SVM.TO · 2024-01-16 12:00:00

Silvercorp Provides Update on OreCorp Transaction

Mergers & Acquisitions

NEWS RELEASE

Trading Symbol: TSX: SVM

NYSE AMERICAN: SVM

VANCOUVER, British Columbia – January 16, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”)

(TSX/NYSE American: SVM) reports that the Company will commence dispatching the offer document to

the shareholders of OreCorp Limited (“OreCorp”) today in relation to Silvercorp’s off‐market takeover offer

for all of the OreCorp shares not already owned by Silvercorp for consideration comprising 0.0967 common

shares of Silvercorp and A$0.19 cash per OreCorp share (the “Transaction”), as described in the Company’s

news release of December 26, 2023. The offer is open for acceptance by OreCorp shareholders until

February 23, 2024 (Sydney time), unless extended. Silvercorp will provide further updates on the

Transaction as appropriate.

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

Silvercorp Metals Inc.

Lon Shaver

President

Phone: (604) 669‐9397

Toll Free 1(888) 224‐1881

Email: [email protected]

Website: www.silvercorpmetals.com

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 and US securities laws (collectively, “forward‐looking statements”). Any statements

or information that express or involve di scussions 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 stati ng 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: the Transaction; the price of s ilver 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 and the GC Mine;

timing of receipt of permits and regulatory approvals; availabili

ty of funds from production to finance the Company’s

operations; and acce ss to and availability of funding for future construction, use of proceeds from any financing and

development of the Company’s properties.

Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to a variety of known

and unknown risks, uncertainties and other factors that could cause actual eve nts or results to differ from those

reflected in the forward‐looking statements, including, without limitation, risks relating to: global economic and social

impact of COVID‐19; 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;

expl

oration and development programs; feasibility and engineering reports; permits and licences; 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; inte gration of future 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; and bringing

actions and enfo rcing 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. 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 mate rially from those reflected in the forward‐looking

statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in

the Company’s Annual Information Form under the heading “Risk Factors” and in the Company’s Annual Report on

Form 40‐F, and in the Company’s other filing s with Canadian and U.S. securities regulators. 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‐lookin g statements.

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

management as of the date of this news release, and 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 a ssumptions,

beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions

may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance

cannot be guaranteed. For the reasons set forth above, investors should not place undue reliance on forward‐looking

statements.

Additional infor mation related to the Company, including Silvercorp’s Annual Information Form, can be obtained under

the Company’s profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at

www.silvercorpmetals.com.

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