Mr. Lon Shaver reports

SILVERCORP ANNOUNCES SHARE REPURCHASE PROGRAM

Silvercorp Metals Inc. has arranged a normal course issuer bid to acquire up to 8,670,104 common shares of the company, representing approximately 5 per cent the 173,402,084 common shares issued and outstanding as of March 16, 2020. The repurchase program will run from March 19, 2020, to March 18, 2021. The company is taking this action because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long-term value of Silvercorp's portfolio of producing properties in China and other strategic investments.

Purchases will be made at the discretion of the directors at prevailing market prices, through the facilities of the Toronto Stock Exchange, the New York Stock Exchange American, and alternative trading platforms 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 share repurchase program. Silvercorp may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The company intends to hold all shares acquired under the issuer bid for cancellation. The price the company will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by the CSA. Any private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.

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 normal course issuer bid, but such officers, directors or persons holding 10 per cent or more of the securities may sell their securities during the course of the normal course issuer bid, as their personal circumstances may require. If during the course of the normal course issuer bid 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 pursuant to the normal course issuer bid.

The maximum number of shares that may be purchased on the TSX during any trading day may not exceed 25 per cent of the average daily trading volume on the TSX based on the previous six completed calendar months of 679,536, excluding purchases made by Silvercorp under its normal course issuer bid, for a daily total of 169,884 common shares. 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 platforms in the United States.

Pursuant to the company's normal course issuer bid which commenced on Feb. 25, 2019, and terminated on Feb. 24, 2020, Silvercorp purchased 1,717,100 common shares of the company at a price of $3.09 per common share through the facilities of the TSX, the NYSE American or alternative trading platforms in Canada and the United States, in compliance with regulatory requirements. The company was authorized to purchase up to 8,484,682 common shares under the 2019 normal course issuer bid.

About Silvercorp Metals Inc.

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects.

We seek Safe Harbor.