SVM.TO · 2020-10-15 12:00:00

Silvercorp Reports Operational Results and the Financial Results Release Date FOR the Second Quarter of Fiscal 2021

Financials

NEWS

Tradin

VANC

“Com

of Fisc

1.7 m

of zinc

of lea

Comp

millio

silver,

with t

Febru

2021,

Q2 FIS

 O

 S

 P

The o

Pro

Sale

Met

S RELEASE

ng Symbol: T

ILVERCORP R

OUVER, Britis

pany”) (TSX/N

cal 2021 ende

illion ounces o

c and sold app

d, and 7.4 mi

pany produced

n pounds of z

, 66.1 – 68.5 m

the annual p

ary 6, 2020. T

expected to b

SCAL 2021 CO

Ore mined of 2

Sold approxim

ead, and 7.4 m

sold, and a dec

Produced app

of lead, and 7 .

decrease of 8%

perational res

duction Data

Ore Mined (tonne)

Ore Milled (tonne)

Head Grades

Silver (gram/tonn

Lead (%)

Zinc (%)

Recovery Rates

Silver (%)

Lead (%)

Zinc (%)

es Data

Silver (in thousands

Gold (in thousands

Lead (in thousands o

Zinc (in thousands o

tal production

Silver (in thousands

Gold (in thousands

Lead (in thousands o

Zinc (in thousands o

SX/NYSE AME

EPORTS OPER

FOR

sh Columbia

NYSE American

ed September

of silver, 1,100

proximately 1

llion pounds o

d approximate

zi n c . T h e C om

million pounds

roduction gu

The Company

be released on

ONSOLIDATED

267,852 tonne

mately 1.7 mil

million pound

crease of 8% a

roximately 1.7

.1 million pou

%, 6%, and 3%

sults for Q2 Fis

ne)

of ounces)

of pounds)

of ounces)

of pounds)

ERICAN: SVM

RATIONAL RES

R THE SECOND

– October 15

n: SVM) repo r

30, 2020 (“Q2

0 ounces of go

.7 million oun

of zinc in Q2 F

ely 3.5 million

mpany is on t

s of lead, and

idance previo

will report its

n Thursday, N

OPERATIONA

es, a 3% increa

lion ounces o

ds of zinc, rep

and 3% in silve

7 million oun c

nds of zinc, re

% in silver, gold

scal 2021 are

Three months

Ying Mining

District

181,020

179,083

288

4.4

0.7

94.4

96.1

57.9

1,556

1.0

15,585

1,384

1,525

1.1

16,080

1,643

SULTS AND TH

D QUARTER OF

5, 2020 – Silv

rts production

2 Fiscal 2021”

old, 19.1 millio

nces of silver,

Fiscal 2021. F

ounces of sil v

track to prod

24.5 – 26.7 m

ously reported

s unaudited fi

ovember 5, 20

AL HIGHLIGHT

ase over Q2 F

of silver, 2,200

resenting an i

er and lead so

ces of silver, 1

epresenting an

d, and lead pro

summarized a

ended September 30

GC BYP

86,833 ‐

84,850 ‐

81 ‐

1.8 ‐

3.4 ‐

82.5 ‐

89.2 ‐

87.3 ‐

184 ‐

‐ 1.2

2,966 ‐

6,027 ‐

182 ‐

‐

3,006 ‐

5,490 ‐

HE FINANCIAL

F FISCAL 2021

vercorp Meta

n and sales fi g

”). The Compa

on pounds of

2,200 ounces

For the first si

ver, 39.2 milli

uce between

million pounds

d i n t h e C om

nancial and o

020 after mar

iscal 2020;

0 o u n c e s o f g

increase of 9 8

old over Q2 Fis

1,100 ounces

n increase of

oduction over

as follows:

0, 2020 T

Consolidated

267,853

263,933

1,740

2.2

18,551

7,411

1,707

1.1

19,085

7,133

RESULTS RELE

als Inc. (“Silve

gures for the s

any produced

lead, and 7.1

of gold, 18.6

x months of F

ion pounds of

6 . 2 – 6 . 5 m i

s of zinc in Fisc

mpany’s news

perating resu

rket close.

gold, 18.6 mil

8% and 11% i

scal 2020; and

of gold, 19.1

2% in zinc pr o

r Q2 Fiscal 202

Three months ended

Ying Mining

District

176,085 8 3

179,147 8 6

306

4.5

0.8

96.2

95.7

58.6

1,711

1.1

16,389 2

1,428 5

1,651

1.2

16,388 3

1,813 5

EASE DATE

ercorp” or th

second quarte

d approximate

million pound

Fiscal 2021, t h

f lead, and 14

llion ounces o

cal 2021, in lin

release date

lts for Q2 Fisc

llion pounds o

n gold and zi n

million pound

oduction, and

20.

September 30, 2019

GC Consolidat e

3,172 259,2 5

6,134 265,2 8

100

2.0

3.2

75.9

88.3

86.1

183 1,8 9

‐ 1.

2,680 19,0 6

5,227 6,6 5

210 1,8 6

3,279 19,6 6

5,199 7,0 1

ely

cal

The operational results for the first six months of Fiscal 2021 are summarized as follows:

Ying Mining District

In Q2 Fiscal 2021, ore mined at the Ying Mining District was 181,020 tonnes, an increase of 3%,

compared to 176,085 in Q2 Fiscal 2020. Ore milled was 179,083 t onnes, with average head grades of

288 grams per tonne (“g/t”) for silver, 4.4% for lead, and 0.7 % for zinc, compared to 179,147 tonnes

of ore milled with average head grades of 306 g/t for silver, 4. 5 % f o r l e a d a n d 0 . 8 % f o r z i n c i n Q 2

Fiscal 2020. Metals production at the Ying Mining District in Q2 Fiscal 2021 was approximately 1.5

million ounces of silver, 16.1 million pounds of lead, and 1.6 million pounds of zinc, compared to

approximately 1.7 million ounces of silver, 16.4 million pounds of lead, and 1.8 million pounds of zinc

produced in Q2 Fiscal 2020.

For the first six months of Fiscal 2021, metal production at th e Ying Mining District was

approximately 3.1 million ounces of silver, 33.0 million pounds of lead and 3.6 million pounds of zinc.

The Ying Mining District is on track to achieve its annual guidance to produce between 5.6 – 5.8

million ounces of silver, 56.6 – 58.0 million pounds of lead and 7.0 – 8.0 million pounds of zinc in

Fiscal 2021.

GC Mine

In Q2 Fiscal 2021, ore mined at the GC Mine was 86,833 tonnes, a n i n c r e a s e o f 4 % c o m p a r e d t o

83,172 in Q2 Fiscal 2020. Ore milled was 84,850 tonnes, with average head grades of 81 g/t for silver,

1.8% for lead, and 3.4 % for zinc, compared to 86,134 tonnes of ore milled with average head grades

of 100 g/t for silver, 2.0% for lead and 3.2% for zinc in Q2 Fi scal 2020. Metals production at the GC

Mine in Q2 Fiscal 2021 was approximately 182 thousand ounces of silver, 3.0 million pounds of lead,

and 5.5 million pounds of zinc, compared to approximately 210 t housand ounces of silver, 3.3 million

pounds of lead, and 5.2 million pounds of zinc produced in Q2 Fiscal 2020.

For the first six months of Fiscal 2021, metal production at the GC Mine was approximately 391

thousand ounces of silver, 6.1 million pounds of lead and 11.1 million pounds of zinc. The GC Mine is

on track to achieve its annual guidance to produce between 600 – 700 thousand ounces of silver, 9.5

– 10.5 million pounds of lead and 17.5 – 18.7 million pounds of zinc in Fiscal 2021.

Six months ended September 30, 2020 Six months ended September 30, 2019

Ying Mining

District GC BYP Consolidated

Ying Mining

District GC Consolidated

Production Data

Ore Mined (tonne) 355,196 167,212 ‐ 522,408 352,669 163,980 516,649

Ore Milled (tonne) 356,772 169,487 ‐ 526,259 356,828 167,996 524,824

‐

Head Grades ‐

Silver (gram/tonne) 290 87 ‐ 318 97

Lead (%) 4.5 1.8 ‐ 4.5 1.9

Zinc (%) 0.8 3.4 ‐ 0.9 3.3

‐

Recovery Rates ‐

Silver (%) 94.6 82.7 ‐ 96.0 76.4

Lead (%) 96.1 89.5 ‐ 95.7 88.5

Zinc (%) 60.9 87.3 ‐ 58.5 85.9

Sales Data

Silver (in thousands of ounces) 3,228 384 ‐ 3,612 3,373 376 3,749

Gold (in thousands of ounces) 2.1 ‐ 1.2 3.3 2.1 ‐ 2.1

Lead (in thousands of pounds) 33,364 6,072 ‐ 39,436 31,225 5,686 36,911

Zinc (in thousands of pounds) 3,421 10,948 ‐ 14,369 3,518 10,471 13,989

Metal production

Silver (in thousands of ounces) 3,068 391 ‐ 3,459 3,415 401 3,816

Gold (in thousands of ounces) 2.2 ‐ ‐ 2.2 2.2 ‐ 2.2

Lead (in thousands of pounds) 33,021 6,142 ‐ 39,163 33,316 6,242 39,558

Zinc (in thousa nds of pounds) 3,563 11,103 ‐ 14,667 3,860 10,415 14,275

BYP Mine

In Q2 Fiscal 2020, the Company sold all remaining gold concentr ate inventories that had been

produced by the mine before it was placed on care and maintenance.

Filing of NI 43‐101 Technical Report on Ying Mining District

The Company has filed on SEDAR an independent technical report (the “Report”) prepared in

accordance with National Instrument 43‐101 – Standards of Disclosure for Mineral Projects o n t h e

Ying Mining District prepared by AMC Mining Consultants (Canada) Ltd. previously reported in the

news release dated August 31, 2020. There are no material differences in the Report from those

results in the Company’s news release dated August 31, 2020 and the full Report can be found on

SEDAR under the Company’s profile at www.sedar.com and on the C o m p a n y ’ s w e b s i t e a t

www.silvercorp.ca.

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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