Mr. Fredy Salazar reports

SALAZAR RESOURCES CONGRATULATES SILVERCORP ON ITS PROPOSED ACQUISITION OF ADVENTUS

Salazar Resources Ltd. is cheering today's announcement of the proposed acquisition by Silvercorp Metals Inc. of Adventus Mining Corp., and Salazar would be glad to welcome Silvercorp as its new strategic partner and co-owner of the construction-ready El Domo-Curipamba project, as well as the Pijili and Santiago exploration projects in Ecuador. Earlier today, Silvercorp announced its intention to acquire Adventus, which has been Salazar's trusted partner since 2017, by way of an arrangement that the parties estimate will close during the summer of 2024, following receipt of shareholder and court approval. With Silvercorp's record of operations excellence, Salazar believes that Silvercorp would bring new international technical experience and financial resources to successfully construct and ramp-up El Domo to commercial operations for the benefit of all stakeholders.

Anticipated benefits of the transaction to Salazar shareholders:

• Fully finances and accelerates El Domo through construction to commercial operations -- assures Salazar's 25-per-cent ownership continues to be fully carried to commercial production and future cash flows.
• According to Silvercorp and Adventus's news release, the transaction values Adventus at $200-million -- this represents a premium valuation of Adventus and thereby the El Domo-Curipamba project.
• Injection of capital for new greenfield exploration programs targeting discoveries beyond El Domo within the 215-square-kilometre Curipamba district, and at the company's jointly owned Pijili and Santiago projects.
• Continuation of Adventus-Salazar joint venture's transparent record and commitment to local communities, employees, government and all project stakeholders in Ecuador -- upon completion of the transaction, the joint venture will benefit from Silvercorp's best-in-class ESG (environmental, social and governance) practices, which has an ESG rating of A for its ESG performance from MCSI, as well as EMS ISO 14001 and ISO 45001 certifications across its operations.

Fredy E. Salazar, president and chief executive officer of Salazar Resources, said: "We would warmly welcome Silvercorp as our new joint venture partner for El Domo in this new chapter as it advances towards construction and into the next modern mine in Ecuador. I have known Dr. Rui Feng, chairman of Silvercorp, since 2010, when Silvercorp made an early equity investment in Salazar with his astute understanding of El Domo's potential. We look forward to working closely with him and the Silvercorp team in Ecuador after the transaction closes.

"On behalf of the entire Salazar team, I want to thank the Adventus management team and board, both past and present members, for their unwavering commitment to our joint venture, our employees and our many project stakeholders in Ecuador. The years since we commenced our joint venture with Adventus in 2017 have been challenging at times, but El Domo is in better position today than it has ever been due to the team's tireless efforts, and we will continue the work to ensure El Domo's success."

As evidence of its support of the transaction, Salazar has entered into a support agreement with Silvercorp.

About Salazar Resources Ltd.

Salazar Resources is focused on creating value and positive change through discovery, exploration and development in Ecuador. The team has an unrivalled understanding of the geology in country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines.

Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador, with a strategy to make another commercial discovery and farm out non-core assets. The company actively engages with Ecuadorian communities, and together with the Salazar family, it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25-per-cent stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the company has 20-per-cent stakes fully carried through to a construction decision.

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