SILVERCORP REPORTS ADJUSTED NET INCOME OF $37.0 MILLION, $0.21 PER SHARE, AND CASH FLOW FROM OPERATION OF $85.6 MILLION FOR FISCAL 2023.

VANCOUVER, BC: Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the three months ("Q4 Fiscal 2023") and twelve months ended March 31, 2023 ("Fiscal 2023"). All amounts are expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR FISCAL 2023

Mined 1,068,983 tonnes of ore, milled 1,072,654 tonnes of ore, and produced approximately 6.6 million ounces of silver, 4,400 ounces of gold, or approximately 7.0 million ounces of silver equivalent, plus 68.1 million pounds of lead, and 23.5 million pounds of zinc ;

Sold approximately 6.6 million ounces of silver, 4,400 ounces of gold, 65.7 million pounds of lead, and 23.4 million pounds of zinc, for revenue of $208.1 million;

Reported net income attributable to equity shareholders of $20.6 million, or $0.12 per share;

Realized adjusted earnings attributable to equity shareholders of $37.0 million, or $0.21 per share. The adjustments were made to remove impacts from non-recurring items, share-based compensation, foreign exchange gain/loss, impairment adjustments and reversals, gain/loss on equity investments, dilution gain/loss, and the share of associates' operating results;

Generated cash flow from operating activities of $85.6 million;

Cash cost per ounce of silver, net of by-product credits, of negative $0.42;

All-in sustaining cost per ounce of silver, net of by-product credits, of $9.73;

Paid $4.4 million of dividends to the Company's shareholders;

Spent $2.1 million to buy back 838,237 common shares of the Company under its Normal Course Issuer Bid;

Spent and capitalized $8.3 million on exploration drilling, $34.0 million on underground development and exploration tunneling, and $15.6 million on equipment and facilities, including $4.8 million on construction of the new mill and tailings storage facility; and

Strong balance sheet with $203.3 million in cash and cash equivalents and short-term investments. The Company holds a further equity investment portfolio in associates and other companies with a total market value of $141.9 million as at March 31, 2023.

HIGHLIGHTS FOR Q4 FISCAL 2023

Mined 181,848 tonnes of ore, milled 179,393 tonnes of ore, and produced approximately 1.1 million ounces of silver, 1,000 ounces of gold, 10.9 million pounds of lead, and 3.6 million pounds of zinc;

Sold approximately 1.1 million ounces of silver, 1,000 ounces of gold, or 1.2 million ounces of silver equivalent, 10.0 million pounds of lead, and 3.5 million pounds of zinc, for revenue of $34.1 million;

Reported net income attributable to equity holders of $0.2 million, or $0.00 per share;

Realized adjusted earnings attributable to equity holders of $5.0 million, or $0.03 per share;

Cash costs per ounce of silver, net of by-product credits, of $0.92;

All-in sustaining costs per ounce of silver, net of by-product credits, of $13.85;

Generated cash flow from operating activities of $5.7 million; and,

Spent and capitalized $1.0 million on exploration drilling, $5.9 million on underground development and exploration tunneling, and $2.5 million on equipment and facilities.

CONSOLIDATED FINANCIAL RESULTS

Three months ended March 31,

Year ended March 31,

2023

2022

Changes

2023

2022

Changes

Financial Results

Revenue (in thousands of $)

$ 34,147

$ 41,590

-18 %

$ 208,129

$ 217,923

-4 %

Mine operating earnings (in thousands of $)

9,776

13,709

-29 %

70,783

84,301

-16 %

Net income (loss) attributable to equity holders (in thousands of $)

235

3,966

-94 %

20,608

30,634

-33 %

Earnings (loss) per share - basic ($/share)

0.00

0.02

-95 %

0.12

0.17

-29 %

Adjusted earnings attributable to equity holders (in thousands of $)

4,971

9,496

-48 %

37,027

52,427

-29 %

Adjusted earning per share - basic ($/share)

0.03

0.05

-40 %

0.21

0.30

-30 %

Net cash generated from operating activities (in thousands of $)

5,742

11,406

-50 %

85,643

107,378

-20 %

Capitalized expenditures (in thousands of $)

9,457

9,960

-5 %

57,823

53,991

7 %

Metals sold

Silver (in thousands of ounces)

1,073

1,173

-9 %

6,637

6,265

6 %

Gold (in thousands of ounces)

1.0

0.5

100 %

4.4

3.4

29 %

Lead (in thousands of pounds)

10,021

12,279

-18 %

65,687

63,563

3 %

Zinc (in thousands of pounds)

3,451

4,340

-20 %

23,438

26,809

-13 %

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

Silver ($/ounce)

18.18

19.38

-6 %

17.11

19.36

-12 %

Gold ($/ounce)

1,620

1,475

10 %

1,511

1,495

1 %

Lead ($/pound)

0.87

0.93

-6 %

0.87

0.90

-3 %

Zinc ($/pound)

0.89

1.22

-27 %

1.06

1.08

-2 %

Financial Position as at

March 31, 2023

December 31, 2022

March 31, 2023

March 31, 2022

Cash and cash equivalents and short-term investments (in thousands of $)

203,323

210,261

-3 %

203,323

212,925

-5 %

Working capital (in thousands of $)

177,808

176,960

0 %

177,808

186,270

-5 %

1. Fiscal 2023 Financial Results

   Net income attributable to equity holders of the Company in Fiscal 2023 was $20.6 million or $0.12 per share, compared to net income of $30.6 million or $0.17 per share for the twelve months ended March 31, 2022 ("Fiscal 2022").

   In Fiscal 2023, the Company's consolidated financial results were mainly impacted by i) increases of 6%, 29% and 3%, respectively, in silver, gold, and lead sold, and a decrease of 13% in zinc sold; ii) decreases of 12%, 3% and 2%, respectively, in the realized selling prices for silver, lead and zinc, and increases of 1%, in the realized selling prices for gold; iii) a foreign exchange gain of $4.8 million mainly arising from the appreciation of the US dollar against the Canadian dollar; iv) a loss of $2.3 million on equity investments; v) an impairment charge of $20.2 million against the Las Yesca Project, and vi) an impairment charge of $2.9 million against a short-term investment in certain bonds.

   Revenue in Fiscal 2023 was $208.1 million, down 4% compared to $217.9 million in Fiscal 2022. The decrease is mainly due to i) a decrease of $16.6 million arising from the decrease in the net realized selling prices for silver, lead, and zinc; ii) a decrease of $3.6 million arising from the decrease in zinc sold, offset by iii) an increase of $9.7 million arising from the increase in silver, gold and lead sold.

   Income from mine operations in Fiscal 2023 was $70.8 million, down 16% compared to $84.3 million in Fiscal 2022. Income from mine operations at the Ying Mining District was $62.8 million, compared to $70.0 million in Fiscal 2022. Income from mine operations at the GC Mine was $8.4 million, compared to $14.8 million in Fiscal 2022.

   Cash flow provided by operating activities in Fiscal 2023 was $85.6 million, down $21.7 million, compared to $107.4 million in Fiscal 2022.

   The Company ended Fiscal 2023 with $203.3 million in cash, cash equivalents and short-term investments, down 5% or $9.6 million...