Mr. Lon Shaver reports

SILVERCORP SATISFIES ANOTHER CONDITION IN CONNECTION WITH ORECORP OFFER

Silvercorp Metals Inc. has received authorization of its supplemental listing application from the NYSE American in connection with Silvercorp's off-market takeover offer for all of the shares of OreCorp Ltd. not already owned by Silvercorp for consideration comprising 0.0967 common share of Silvercorp and 19 Australian cents cash per OreCorp share, as described in the company's news release of Dec. 26, 2023.

Receipt of the NYSE-A authorization marks another significant step in the transaction: Silvercorp will now proceed with issuing a notice in accordance with the Australian Corporations Act that the stock exchange approval condition to the Silvercorp offer has been satisfied.

As previously announced on Jan. 24, 2024, the company received conditional approval from the Toronto Stock Exchange. Final TSX approval is subject to the company meeting certain customary conditions required by the TSX.

The company anticipates that the next significant step toward completing the transaction will be a merger approval decision in relation to the Silvercorp offer from the Tanzanian Fair Competition Commission (FCC). In early November, 2023, Silvercorp obtained FCC approval in respect of the then-proposed scheme of arrangement with OreCorp (the existing approval). Given this existing approval, the minimal additional documentation that OreCorp and Silvercorp were required to provide to the FCC in the updated application, and recent meetings with relevant Tanzanian authorities, Silvercorp anticipates that it is well positioned to receive the further FCC confirmation and/or approval in respect of the Silvercorp offer within an expedited time frame. As an example, the FCC was willing to reduce the required public notice period from 14 days to seven days in light of the existing approval. Silvercorp currently expects to receive the FCC decision by mid-February, 2024, and will provide further updates on the transaction as appropriate.

Silvercorp notes that the OreCorp board has provided a unanimous recommendation in favour of the Silvercorp offer in the absence of a superior proposal and subject to the independent expert's report concluding and continuing to conclude that the Silvercorp offer is reasonable to OreCorp shareholders.

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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