Mr. Lon Shaver reports

SILVERCORP COMPLETES ACQUISITION OF THE TULKUBASH/KYZYLTASH GOLD PROJECTS, KYRGYZSTAN

Silvercorp Metals Inc., further to its news release of Jan. 20, 2026, has completed the acquisition of Chaarat ZAAV CJSC (ZAAV) per the share purchase agreement with Chaarat Gold Holdings Ltd., the Kyrgyz government having issued a waiver of its statutory pre-emptive right and Silvercorp having made the $92-million payment to Chaarat.

Per the agreements between the parties, Silvercorp will proceed to convert ZAAV into a joint venture company (JVC) with Kyrgyzaltyn (a wholly owned subsidiary of the Kyrgyz Republic), with Silvercorp holding a 70-per-cent interest and being the operator of the JVC, and Kyrgyzaltyn holding a 30-per-cent free-carried interest.

The JVC will apply for the agreed upon extension of the validity period of the JVC's mining licence from June 25, 2032, to June 25, 2062, and Silvercorp will then make the $60-million cash payment to the National Investment Agency (NIA) under the President of the Kyrgyz Republic, per the co-operation agreement with the NIA.

ZAAV, the JVC, is a Kyrgyz corporation, holding a 100-per-cent interest in the mining licence hosting the fully permitted Tulkubash/Kyzyltash gold projects, as well as surrounding exploration licences hosting the Karator and Ishakuld gold zones, located in the Tian Shan area.

King & Wood Mallesons (Beijing office) acted as lead legal counsel to Silvercorp on the transaction. For further details regarding the transaction refer to the Jan. 20 news release, which is available on SEDAR+ and on EDGAR under Silvercorp's issuer's profile.

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

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