Mr. Lon Shaver reports

SILVERCORP REPORTS HIGH-GRADE GOLD-SILVER-LEAD-ZINC DRILL RESULTS FROM THE HPG MINE

Silvercorp Metals Inc. has released results of the high-grade gold-silver-lead-zinc intercepts from its continuing diamond drilling program at the HPG mine in the Ying mining district, China.

Highlights (all intersections are in core lengths):

• Surface hole ZK1645 intersected an 8.24-metre interval of vein H4 grading 4.31 grams per tonne gold, 15 g/t silver and 2.10 per cent lead from a 56.28-metre depth at an elevation of 819 m.
• Underground hole ZK02N36 intersected a 0.61-metre interval of vein H5E grading 3.86 g/t Au, 6,132 g/t Ag, 6.45 per cent Pb, 8.47 per cent zinc and 0.33 per cent copper from a 72.36-metre depth at an elevation of 331 m.
• Surface hole ZK3421 intersected a 0.63-metre interval of vein H17-1 grading 23.80 g/t Au and 14 g/t Ag from a 71.95-metre depth at an elevation of 761 m.
• Underground hole ZKH12N21 intersected a 4.60-metre interval of vein H17 grading 1.23 g/t Au, 193 g/t Ag, 7.56 per cent Pb, 3.79 per cent Zn and 0.38 per cent Cu from a 68.67-metre depth at an elevation of 329 m.
• Underground hole ZK21N11 intersected a 2.05-metre interval of vein H16-3 grading 3.75 g/t Au, 128 g/t Ag, 2.26 per cent Pb and 1.05 per cent Zn from a 148.72-metre depth at an elevation of 381 m.
• Underground hole ZKH21N20 intersected a 2.69-metre interval of vein H16-3 grading 2.72 g/t Au, 269 g/t Ag, 1.02 per cent Pb, 0.69 per cent Zn and 0.80 per cent Cu from a 147.79-metre depth at an elevation of 338 m.
• Underground hole ZKH27N03 intersected a 1.70-metre interval of vein H14a grading 10.49 g/t Au, 18 g/t Ag, 1.02 per cent Pb and 0.75 per cent Zn from a 181.11-metre depth at an elevation of 440 m.
• Underground hole ZKH21N22 intersected a 0.95-metre interval of vein H16-3 grading 6.62 g/t Au, 507 g/t Ag, 1.77 per cent Pb, 1.35 per cent Zn and 0.97 per cent Cu from a 151.45-metre depth at an elevation of 350 m.
• Underground hole ZK19N15 intersected a 0.45-metre interval of vein H10-1 grading 25.80 g/t Au and 216 g/t Ag from a 148.64-metre depth at an elevation of 599 m.
• Underground hole ZK04N14 intersected a 1.01-metre interval of vein H13 grading 0.62 g/t Au, 930 g/t Ag, 25.93 per cent Pb, 0.30 per cent Zn and 1.24 per cent Cu from a 63.67-metre depth at an elevation of 683 m.

From Jan. 1, 2022, to Nov. 15, 2023, a total of 45,046 m in 297 diamond drill holes, including 215 underground holes and 82 surface holes, were completed at the HPG mine. Assay results for 270 holes have been received, with 139 holes intercepting mineralization. Currently, there are eight rigs drilling at the HPG mine.

The drilling program at the HPG mine has been focused on three main areas: (1) near-surface gold-silver-lead-zinc vein structures within the resource area, which have seen limited exploration drilling and tunnelling (Upper zone); (2) infill drilling above or below previously mined stopes, where production stopped due to higher-than-expected variability in grades, vein thicknesses and attitudes of the vein structures (Production zone); and (3) testing the Au-Ag-Pb-Zn mineralization potential and extent within a rhyolitic breccia dike that is situated within the current underground mining infrastructure (Breccia zone).

Drilling near-surface Au-Ag-Pb-Zn vein structures within the resource area -- Upper zone

Previous drilling was primarily focused on testing the strike and downdip extent of known vein structures with a limited focus being placed on the updip potential at shallower elevations above 600 metres above mean sea level. Extensive drilling from surface and underground drill carbines yielded intercepts of high-grade Au-Ag-Pb-Zn vein structures at higher elevations, which include the H13 series, H15 series, H16 series, H17 series, H32 series, H42 series, H5, H13, H14, H18 and H29.

Drilling above or beneath previously mined stopes within the resource area -- Production zone

The majority of the drilling campaign targeted areas of known Au-Ag-Pb-Zn vein structures that were previously underexplored due to higher-than-expected variation in the thickness and trend of the high-grade ore shoots of the veins within the resource areas below the 600-metre amsl elevation. The high-grade intercepts are mainly associated with the northwest-dipping H5 series, H15 series, H16 series, H17 series, H11, H13 and H14, and the east-dipping H20 series, H41 series, H32 series, H29, H40 and H42 veins. These intercepts have led to significant expansion and upgrading of high-grade resources.

Testing Au-Ag-Pb-Zn mineralization within the rhyolitic breccia dike -- Breccia zone

Drilling has been in progress to test the mineralization within a northwest-trending rhyolitic breccia dike (Breccia zone B8) hosting disseminated Au-Ag-Pb-Zn-Cu mineralization across a currently defined zone measuring 50 m long, 30 m high and 20 m wide. The newly discovered B8 orebody has been mined since October, 2023, by means of long-hole stoping.

In addition to the drilling outlined, which focused on drilling vein structures within the current mining infrastructure, some drill holes were aimed at testing the downdip extension of major vein structures, including H15, H16 and H17 below 300-metre amsl elevation within the Deep zone. Initial drilling confirmed notable mineralization and downdip extension of mineralization along the targeted vein 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, 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 m along strike. Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length ranges from 0.2 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 procedure is adopted to monitor the analytical quality at each lab. Certified reference materials, 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 CRMs, 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 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.