SVM.TO · 2020-07-16 12:00:00

Silvercorp R Ouver, Briti

Corporate Updates

NEWS

Tradin

VANC

“Com

ended

silver,

produ

26.7

previo

report

expec

Q1 FIS

 O

 S

 L

 Z

Q1 FIS

Pro

S RELEASE

ng Symbol: T

SILVERCORP R

OUVER, Briti

pany”) (TSX/N

d June 30, 202

, 20.1 million

uce between 6

million pound

ously reported

t its sales vol u

cted to be rele

SCAL 2021 CO

Ore mined of 2

Silver producti

Lead productio

Zinc productio

SCAL 2021 CO

oduction Data

Ore Mined (tonne)

Ore Milled (tonne)

Head Grades

Silver (gram/ton

Lead (%)

Zinc (%)

Recovery Rates

Silver (%)

Lead (%)

Zinc (%)

tal production

Silver (in thousands

Lead (in thousands

Zinc (in thousands o

SX/NYSE AME

REPORTS PROD

FOR T

sh Columbia

NYSE American

20 (“Q1 Fiscal

pounds of le

6.2 – 6.5 milli

ds of zinc in

d i n t h e C om

umes along w

eased on Thurs

ONSOLIDATED

254,555 tonne

ion of approxi

on of approxim

ONSOLIDATED

ne)

s of ounces)

of pounds)

ERICAN: SVM

DUCTION RES

THE FIRST QUA

– July 16,

n: SVM) repor

2021”). The C

ead, and 7.5

io n o u n c e s of

Fiscal 2021,

mpany’s news

with its unaud

sday, August 6

PRODUCTION

es, a 1% decre

mately 1.8 mi

mately 20.1 m

mately 7.5 mill

OPERATIONA

Three mont

Ying Mining

District

174,176

177,689

293

4.6

0.8

94.7

96.2

63.8

1,544

16,941

1,920

ULTS AND TH

ARTER OF FISC

2020 – Silve

rts production

Company prod

million pound

f silver, 66.1 –

in accordanc

release date

ited financial

6, 2020 after m

N HIGHLIGHTS

ease over Q1 F

illion ounces,

million pounds,

ion pounds, a

AL RESULTS

ths ended June 30, 2

GC C

80,379

84,637

1.9

3.4

82.8

89.8

87.3

209

3,136

5,613

E FINANCIAL R

CAL YEAR 202

ercorp Metal

n results for th

duced approxi

ds o f z i n c . T

– 68.5 million

ce with the a

ed February 6

and operatin

market close.

Fiscal 2020

a 10% decrea

, a 1% increas

a 4% increase o

2020

Consolidated

254,555

262,326

1,752

20,078

7,533

RESULTS RELE

s Inc. (“Silv e

he first quarte

imately 1.8 m

The Company

pounds of le

annual produ

6, 2020. The

g results for Q

se over Q1 Fis

se over Q1 Fisc

over Q1 Fisca

Three months ende

ng Mining

District

176,584 80 ,

177,681 81 ,

330

4.6

0.9

95.8 7

95.9 8

58.3 8

1,764

16,928 2 ,

2,048 5 ,

EASE DATE

ercorp” or t h

r of Fiscal 202

illion ounces o

i s o n t r a c k t

ead, and 24.5

ction guidanc

e Company w

Q1 Fiscal 202

scal 2020;

cal 2020; and

l 2020.

ed June 30, 2019

GC Consolidat e

,808 257,3 9

,861 259,5 4

1.9

3.4

76.8

88.7

85.7

192 1,9 5

,963 19,8 9

,216 7,2 6

–

will

Ying Mining District

In Q1 Fiscal 2021, metals production at the Ying Mining District was approximately 1.5 million ounces

of silver, 16.9 million pounds of lead, and 1.9 million pounds of zinc. The Ying Mining District is on

track to achieve its annual production guidance.

O r e m i n e d a t t h e Y i n g M i n i n g D i s t r i c t w a s 1 7 4 , 1 7 6 t o n n e s , a s l ight decrease compared to 176,584

tonnes in Q1 Fiscal 2020. Ore milled was 177,689 tonnes, with average head grades of 293 grams

per tonne (“g/t”) for silver, 4.6% for lead, and 0.8% for zinc, compared to 177,681 tonnes ore milled

with head grades of 330 g/t for silver, 4.6% for lead, and 0.9% for zinc. The variation in the Q1 Fiscal

2021 silver head grade is mainly related to the Company’s planned mining sequence and is in line

with the guidance previously provided for Fiscal 2021.

GC Mine

In Q1 Fiscal 2021, metals production at the GC Mine was approxi mately 209,000 ounces of silver, 3.1

million pounds of lead, and 5.6 million pounds of zinc, an incr ease of 9%, 6%, and 8%, respectively,

compared to Q1 Fiscal 2020.

Ore mined at the GC Mine was 80,379 tonnes, a slight decrease c ompared to 80,808 tonnes in Q1

Fiscal 2020. Ore milled was 84,637 tonnes with head grades of 93 g/t for silver, 1.9% for lead, and

3.4% for zinc, compared to 81,861 tonnes with head grades of 95 g/t for silver, 1.9% for lead, and 3.4%

for zinc in Q1 Fiscal 2020. Metallurgical recovery rates also improved to 82.8% for silver, 89.8% for

lead, and 87.3% for zinc, compared to 76.8% for silver, 88.7% f or lead, and 85.7% for zinc in Q1 Fiscal

2020.

About Silvercorp

Silvercorp is a profitable Canadian mining company producing si lver, lead and zinc metals in

concentrates from mines in China. The Company’s goal is to con tinuously create healthy returns to

shareholders through efficient management, organic growth and t he acquisition of profitable

projects. Silvercorp balances profitability, social and enviro nmental relationships, employees’

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

www.silvercorp.ca.

For further information

Silvercorp Metals Inc.

Lon Shaver

Vice President

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

statements or information that express or involve discussions w ith respect to predictions, expectations, beliefs, plans,

projections, objectives, assumpt ions or future events or perfor mance (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”, “b udgets”, “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 exp ressions) are not statement s of historical fact and may

be forward‐looking statements. Forward‐looking statements relate to, among other things: the price of silver and

other metals; the accuracy of mineral resource and mineral rese rve 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; 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 are subject to a variety of known an d unknown risks, uncertainties and other factors that

could cause actual events or res ults to differ from those refle cted in the forward‐looking statements, including,

without limitation, risks relating to: social and economic impa cts of COVID‐19; fluctuating commodity prices;

calculation of resources, reserves and mineralization and preci ous and base metal recovery; interpretations and

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

and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition

of commercially mineable minera l rights; financing; recent mark et events and conditions; economic factors affecting

the Company; timing, estimated amount, capital and operating ex penditures and economic returns of future

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

political conditions; regulator y environment in China and Canad a; 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 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. 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 materia lly from those reflected in the forward‐looking

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

the Company’s Annual Information Form under the heading “Risk F actors”. Although the Company has attempted to

identify important factors that could cause actual results to d iffer 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.

The Company’s forward‐looking statements are based on the assum ptions, 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

assumptions, beliefs, expectations or opinions should change, o r changes in any other events affecting such

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

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