Mr. Lon Shaver reports

SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE FIRST QUARTER OF FISCAL 2024

Silvercorp Metals Inc. has released production and sales figures for the first quarter of fiscal year 2024 ended June 30, 2023. The company expects to release its Q1 fiscal 2024 unaudited financial results on Thursday, Aug. 3, 2023, after market close.

Production highlights:

• Gold and silver production is on track to achieve fiscal 2024 annual guidance.
• Silver equivalent (including silver and gold) (1) production of approximately 1.9 million ounces is effectively the same as Q1 fiscal 2023.
• Gold production was 1,552 ounces, a 41-per-cent increase over Q1 fiscal 2023.
• Silver production was approximately 1.8 million ounces, a 4-per-cent decrease over Q1 fiscal 2023.
• Zinc and lead production was approximately 17.8 million pounds and 6.8 million pounds, 7-per-cent and 2-per-cent decreases, respectively, over Q1 fiscal 2023.

The lower silver and lead production is primarily due to a decrease in head grades at the Ying mining district in line with the planned mining sequences and mineral reserves.

The company reiterates its fiscal 2024 production guidance of approximately 6.8 million to 7.2 million ounces of silver, 4,400 to 5,500 ounces of gold, 70.5 million to 73.8 million pounds of lead and 27.7 million to 29.7 million pounds of zinc.

(1) Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio of 1 to 84, and then adding the converted amount expressed in silver ounces to the ounces of silver.

At the Ying mining district, 213,748 tonnes of ore were mined, effectively the same as Q1 fiscal 2023, and 208,809 tonnes of ore were milled, down 2 per cent over Q1 fiscal 2023. Approximately 1.6 million ounces of silver, 1,552 ounces of gold, 15.4 million pounds of lead and 2.1 million pounds of zinc were produced, representing increases of 41 per cent and 10 per cent, respectively, in gold and zinc, and decreases of 6 per cent and 8 per cent, respectively, in silver and lead over Q1 fiscal 2023.

At the GC mine, 89,472 tonnes of ore were mined, up 4 per cent over Q1 fiscal 2023, and 86,286 tonnes of ore were milled, effectively the same as Q1 fiscal 2023. Approximately 183,000 ounces of silver, 2.4 million pounds of lead and 4.7 million pounds of zinc were produced, representing increases of 12 per cent and 3 per cent, respectively, in silver and lead, and a decrease of 6 per cent in zinc, over Q1 fiscal 2023.

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 focusing on: (1) 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) a long-term commitment to responsible mining and environmental, social and governance.

We seek Safe Harbor.