Salazar Resources Limited and Silvercorp Metals Inc. announced its construction budget for the development of the El Domo Project (the "Project"). The Company is targeting bringing the Project into production by the end of 2026 at an estimated cost of $240.5 million, comparable to the $247.6 million estimate in the feasibility study (NI 43-101 Technical Report - Feasibility Study - Curipamba El Domo Project, Central Ecuador) published in 2021 ("2021 Feasibility Study"). As discussed in its January 7, 2025 Press Release, the Company has been building upon the 2021 Feasibility Study, with work to date focusing on: Advanced Detailed Engineering.

for: a) Optimized design with Klohn Crippen Berger (KCB) for the Tailings Storage Facilities ("TSF"), Saprolite Waste Dump ("SWD"), and non-contact water channels; Optimized open pit mine design for mining, stripping, and scheduling, and coordinated the mining schedule with ongoing tailings dam construction by internal mining engineers; and c) Detailed Engineering Design for the process plant and equipment selection by Yantai Jinpeng Mining Machinery Co. Ltd. and Yantai Orient Metallurgical Design and Research Institute Co. Ltd. (together "Jinpeng"), a China certified Engineering Design, Manufacture and Construction Group which has provided design, equipment, and construction for mining process plants in China and internationally.

Advanced Project Infrastructure for: a) Optimized designs for a new public bypass road and internal operational haul roads; b) Executed a powerline contract with the Ecuadorian state-owned power company (CNEL EP) and initiated bidding process for contractor selection; and c) permitting and sourcing for standby diesel power generators for the dry season, as climate change has impacted the power supply situation in Ecuador. The Company expects to commence stripping of the open pit in August 2025, and a total of 5.4 million cubic metres of sediments and waste rocks will be stripped and among this, 3.5 million cubic metres of non-acid generation (NAG) waste rock will be used to build the starter dam and Stage 2 dam of the TSF, permanent camp foundation, and 43,000 tonnes of ore to be produced by the end of 2026. With this stripping of waste rocks, ore in pit, ready to be mined, is expected to be 550,000 cubic metres to support three years of ore production.

Package #3 - Processing Plant Construction and Equipment. The Company has engaged Jinpeng to complete the detailed engineering design of the processing plant based on the 2021 Feasibility Study. Jinpeng is also finalizing the detailed flowsheet, equipment selection and cost estimates for the processing plant construction and equipment.

The improvements from the design of the 2021 Feasibility Study are to build a steel-framed building to cover run of ore to avoid tropical storm leaching, and to cover all equipment and operational facilities with steel-framed building. The cost estimates are based on the engineering design, initial bidding price for major equipment from international vendors, market prices for minor equipment in China plus shipping cost, current construction cost in Ecuador. Package #3, Run of Mine Platform/Shack + Crushing, 1.4, 0.8, 2.2, Grinding and Cyclone Facilities, 2.1, 5.3, 8.6, Concentrate/Tailings Dewatering Facility, 1.4, 2.1, 2.1, 3.1, 3.3,8.6, Concentrate/Tailings Dewatering Facility.