Dr. Rui Feng reports

SILVERCORP RELEASES FISCAL 2023 SUSTAINABILITY REPORT

Silvercorp Metals Inc. has published its annual sustainability report for fiscal 2023, detailing the company's environmental, social and governance (ESG) performance, management, and targets.

"We remain firmly committed to the integration of environmental, social and governance (ESG) principles into our strategic planning, operations and management," said Dr. Rui Feng, chairman and chief executive officer of Silvercorp. "By prioritizing responsible mining, Silvercorp ensures that its operations not only create value for stakeholders but also have a positive impact on the lives of those connected to its activities. As we progress towards our fiscal 2024 goals and targets, Silvercorp's core values and purpose will guide each decision, ensuring that sustainability and responsibility remain at the forefront of our endeavours."

Highlights of Silvercorp's fiscal 2023 sustainability report:

• ESG management: 100 per cent of its operating mines were awarded with ISO certifications in environmental, energy, and occupational health and safety management;
• Environment: recycled 84.85 per cent of water used in its operations, increasing its water recycling rate by 5.63 per cent compared with its 2020 levels;
• Health and safety: there were no work-related fatalities; reduced lost-time incident rate from 0.55 to 0.25, down for the fourth consecutive year;
• Community: invested in its local communities, supporting education, economic development, public health and infrastructure;
• Governance: adopted four new environmental, social and governance related policies at the board level, including the environmental protection policy, community relations policy, human rights policy, and occupational health and safety policy.

Reporting frameworks

The company's report has been prepared in accordance with the core accordance option of the 2021 GRI Standards of the Global Sustainability Standard Board (GSSB), the China Corporate Social Responsibility Reporting Guidelines 5.0 by the Chinese Academy of Social Sciences (CASS-ESG5.0), the SDG Compass by the United Nations Global Compact (UNGC), the Global Industry Standard on Tailings Management by the International Council on Mining and Metals (ICMM), the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and the Sustainability Accounting Standards Board (SASB) Standard on Metals and Mining.

The full 2023 sustainability report is available for download at the Silvercorp website, along with the applicable ESG data tables and GRI indices.

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.

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