Trading Symbol        TSX:  SVM
                                    NYSE AMERICAN: SVM

VANCOUVER, British Columbia – November 3, 2022 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reported its financial and operating results for the three months ended September 30, 2022 (“Q2 Fiscal 2023”). All amounts are expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR Q2 FISCAL 2023 

• Mined 290,981 tonnes of ore, milled 291,643 tonnes of ore, and produced approximately 1.8 million ounces of silver, 1,200 ounces of gold, 18.0 million pounds of lead, and 6.0 million pounds of zinc;

• Sold approximately 1.8 million ounces of silver, 1,200 ounces of gold, 17.3 million pounds of lead, and 5.9 million pounds of zinc, for revenue of $51.7 million;

• Realized adjusted earnings attributable to equity shareholders of $6.8 million, or $0.04 per share. The adjustments were made to remove impacts from impairment charges, share-based compensation, foreign exchange, mark-to-market equity investments, and the share of associates’ operating results; 

• Reported net loss attributable to equity shareholders of $1.7 million, or $0.01 per share, with the loss mainly due to an impairment charge of $20.2 million against the La Yesca Project; 

• Generated cash flow from operating activities of $14.1 million;

• Cash costs per ounce of silver, net of by-product credits, of $0.77;

• All-in sustaining costs per ounce of silver, net of by-product credits, of $8.25;

• Spent and capitalized $2.9 million on exploration drilling, $9.4 million on underground development, and $1.2 million on construction of the new mill and tailings storage facility;

• Spent $1.2 million to buy back 503,247 common shares of the Company under its Normal Course Issuer Bid; and

• Strong balance sheet with $201.0 million in cash and cash equivalents and short-term investments. The Company holds further equity investment portfolio in associates and other companies with a total market value of $111.0 million as at September 30, 2022.