An anonymous director reports

SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE SECOND QUARTER OF FISCAL 2022

Silvercorp Metals Inc. has released production and sales figures for the second quarter of fiscal year 2022 ended Sept. 30, 2021. The company expects to release its Q2 fiscal 2022 unaudited financial results on Nov. 4, 2021, after market close.

In Q2 fiscal 2022, the company increased production to approximately 1.7 million ounces of silver, 800 ounces of gold, 17.6 million pounds of lead and 7.5 million pounds of zinc, representing increases of 15 per cent, 11 per cent and 4 per cent, respectively, in silver, lead and zinc, and a decrease of 20 per cent in gold over the first quarter ended June 30, 2021. At the Ying mining district, ore mined in Q2 fiscal 2022 was 206,933 tonnes, up 64,026 tonnes or 45 per cent over Q1 fiscal 2022. Ore milled was 182,173 tonnes, up 26,766 tonnes or 17 per cent over Q1 fiscal 2022, but 24,760 tonnes lower than mined as a result of transportation interruptions caused by lengthy heavy rains in Q2 fiscal 2022. The company expects to maintain a similar mining production rate and increase the milling tonnage at the Ying mining district in the next quarter.

For the first six months of fiscal 2022, the company produced approximately 3.2 million ounces of silver, 1,800 ounces of gold, 33.5 million pounds of lead and 14.7 million pounds of zinc. The company is on track to meet its annual guidance to produce between 6.3 million and 6.6 million ounces of silver, between 65.7 million and 68.9 million pounds of lead, and between 26.9 million and 28.5 million pounds of zinc in fiscal 2022.

Q2 fiscal 2022 operating highlights:

• At the Ying mining district, ore mined was 206,933 tonnes, up 14 per cent over the same prior-year quarter, and ore milled was 182,173 tonnes, up 2 per cent over Q2 fiscal 2021. Approximately 1.5 million ounces of silver, 800 ounces of gold, 14.7 million pounds of lead and 1.6 million pounds of zinc were produced, representing decreases of 1 per cent in silver, 27 per cent in gold, 9 per cent in lead and 4 per cent in zinc over Q2 fiscal 2021 as 24,760 tonnes or 12 per cent of ore mined in the current quarter have yet to be processed due to the heavy rains.
• At the GC mine, ore mined was 85,535 tonnes, down 1 per cent over Q2 fiscal 2021, and ore milled was 89,643 tonnes, up 6 per cent over Q2 fiscal 2021. Approximately 179,000 ounces of silver, 2.9 million pounds of lead and 5.9 million pounds of zinc were produced, representing an increase of 7 per cent in zinc, and decreases of 2 per cent in silver and 2 per cent in lead over Q2 fiscal 2021.
• On a consolidated basis, ore mined was 292,468 tonnes, up 9 per cent over Q2 fiscal 2021, and ore milled was 271,816 tonnes, up 3 per cent over Q1 fiscal 2021. Approximately 1.7 million ounces of silver, 800 ounces of gold, 17.6 million pounds of lead and 7.5 million pounds of zinc were produced, representing decreases of 1 per cent, 27 per cent and 8 per cent, respectively, in silver, gold and lead, and an increase of 5 per cent in zinc over Q2 fiscal 2021.
• On a consolidated basis, the company sold approximately 1.7 million ounces of silver, 800 ounces of gold, 17.3 million pounds of lead and 7.6 million pounds of zinc, representing decreases of 1 per cent, 64 per cent and 7 per cent, respectively, in silver, gold and lead sold, and an increase of 3 per cent in lead sold over Q2 fiscal 2021. Gold sold in Q2 fiscal 2021 included 1,200 ounces from the BYP mine.

The consolidated operational results for the past five quarters are summarized in the attached table.

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.