Mr. Lon Shaver reports

SILVERCORP OFFER FOR ORECORP LAPSED

Silvercorp Metals Inc., further to its off-market takeover bid for all of the ordinary shares in OreCorp Ltd., did not satisfy the 50.1-per-cent minimum acceptance condition prior to the close of the offer on March 22, 2024, and elected not to exercise its right to match a competing offer for OreCorp. Silvercorp will remain entitled to payment of a break fee of approximately $2.8-million (Australian) in certain circumstances, as set out in the bid.

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) initiatives.

We seek Safe Harbor.