SVM · Silvercorp Metals Inc.

This financing represents a significant enhancement to Silvercorp’s balance sheet flexibility and strategic execution capacity. The RMB1.5 billion term loan — structured across floating and fixed tranches — provides immediate liquidity while allowing the Company to hedge interest rate exposure across part of its debt portfolio. The 2x oversubscription (RMB2 billion in total commitments) reflects robust market demand and underlines lenders’ confidence in Silvercorp’s operational cash flow generation, existing cash reserves, and diversified asset base across China, Kyrgyzstan, and Ecuador. Notably, repayment is explicitly tied to RMB dividends from Chinese operations, introducing a structural linkage between domestic cash generation and offshore debt service — a point of monitoring given regulatory and repatriation risks in China. The leverage-based interest rate step-downs incentivize disciplined capital allocation and may lower future financing costs if net leverage improves. While the proceeds are designated for general corporate and working capital use — rather than a specific growth project — the timing aligns with the Company’s stated strategy to advance global mining growth, including in Kyrgyzstan and Ecuador. Importantly, the facilities are secured and guaranteed by the Company and subsidiaries, meaning default could trigger cross-defaults or asset seizures; however, the filing omits specific covenant thresholds, reporting requirements, or events of default — limiting investor visibility into enforcement risk. This transaction complements, rather than replaces, Silvercorp’s existing capital structure, reinforcing its ability to fund organic growth and potential M&A without immediate equity dilution.