Mr. Lon Shaver reports

SILVERCORP ANNOUNCES PRICING OF US$130 MILLION CONVERTIBLE SENIOR NOTES OFFERING

Silvercorp Metals Inc. has priced its previously announced private placement offering of $130-million (U.S.) aggregate principal amount of 4.75 per cent convertible senior notes due 2029. The company has also granted 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 at a rate of 4.75 per cent per year and will mature on Dec. 15, 2029, unless earlier repurchased, redeemed or converted. The initial conversion rate of the notes is 216.0761 common shares of the company per $1,000 principal amount of notes, or an initial conversion price of approximately $4.63 (U.S.) (equivalent to approximately $6.48 (Canadian)) per common share. The initial conversion price of the notes represents a premium of approximately 30 per cent over the last reported sale price of the company's common shares on Nov. 20, 2024, which was $3.56 (U.S.) per share as reported on NYSE American LLC.

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 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 on or 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 offering is expected to close on or about Nov. 25, 2024, subject to customary closing conditions.

The company estimates that the net proceeds from the sale of the notes, after deducting initial purchaser discounts but before deducting the other estimated expenses of the offering, will be approximately $124.2-million (U.S.) (or approximately $143.5-million (U.S.) if the initial purchasers exercise their option to purchase additional notes in full). 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; the exploration and development of other projects; and working capital.

About Silvercorp Metals Inc.

Silvercorp Metals 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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