Mr. Lon Shaver reports

SILVERCORP PROVIDES UPDATE ON ORECORP TRANSACTION

Silvercorp Metals Inc. will commence dispatching the offer document to the shareholders of OreCorp Ltd. in relation to Silvercorp's off-market takeover offer for all of the OreCorp shares not already owned by Silvercorp for consideration comprising 0.0967 common share of Silvercorp and 19 Australian cents in cash per OreCorp share, as described in the company's news release of Dec. 26, 2023. The offer is open for acceptance by OreCorp shareholders until Feb. 23, 2024, Sydney time, unless extended. Silvercorp will provide further updates on the transaction as appropriate.

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.