Mr. Lon Shaver reports

SILVERCORP OFFER FOR ORECORP TO EXPIRE MARCH 22, 2024

Silvercorp Metals Inc. reminds its shareholders and the shareholders of OreCorp Ltd. that its off-market takeover bid for all of the ordinary shares in OreCorp that it does not already own will close at 7 p.m. Sydney time on March 22, 2024.

Silvercorp notes that, as of market close on Thursday, March 14, 2024, the Silvercorp offer has an implied value of 60 Australian cents per OreCorp share. This represents a 9-per-cent premium to the Perseus Mining Ltd. offer. Silvercorp encourages all OreCorp shareholders to accept the Silvercorp offer without delay.

In the event that the 50.1-per-cent minimum acceptance condition is not met, Silvercorp will return all shares tendered already back to OreCorp shareholders when the Silvercorp offer closes.

Silvercorp further notes that Perseus has yet to announce that it has received merger approval for the acquisition of control of OreCorp from the Tanzanian Fair Competition Commission (FCC), a key condition to its offer. Silvercorp reminds OreCorp shareholders that it has received such FCC approval, which removes an element of uncertainty that remains attached to the Perseus offer.

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.