Mr. Lon Shaver reports

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

Silvercorp Metals Inc. has released production and sales figures for the third quarter ended Dec. 31, 2023, of fiscal year 2024. The company expects to release its Q3 fiscal 2024 unaudited financial results on Thursday, Feb. 8, 2024, after market close.

Q3 fiscal 2024 operational results:

• Gold production of 1,342 ounces, an increase of 22 per cent over Q3 fiscal 2023;
• Silver equivalent (only silver and gold) production of approximately 1.8 million ounces;
• Zinc production of approximately 7.4 million pounds, an increase of 6 per cent over Q3 fiscal 2023;
• Lead production of approximately 16.8 million pounds, a decrease of 16 per cent over Q3 fiscal 2023.

At the Ying mining district, 245,606 tonnes of ore were mined, up 19 per cent over Q3 fiscal 2023, and 214,201 tonnes of ore were milled, a slight increase over Q3 fiscal 2023. Approximately 1.5 million ounces of silver, 1,342 ounces of gold (or 1.6 million ounces of silver equivalent), 14.6 million pounds of lead and 2.2 million pounds of zinc were produced, representing increases of 22 per cent and 3 per cent, respectively, in gold and zinc, and decreases of 10 per cent, 8 per cent and 18 per cent, respectively, in silver, silver equivalent and lead over Q3 fiscal 2023.

The decrease in silver and lead production was mainly due to: (i) lower head grades achieved due to mining sequences; (ii) 60,095 tonnes of ores stockpiled and to be processed in the fourth quarter during the Chinese New Year; and (iii) 12,700 tonnes of gold ores mined and processed with grades of 1.9 grams per tonne gold, 74 g/t silver, 1.0 per cent lead and 0.1 per cent zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate and zinc concentrate in Q3 fiscal 2024. The gold recovery rate for gold ores processed was 91.2 per cent.

At the GC mine, 99,667 tonnes of ore were mined, up 12 per cent over Q3 fiscal 2023, and 98,299 tonnes of ore were milled, up 10 per cent over Q3 fiscal 2023. Approximately 173,000 ounces of silver, 2.2 million pounds of lead and 5.3 million pounds of zinc were produced, representing decreases of 3 per cent and 8 per cent, respectively, in silver and lead, and an increase of 7 per cent in zinc, over Q3 fiscal 2023. The decrease in silver and lead production was mainly due to lower head grades achieved due to mining sequences.

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.