivia ivia
cepts of near-sur surface ace silver er mineralizati alization
s (~97,000 00m) m) dri rilled ed since ce October
tial al resource ce estim imat ate e release ased d April 2020: 155.9M oz of M&I at 13 137g/t /t; 35.6M oz of inferred ed at 112 g/t; t;
end
▸ Acquire
ire project cts s that t meet et cri riteria ria – can generat rate e annual cash h flows ws of >$50M with h reasona
e capit ital al
▸ Joint
t ventu tures es and strategic egic investmen estments ts in ot
er compa mpanies nies
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* As of April 17, 2020
SLIDE 15
NEW PACIFIC METALS’ SILVER SAND PROJECT
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SLIDE 16 FY2021 PRODUCT UCTIO ION N GUIDANC ANCE
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Head grades Metal production Production costs Ore processed Silver Lead Zinc Silver Lead Zinc Cash cost AISC (tonnes) (g/t) (%) (%) (Moz) (Mlbs) (Mlbs) ($/t) ($/t) Ying Mining District 640,000 - 660,000 292 4.3 0.9 5.6 - 5.8 56.6 - 58.0 7.0 - 8.0 74.7-82.5 133.5 - 140.5 GC Mine 290,000 - 310,000 96 1.7 3.3 0.6 - 0.7 9.5 - 10.5 17.5 - 18.7 52.2-57.5 78.5 - 82.9 Consolidated 930,000 - 970,000 6.2 - 6.5 66.1 - 68.5 24.5 - 26.7 66.6-73.6 122.6-135.5 Ying Mining District 601,605 309 4.6 0.9 5.6 56.4 7.3 77.1 132.5 GC Mine 290,610 97 1.9 3.3 0.7 10.9 18.2 51.9 69.3 Consolidated 892,215 240 240 3.7 1.7 6.3 67.3 25.5 68.9 125.3 Ying Mining District 6%-9%
0% - 3% 0% - 3%
0% - 6% GC Mine 0% - 6%
0%
- 16% - 0%
- 13% - -4%
- 4% - 3%
0% - 10% 13% - 20% Consolidated 4%- 9%
6%-7%
- 1% - 3%
- 1% - 1%
- 4% - 5%
- 3% - 7%
- 2% - 8%
Fiscal 2021 Production and Cash Costs Guidance Fiscal 2020 Production and Cash Costs Actual Results Changes of Fiscal 2021 Guidance over Actual Fiscal 2020 Results
SLIDE 17 FISCAL L 2021 CA CAPITAL L EXPENDIT DITURE URE GUIDANCE ANCE
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SVM:T :TSX/ X/NYSE YSE AMERICA ICAN Expensed Tunneling Expensed Drilling Equipment & Facilities Mining Preparation Exploration Drilling (Metres) ($ Million) (Metres) ($ Million) ($ Million) (Metres) ($ Million) (Metres) (Metres) Ying Mining District 6,700 5.5 81,300 26.9 4.6 88,000 37.0 21,100 79,300 GC Mine 1,600 1.4 11,000 3.2 0.8 12,600 5.4 13,500 25,700 Consolidated 8,300 6.9 92,300 30.1 5.4 100,600 42.4 34,600 105,000 Fiscal 2020 Work Plan and Capital Expenditure Actual Results Ying Mining District 3,599 2.7 66,641 21.2 5.1 70,240 29.0 19,088 85,643 GC Mine 841 0.8 2,486 1.6 1.6 3,327 4.0 19,315 22,513 Consolidated 4,440 3.5 69,127 22.8 6.7 73,567 33.0 38,403 108,156 Ying Mining District 86% 104% 22% 27%
25% 25% 28% 28% 11%
GC Mine 90% 75% 342% 100%
279% 279% 35% 35%
14% Consolidated 87% 87% 97% 97% 34% 34% 32% 32%
37% 37% 28% 28%
Capitalized Development Work and Expenditures Ramp Development Exploration & Development Tunnels Total Fiscal 2021 Capitalized Work Plan and Capital Expenditure Estimates Changes of Fiscal 2021 Estimates over Fiscal 2020 Acutal Results
SLIDE 18 OWNERS RSHIP IP AN AND COVERA ERAGE GE
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Top 10 Institution stitutional Invest estor
s
% O/S
1 Van Eck Associates 11.60 2 Renaissance Technologies 4.29 3 Merian Global Investors (UK) 3.90 4 Connor Clark & Lunn 1.70 5 Global X Management 1.55 6 O'Shaughnessy Asset Management 1.41 7 DZ Privatbank 1.10 8 Stabilitas GmbH 1.06 9 RBC Global Asset Management, 1.00 10 Two Sigma Advisers 0.69 Analyst yst Coverage erage Canada da Ryan Thompson BMO Capital Markets David Talbot Eight Capital Justin Stevens PI Financial US US Joe Reagor Roth Capital Bhakti Pavani Alliance Global Partners
Source: BD Corporate March 2020 Data
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Suite e #1750 0 - 10 1066 6 West Hasti ting ngs St St., Vancouv uver er, BC, Canada ada V6E 3X1 Tel: l: 604-669 669-939 397 7 Fax: 604-669 669-938 9387 7 Toll-Free ree: : 1-888 88-22 224-188 881 1
HEAD OF OFFIC FICE
Silvercorp’s disclosure documents are available from the System for Electronic Doc
ment t Analy lysi sis s and Re Retri rieval al (SED EDAR) R) at www.se .seda dar.co .com
SV SVM:T :TSX/N SX/NYSE SE AMERICAN AN investor@silvercorp.ca www.silvercorp.ca
SLIDE 20
APPENDICE DICES
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SLIDE 21 REVENU NUE PERC RCENT NTAGE GE BY METAL
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* Indicated in calendar quarters
SLIDE 22
METALS S PRICE CES
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Silver er
US$ Per Ounce
Lead
US$ Per Pound
Zinc c
US$ Per Pound Shanghai Metal Exchange quoted prices on May 26, 2020: Silver=4.218 RMB/gram, lead=14,400 RMB/tonne, Zinc=16,450 RMB/tonne, all including 13% value added tax (VAT). Conversion to net realized selling prices as follows: Silv lver er in US$ =4.218/1 /1.13*31.1035 35/7.1349*90%=$ %=$14.65 .65 Lead ad in US$= $=(14,44 4,440-2, 2,150 0 smelt lter er dedu ductio ion)/ )/1.13/22 /2204 04.6 .62/7 /7.1349 49=$ =$0.69 0.69 Zinc in US$=(16,45 ,450-5,100 smelt elter er dedu eduction) tion)/1.13/22 /2204.6 .62/7 /7.1349=$0.64 .64
SLIDE 23 YING MINING DISTRICT IN HENAN: SILVERCORP’S FLAGSHIP ASSET
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▸ SGX, TLP, LME, LMW, HPG and HZG
underground mines have identified >300 veins within 68.74km² mining permits
▸ 2 centralized mills of 3,200 tpd
capacity to produce silver-lead and zinc concentrates
▸ 6 smelters within 200km ▸ Produced 66.2 Moz of silver & 883
Mlbs of lead & zinc since 2006
▸ Over 1.5 M metres of drilling yields
15+ years s remaining ining mine e life after 14 years’ production
▸ Potential for additional mineralized
zones within the permit areas and acquisitions in adjacent areas
* The Ying mines are held by Henan Found Mining Co. Ltd., owned 77.5% by Silvercorp
SGX TLP HZG HPG LME LMW
SLIDE 24 IMPROVE VED D AND STEADY HEAD GRADES ADES AT YING G MINING ING DISTRIC TRICT
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Dilut ution ion Contr ntrol
mproveme ement nt
* Per Technical Reports for Ying Mine dated December 31, 2016 & December 31, 2013 - LOM production plans, as revised.
Ad Adopt pted d Enter erprise prise Blog (EB)
SLIDE 25 INNOVATION ION TO REDUCE CE DILUT UTION, ION, IMPROVE VE SA SAFETY AND INCRE REASE ASE PRODUC DUCTION TION EFFICIE CIENCY NCY
“Enterprise Blog” (EB) - an internet t social ial media ia system em that t collects ects and distribut tributes es work- related ed infor
mati tion
ectively ely betw etween een parties es and locat ations
ss the organ anizati ization
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25 25 Po Post show
ing g a sto tope clea early rly prepar ared ed for minin ing g with drill ll holes es marked ed at 0.4 .4m spacing ing and at a 42 degree ee angle le Po Post show
ing g the stope’s CO reading ding is clear arly ly below the 24 4 ppm govern rnmen ent t limit. it.
Posted Posted Time & date stamp User ID
SLIDE 26
GC MINE NE IN GUANG NGDONG ONG
▸ Profitable underground silver/zinc
mine commenced production in 2014
▸ Excellent infrastructure and access ▸ Updated NI 43-101 June 2019;
exploration ongoing
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Main in Ac Access ss Ramp
SLIDE 27
BYP GOLD D MINE: E: PREPARING RING FOR R PRODU DUCT CTIO ION
Statu tus: s:
▸ Lead-Zinc mine suspended August 2014 ▸ Reviewing alternatives, including required
capital for upgrades to sustain production
▸ 2019 NI 43-101 gold resource identified
421,000 oz M&I and 110,000 oz inferred
▸ Permitting activities to add gold to the
mining permit ongoing; awaiting approval
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500 tpd Mill at the BYP Mine
SLIDE 28 STEADY SHARES S OUTSTANDING ANDING
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* Indicated in calendar quarters
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MANAGEMENT NT & BOARD
Manageme agement nt Rui Feng, Ph.D., Geology Chairman and CEO, Director Derek k Liu, MBA, CGA, CPA Chief Financial Officer Yong-Ja Jae Kim, LL.B. General Counsel and Corporate Secretary Lon Shaver er, CFA Vice President Board of Direct ctors Rui Feng, Ph.D., Geology Davi vid d Kong, CA, CPA (ILLINOIS), Former Ernst & Young LLP Partner; over 30 years
Yika kang g Liu, Former Dep. Gen. Sec. of the China Mining Assoc.; over 40 years geological experience Pa Paul Simpson, mpson, Securities lawyer; 20 years experience advising natural resources companies Mari rina Kat Katusa sa, BSc., MBA, over 10 years experience in geology and corporate development
SLIDE 30 APPENDIX DIX III: I:
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SUMMAR ARY OF RESERVES RVES1
Project ct Reserve e Category Tonn nnes s (Mill llion
Average ge Grades Contain ained Met etal Reserves Silver er (g/t) Lead (%) %) Gold (g/t) Zinc (%) %) Silver er (Moz)
Silver er² Eq. (Moz)
Lead (t) Zinc (t) Ying ng Minin ing District ct Proven 4.67 252 4.15 0.11 1.55 37.85 1.07 193,950 72,240 Probable 7.63 233 3.50 0.04 1.09 57.16 0.70 267,010 83,450 GC Mine Proven 1.87 94 1.60
5.61
64,410 Probable 1.96 96 1.40
6.06
58,513 Consoli solidated Proven en 6.54
1.07 223,434 136,650 Proba bable le 9.59
0.70 294,226 141,963 Tot
al 16.13
1.77 517,660 278,613
1. Technical Report for Ying Mine effective December 31, 2016; Technical Report for GC Mine effective June 30, 2019; Table includes HPG mine proven reserves of 16,430 oz Gold (470,000 tonnes grading 1.10 g/t Gold) and HPG mine probable reserves of 10,840 oz Gold (290,000 tonnes grading 1.15 g/t Gold). 2. Gold was converted to Silver equivalent at a rate of 65:1.
SLIDE 31 APPENDIX DIX IV:
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SUMMAR ARY OF RESOURCES URCES1
Projec
Resou source Categ egor
Tonnes nes (Millio llion) n) Aver erage Grade ades Contained tained Met etal al Resou sources es (Inclusiv sive of Reser serves) s) Silv lver er (g/t) Gold ld (g/t) Lead ad (%) (%) Zinc (%) (%) Silv lver er (Moz
Silv lver er Eq.² .² (Moz
Lead ad (t) Zinc (t) Ying Mining Distr tric ict Measured 5.91 266 0.13 4.36 1.64 50.55 1.56 257,600 96,690 Indicated 10.40 233 0.07 3.59 1.13 77.76 1.43 373,000 117,660 Inferred 10.47 230 0.12 3.91 1.10 77.25 2.54 409,400 115,220 GC Mine Measured 3.37 96
3.30 10.35
111,584 Indicated 5.69 77
2.50 14.16
144,242 Inferred 7.25 91
2.40 21.17
177,355 Conso solida lidated ed Measu asured 9.28
.90 1.56 306,134 208,2 ,274 Indicat icated ed 16.09
1. 1.43 430, 0,153 53 261,902 1,902 Infer erred 17.72
.42 2.54 484,6 ,696 292,5 ,575
1. Technical Report for Ying Mine effective December 31, 2016; Technical Report for GC Mine effective June 30, 2019; Technical Report for BYP Mine dated April 19, 2019; Table includes HPG mine measured resources of 24,000 oz Gold (690,000 tonnes grading 1.10 g/t Gold), indicated resources of 22,000 oz Gold (630,000 tonnes grading 1.10 g/t Gold), inferred resources of 39,000 oz Gold (1,010,000 tonnes grading 1.21 g/t Gold). Table excludes BYP mine resources. 2. Gold was converted to Silver equivalent at a rate of 65:1.
SLIDE 32 APPENDIX DIX IV:
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SUMMAR ARY OF RESOURCES URCES - BYP MINE NE
Notes to Resour urce Table les:
- 1. All Mineral Resources as of November 30th, 2018
- 2. Technical Report for BYP Mine dated April 30, 2019 and available under the Company’s profile on SEDAR at www.sedar.com
Domain Categori
Quanti tity Au Au Grade Pb Pb Grade Zn Zn Grade Au Met etal Pb Pb Met etal Zn Met etal Mt Mt g/t g/t % % koz kt kt kt kt Gold area Measured 2.8 3
1.5 3.1
Indicated 4.3 3.1
1.3 2.5
area Indicated 4
2.3
89 Inferred 6.1
3.1
187 Overlap area Indicated 0.12 0.8 1.2 1.7 3 2 2 Inferred 0.03 1 2.7 3.5 1 1 1
SLIDE 33 ENDNO NOTES TES AND CA CAUTIONAR IONARY STATEME MENT NTS
Guoli
ang Ma, Ma, P. Geo Geo., is is a Qualif Qualified ied Person son wi within thin the he me meaning ing of
National
Instrumen ment 43 43-101 101 – Stand tandar ards ds Of Of Di Disclo sclosu sure for
Mineral al Proj
ts (“NI 43 43-101 101”) who who su super ervi vised sed the the prep epar aratio ation of
the sci scien entif tific ic and techn hnical ical infor
mation of
lver ercorp includ luded in in this prese sentatio tation. For more information on Silvercorp’s projects, readers should refer to Silvercorp’s Annual Information Form dated June 21, 2019, and Silvercorp’s technical reports, each of which is available on SEDAR at www.sedar.com. The The sci scien entif tific ic and and tec echn hnic ical al in infor
ation rel elat ated ed to to Silvercorp’s proj
ts incl include ded in in this this invest estor
esentatio tation ar are der eriv ived from
hnical ical repor
itle led:
- NI 43-101 Technical Report for Ying Gold-Silver-Lead-Zinc Property, Henan Province, China, effective date 31
December, 2016 by P R Stephenson, P. Geo., H A Smith, P.Eng., A Ross, P. Geo, H Muller, Beng, MAusIMM, CP.
- NI 43-101 Technical Report on the GC Ag-Zn-Pb Project in Guangdong Province, People’s Republic of China,
effective date 30 June 2019 prepared by D. Nussipakynova, P.Geo., H. Smith, P.Eng., A. Riles, MAIG (QP), P. Stephenson, P.Geo., MAIG.
- NI 43-101 Technical Report for BYP Gold-Lead-Zinc Property, Hunan Province, China, effective date 30 April,
2019, prepared by Tony Cameron, Principle Mining Engineer, Robert William Dennis, Executive Consultant, and Song Huang, Consulting Geologist.
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