Mr. Lon Shaver reports

SILVERCORP RENEWS SHARE REPURCHASE PROGRAM

Silvercorp Metals Inc. has renewed its normal course issuer bid (NCIB), commencing Sept. 19, 2024, to acquire up to 8,670,700 of its own common shares, representing approximately 4 per cent of the 216,767,513 common shares issued and outstanding as of Sept. 5, 2024. The repurchase program will expire Sept. 18, 2025. The NCIB is being implemented to provide enhanced flexibility should market conditions result in Silvercorp's shares being undervalued relative to the value of its mining and corporate assets.

Purchases will be made at the discretion of the directors at prevailing market prices, through the facilities of the TSX, the NYSE American, and alternative trading systems in Canada and the United States, in compliance with regulatory requirements. There can be no assurance as to the precise number of shares that will be repurchased under the NCIB. Silvercorp may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The company will cancel all shares acquired under the NCIB. The price the company will pay for the common shares will be the market price at the time of purchase.

The company is not aware of any officers, directors or persons holding 10 per cent or more of the securities that intend to sell their securities at the inception of the NCIB, but such officers, directors or persons holding 10 per cent or more of the securities may sell their securities during the course of the NCIB, as their personal circumstances may require. If during the course of the NCIB the company becomes aware that officers, directors or persons holding 10 per cent or more of the securities intend to sell their securities, then the company will not intentionally acquire such securities.

The maximum number of shares that may be purchased on the TSX during any trading day may not exceed 101,257 common shares of the company, which is 25 per cent of the average daily trading volume on the TSX based on the previous six completed calendar months of 405,031. This limit, for which there are permitted exceptions, is determined in accordance with TSX regulatory requirements and does not apply to purchases made by the company on the alternative trading systems in the United States.

The NCIB is a continuation of the program approved in September, 2023, for the period from Sept. 19, 2023, to Sept. 18, 2024, to acquire up to 8,487,191 common shares of the company, representing approximately 4.8 per cent of the 176,816,488 common shares issued and outstanding as of Sept. 5, 2023. All 191,770 shares acquired on TSX, NYSE American, or alternative trading systems in Canada and the United States under the 2023 NCIB at a weighted average price of $3.16 were cancelled.

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).

We seek Safe Harbor.