SVM.TO · 2023-06-14 12:00:00

Silvercorp Announces High‐grade GOLD and Silver Drill Results and the Discovery of New Low Angle GOLD Veins at the Lmw MINE

Drill Results

NEWS RELEASE

Trading Symbol TSX: SVM

NYSE American: SVM

SILVERCORP ANNOUNCES HIGH‐GRADE GOLD AND SILVER DRILL RESULTS

AND THE DISCOVERY OF NEW LOW ANGLE GOLD VEINS AT THE LMW MINE

VANCOUVER, British Columbia – June 14, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the

“Company”) (TSX: SVM) (NYSE American: SVM) is pleased to report assay results from its ongoing

diamond drilling program at the LMW mine within the Ying Mining District, China.

Highlights:

Discovery of new, low angle copper‐gold veins at the W Zone:

 Hole ZKX1009 intersected 18.0 grams per tonne (“g/t”) gold (“Au”), 32 g/t silver (“Ag”), and

8.38% copper (“Cu”) over a 1.11 metre (“m”) interval of vein LM29 at the 1,028 m elevation; and

3.0 g/t Au, 1,167 g/t Ag, 1.49% lead (“Pb”), and 0.58% Cu over a 2.55 m interval of vein LM30 at

the 1,023 m elevation

High‐grade intercepts from low angle gold veins LM50 and LM26:

 Hole ZKX0597 intersected 10.79 g/t Au, 272 g/t Ag, 1.55% Pb, 0.19% zinc (“Zn”) and 0.10% Cu

over a 1.26 m interval of vein LM50 at the 782 m elevation

 Hole ZKX0598 intersected 22.79 g/t Au, 31 g/t Ag and 0.13% Pb over a 0.59 m interval of vein

LM50 at the 777 m elevation

 Hole ZKX0778 intersected 0.33 g/t Au, 1,327 g/t Ag, 3.45% Pb, 0.63% Zn, and 0.15% Cu over a

2.99 m interval of vein LM26 at the 672 m elevation

 Hole ZKX3822 intersected 28.9 g/t Au and 12 g/t Ag over a 1.24 m interval of vein LM56 at the

532 m elevation

High‐grade Ag‐Pb intercepts at the W Zone:

 Hole ZKX0471 intersected 3,943 g/t Ag, 2.54% Pb, 0.95% Zn, and 1.07% Cu over a 3.43 m interval

of vein W1 at the 1,084 m elevation

 Hole ZKX0623 intersected 2,991 g/t Ag, 2.52% Pb, 2.29% Zn, and 0.96% Cu over a 0.61 m interval

of vein W1 at the 1075 m elevation

High‐grade intercepts of Ag‐Pb‐Zn mineralization in the Production Zone:

 Hole ZKX3414 intersected 1,112 g/t Ag, 3.09% Pb, 0.34% Zn, 0.17 g/t Au, and 1.35% Cu over a

2.83 m interval of vein LM17 at the 553 m elevation

 Hole ZKX3423 intersected 1,209 g/t Ag, 4.51% Pb, 1.75% Zn, and 0.93% Cu over a 1.47 m interval

of vein LM17 at the 565 m elevation

From October 1, 2022 to May 31, 2023, a total of 25,692 m in 189 diamond drill holes, including 165

underground holes and 24 surface holes, were completed at the LMW mine. Assay results for 145

holes have been received and select results are presented in Table 1 below.

This drilling program has been focused on four target areas: 1) expansion drilling of newly discovered

high‐grade Ag‐Pb and low angle Au‐Ag‐Cu veins west of the LMW mine (W Zone) at elevations above

918 m to surface (1250 m); 2) expansion drilling of low angle Au and Ag‐Au‐Cu veins LM50, LM26,

and LM21; 3) drilling to extend the high‐grade LM41E series veins; and 4) infill drilling of Ag‐Pb‐Zn

veins at the Production Zone.

1) Expansion drilling of newly discovered high‐grade Ag‐Pb and low angle Au‐Ag‐Cu veins west of

the LMW mine (W Zone)

Drilling at the W Zone intersected several new, low angle, and high‐grade Ag‐Au‐Cu veins, including

LM28, LM29 and LM30 (Table 1). These quartz‐pyrite‐chalcopyrite veins were intersected at

elevations between 1028 m and 990 m, striking between 210 and 240 degrees with a dip angle

between 10 and 30 degrees.

At the W Zone, drilling also intersected high‐grade Ag‐Pb veins W2, W1, W18 series and W6 series at

elevations between 1087 m and 905 m, with extension over 800 m along strike. The cross‐cuts and

drifts from surface at 1040 m and 988 m elevations have traced the high‐grade Ag‐Pb veins W1, W2

and W18 for up to 100 m in length in tunnels. The W2, W1, W18 and W6 vein series clearly cut and

only slightly off‐set the new low angle veins.

2) Expansion drilling of low angle Au and Ag‐Au‐Cu veins LM50, LM26, and LM21

Drilling for the low angle Au and Ag‐Au‐Cu veins targeted LM50, as well as LM21, LM26, LM22, LM51,

LM54 and LM55. A continuous LM50 vein block extending 1000 m along strike and 400 m downdip

has been defined and will be developed for test mining. Test mining of vein LM26 is underway.

3) Drilling to extend the high‐grade LM41E series veins

At the east side of the resource area (E Zone), drilling continued to extend the high‐grade Ag‐Pb‐Zn

LM41E series veins, including LM41E, LM41E1 and LM41E1Wa. In particular, vein LM41E has been

expanded from 1,000 m to 554 m elevation.

High‐grade Ag‐Pb‐Zn highlights from the E Zone:

 Hole ZKX11142 intersected 2,114 g/t Ag, 5.17% Pb, 1.94% Zn, 0.05 g/t Au, and 0.24% Cu over a

0.86 m interval of vein LM41E at the 779 m elevation

 Hole ZKX10514 intersected 1,097 g/t Ag, 22.82% Pb, 0.14% Zn, 0.26 g/t Au, and 0.09% Cu over a

0.71 m interval (0.60 m true width) of vein LM41E at the 554 m elevation.

4) Infill Drilling of Ag‐Pb‐Zn Veins at the Production Zone

Most holes in this period targeted blocks of known Ag‐Pb‐Zn veins at the Production Zone, including

blocks that were previously missed due to limited drilling or tunneling, changes in the strikes and

dips, and/or pinch‐swelling of the pay‐zones in the veins. The high‐grade intercepts are mainly

associated with the southeast‐striking LM7 series, LM12 series and LM17 series of veins, and the

northwest‐striking LM8 series, LM14, LM19 and LM20.

High‐grade Ag‐Pb‐Zn highlights at the Production Zone:

 Hole ZKX3413 intersected 318 g/t Ag, 7.48% Pb, 0.43% Zn, 0.13 g/t Au, and 1.07% Cu over

a 3.34 m interval (3.05 m true width) of vein LM17 at the 554 m elevation

 Hole ZKX3610 intersected 862 g/t Ag, 10.82% Pb, 0.23% Zn, and 1.08% Cu over a 1.62 m

interval (1.32 m true width) of vein LM17 at the 551 m elevation

 Hole ZKX0158 intersected 1,046 g/t Ag, 5.69% Pb, 0.74% Zn over a 0.91 m interval (0.86 m

true width) of vein LM12 at the 850 m elevation.

Table 1: Selected intercepts from the 2022‐2023 drilling program at the LMW mine

Hole ID From

(m)

Elevation

(m)

Interval

(m)

(g/t)

(%)

(g/t)

(%) Vein Ore Type Ore Zone

Low Angle Gold‐Copper‐Silver Veins

ZKX07X083 59.07 61.21 821 2.14 24 0.05 0.09 2.39 0.01 LM50 Au Au zone

ZKX05X001 60.79 62.58 820 1.79 17 0.06 0.14 2.62 0.01 LM50 Au Au zone

ZKX05X129 75.94 76.59 820 0.65 78 0.90 0.41 13.80 0.05 LM50 Au Au zone

ZKX07X100 73.58 77.88 817 4.30 6 0.19 0.10 1.84 0.01 LM50 Au Au zone

ZKX0595 94.28 95.72 796 1.44 3 0.01 0.02 3.03 0.01 LM50 Au Au zone

ZKX10420 79.86 81.26 789 1.40 1 0.01 0.01 2.35 0.01 LM50 Au Au zone

ZKX0597 30.01 31.27 782 1.26 272 1.55 0.19 10.79 0.10 LM50 Au Au zone

ZKX0598 33.19 33.78 777 0.59 31 0.13 0.02 22.79 0.01 LM50 Au Au zone

ZKX05X048 75.30 78.39 775 3.09 16 0.81 0.23 5.63 0.01 LM50 Au Au zone

ZKX0238 46.68 47.30 813 0.62 8 0.14 0.26 2.54 0.03 LM21 Au Au zone

ZKX0440 66.13 66.89 812 0.76 1 0.01 0.03 4.57 0.01 LM21 Au Au zone

ZKX10731 64.96 65.46 771 0.50 1 0.01 0.01 4.37 0.01 LM21 Au Au zone

ZKX10984 111.63 112.97 761 1.34 4 0.05 0.06 3.04 0.01 LM21 Au Au zone

ZKX10517 66.51 67.67 744 1.16 3 0.03 0.02 9.67 0.00 LM21 Au Au zone

ZKX0778 81.23 84.22 672 2.99 1,327 3.45 0.63 0.33 0.15 LM26 Ag-Au-Cu Au zone

ZKX05X053 76.49 77.56 664 1.07 59 0.03 0.03 4.74 1.90 LM26 Au-Cu Au zone

ZKX0388 55.68 56.22 604 0.54 84 0.01 0.14 1.69 9.98 LM26 Ag-Au-Cu Au zone

ZKX13817 238.77 239.27 992 0.50 2,069 2.24 0.14 0.59 0.09 LM28 Ag-Au-Cu W zone

ZKX0692 60.75 61.51 991 0.76 63 0.56 0.63 0.61 0.14 LM28 Ag-Au-Cu W zone

ZKX1009 208.69 209.80 1,028 1.11 32 0.01 0.03 18.00 8.38 LM29 Ag-Au-Cu W zone

ZKX0980 58.24 58.83 720 0.59 16 0.01 0.01 0.03 2.62 LM51 Au-Cu Au zone

ZKX05X076 135.01 138.35 531 3.34 1,698 0.42 0.07 0.66 0.11 LM53 Ag-Au-Cu Au zone

ZKX10744 119.29 120.32 566 1.03 5 0.14 0.39 1.98 0.01 LM54 Au Au zone

ZKX10934 158.49 160.94 555 2.45 3 0.04 0.03 1.78 0.00 LM54 Au Au zone

ZKX10741 337.30 338.20 406 0.90 7 0.62 0.06 8.08 0.00 LM55 Au Au zone

ZKX1009 217.32 219.87 1,023 2.55 1,167 1.49 0.03 3.01 0.58 LM30 Ag-Au-Cu W zone

ZKX3822 127.56 128.80 532 1.24 12 0.07 0.04 28.90 0.02 LM56 Au Au zone

ZKX14007 48.66 49.40 1,114 0.74 1 0.01 0.01 2.93 0.15 NA Au-Cu Au zone

High‐Grade Silver‐Lead Veins at the W Zone

ZKX0674 14.70 16.15 1,087 1.45 505 0.09 0.03 0.02 0.06 W1 Ag-Pb-Zn W Zone

ZKX0471 25.02 28.45 1,084 3.43 3,943 2.54 0.95 0.04 1.07 W1 Ag-Pb-Zn W Zone

ZKX0623 77.79 78.40 1,075 0.61 2,991 2.52 2.29 0.02 0.96 W1 Ag-Pb-Zn W Zone

ZKX0823 186.56 187.22 1,049 0.66 308 0.35 0.04 0.01 0.03 W1 Ag-Pb-Zn W Zone

ZKX13817 201.67 202.44 1,015 0.77 27 7.15 0.11 0.01 0.01 W1 Ag-Pb-Zn W Zone

ZKX13814 202.58 203.47 1,007 0.89 80 3.66 1.04 0.00 0.00 W1 Ag-Pb-Zn W Zone

ZKX0656 61.02 62.15 1004 1.13 808 4.16 0.20 0.05 0.12 W1 Ag-Pb-Zn W Zone

ZKX13814 164.85 167.82 1,032 2.97 189 2.99 0.25 0.00 0.00 W18 Ag-Pb-Zn W Zone

ZKX13818 191.19 192.31 990 1.12 220 3.57 0.37 0.05 0.04 W18 Ag-Pb-Zn W Zone

ZKX13815 209.43 211.09 976 1.66 582 2.14 0.18 0.05 0.19 W18 Ag-Pb-Zn W Zone

ZKX14226 98.81 99.49 1,067 0.68 500 4.09 5.51 0.14 0.14 W18W Ag-Pb-Zn W Zone

ZKX0673 142.53 143.14 1,020 0.61 133 2.11 0.04 0.01 0.01 W6 Ag-Pb-Zn W Zone

ZKX13817 379.60 380.49 905 0.89 325 1.22 0.20 0.02 0.05 W6E Ag-Pb-Zn W Zone

High‐Grade Silver‐Lead‐Zinc Veins at the E Zone

ZKX11141 57.95 58.64 800 0.69 474 1.71 1.41 0.01 0.12 LM41_1 Ag-Pb-Zn E Zone

ZKX1905 224.18 225.04 1,003 0.86 385 0.37 0.22 0.00 0.00 LM41E Ag-Pb-Zn E Zone

ZKX11142 106.78 107.64 779 0.86 2,114 5.17 1.94 0.05 0.24 LM41E Ag-Pb-Zn E Zone

ZKX10731 122.30 122.90 744 0.60 318 1.31 1.21 0.01 0.03 LM41E Ag-Pb-Zn E Zone

ZKX10954 112.89 113.74 679 0.85 184 2.15 1.13 0.03 0.02 LM41E Ag-Pb-Zn E Zone

ZKX10955 124.46 125.48 672 1.02 245 0.96 0.13 0.05 0.02 LM41E Ag-Pb-Zn E Zone

ZKX11136 116.01 116.86 627 0.85 756 0.60 0.31 0.46 0.04 LM41E Ag-Pb-Zn E Zone

ZKX10729 123.77 124.87 625 1.10 328 2.60 0.13 0.00 0.00 LM41E Ag-Pb-Zn E Zone

ZKX10743 135.54 136.79 625 1.25 396 11.40 1.06 0.00 0.00 LM41E Ag-Pb-Zn E Zone

ZKX10744 163.62 164.67 554 1.05 51 4.08 0.12 0.04 0.05 LM41E Ag-Pb-Zn E Zone

ZKX10514 174.87 175.58 554 0.71 1,097 22.82 0.14 0.26 0.09 LM41E Ag-Pb-Zn E Zone

ZKX11141 136.42 136.92 794 0.50 309 1.26 0.18 0.01 0.03 LM41E1 Ag-Pb-Zn E Zone

ZKX10954 118.95 119.72 678 0.77 534 4.33 0.91 0.06 0.12 LM41E1 Ag-Pb-Zn E Zone

High‐Grade Veins at the Production Zone

ZKX07X079 5.44 6.33 750 0.89 823 1.05 0.47 0.00 0.00 LM10E Ag-Pb-Zn Production zone

ZKX07X080 3.80 4.99 750 1.19 595 1.75 0.30 0.00 0.00 LM10E Ag-Pb-Zn Production zone

ZKX07X081 2.90 3.54 750 0.64 239 0.62 0.06 0.00 0.00 LM10E Ag-Pb-Zn Production zone

ZKX05X121 9.12 9.68 747 0.56 325 1.25 0.11 0.00 0.00 LM10E Ag-Pb-Zn Production zone

ZKX05X120 50.64 52.38 742 1.74 251 0.98 0.16 0.00 0.00 LM11W1 Ag-Pb-Zn Production zone

ZKX07X080 44.06 45.23 731 1.17 204 0.29 0.06 0.00 0.00 LM11W1 Ag-Pb-Zn Production zone

ZKX0158 37.48 38.39 850 0.91 1,046 5.69 0.24 0.00 0.00 LM12 Ag-Pb-Zn Production zone

ZKX0159 34.14 34.69 845 0.55 1,816 4.98 0.07 0.00 0.19 LM12 Ag-Pb-Zn Production zone

ZKX0398 65.74 66.27 805 0.53 568 0.98 0.37 0.18 0.13 LM12_1 Ag-Pb-Zn Production zone

ZKX1350 124.32 125.56 690 1.24 22 5.26 0.03 0.05 0.00 LM12_1 Ag-Pb-Zn Production zone

ZKX05X076 147.87 148.99 520 1.12 225 3.39 0.08 0.05 0.11 LM12_1 Ag-Pb-Zn Production zone

ZKX11443 4.24 5.34 800 1.10 98 0.82 0.15 0.34 0.06 LM12_2 Ag-Pb-Zn Production zone

ZKX11239 9.22 10.29 798 1.07 99 7.62 1.16 0.08 0.03 LM12_2 Ag-Pb-Zn Production zone

ZKX05X053 65.34 69.06 669 3.72 154 0.92 0.42 0.14 0.06 LM12_2 Ag-Pb-Zn Production zone

ZKX05X047 67.06 67.91 668 0.85 1,810 4.20 4.73 0.21 0.51 LM12_2 Ag-Pb-Zn Production zone

ZKX05X151 151.28 152.72 609 1.44 663 5.11 2.01 0.13 0.55 LM12_2 Ag-Pb-Zn Production zone

ZKX0570 63.21 63.98 811 0.77 670 1.60 1.37 0.67 0.15 LM12_3 Ag-Pb-Zn Production zone

ZKX11239 80.78 81.75 782 0.97 321 14.65 0.09 0.07 0.08 LM12_3 Ag-Pb-Zn Production zone

ZKX05X158 87.79 88.56 655 0.77 190 0.74 0.28 0.00 0.00 LM12E Ag-Pb-Zn Production zone

ZKX00X007 23.26 24.15 785 0.89 372 5.59 0.10 0.01 0.30 LM12E2 Ag-Pb-Zn Production zone

ZKX11443 106.74 107.63 786 0.89 669 0.83 0.13 0.03 0.38 LM13 Ag-Pb-Zn Production zone

ZKX10936 71.50 75.56 602 4.06 547 1.32 0.26 0.00 0.00 LM14 Ag-Pb-Zn Production zone

ZKX10937 77.27 78.54 597 1.27 166 1.29 0.22 0.00 0.00 LM14 Ag-Pb-Zn Production zone

ZKX4220 56.18 57.72 596 1.54 206 0.68 0.06 0.01 0.02 LM17 Ag-Pb-Zn Production zone

ZKX4025 58.71 60.78 595 2.07 376 8.29 1.67 0.00 0.00 LM17 Ag-Pb-Zn Production zone

ZKX3417 40.75 46.27 566 5.52 342 1.86 0.39 0.00 0.58 LM17 Ag-Pb-Zn Production zone

ZKX3423 35.21 36.68 565 1.47 1,209 4.51 1.75 0.00 0.93 LM17 Ag-Pb-Zn Production zone

ZKX4221 79.12 84.57 564 5.45 243 0.78 0.22 0.05 0.05 LM17 Ag-Pb-Zn Production zone

ZKX4219 79.61 82.21 559 2.60 134 1.39 0.37 0.00 0.00 LM17 Ag-Pb-Zn Production zone

ZKX3413 38.59 41.93 554 3.34 318 7.48 0.43 0.13 1.07 LM17 Ag-Pb-Zn Production zone

ZKX3414 41.33 44.16 553 2.83 1,112 3.09 0.34 0.17 1.35 LM17 Ag-Pb-Zn Production zone

ZKX3610 53.57 55.19 551 1.62 862 10.82 0.23 0.00 1.08 LM17 Ag-Pb-Zn Production zone

ZKX3418 48.87 49.94 544 1.07 96 0.77 0.14 0.00 1.39 LM17 Ag-Pb-Zn Production zone

ZKX1905 304.01 305.29 968 1.28 136 0.76 0.03 0.00 0.00 LM17W Ag-Pb-Zn Production zone

ZKX10210 125.49 131.35 790 5.86 197 1.30 0.09 0.00 0.00 LM19 Ag-Pb-Zn Production zone

ZKX07X090 64.08 64.98 624 0.90 50 5.11 0.52 0.05 0.05 LM29E3 Ag-Pb-Zn Production zone

ZKX11443 133.73 135.78 782 2.05 370 0.95 0.09 0.06 0.22 LM19Wa Ag-Pb-Zn Production zone

ZKX11239 137.53 138.04 769 0.51 649 0.49 0.02 0.03 0.08 LM19Wa Ag-Pb-Zn Production zone

ZKX03X024 88.81 89.52 619 0.71 51 3.22 0.11 0.03 0.25 LM19Wa Ag-Pb-Zn Production zone

ZKX0582 48.39 52.42 667 4.03 355 1.29 0.78 0.00 0.00 LM20 Ag-Pb-Zn Production zone

ZKX0157 71.72 72.50 877 0.78 22 5.85 0.14 0.00 0.00 LM20W Ag-Pb-Zn Production zone

ZKX03X086 32.28 34.97 778 2.69 415 1.47 0.13 0.70 0.06 LM20W Ag-Pb-Zn Production zone

ZKX0598 38.78 39.46 773 0.68 417 3.65 0.87 0.13 0.11 LM20W Ag-Pb-Zn Production zone

ZKX00X002 142.43 143.20 911 0.77 1,178 1.75 0.04 0.03 0.14 LM7 Ag-Pb-Zn Production zone

ZKX0397 125.66 128.01 815 2.35 124 3.56 0.21 0.00 0.00 LM7 Ag-Pb-Zn Production zone

ZKX05X041 126.13 127.39 806 1.26 64 2.76 0.03 0.00 0.00 LM7 Ag-Pb-Zn Production zone

ZKX0759 42.23 43.18 770 0.95 129 1.21 0.05 0.05 0.05 LM7 Ag-Pb-Zn Production zone

ZKX0179 77.98 79.38 770 1.40 161 1.10 0.07 0.00 0.00 LM7 Ag-Pb-Zn Production zone

ZKX1153 104.93 105.65 654 0.72 329 1.76 0.22 0.00 0.00 LM7 Ag-Pb-Zn Production zone

ZKX1353 101.87 103.43 638 1.56 67 2.97 0.20 0.00 0.00 LM7 Ag-Pb-Zn Production zone

ZKX09X079 86.13 87.72 628 1.59 62 2.77 0.03 0.05 0.09 LM7 Ag-Pb-Zn Production zone

ZKX05X051 131.93 132.60 777 0.67 42 12.64 0.18 0.00 0.00 LM7E Ag-Pb-Zn Production zone

ZKX05X048 123.20 126.13 758 2.93 164 0.62 0.05 0.02 0.09 LM7E Ag-Pb-Zn Production zone

ZKX1153 122.94 124.39 647 1.45 193 0.45 0.35 0.00 0.00 LM7E Ag-Pb-Zn Production zone

ZKX0155 107.72 108.48 914 0.76 1,508 1.24 0.05 0.00 0.14 LM7W Ag-Pb-Zn Production zone

ZKX0759 29.55 32.91 782 3.36 608 0.64 0.09 0.13 0.10 LM7W Ag-Pb-Zn Production zone

ZKX0176 41.47 43.76 789 2.29 126 1.19 0.02 0.01 0.00 LM7W1 Ag-Pb-Zn Production zone

ZKX0179 31.32 32.54 789 1.22 127 0.66 0.24 0.10 0.05 LM7W1 Ag-Pb-Zn Production zone

ZKX0177 40.32 42.86 776 2.54 70 3.11 0.22 0.08 0.01 LM7W1 Ag-Pb-Zn Production zone

ZKX09X079 55.67 56.30 653 0.63 370 8.28 4.55 0.13 0.24 LM7W1 Ag-Pb-Zn Production zone

ZKX09X079 16.18 17.66 685 1.48 191 0.79 0.12 0.03 0.07 LM8 Ag-Pb-Zn Production zone

ZKX1352 14.34 14.93 695 0.59 43 16.27 0.05 0.00 0.00 LM8_1 Ag-Pb-Zn Production zone

ZKX1351 41.64 42.46 742 0.82 224 0.40 0.04 0.00 0.05 LM8_3 Ag-Pb-Zn Production zone

ZKX1009 31.93 32.70 1,125 0.77 144 0.44 0.12 0.01 0.24 NA Ag-Pb-Zn Production zone

5) Tunneling Programs at the LMW Mine

A total of 4,257 m of exploration tunnels have been developed at the LMW mine during this period.

The exploration tunneling, comprised of drifting, cross‐cutting and raising, was driven along and

across major mineralized vein structures to upgrade the drill‐defined mineral resources, and to test

for new parallel and splay structures.

Quality Control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contacts or

shear/alteration contacts, were split into halves by sawing. The half cores are stored in the

Company's core shacks for future reference and checks, and the other half core samples are shipped

in securely sealed bags to the Chengde Huakan 514 Geology and Minerals Test and Research Institute

in Chengde, Hebei Province, China, 226 km northeast of Beijing, the Zhengzhou Nonferrous

Exploration Institute Lab in Zhengzhou, Henan Province, China, and SGS in Tianjin, China. All three

labs are ISO9000 certified analytical labs. For analysis, the sample is dried and crushed to minus 1mm

and then split into a 200‐300 g subsample which is further pulverized to minus 200 mesh. Two

subsamples are prepared from the pulverized sample. One is digested with aqua regia for gold

analysis with atomic absorption spectroscopy (AAS), and the other is digested by two‐acid digestion

for analysis of silver, lead, zinc and copper with AAS.

Channel samples are collected along sample lines perpendicular to the mineralized vein structure in

exploration tunnels. Spacing between sampling lines is typically 5 m along strike. Both the

mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length

ranges from 0.4 m to more than 1 m, depending on the width of the mineralized vein and the

mineralization type. Channel samples are prepared and assayed with AAS at Silvercorp’s mine

laboratory (Ying Lab) located at the mill complex in Luoning County, Henan Province, China. The Ying

lab is officially accredited by the Quality and Technology Monitoring Bureau of Henan Province and

is qualified to provide analytical services. The channel samples are dried, crushed and pulverized. A

200 g sample of minus 160 mesh is prepared for assay. A duplicate sample of minus 1mm is made

and kept in the laboratory archives. Gold is analysed by fire assay with AAS finish, while silver, lead,

zinc and copper are assayed by two‐acid digestion with AAS finish.

A routine quality assurance/quality control (QA/QC) procedure is adopted to monitor the analytical

quality at each lab. Certified reference materials (CRMs), pulp duplicates and blanks are inserted into

each batch of lab samples. QA/QC data at the lab are attached to the assay certificates for each batch

of samples.

The Company maintains its own comprehensive QA/QC program to ensure best practices in sample

preparation and analysis of the exploration samples. Project geologists regularly insert CRM, field

duplicates and blanks to each batch of 30 core samples to monitor the sample preparation and

analysis procedures at the labs. The analytical quality of the labs is further evaluated with external

checks by sending approximately 3‐5% of the pulp samples to higher level labs to check for lab bias.

Data from both the Company's and the labs' QA/QC programs are reviewed on a timely basis by

project geologists.

Guoliang Ma, P. Geo., Manager of Exploration and Resource of the Company, is the Qualified Person

for Silvercorp under NI 43‐101 and has reviewed and given consent to the technical information

contained in this news release.

About Silvercorp

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 cashflow from long life mines; 2) organic growth

through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock

value; and 4) long term commitment to responsible mining and ESG. For more information,

please visit our website at www.silvercorpmetals.com.

For further information

Lon Shaver

Vice President

Silvercorp Metals Inc.

Phone: (604) 669‐9397

Toll Free: 1 (888) 224‐1881

Email: [email protected]

Website: www.silvercorpmetals.com

CAUTIONARY DISCLAIMER ‐ FORWARD LOOKING STATEMENTS

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of the United States Private Securities Litigation Reform Act of 1995 and “forward‐looking information” within the meaning

of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with

respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance

(often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”,

“estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”,

“potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will”

be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical

fact and may be forward‐looking statements or information. Forward‐looking statements or information relate to, among

other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the

Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of

the Company’s revenues and capital expenditures; estimated production from the Company’s mines in the Ying Mining

District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the

Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing

and development of the Company’s properties.

Forward‐looking statements or information are subject to a variety of known and unknown risks, uncertainties and other

factors that could cause actual events or results to differ from those reflected in the forward‐looking statements or

information, including, without limitation, social and economic impacts of COVID‐19; risks relating to: fluctuating

commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery;

interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs;

feasibility and engineering reports; permits and licenses; title to properties; property interests; joint venture partners;

acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors

affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future

production; integration of future acquisitions into the Company’s existing operations; competition; operations and political

conditions; regulatory environment in China and Canada; environmental risks; legislative and regulatory initiatives

addressing global climate change or other environmental concerns; foreign exchange rate fluctuations; insurance; risks and

hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over

financial reporting as per the requirements of the Sarbanes‐Oxley Act; and bringing actions and enforcing judgments under

U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company’s forward‐looking statements or information.

Forward‐looking statements or information are statements about the future and are inherently uncertain, and actual

achievements of the Company or other future events or conditions may differ materially from those reflected in the forward‐

looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation,

those referred to in the Company’s Annual Information Form for the year ended March 31, 2021 under the heading “Risk

Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ

materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.

Accordingly, readers should not place undue reliance on forward‐looking statements or information.

The Company’s forward‐looking statements and information are based on the assumptions, beliefs, expectations and

opinions of management as of the date of this press release, and other than as required by applicable securities laws, the

Company does not assume any obligation to update forward‐looking statements and information if circumstances or

management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such

statements or information. For the reasons set forth above, investors should not place undue reliance on forward‐looking

statements and information.

CAUTIONARY NOTE TO US INVESTORS

The disclosure in this news release and referred to herein was prepared in accordance with NI 43‐101 which differs

significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms “proven mineral

reserve”, “probable mineral reserve” and “mineral reserves” used in this news release are in reference to the mining terms

defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which

definitions have been adopted by NI 43‐101. Accordingly, information contained in this news release providing descriptions

of our mineral deposits in accordance with NI 43‐101 may not be comparable to similar information made public by other

U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant

to CIM Definition Standards, “Inferred mineral resources” are that part of a mineral resource for which quantity and grade

or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to

imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence

than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is

reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with

continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility

or pre‐feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred

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