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Ecuador

Condor Project

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Categories

Summary

Mine TypeUnderground
Study CompletedPreliminary Economic Assessment
Study in ProgressPrefeasibility
Commodities
  • Gold
  • Silver
  • Lead
  • Zinc
Mining Method
  • Longhole open stoping
  • Transverse stoping
  • Sub-level open stoping (SLOS)
Backfill type ... Lock
Mine Life... Lock
SnapshotThe Condor Project consists of the Los Cuyes, Camp, Soledad, Guaya, and Enma deposits.

On December 22, 2025, Silvercorp reported the results of its Preliminary Economic Assessment for the Condor gold project.

The Mineral Resource of Los Cuyes was planned as an open-pit operation in the 2021 PEA, but this has switched to Underground mining in the PEA 2025.

The Project contemplates an underground operation, supplying mill feed to a cyanidation circuit to preconcentrate coarse nugget gold. Selective flotation is also included to recover residual silver, lead, and zinc from the cyanide leach residue, to produce marketable silver-lead and zinc concentrates, respectively.

In 2025, the Company had advanced work on the environmental impact assessment required for a new environmental permit, which would authorize underground development for exploitation at a small mining scale . Currently, the environmental impact study (EIS) has been approved by the ministry of Environment.
Latest NewsSilvercorp Announces Filing of PEA for Condor Gold Project in Ecuador     February 2, 2026

Owners

SourceSource
CompanyInterestOwnership
Instituto de Seguridad Social de Las Fuerzas Armadas (ISSFA) 1.3 % Indirect
Silvercorp Metals Inc. 98.7 % Indirect
The mining concessions are held under Condormining S.A., Corporación FJTX S.A., and Bestminers S.A., subsidiaries of Adventus Mining Corporation, which was acquired by SVM in 2024. Adventus owns 100% of Ecuador Gold Holdings Ltd., which in turn owns EMH S.A. (100%). Through EMH, Adventus holds 98.73% of Condormining, 99.974% of Corporación FJTX, and 98.73% of Bestminers.

The remaining 1.3% is owned by the Instituto de Seguridad Social de Las Fuerzas Armadas (ISSFA), the pension fund for Ecuador’s armed forces personnel.

Contractors

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Deposit type

  • Epithermal

Summary:

Deposit Types
In the Condor North area, gold and silver mineralization is located within the Condor breccia, dyke and dome complex as well as in the adjacent Chinapintza veins. The recently identified Nayumbi prospect located in the Condor South area, is consistent with low to intermediate sulphidation epithermal mineralization (Hedenquist et al., 1996).

Mineralization
The Condor breccia, dyke and dome complex hosts the Camp, Los Cuyes, Soledad, Enma and the Chinapintza vein deposits and the un-drilled Prometedor prospect.

Camp
The Camp deposit features gold and silver mineralization linked to a swarm of northwest-striking rhyolitedacite dykes, likely originating from a larger buried rhyolite intrusion. These dykes are concentrated at the contact between a volcanic/intrusive complex and a major granodiorite intrusion. The mineralized zone, dipping steeply at 85° to the northeast, extends over 500 m along strike and is 80 to 130 m wide.

Gold occurs within veins containing pyrite, marcasite, iron-rich sphalerite (marmatite), galena, ± chalcopyrite, pyrrhotite, quartz, and rhodochrosite gangue. Host rocks include altered granodiorites, breccias, flow-banded rhyolite, and phreatomagmatic breccia. The area is capped by 30 to 80 m of trachyte to rhyolitic welded tuff, with the Camp ridge bounded by the Camp Fault and Piedras Blancas Fault.

Anomalous surface copper mineralization and stockwork porphyry clasts with molybdenite in the nearby Los Cuyes diatreme suggest a deeper common mineralized porphyry underlying the Condor breccia, dyke, and dome complex.

Los Cuyes
Los Cuyes is hosted within an oval-shaped diatreme measuring 450 m northeast-southwest, 300 m northwest-southeast, and extending to at least 350 m in depth. This diatreme, resembling an inverted cone plunging approximately 50° to the southeast, consists of an outer shell of polymictic phreatomagmatic breccia and an internal fill of well-sorted rhyolitic lapilli tuffs, breccias, and volcanic sandstones. Amphibolite and quartz arenite fragments occur around its periphery, with dacite and rhyolite ring dykes intruding the steep margins.

Alteration within the diatreme is primarily sericite-illite, with localized carbonate and intense phyllic alteration at the margins, indicating focused hydrothermal fluid flow. Gold and silver mineralization occurs in veins containing pyrite, sphalerite, galena, chalcopyrite, and pyrrhotite. The entire diatreme exhibits a low background level of gold, primarily in disseminated pyrite and sphalerite. The highest gold values are found in veins of massive sphalerite, pyrite, and marcasite, with minor quartz, galena, and rhodochrosite, similar to the nearby Chinapintza veins.

Lithological contacts, such as dykes cutting through the diatreme and its outer breccia shell, favoured vein development. The mineralization and alteration at Los Cuyes post-date all local rock types, including blocks of the Hollín Formation, indicating that the mineralization is post-Early Cretaceous.

Soledad
The Soledad Zone features a 700-meter diameter oval-shaped rhyolite intrusion within the Zamora Batholith, surrounded by discontinuous pyritic breccias. It includes individual mineralized zones named Soledad, San Jose, Bonanza, and Guayas. Epithermal gold-silver mineralization at Soledad resembles that of the Camp deposit, with patchy matrix replacement by sulphides, grain-scale replacement of rhyolite feldspars by sphalerite and pyrite, and irregular sphalerite veinlets. Unique to Soledad are the pyritic hydrothermal matrix breccias at the upper margins of the intrusion at San Jose and Guayas.

The overall mineralization at Soledad is described as a north-south elongated wine glass-shaped body, tapering between 200 to 300 m below the surface and extending approximately 110 m northwest by 50?m northeast. Sphalerite transitions to pyrite as the dominant sulfide at around 100 m below the surface, leading to diminished gold and silver grades similar to Los Cuyes.

Enma
Gold and silver mineralization at Enma is hosted in a west-northwest-trending rhyolitic breccia that occurs at the contact between andesite lapilli tuffs and the Zamora batholith. The deposit has dimensions of 280 m east-northeast, is approximately 20-75 m wide, and has a vertical extent of 350 m. Alteration mineralogy is primarily chlorite with minor quartz-sericite ± alunite-kaolinite. Gold is associated with pyrite-sphaleritequartz and locally rhodochrosite veins. At depths greater than 200 m, gold-poor, pyrite-pyrrhotite ± chalcopyrite veins are more dominant.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityUnitsAvg. AnnualLOM
Gold koz 1,375 *
Silver koz 5,266 *
Gold Equivalent koz 114 *1,487 *
Lead k lbs 8,448 *
Zinc k lbs 95,656 *
All production numbers are expressed as payable metal. * According to 2025 study.

Operational metrics

Metrics
Daily ore mining rate  ....  Subscribe
Daily processing capacity  ....  Subscribe
Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverage
Cash costs Gold Equivalent USD  ....  Subscribe
All-in sustaining costs (AISC) Gold Equivalent USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
All-in costs Gold Equivalent USD  ....  Subscribe
Assumed price Lead USD  ....  Subscribe
Assumed price Zinc USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2025 study / presentation.
** Net of By-Product.

Operating Costs

CurrencyAverage
UG mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2025 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 391.7
G&A costs $M USD 288
Total OpEx $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 30, 2025
....................... Subscription required ....................... Subscription required Nov 30, 2025
....................... Subscription required ....................... Subscription required Subscription required Feb 20, 2026

Workforce

EmployeesContractorsTotal WorkforceYear
...... Subscription required ...... Subscription required ...... Subscription required 2025

Aerial view:

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