Mr. Lon Shaver of Silvercorp reports

SILVERCORP PROVIDES POSITIVE EL DOMO LEGAL UPDATE AND ANNOUNCES REPAYMENT OF WHEATON EARLY DEPOSIT

On Nov. 12, 2024, the Provincial Court of Bolivar, in the province of Ecuador, where the El Domo project is located, dismissed the appeal filed by the plaintiffs in respect of the Curipamba-El Domo constitutional protective action, affirming the rights of Silvercorp Metals Inc.'s Ecuadorian subsidiary, Curimining SA, to continue construction of the project. Additionally, the company has confirmed the repayment of funds previously drawn by Adventus Mining Corp. from Wheaton Precious Metals International Ltd. under the precious metals purchase agreement (PMPA).

Constitutional protective action against El Domo project dismissed

The court dismissed the appeal and affirmed the lower court decision that the Ministry of Environment, Water and Ecological Transition of Ecuador (MAATE) correctly discharged its environmental consultation obligations prior to issuing an environmental licence for the project (see news release dated July 31, 2024). MAATE was supported by the Attorney General's Office, Curimining (as an interested third party) and over 800 individuals who participated in the process as additional supporting third parties.

Repayment of $13.25-million (U.S.) El Domo early deposit to Wheaton

As at Sept. 30, 2024, Wheaton had advanced a total of $13.25-million (U.S.). Pursuant to the PMPA, Adventus was required to deliver approximately 92.3 ounces of gold per month (at today's gold prices, this is equivalent to an annual interest rate of approximately 18.5 per cent), starting July, 2024, until the construction of El Domo reached certain milestones or these funds were repaid.

As a result of the repayment, the PMPA's full $175.5-million (U.S.) cash contribution will be available to be drawn by Silvercorp during construction, subject to certain conditions.

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: (i) focusing on generating free cash flow from long-life mines; (ii) organic growth through extensive drilling for discovery; (iii) continuing merger and acquisition efforts to unlock value; and (iv) long-term commitment to responsible mining and ESG (environmental, social and governance).

About Salazar Resources Ltd.

Salazar Resources 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 the 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 Resources 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 Resources 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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