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AMC Mining Consultants (Canada) Ltd. BC0767129 — Suite 202, 200 Granville Street Vancouver BC V6C 1S4 CANADA — T +1 604 669 0044 F +1 604 669 1120 E [email protected] W amcconsultants.com Report Ying NI 43-101 Technical Report Silvercorp Metals Inc. Henan Province, China In accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators Qualified Persons: P R Stephenson, P.Geo (BC, SK), BSc (Hons), FAusIMM (CP), MCIM H A Smith, P.Eng (BC, AB, ON), MSc, BSc A Ross, P.Geo (BC, AB), PhD H Muller, BEng, MAusIMM, CP AMC Project 716018 Effective date 31 December 2016 Signing date 15 February 2017 Adviser of choice to the world’s minerals industry Ying NI 43-101 Technical Report Silvercorp Metals Inc. 716018 1 Summary Introduction AMC Mining Consultants (Canada) Ltd. (AMC) was commissioned by Silvercorp Metals Inc. (Silvercorp) to prepare a Technical Report on the Ying gold-silver-lead-zinc property in Henan Province, China, encompassing the SGX (/HZG), HPG, TLP, LME and LMW underground mines. AMC had previously prepared Technical Reports on the Ying property in 2012 (filed 15 June 2012, effective date 1 May 2012), and in 2013 (minor update to 2012 report, filed 30 April 2013, effective date 1 May 2012). P R Stephenson, H A Smith and A A Ross visited the Ying property in July 2016. All authors of this report qualify as independent Qualified Persons. Silvercorp, through wholly owned subsidiaries, has effective interests of 77.5% in the SGX / HZG and TLP projects, and 80% in the HPG and LM projects. It has all the exploration and mining permits necessary to cover its mining and exploration activities. There are no known or recognized environmental problems that might preclude or inhibit a mining operation in this area. The Ying Property is about 240 km west-southwest of Zhengzhou, the capital city of Henan Province, and 145 km southwest of Luoyang, which is the nearest major city. The nearest small city to the project area is Luoning, about 56 km by paved roads from Silvercorp’s Ying mill site. The project areas have good road access and operate year round. The area has a continental sub-tropical climate with four distinct seasons. Silver-lead-zinc mineralization in the Ying district has been known and intermittently mined for several hundred years. Silvercorp acquired an interest in the SGX project in 2004, the HPG project in 2006, and the TLP / LM projects in late 2007. Annual production has ramped up substantially in recent years, reaching 590,000 tonnes of ore in fiscal year 2016 (end 31 March 2016). Geology, exploration and Mineral Resources Geologically, the Ying Property occurs in the 300 km-long west-northwest trending Qinling orogenic belt, a major structural belt formed by the collision of two large continental tectonic plates in Paleozoic time. Rocks along the orogenic belt are severely folded and faulted, offering optimal structural conditions for the emplacement of mineral deposits. Several operating silver-lead-zinc mines, including those in the Ying district, occur along this belt. The dominant structures in the region are west-northwest trending folds and faults, the faults comprising numerous thrusts with sets of conjugate shear structures trending either northwest or northeast. These shear zones are associated with all the important mineralization in the district. Mineralization comprises numerous mesothermal, silver-lead-zinc-rich, quartz-carbonate veins in steeply-dipping fault-fissure zones which cut Precambrian gneiss and greenstone. The veins thin and thicken abruptly along the structures in classic “pinch-and-swell” fashion with widths varying from a few centimetres up to a few metres. The fault-fissure zones extend for hundreds to a few thousand metres along strike. To date, significant mineralization has been defined or developed in at least 224 discrete vein structures, and many other smaller veins have been found but not, as yet, well explored. The vein systems of the various mine areas in the district are generally similar in mineralogy, with slight differences between some of the separate mine areas and between the different vein systems within each area From 1 July 2013 to 30 June 2016, Silvercorp drilled 855 underground holes and 41 surface holes, for a total of approximately 225,000 m. Most drill core (core) is NQ-sized. Core recoveries are influenced by lithology and average 98-99%. Core is logged, photographed and sampled in the surface core shack. Samples are prepared by cutting the core in half with a diamond saw. One half of the core is marked with sample number and sample boundary and then returned to the core box for archival storage. The other half is placed in a labelled cotton cloth bag with sample number marked on the bag. The bagged sample is then shipped to the laboratory for assaying. Other than drilling, the projects have been explored primarily from underground workings. The workings follow vein structures along strike, on levels spaced approximately 40 m apart. Chip samples across the structures are amcconsultants.com 2 Ying NI 43-101 Technical Report Silvercorp Metals Inc. 716018 collected at 5 m intervals. From 1 July 2013 to 30 June 2016, Silvercorp undertook 128 km of tunnelling, and collected approximately 44,000 channel / chip samples. Core samples are sent in securely sealed bags to four commercial laboratories: Analytical Lab of Henan Geological Exploration Bureau in Zhengzhou; Analytical Lab of the Institute of Geophysical and Geochemical Exploration of the Chinese Academy of Geosciences in Langfang; The Chengde Huakan 514 Geology and Mineral Testing and Research Institute in Chengde; and Analytical Lab of the Inner Mongolia Geological Exploration Bureau in Hohhot. All laboratories are officially accredited in China. Sample preparation and assaying procedures follow standard practices, although a splitting stage precedes final pulverization. The sampling and assaying QA / QC program for the 1 July 2013 to 30 June 2016 period comprised 1,735 Certified Reference Material (CRM) samples, 1,542 blanks and 1,272 duplicates inserted with the core and channel / chip samples at a rate of one CRM, one blank and one duplicate per 40 sample batch. Silvercorp also randomly selected rejects of the mineralized samples for rechecking (internal check) at the same laboratory, and randomly selected pulp of the mineralized samples for external check at other laboratories. Silvercorp geologists at each mine review QA / QC data on a regular basis. Any batch that reaches warning threshold or fails the QA / QC program is automatically notified for investigation or re-assayed, and only approved assay results are used for Mineral Resource estimation. AMC is satisfied that drilling, sampling, sample security, sub-sampling, analyzing and QA / QC procedures meet accepted industry standards, that the QA / QC results show no material bias or imprecision and that the assay results may be relied upon for Mineral Resource estimation. The Mineral Resource estimates for the Ying property were prepared by independent Qualified Person, Dr Adrienne Ross, P.Geo, with the assistance of Ms Kathy Zunica of AMC, and with input from Mr Pat Stephenson, P.Geo, who takes QP responsibility for the additional geological sections in this Technical Report. Datamine software was used, and, as a result of a recommendation in AMC’s 2012 Technical Report, the June 2016 Resources were estimated using a block modelling approach, with 3D ordinary kriging and Datamine’s™ dynamic anisotropy application1. Because of the numerous veins (194) for which Resource estimates were prepared, this proved to be an extremely time-consuming process. The Mineral Resources include material (approximately 25% of the Indicated Resources) below the lower limit of Silvercorp’s current mining permits. However, because of the nature of Chinese regulations governing applications for new or extended mining permits, and because Mineral Resources have been shown to extend below the current lower limits, AMC is satisfied that there is no material risk of Silvercorp not being granted approval to extend the lower depth limit of its permits to develop these Resources as and when required Table 1.1 shows the Mineral Resources and metal content for the property as of 30 June 2016. The Mineral Resources are reported above cut-offs after applying a minimum practical extraction width of 0.3 m. Diluted grades were estimated for blocks with mineralization widths less than 0.3 m by adding a waste envelope with zero grade. Cut-off grades are based on in situ values in silver equivalent (AgEq) terms in grams per tonne and incorporate mining, processing and general & administration (G & A) costs provided by Silvercorp for each mine and reviewed by AMC. 1 Dynamic anisotropy re-orientates the search ellipsoid for each estimated block based on the local orientation of the mineralization amcconsultants.com 3 Ying NI 43-101 Technical Report Silvercorp Metals Inc. 716018 Table 1.1 Mineral Resource estimates, Ying Property, 30 June 2016 Metal Contained in Resource Tonnes Mine Resource Category Au (g/t) Ag (g/t) Pb (%) Zn (%) Au Ag (Mt) Pb (kt) Zn (kt) (koz) (Moz) Measured 2.67 - 296 5.71 3.06 - 25.46 152.7 81.71 Indicated 3.86 - 271 5.06 2.36 - 33.64 195.5 91.19 SGX Measured + Indicated 6.54 - 281 5.33 2.64 - 59.10 348.2 172.90 Inferred 3.66 - 268 5.14 2.33 - 31.50 187.8 85.23 Measured 0.33 - 390 1.20 0.24 - 4.14 4.0 0.78 Indicated 0.45 - 297 0.91 0.18 - 4.27 4.1 0.80 HZG Measured