Mr. Lon Shaver reports

SILVERCORP REPORTS OPERATIONAL RESULTS AND FINANCIAL RESULTS RELEASE DATE FOR SECOND QUARTER, FISCAL 2024

Silvercorp Metals Inc. has released its production and sales figures for the second quarter of fiscal year 2024 ended Sept. 30, 2023. The company expects to release its Q2 fiscal 2024 unaudited financial results on Thursday, Nov. 9, 2023, after market close.

Q2 fiscal 2024 operational results:

• Gold production of 2,458 ounces, an increase of 105 per cent over Q2 fiscal 2023;
• Silver equivalent (only silver and gold) production of approximately 1.8 million ounces;
• Lead and zinc production of approximately 16.1 million pounds and 4.6 million pounds, 11-per-cent and 23-per-cent decreases over Q2 fiscal 2023, respectively.

At the Ying mining district, 220,636 tonnes of ore were mined, up 2 per cent over Q2 fiscal 2023, and 212,868 tonnes of ore were milled, down 2 per cent over Q2 fiscal 2023. Approximately 1.5 million ounces of silver, 2,458 ounces of gold (or 1.7 million ounces of silver equivalent), 15 million pounds of lead and 2.2 million pounds of zinc were produced, representing increases of 105 per cent and 11 per cent, respectively, in gold and zinc, relatively the same in silver equivalent, and decreases of 9 per cent and 7 per cent, respectively, in silver and lead over Q2 fiscal 2023.

The decrease in silver and lead production was mainly due to lower head grades achieved due to mining sequences and 12,800 tonnes of gold ores were mined and processed with grades of 1.9 grams per tonne gold, 82 grams per tonne silver, 0.8 per cent lead and 0.3 per cent zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate and zinc concentrate in Q2 fiscal 2024. The gold recovery rate for gold ores processed was 91.1 per cent. As a result of processing gold gravity concentrate, the company poured its first gold and produced and sold 649 ounces of gold dore in the current quarter.

At the GC mine, 52,829 tonnes of ore were mined, down 30 per cent over Q2 fiscal 2023, and 48,239 tonnes of ore were milled, down 36 per cent over Q2 fiscal 2023. Approximately 84,000 ounces of silver, one million pounds of lead and 2.4 million pounds of zinc were produced, representing decreases of 40 per cent, 41 per cent and 40 per cent, respectively, in silver, lead and zinc, over Q2 fiscal 2023. The decrease was mainly due to a production disruption of five weeks due to a series of improvement measures and a districtwide cessation of industrial activity associated with improvements made to the provincial power grid at the GC mine in Q2 fiscal 2024 (refer to the company's Sept. 5, 2023, 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 ESG (environmental, social and governance).

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