Mr. Lon Shaver reports

SILVERCORP ANNOUNCES HIGH-GRADE GOLD AND SILVER DRILL RESULTS AND THE DISCOVERY OF NEW LOW ANGLE GOLD VEINS AT THE LMW MINE

Silvercorp Metals Inc. has released assay results from its continuing diamond drilling program at the LMW mine within the Ying mining district, China.

Highlights

Discovery of new, low-angle copper-gold veins at the W zone:

• Hole ZKX1009 intersected 18.0 grams per tonne gold, 32 g/t silver and 8.38 per cent copper over a 1.11-metre interval of vein LM29 at the 1,028-metre elevation; and 3.0 g/t Au, 1,167 g/t Ag, 1.49 per cent lead and 0.58 per cent copper over a 2.55-metre interval of vein LM30 at the 1,023-metre elevation.

High-grade intercepts from low-angle gold veins LM50 and LM26:

• Hole ZKX0597 intersected 10.79 g/t Au, 272 g/t Ag, 1.55 per cent Pb, 0.19 per cent zinc and 0.10 per cent Cu over a 1.26-metre interval of vein LM50 at the 782-metre elevation.
• Hole ZKX0598 intersected 22.79 g/t Au, 31 g/t Ag and 0.13 per cent Pb over a 0.59-metre interval of vein LM50 at the 777-metre elevation.
• Hole ZKX0778 intersected 0.33 g/t Au, 1,327 g/t Ag, 3.45 per cent Pb, 0.63 per cent Zn and 0.15 per cent Cu over a 2.99-metre interval of vein LM26 at the 672-metre elevation.
• Hole ZKX3822 intersected 28.9 g/t Au and 12 g/t Ag over a 1.24-metre interval of vein LM56 at the 532-metre elevation.

High-grade silver-lead intercepts at the W zone:

• Hole ZKX0471 intersected 3,943 g/t Ag, 2.54 per cent Pb, 0.95 per cent Zn and 1.07 per cent Cu over a 3.43-metre interval of vein W1 at the 1,084-metre elevation.
• Hole ZKX0623 intersected 2,991 g/t Ag, 2.52 per cent Pb, 2.29 per cent Zn and 0.96 per cent Cu over a 0.61-metre interval of vein W1 at the 1,075-metre elevation.

High-grade intercepts of Ag-Pb-Zn mineralization in the Production zone:

• Hole ZKX3414 intersected 1,112 g/t Ag, 3.09 per cent Pb, 0.34 per cent Zn, 0.17 g/t Au and 1.35 per cent Cu over a 2.83-metre interval of vein LM17 at the 553-metre elevation.
• Hole ZKX3423 intersected 1,209 g/t Ag, 4.51 per cent Pb, 1.75 per cent Zn and 0.93 per cent Cu over a 1.47-metre interval of vein LM17 at the 565-metre elevation.

From Oct. 1, 2022, to May 31, 2023, a total of 25,692 m in 189 diamond drill holes, including 165 underground holes and 24 surface holes, were completed at the LMW mine. Assay results for 145 holes have been received, and select results are presented in the attached table.

This drilling program has been focused on four target areas: (1) expansion drilling of newly discovered high-grade Ag-Pb and low angle Au-Ag-Cu veins west of the LMW mine (W zone) at elevations above 918 m to surface (1,250 m); (2) expansion drilling of low-angle Au and Ag-Au-Cu veins LM50, LM26 and LM21; (3) drilling to extend the high-grade LM41E series veins; and (4) infill drilling of Ag-Pb-Zn veins at the Production zone.

(1) Expansion drilling of newly discovered high-grade Ag-Pb and low-angle Au-Ag-Cu veins west of the LMW mine (W zone)

Drilling at the W zone intersected several new, low-angle and high-grade Ag-Au-Cu veins, including LM28, LM29 and LM30. These quartz-pyrite-chalcopyrite veins were intersected at elevations between 1,028 m and 990 m, striking between 210 and 240 degrees with a dip angle between 10 and 30 degrees.

At the W zone, drilling also intersected high-grade Ag-Pb veins W2, W1, W18 series and W6 series at elevations between 1,087 m and 905 m, with extension over 800 m along strike. The crosscuts and drifts from surface at 1,040-metre and 988-metre elevations have traced the high-grade Ag-Pb veins W1, W2 and W18 for up to 100 m in length in tunnels. The W2, W1, W18 and W6 vein series clearly cut and only slightly offset the new low-angle veins.

(2) Expansion drilling of low-angle Au and Ag-Au-Cu veins LM50, LM26 and LM21

Drilling for the low-angle Au and Ag-Au-Cu veins targeted LM50, as well as LM21, LM26, LM22, LM51, LM54 and LM55. A continuous LM50 vein block extending 1,000 m along strike and 400 m downdip has been defined and will be developed for test mining. Test mining of vein LM26 is under way.

(3) Drilling to extend the high-grade LM41E series veins

At the east side of the resource area (E zone), drilling continued to extend the high-grade Ag-Pb-Zn LM41E series veins, including LM41E, LM41E1 and LM41E1Wa. In particular, vein LM41E has been expanded from 1,000-metre to 554-metre elevation.

High-grade Ag-Pb-Zn highlights from the E zone:

• Hole ZKX11142 intersected 2,114 g/t Ag, 5.17 per cent Pb, 1.94 per cent Zn, 0.05 g/t Au and 0.24 per cent Cu over a 0.86-metre interval of vein LM41E at the 779-metre elevation.
• Hole ZKX10514 intersected 1,097 g/t Ag, 22.82 per cent Pb, 0.14 per cent Zn, 0.26 g/t Au and 0.09 per cent Cu over a 0.71-metre interval (0.60-metre true width) of vein LM41E at the 554-metre elevation.

(4) Infill drilling of Ag-Pb-Zn veins at the Production zone

Most holes in this period targeted blocks of known Ag-Pb-Zn veins at the Production zone, including blocks that were previously missed due to limited drilling or tunnelling, changes in the strikes and dips, and/or pinch-swelling of the pay zones in the veins. The high-grade intercepts are mainly associated with the southeast-striking LM7 series, LM12 series and LM17 series of veins, and the northwest-striking LM8 series, LM14, LM19 and LM20.

High-grade Ag-Pb-Zn highlights at the Production zone:

• Hole ZKX3413 intersected 318 g/t Ag, 7.48 per cent Pb, 0.43 per cent Zn, 0.13 g/t Au and 1.07 per cent Cu over a 3.34-metre interval (3.05-metre true width) of vein LM17 at the 554-metre elevation.
• Hole ZKX3610 intersected 862 g/t Ag, 10.82 per cent Pb, 0.23 per cent Zn and 1.08 per cent Cu over a 1.62-metre interval (1.32-metre true width) of vein LM17 at the 551-metre elevation.
• Hole ZKX0158 intersected 1,046 g/t Ag, 5.69 per cent Pb and 0.74 per cent Zn over a 0.91-metre interval (0.86-metre true width) of vein LM12 at the 850-metre elevation.

(5) Tunnelling programs at the LMW mine

A total of 4,257 m of exploration tunnels have been developed at the LMW mine during this period. The exploration tunnelling, composed of drifting, crosscutting and raising, was driven along and across major mineralized vein structures to upgrade the drill-defined mineral resources and to test for new parallel and splay structures.

Quality control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contacts or shear/alteration contacts, were split into halves by sawing. The half cores are stored in the company's core shacks for future reference and checks, and the other half core samples are shipped in securely sealed bags to the Chengde Huakan 514 Geology and Minerals Test and Research Institute in Chengde, Hebei province, China, 226 kilometres northeast of Beijing, the Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou, Henan province, China, and SGS in Tianjin, China. All three labs are ISO9000-certified analytical labs. For analysis, the sample is dried and crushed to minus one millimetre and then split into a 200- to 300-gram subsample, which is further pulverized to minus 200 mesh. Two subsamples are prepared from the pulverized sample. One is digested with aqua regia for gold analysis with atomic absorption spectroscopy (AAS), and the other is digested by two-acid digestion for analysis of silver, lead, zinc and copper with AAS.

Channel samples are collected along sample lines perpendicular to the mineralized vein structure in exploration tunnels. Spacing between sampling lines is typically five metres along strike. Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length ranges from 0.4 m to more than one m, depending on the width of the mineralized vein and the mineralization type. Channel samples are prepared and assayed with AAS at Silvercorp's mine laboratory (Ying lab) located at the mill complex in Luoning county, Henan province, China. The Ying lab is officially accredited by the Quality and Technology Monitoring Bureau of Henan province and is qualified to provide analytical services. The channel samples are dried, crushed and pulverized. A 200-gram sample of minus 160 mesh is prepared for assay. A duplicate sample of minus one millimetre is made and kept in the laboratory archives. Gold is analyzed by fire assay with AAS finish while silver, lead, zinc and copper are assayed by two-acid digestion with AAS finish.

A routine quality assurance/quality control (QA/QC) procedure is adopted to monitor the analytical quality at each lab. Certified reference materials (CRMs), pulp duplicates and blanks are inserted into each batch of lab samples. QA/QC data at the lab are attached to the assay certificates for each batch of samples.

The company maintains its own comprehensive QA/QC program to ensure best practices in sample preparation and analysis of the exploration samples. Project geologists regularly insert CRM, field duplicates and blanks to each batch of 30 core samples to monitor the sample preparation and analysis procedures at the labs. The analytical quality of the labs is further evaluated with external checks by sending approximately 3 to 5 per cent of the pulp samples to higher-level labs to check for lab bias. Data from both the company's and the labs' QA/QC programs are reviewed on a timely basis by project geologists.

Guoliang Ma, PGeo, manager of exploration and resource of the company, is the qualified person for Silvercorp under National Instrument 43-101, and has reviewed and given consent to the technical information contained in this news release.

About Silvercorp Metals Inc.

Silvercorp is a Canadian mining company producing silver, gold, lead and zinc with a long history of profitability and growth potential. The company's strategy is to create shareholder value by: (1) focusing on generating free cash flow from long-life mines; (2) organic growth through extensive drilling for discovery; (3) continuing merger and acquisition efforts to unlock value; and (4) long-term commitment to responsible mining and environmental, social and governance.

We seek Safe Harbor.