An anonymous director reports

SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR FISCAL 2021

Silvercorp Metals Inc. has provided production and sales figures for fiscal year 2021 ended March 31, 2021. The company's fiscal 2021 financial results are expected to be released on Thursday, May 20, 2021, after market close.

In fiscal 2021, the company produced approximately 6.3 million ounces of silver and 68.4 million pounds of lead, meeting the production guidance of between 6.2 million to 6.5 million ounces of silver and 66.1 million to 68.5 million pounds of lead. The company also produced approximately 28.0 million pounds of zinc, beating the guidance to produce between 24.5 million to 26.7 million pounds of zinc.

Fiscal 2021 operating highlights

• At the Ying mining district, ore mined was 650,025 tonnes, up 8.7 per cent over fiscal 2020, and ore milled was 651,402 tonnes, up 8.3 per cent over fiscal 2020. Approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead and 6.9 million pounds of zinc were produced, representing increases of 0.4 per cent in silver production, 6.1 per cent in gold production and 2.6 per cent in lead production, and a decrease of 5.7 per cent in zinc production over fiscal 2020.
• At the GC mine, ore mined was 314,900 tonnes, up 9.5 per cent over fiscal 2020, and ore milled was 316,179 tonnes, up 8.8 per cent over fiscal 2020. Approximately 716,000 ounces of silver, 10.5 million pounds of lead and 21.1 million pounds of zinc were produced, representing increases of 2.4 per cent in silver production and 15.6 per cent in zinc production, and a decrease of 3.6 per cent in lead production over fiscal 2020.
• On a consolidated basis, ore mined was 964,925 tonnes, up 8.9 per cent over fiscal 2020, with ore milled of 967,582 tonnes, up 8.4 per cent over fiscal 2020. Approximately 6.3 million ounces of silver, 3,500 ounces of gold, 68.4 million pounds of lead and 28.0 million pounds of zinc were produced, up 0.6 per cent, 6.1 per cent, 1.6 per cent and 9.5 per cent, respectively, over fiscal 2020.
• On a consolidated basis, Silvercorp sold approximately 6.3 million ounces of silver, 4,700 ounces of gold, 67.1 million pounds of lead and 27.9 million pounds of zinc, up 0.9 per cent, 42.8 per cent, 2.7 per cent and 9.9 per cent, respectively, over fiscal 2020.

The operational results for the full year fiscal 2021 are summarized as shown in the attached table.

The operational results for the fourth quarter ended March 31, 2021, are summarized as shown in the attached table.

Ying mining district

In Q4 fiscal 2021, ore mined at the Ying mining district was 112,561 tonnes, an increase of 62 per cent, compared with 69,379 tonnes in the fourth quarter of fiscal 2020. Ore milled was 131,725 tonnes, with average head grades of 280 grams per tonne (g/t) for silver, 3.9 per cent for lead and 0.8 per cent for zinc, compared with 69,188 tonnes of ore milled with average head grades of 297 g/t for silver, 4.6 per cent for lead and 1.0 per cent for zinc in Q4 fiscal 2020. The company mined and processed increased ore during the quarter as result of an extra month shutdown due TO COVID-19 in Q4 fiscal 2020. Metals production at the Ying mining district in Q4 fiscal 2021 was approximately 1.1 million ounces of silver, 300 ounces of gold, 10.5 million pounds of lead and 1.5 million pounds of zinc, compared with approximately 600,000 ounces of silver, 200 ounces of gold, 6.6 million pounds of lead and 1.0 million pounds of zinc in Q4 fiscal 2020.

In fiscal 2021, metals production at the Ying mining district was approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead and 6.9 million pounds of zinc, compared with approximately 5.6 million ounces of silver, 3,300 ounces of gold, 56.4 million pounds of lead and 7.3 million pounds of zinc in fiscal 2020. The Ying mining district met its guidance to produce between 5.6 million to 5.8 million ounces of silver and 56.6 million to 58.0 million pounds of lead, but was slightly below its guidance to produce between 7.0 million to 8.0 million pounds of zinc in fiscal 2021.

GC mine

In Q4 fiscal 2021, ore mined at the GC mine was 50,511 tonnes, an increase of 36 per cent compared with 37,216 tonnes in Q4 fiscal 2020. Ore milled was 48,949 tonnes, with average head grades of 87 g/t for silver, 1.7 per cent for lead and 3.3 per cent for zinc, compared with 33,243 tonnes of ore milled with average head grades of 94 g/t for silver, 1.8 per cent for lead and 3.5 per cent for zinc in Q4 fiscal 2020. Metals production at the GC mine in Q4 fiscal 2021 was approximately 112,000 ounces of silver, 1.7 million pounds of lead and 3.2 million pounds of zinc, compared with approximately 82,000 ounces of silver, 1.2 million pounds of lead and 2.3 million pounds of zinc in Q4 fiscal 2020.

In fiscal 2021, metals production at the GC mine was approximately 716,000 ounces of silver, 10.5 million pounds of lead, and 21.1 million pounds of zinc, compared with approximately 699,000 ounces of silver, 10.9 million pounds of lead and 18.2 million pounds of zinc in fiscal 2020. The GC mine met or surpassed its guidance to produce between 600,000 to 700,000 ounces of silver, 9.5 million to 10.5 million pounds of lead, and 17.5 million to 18.7 million pounds of zinc in fiscal 2021.

About Silvercorp Metals Inc.

Silvercorp is a profitable Canadian mining company, producing silver, lead and zinc metals in concentrates from mines in China. The company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' well-being, and sustainable development.

We seek Safe Harbor.