Mr. Lon Shaver reports

SILVERCORP REPORTS OPERATIONAL RESULTS AND FINANCIAL RESULTS RELEASE DATE FOR THE FIRST QUARTER, FISCAL 2025

Silvercorp Metals Inc. had production and sales figures for the first quarter ended June 30, 2024, of fiscal 2025 (Q1 fiscal 2025). The company expects to release its Q1 fiscal 2025 audited financial results on Tuesday, Aug. 13, 2024, after market close.

Q1 fiscal 2025 operational results

• Record revenue of approximately $72.0-million, an increase of 20 per cent over the same quarter last year (Q1 fiscal 2024);
• Ore mined of 341,927 tonnes, up 13 per cent over Q1 fiscal 2024;
• Ore milled of 307,696 tonnes, up 4 per cent over Q1 fiscal 2024;
• Inventory stockpile ores amounted to 59,293 tonnes not yet processed due to mill capacity constraints, with additional ore to be added to the stockpile in the coming quarter. If they had been processed, the company's metal production would have aligned with its fiscal 2025 annual guidance, and are anticipated to be processed when the 1,500 tonnes per day new mill is in operation by November, 2024;
• Silver production of 1.7 million ounces, a decrease of 4 per cent over Q1 fiscal 2024 as 59,293 tonnes of inventory stockpile ores were not yet processed at the Ying mining district due to mill capacity constraints;
• Silver equivalent (only silver and gold) production of approximately 1.8 million ounces;
• Lead production of approximately 15.6 million pounds, a decrease of 12 per cent over Q1 fiscal 2024;
• Zinc production of approximately 6.4 million pounds, a decrease of 6 per cent over Q1 fiscal 2024.

In Q1 fiscal 2025, a total of 256,079 tonnes of ore were mined at the Ying mining district, up 20 per cent over Q1 fiscal 2024, and 221,242 tonnes of ore were milled, up 6 per cent over Q1 fiscal 2024. Approximately 1,146 ounces of gold, 1.6 million ounces of silver (or 1.7 million ounces of silver equivalent), 14.1 million pounds of lead and 2.5 million pounds of zinc were produced, representing a production increase of 17 per cent in zinc and decreases of 26 per cent, 2 per cent, 4 per cent and 8 per cent, respectively, in gold, silver, silver equivalent and lead over Q1 fiscal 2024. Ore head grades were in line with the company's fiscal 2025 annual guidance. The decrease of silver, gold and lead is mainly due to i) lower head grades realized as per the current mine plan and ii) a total of 59,293 tonnes of stockpile ores not yet processed. The company expects that the stockpiled ore will be processed in the third and fourth quarter, once the No. 2 mill capacity expansion of 1,500 tonnes per day is achieved in the third quarter of fiscal 2025.

At the GC mine, 87,768 tonnes of ore were mined, down 2 per cent over Q1 fiscal 2024 and 86,454 tonnes of ore were milled, effectively the same compared to Q1 fiscal 2024. Approximately 145,000 ounces of silver, 1.5 million pounds of lead and 4.0 million pounds of zinc were produced, representing decreases of 21 per cent, 37 per cent and 16 per cent, respectively, in silver, lead and zinc over Q1 fiscal 2024. The decrease in metal production was mainly due to lower head grades achieved and less ore processed.

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.