Silvercorp Reports Adjusted Net Income of $21.0 Million, $0.10 PER Share, and Cash Flow from Operating Activities of $48.3 Million FOR Q1 Fiscal 2026

NEWS RELEASE

Trading Symbol: TSX/NYSE AMERICAN: SVM

SILVERCORP REPORTS ADJUSTED NET INCOME OF $21.0 MILLION, $0.10 PER SHARE,

AND CASH FLOW FROM OPERATING ACTIVITIES OF $48.3 MILLION FOR Q1 FISCAL 2026

VANCOUVER, British Columbia – August 7, 2025 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American:

SVM) reported its financial and operating results for the three months ended June 30, 2025 (“Q1 Fiscal 2026”). All amounts are

expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR Q1 FISCAL 2026

• Produced approximately 1.8 million ounces (“oz”) of silver, 2,050 oz of gold, or approximately 2.0 million ounces of silver

equivalent1, 15.7 million pounds (“lb”) of lead and 5.2 million lb of zinc;

• Sold approximately 1.8 million oz of silver, 1,951 oz of gold, 15.2 million lb of lead, and 5.2 million lb of zinc, for revenue of

$81.3 million;

• All-in sustaining cost (“AISC”) per oz of silver, net of by-product credits, of $13.49;

• Net income attributable to equity shareholders of $18.1 million, or $0.08 per share;

• Adjusted net income attributable to equity shareholders of $ 21.0 million, or $ 0.10 per share, after excluding a $ 4.8 million

charge on the fair value of derivative liabilities and warrants and other non-cash or non-routine items;

• Earnings before interest, income tax, depreciation and amortization ("EBITDA") attributable to equity shareholders of $ 33.8

million, or $0.15 per share;

• Generated cash flow from operating activities of $48.3 million, and free cash flow of $22.5 million;

• Spent and capitalized $18.8 million on exploration, development, and equipment and facilities for the China operations;

• Spent and capitalized $5.4 million for the Ecuador operations;

• Paid cash dividends of $2.7 million to holders of the Company’s common shares; and

• Ended the period with cash and cash equivalents and short-term investments of $ 377.1 million, an increase of $ 8.1 million

from the previous quarter, and a portfolio of equity investments with a total market value of $72.2 million. The Company also

has a stream financing commitment of $175 million available from Wheaton Precious Metals International Ltd. for the El

Domo project construction.

1 The company reports certain alternative performance (“non-GAAP”) measures, which include silver equivalent. These measures are widely used in the mining

industry as a benchmark for performance, but do not have a standardized meaning under the Company’s financial reporting framework and the methods used by

the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See “Alternative Performance (Non-GAAP)

Measures” at the end of this news release for further details of these measures.

CONSOLIDATED FINANCIAL AND OPERATING RESULTS

Three months ended June 30,

2025 2024 Changes

Financial Results

Revenue (in thousands of $) 81,334 72,165 13 %

Mine operating earnings (in thousands of $) 35,823 36,514 (2) %

Net income (loss) attributable to equity holders (in thousands of $) 18,126 21,938 (17) %

Earnings (loss) per share - basic ($/share) 0.08 0.12 (33) %

Adjusted earnings attributable to equity holders (in thousands of $) 21,048 20,618 2 %

Adjusted earning per share - basic ($/share) 0.10 0.12 (17) %

EBITDA attributable to equity holders (in thousands of $) 33,770 34,352 (9) %

EBITDA per share ($/share) 0.15 0.19 (26) %

Adjusted EBITDA attributable to equity holders (in thousands of $) 34,978 33,032 6 %

Adjusted EBITDA per share ($/share) 0.16 0.19 (14) %

Net cash generated from operating activities (in thousands of $) 48,281 39,955 21 %

Cash spent on capital expenditures (in thousands of $) (25,766) (16,385) 57 %

Free cash flow (in thousands of $) 22,514 23,570 (4) %

Basic weighted average shares outstanding 217,991,115 177,577,667 23 %

Metals sold

Silver (Koz) 1,829 1,739 5 %

Gold (oz) 1,951 998 95 %

Silver equivalent (Koz) 2,023 1,802 12 %

Lead (Klb) 15,246 15,663 (3) %

Zinc (Klb) 5,189 6,484 (20) %

Average Selling Price, Net of Value Added Tax and Smelter Charges

Silver ($/oz) 29.54 26.34 12 %

Gold ($/oz) 2,876 1,990 45 %

Lead ($/lb) 0.96 0.99 (3) %

Zinc ($/lb) 0.96 1.01 (5) %

Cost Data

Cash cost per ounce of silver, net of by-product credits ($) 1.11 (1.67) 166 %

All-in sustaining cost per ounce of silver, net of by-product credits ($) 13.49 9.82 37 %

Financial Position as at June 30, 2025 March 31, 2025

Cash and cash equivalents and short-term investments (in thousands of $) 377,133 369,056 2 %

Working capital (in thousands of $) 309,000 310,359 — %

CONSOLIDATED FINANCIAL RESULTS

Revenue in Q1 Fiscal 2026 was $ 81.3 million, up 13% compared to $ 72.2 million in Q1 Fiscal 2025 . The increase is mainly due to

5% more silver and 95% more gold produced and sold ($ 5.4 million of increased revenue), coupled with increases of 12% and 45%

in the selling prices for silver and gold respectively ($5.7 million of increased revenue).

Income from mine operations in Q1 Fiscal 2026 was $35.8 million, down 2% compared to $36.5 million in the three months ended

June 30, 2024 (“Q1 Fiscal 2025”). The decrease was mainly due to i) an increase of 16% in tonnes of ore processed, which led to

an increase of $5.9 million in production cost; and ii) an increase of $1.5 million in mineral rights royalties, which was implemented

in China in the third quarter of Fiscal 2025, partially offset by the increased revenue noted above.

Net income attributable to equity shareholders of the Company in Q1 Fiscal 2026 was $18.1 million or $0.08 per share, compared

to net income of $ 21.9 million or $ 0.12 per share in Q1 Fiscal 2025 . The decrease in net income is mainly due to a $4.8 million

charge on the fair value of the derivative liabilities related to the convertible notes issued in November 2024. Lower earnings per

share was partially due to an additional 38.8 million shares issued upon the acquisition of Adventus Mining Corporation in July

2024.

The adjusted net income to equity shareholders was $21.0 million or $0.10 per share, after excluding the charge on the fair value

of derivative liabilities and other non-cash or non-routine items, compared to $ 20.6 million or $ 0.12 per share in Q1 Fiscal 2025 .

Lower adjusted earnings per share was mainly due to the additional 38.8 million shares issued noted above.

Cash flow provided by operating activities in Q1 Fiscal 2026 was $ 48.3 million, up $ 8.3 million, compared to $ 40.0 million in Q1

Fiscal 2025.

Free cash flow in Q1 Fiscal 2026 was $22.5 million, compared to $23.6 million in Q1 Fiscal 2025 as the Company funded $7.6

million in expenditures to advance construction at the El Domo Project and exploration at the Condor Project in Ecuador.

Cash, cash equivalents and short term investments at the end of the quarter was $ 377.1 million, up 2% or $8.1 million compared

to $369.1 million as at June 30, 2025. The Company holds a further portfolio of equity investments with a total market value of

$72.2 million as at June 30, 2025.

CONSOLIDATED OPERATIONAL RESULTS

In Q1 Fiscal 2026, the company produced approximately 1,827 thousand ounces ("Koz") of silver, 2,050 oz of gold, or

approximately 2.0 million oz of silver equivalent, 15,735 thousand pounds ("Klb") of lead and 5,229 Klb of zinc, representing

increases of 6% (silver), 79% (gold), 12% (silver equivalent), and 1% (lead), and a decrease of 19% in zinc over the three months

ended June 30, 2024 ("Q1 Fiscal 2025").

The consolidated production cost ("cash cost") per ounce of silver, net of by-product credits, was $1.11, compared to negative

$1.67 in Q1 Fiscal 2025. The increase was mainly due to an increase of 16% in ore production, which led to in an increase of $ 5.9

million in production cost, while silver production increased by only 6%, resulting in a higher cash cost per ounce of silver, partially

offset by an increase of $0.9 million in by-product credits as revenue from other metals increased. The consolidated AISC per

ounce of silver, net of by-product credits, was $13.49, up 37.4% compared to $9.82 in Q1 Fiscal 2025. The increase is mainly due to

i) an increase of $1.0 million in general administrative expenses as a result of the acquisition of Adventus Mining Corporation

completed in July 2024; ii) an increase of $1.5 million in mineral rights royalty, implemented in the third quarter of Fiscal 2025; and

iii) the increase in cash cost per ounce of silver.

INDIVIDUAL MINE OPERATING PERFORMANCE

Ying Mining District Q1 F2026 Q4 F2025 Q3 F2025 Q2 F2025 Q1 F2025

June 30, 2025 March 31, 2025 December 31, 2024 September 30,

2024 June 30, 2024

Ore processed (tonnes)

Silver-lead ore 252,958 265,199 255,783 193,423 212,766

Gold ore 30,397 39,025 21,912 17,075 8,476

283,355 304,224 277,695 210,498 221,242

Average head grades for silver-lead ore

Silver (grams/tonne) 217 189 226 254 241

Lead (%) 2.8 2.9 2.9 3.0 3.2

Zinc (%) 0.5 0.5 0.6 0.6 0.7

Average head grades for gold-ore

Gold (grams/tonne) 1.5 1.4 2.1 1.6 1.7

Silver (grams/tonne) 51 62 67 87 97

Lead (5) 0.8 0.7 0.7 0.9 2.0

Recovery rates

Silver (%) 94.6 94.2 94.7 94.9 95.0

Gold (%)** 93.4 91.7 94.6 92.2 93.5

Lead (%) 94.1 92.3 94.0 94.0 94.4

Zinc (%) 64.3 67.3 68.9 70.4 72.3

Cash Costs

Cash cost ($/tonne) 83.08 84.90 84.92 92.86 90.46

AISC ($/tonne) 129.83 120.62 150.87 146.90 140.25

Cash cost, net of by-product credits ($/oz of silver) 1.26 3.05 (0.30) 0.62 (0.68)

AISC, net of by-product credits ($/oz of silver) 10.10 11.35 11.05 9.05 7.14

Metal Production

Silver (Koz) 1,689 1,563 1,778 1,518 1,572

Gold (oz) 2,050 3,110 2,056 1,183 1,146

Silver equivalent (Koz) 1,850 1,850 1,951 1,614 1,657

Lead (Klb) 14,601 15,563 15,234 11,970 14,080

Zinc (Klb) 1,845 2,039 2,250 1,795 2,468

**Gold recovery only refers to the recovery rate for gold ore processed.

In Q1 Fiscal 2026, the Ying Mining District produced approximately 1,689 Koz of silver, 2,050 oz of gold, or approximately 1,885

Koz of silver equivalent, plus 14,601 Klb of lead, and 1,845 Klb of zinc, representing production increases of 7% (silver), 79% (gold),

14% (silver equivalent), and 4% (lead), and a decrease of 25% in zinc, compared to Q1 Fiscal 2025.

The Company reports a fatality involving a worker of the mining contractor at the HZG mine of the Ying Mining District. Silvercorp

extends its sincere condolences to the family of the deceased worker. The contractor did not disclose the accident to the

Company, which only became aware of the incident in mid-July when the government safety production authority initiated an

investigation following a whistleblower report. The initial investigation revealed that the worker was killed by a rock fall while on

a recruitment tour with the mining contractor. After the accident happened, the mining contractor settled with the family but did

not follow appropriate protocols to report it to the relevant authorities nor to the Company. As a full investigation is currently

underway, certain mining areas are closed, which will result in a production shortfall estimated at up to 20-25% for the current

quarter. Silvercorp is waiting for the final investigation report from government agents for instruction on safety facility

improvement, if any. The Company places the safety and well-being of all workers as its highest priority and expresses its

disappointment that its safety policies and protocols implemented to minimize the risk of such incidents were not followed by the

contractor.

GC Mine Q1 F2026 Q4 F2025 Q3 F2025 Q2 F2025 Q1 F2025

June 30, 2025 March 31, 2025 December 31,

2024

September 30,

2024 June 30, 2024

Ore processed (tonnes) 74,869 41,760 84,115 86,707 86,454

Head grades

Silver (grams/tonne) 69 61 77 61 64

Lead (%) 0.8 0.9 1.1 0.8 0.9

Zinc (%) 2.3 2.9 2.7 2.4 2.4

Recovery rates

Silver (%) 85.3 83.7 82.8 82.2 84.1

Lead (%) 90.1 87.4 90.3 87.9 90.0

Zinc (%) 90.0 90.3 90.3 90.2 90.4

Costs

Cash cost ($/tonne) 62.53 77.46 53.69 50.08 50.49

AISC ($/tonne) 99.93 117.83 75.55 74.53 83.42

Cash cost, net of by-product credits ($/oz of silver) (0.80) (8.53) (19.14) (15.67) (12.19)

AISC, net of by-product credits ($/oz of silver) 20.02 15.05 (6.13) 1.62 8.45

Metal Production

Silver (Koz) 138 67 168 137 145

Lead (Klb) 1,134 699 1,853 1,232 1,539

Zinc (Klb) 3,384 2,365 4,418 4,016 3,966

In Q1 Fiscal 2026, metals produced at the GC Mine were approximately 138 Koz of silver, 1,134 Klb of lead, and 3,384 Klb of zinc,

representing decreases of 5% (silver), 26% (lead), and 15% (zinc), compared to Q1 Fiscal 2025.

EXPLORATION AND DEVELOPMENT

Capitalized expenditures

Plant and

equipment

Total Capital

expenditures

Expensed

Ramp, Development

Tunneling, and other Exploration Tunneling Exploration Drilling

Mining

Preparation

Tunnels Drilling

(Metres) ($ Thousand) (Metres) ($ Thousand) (Metres) ($ Thousand) ($ Thousand) ($ Thousand) (Metres) (Metres)

Three months ended June 30, 2025

Ying Mining District 12,289 $ 7,804 17,624 $ 6,735 32,889 $ 948 $ 1,217 $ 16,703 17,172 33,615

GC Mine 401 226 2,326 859 5,731 121 354 1,560 3,769 9,189

El Domo — 4,670 — — — — 106 4,776 — —

Condor — 383 — — 2,017 273 — 656 — —

Kuanping & other 262 300 219 78 — — 121 498 — —

Consolidated 12,952 13,382 20,168 7,672 40,637 1,342 1,797 24,194 20,941 42,804

Three months ended June 30, 2024

Ying Mining District 15,065 $ 7,681 15,090 $ 4,328 21,036 $ 663 $ 4,570 $ 17,242 11,830 44,823

GC Mine 1,781 697 3,106 1,247 15,921 345 41 2,330 2,465 5,533

Other — — — — — 76 8 84 — —

Consolidated 16,846 8,378 18,196 5,575 36,957 1,084 4,619 19,656 14,295 50,356

Total capital expenditures in Q1 Fiscal 2026 were $ 24.2 million, up 23% compared to $ 19.7 million in Q1 Fiscal 2025 . Exploration

and development continued at the Ying Mining District and the GC Mine, the El Domo Mine construction progressed steadily, and

the Kuanping mine construction commenced in Q1 Fiscal 2026.

CONFERENCE CALL DETAILS

A conference call to discuss these results will be held on Friday, August 8, at 9:00 am PDT (12:00 pm EDT). To participate in the

conference call, please dial the numbers below.

Canada/USA TF: 888-510-2154

International/Local Toll: 437-900-0527

Conference ID: 43265

Participants should dial-in 10 – 15 minutes prior to the start time. A replay of the conference call and transcript will be available on

the Company’s website at www.silvercorpmetals.com.

Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, is the Qualified Person as defined by National

Instrument 43-101 – Standards of Disclosure for Mineral Projects (“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 cash flow 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

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This news release should be read in conjunction with the Company's Management Discussion & Analysis (“MD&A”), the unaudited consolidated

condensed interim financial statements and related notes contains therein for the three months ended June 30, 2025, which have been posted

on SEDAR+ under the Company’s profile at www.sedarplus.ca and on EDGAR at www.sec.gov, and are also available on the Company's website

at www.silvercorpmetals.com under the Investor section. This news release refers to various alternative performance (non-IFRS) measures, such

as adjusted earnings and adjusted earnings per share, EBITDA and EBITDA per share, adjusted EBITDA and adjusted EBITDA per share, free cash

flow, cash cost and all-in sustaining cost per ounce of silver, net of by-product credits, cash cost and AISC per tonne of ore processed, silver

equivalent, and working capital. The tonnage of ore production refer to wet tonne, containing approximately 2.2% to 2.75% moisture. These

measures are widely used in the mining industry as a benchmark for performance, but do not have standardized meanings under IFRS as an

indicator of performance and may differ from methods used by other companies with similar description. The detailed description and

reconciliation of these alternative performance (non-GAAP) measures have been incorporated by reference and can be found under section 12 –

Alternative Performance (Non-GAAP) Measures in the MD&A for the three months ended June 30, 2025 filled on SEDAR+ at www.sedarplus.ca

and EDGAR at www.sec.gov and which is incorporated by reference here in.

CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS

This news release includes “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 securities laws relating to, among other things statements the accuracy of

mineral resource and mineral reserve estimates at the Company’s material properties; 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; and construction of the Kuanping

Project. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our

actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or

implied by the forward-looking statements. Forward-looking information may in some cases be identified by words such as “will”, “anticipates”,

“expects”, “intends” and similar expressions suggesting future events or future performance.

We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from

those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors, including fluctuating

commodity prices; recent market events and condition; estimation of mineral resources, mineral reserves and mineralization and metal recovery;

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

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

production; integration of future acquisitions into existing operations; permits and licences for mining and exploration in China; title to

properties; non-controlling interest shareholders; acquisition of commercially mineable mineral rights; financing; competition; operations and

political conditions; regulatory environment in China; regulatory environment and political climate in Bolivia and Ecuador; integration and

operations of Adventus; environmental risks; natural disasters; dependence on management and key personnel; foreign exchange rate

fluctuations; insurance; risks and hazards of mining operations; conflicts of interest; internal control over financial reporting as per the

requirements of the Sarbanes-Oxley Act; outcome of current or future litigation or regulatory actions; bringing actions and enforcing judgments

under U.S. securities laws; cyber-security risks; public health crises; the Company’s investment in New Pacific Metals Corp. and Tincorp Metals

Inc.; and the other risk factors described in the Company’s Annual Information Form and filed with the U.S. Securities and Exchange Commission

as part of the Company’s Form 40-F and other filings with Canadian and U.S. regulators on www.sedarplus.ca and www.sec.gov; could cause

actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current

objectives, strategies and intentions to change. Accordingly, we warn investors to exercise caution when considering statements containing

forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or

plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this

forward-looking information. Any forward-looking information contained in this news release represent expectations as of the date of this news

release and are subject to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to

update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new

information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the

cautionary statements herein.

A comprehensive discussion of other risks that impact Silvercorp can also be found in its public reports and filings 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.silvercorp.ca.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

Reserve and resource estimates included in this news release have been prepared in accordance with NI 43-101 and the Canadian Institute of

Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the

Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information

concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure

have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on

Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and

Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information

disclosed by U.S. companies.