Silvercorp Files Final Base Shelf Prospectus

Silvercorp Metals Inc.

Suite 1750 – 1066 West Hastings St.

Vancouver, BC, Canada V6E 3X1

Tel: 604-669-9397

Fax: 604-669-9387

NEWS RELEASE

Trading Symbol: TSX / NYSE American: SVM

SILVERCORP FILES FINAL BASE SHELF PROSPECTUS

VANCOUVER, British Columbia – November 30, 2020 – Silvercorp Metals Inc. ("Silvercorp” or the

“Company”) (TSX/NYSE American: SVM) announced today it has filed a final short form base shelf

prospectus (with the securities regulators in each province of Canada, except for the Province of

Quebec, and a corresponding shelf registra tion statement on Form F -10 with the U.S. Securities and

Exchange Commission. The prospectus and registration statement allows the Company to offer up to

US$200 million of common shares, preferred shares, debt securities, warrants, subscription receipts

or any combination thereof (“Securities”) during the 25 month period that the shelf prospectus is

effective. The specific terms of any offering of S ecurities, including the use of proceeds from any

offering, will be set forth in a shelf prospectus supplement.

Silvercorp has filed the shelf prospectus and corresponding registration statement in order to

provide the Company with greater financial flexibility going forward but has no immediate plans to

offer or issue any Securities at this time.

A copy of the final short form base shelf prospectus can be found on SEDAR at www.sedar.com and

a copy of the registration statement can be found on EDGAR at www.sec.gov. A copy of the

prospectus and registration statement may also be obtained on request w ithout charge from the

Secretary of the Company at its head office at 1750 - 1066 West Hastings Street, Vancouver, British

Columbia, V6E 3X1.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall

there be any sale , of the Securities in any province, state, or other jurisdiction in which such offer,

solicitation or sale would be unlawful prior to qualification or registration of such Securities under

the securities laws of any such jurisdiction.

About Silvercorp

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. Silvercorp balances profitability, social and environmental relationships, employees’

wellbeing, and sustainable development. For more information, please visit our website at

www.silvercorp.ca.

For further information

Lon Shaver

Vice President

Silvercorp Metals Inc.

2

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 news release constitute “forward -looking statements” within the

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

within the meaning of applicable Canadian provincial securities laws (collectively, “forward-looking statements”). Any

forward-looking statements 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. Forward -looking statements relate to, among other things: future profitability, growth,

acquisitions and shareholder returns, and potential future offerings of Securities.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that

could cause actual events or results to differ from thos e reflected in the forward -looking statements, 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 recove ry; 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 fut ure acquisitions into the Company’s existing operations; competition; operations and

political conditions; regulatory environment in China and Canada; environmental risks; 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 , as well as those risks and uncertainties discussed

in the Company’s corresponding MD&A and other public filings of the Company. This list is not exhaustive of the

factors that may affect any of the Company’s forward-looking statements.

Forward-looking statements 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 expressed or implied in the

forward-looking statements.

The Company’s forward- looking statements are necessarily based on a number of estimates, assumptions, beliefs,

expectations and opinions of management as of the date of this news release that while considered reasonable by

management of the Company, are inherently subject to significant business, economic and competitive uncertainties

and contingencies. These estimates, assumptions, beliefs, expectations and opinions include, but are not limited to,

those related to the Company’s ability to carry on current and future operations, including: the duration and effects of

COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and

economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and

assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost

of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary

approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on

reasonable terms when required; the current and future social, economic and political conditions; and other

assumptions and factors generally associated with the mining industry. Other than as required by applicable securities

laws, the Company does not assume any obligation to update forward- looking statements if circumstances or

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

such statements. 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, des cribed or

intended. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.