Dr. Rui Feng of Silvercorp reports

EL DOMO - CURIPAMBA PROJECT FULLY PERMITTED TO START CONSTRUCTION

The Ministry of Energy and Mines of the government of Ecuador (MEM) has issued a resolution of change of phase for Silvercorp Metals Inc. and Salazar Resources Ltd.'s El Domo-Curipamba project.

The resolution of change of phase advances the legal status of the project from the economic evaluation phase to the exploitation phase, and allows for the start of construction and subsequent operation of the mine. The change of phase for a medium-scale project, such as El Domo-Curipamba, is equivalent to the exploitation agreement for large-scale mines in Ecuador, such as Fruta del Norte and Mirador.

Dr. Rui Feng, chairman and chief executive officer of the company, commented: "The resolution of change of phase is the final major approval required for full-stage construction to start for the El Domo-Curipamba project. With the achievement of this important milestone, we reaffirm our commitment to modern, responsible development that will benefit the communities where we operate and the country of Ecuador as a whole."

Fredy E. Salazar, president and chief executive officer of Salazar, commented: "First, I want to thank the team for achieving this milestone, which reflects their continued dedication over the past years. We look forward to El Domo becoming the next major industrial mine in Ecuador."

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) a long-term commitment to responsible mining and ESG (environmental, social and governance).

About Salazar Resources Ltd.

Salazar is focused on creating value and positive change through discovery, exploration and development in Ecuador. The team has an unrivalled understanding of the geology in country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm out non-core assets. The company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar has a 25-per-cent stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the company has a 20-per-cent stake fully carried through to a construction decision.

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