Mr. Lon Shaver reports

SILVERCORP ANNOUNCES OFFERING OF US$130 MILLION CONVERTIBLE SENIOR NOTES

Silvercorp Metals Inc. has commenced a private placement offering of $130-million (U.S.) aggregate principal amount of convertible senior notes due 2029. The company intends to grant the initial purchasers of the notes an option to purchase up to an additional $20-million (U.S.) aggregate principal amount of notes, exercisable in whole or in part at any time until 20 days after the closing of the offering.

The notes will be senior unsecured obligations of the company. The notes will accrue interest payable semi-annually in arrears and will mature on Dec. 15, 2029, unless earlier repurchased, redeemed or converted.

The notes will be convertible at the option of holders, prior to the close of business on the business day immediately preceding Sept. 15, 2029, only under certain circumstances and during certain periods and, thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled, at the company's election, in cash, common shares of the company or a combination thereof. The notes will not be redeemable at the company's option prior to Dec. 20, 2027, except upon the occurrence of certain tax law changes. On or after Dec. 20, 2027, and prior to the 51st scheduled trading day immediately preceding the maturity date, the notes will be redeemable at the company's option if the last reported sale price of the company's common shares has been at least 130 per cent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30-consecutive-trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the company provides notice of redemption at a redemption price equal to 100 per cent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering.

Completion of the offering will be subject to customary closing conditions.

The company intends to use the net proceeds from the offering (including any net proceeds from the sale of any additional notes that may be sold should the initial purchasers exercise their option to purchase additional notes) for the construction of copper-gold mining projects outside of China, for the exploration and development of other projects, and for working capital.

The notes will be offered on a private placement basis and will not be offered by way of a prospectus in Canada.

About Silvercorp Metals Inc.

Silvercorp is a Canadian mining company producing silver, gold, lead and zinc from the Ying mining district and the GC mine in China. Silvercorp's additional assets include the development-stage Curipamba copper-gold project, containing the El Domo deposit, and the exploration-stage Condor project in Ecuador.

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