Mr. Lon Shaver reports

SILVERCORP PROVIDES ORECORP OFFER UPDATE

Silvercorp Metals Inc.'s off-market takeover bid for all of the ordinary shares in OreCorp Ltd., that it does not already own, will now close at 7 p.m (Sydney time) on March 22, 2024, unless further extended or withdrawn in accordance with the Corporations Act 2001 (Cth). The Silvercorp offer is contained in the replacement bidder's statement issued by Silvercorp and dated Jan. 16, 2024 (as supplemented on Feb. 2, 2024).

Notice was lodged with the Australian Securities and Investments Commission and given to OreCorp today, and will be given to each person as required by the Corporations Act.

Silvercorp further notes that, as at the time of this announcement, Perseus Mining Ltd. has yet to provide an update on the status of its application to the Fair Competition Commission of Tanzania for an unconditional merger control approval in relation to its off-market takeover bid for all of the ordinary shares in OreCorp. This is despite Perseus's belief, as disclosed in its replacement bidder's statement dated Feb. 16, 2024, and repeated in its BMO presentation on Feb. 27, 2024, that the relevant approval would likely be obtained by end of February, 2024. Also, unlike the Silvercorp offer, Perseus has not agreed to waive all conditions to the Perseus offer within three business days after the 50.1-per-cent minimum acceptance condition is satisfied (other than any condition which has been publicly announced being breached or suspected to be breached).

As such, the increased timing and execution risk associated with the Perseus offer remains. Silvercorp encourages all OreCorp shareholders who have not already accepted the Silvercorp offer to do so without delay.

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).

We seek Safe Harbor.