Silvercorp Announces Share Repurchase Program

1

NEWS RELEASE

Trading Symbol: TSX/NYSE AMERICAN: SVM

SILVERCORP ANNOUNCES SHARE REPURCHASE PROGRAM

VANCOUVER, British Columbia – November 23, 2017 – Silvercorp Metals Inc. (“Silvercorp” or the

“Company”) is pleased to announce a Normal Course I ssuer Bid to acquire up to 8,409,712,

common shares, representing approximately 5% the 168,194,254 common shares issued and

outstanding as of November 16, 2017. The repurchase program will run from November 27,

2017 to November 26, 201 8. The Company is t aking 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 TSX , the NYSE 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.

Directors and senior officers of the Company are not aware of any previously undisclosed

material changes or plans or proposals for material changes in the affairs of the Compan y, nor

do any of them have the present intention to sell shares of the Company during the Normal

Course Issuer Bid. The Company has not repurchased any of its common shares in the last

twelve month period.

The maximum number of shares that may be purcha sed on the TSX during any trading day may

not exceed 25% of the average daily trading volume on the TSX based on the previous six

completed calendar months of 709,485 , excluding purchases made by Silvercorp under its

Normal Course Issuer Bid, for a daily total of 177,370 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.

2

About Silvercorp Metals Inc.

Silvercorp is a low -cost silver -producing Canadian mining company with multiple mines in

China. The Company’s vision is to deliver shareholder value by focusing on the acquisition of

under developed projects with resource p otential and the ability to grow organically. For more

information, please visit our website at www.silvercorpmetals.com.

Investor Contact

Lorne Waldman

Senior Vice President

Silvercorp Metals Inc.

Phone: (604) 669-9397

Toll Free 1(888) 224-1881

Email: [email protected]

Website: www.silvercorp.ca.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

Certain of the statements and information in this press release constitute “forward -looking

statements” within the meaning of the United States Priv ate Securities Litigation Reform Act of

1995 and “forward -looking information” within the meaning of applicable Canadian provincial

securities laws.

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 . The Company’s forward -looking statements

regarding the number of shares it may purchase 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 ma nagement’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.