Silvercorp Metals (SVM) Renews Share Repurchase Program

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to announce a normal course issuer bid ("NCIB") commencing September 19, 2024, to acquire up to 8,670,700 of its own common shares, representing approximately 4% of the 216,767,513 common shares issued and outstanding as of September 5, 2024. The repurchase program will expire September 18, 2025. The NCIB is being implemented to provide enhanced flexibility should market conditions result in Silvercorp's shares being undervalued relative to the value of its mining and corporate assets.

Purchases will be made at the discretion of the directors at prevailing market prices, through the facilities of the TSX, the NYSE American, and alternative trading systems in Canada and the United States, in compliance with regulatory requirements. There can be no assurance as to the precise number of shares that will be repurchased under the NCIB. Silvercorp may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The Company will cancel all shares acquired under the NCIB. The price the Company will pay for the common shares will be the market price at the time of purchase.

The Company is not aware of any officers, directors or persons holding 10% or more of the securities that intend to sell their securities at the inception of the NCIB, but such officers, directors or persons holding 10% or more of the securities may sell their securities during the course of the NCIB, as their personal circumstances may require. If during the course of the NCIB the Company becomes aware that officers, directors or persons holding 10% or more of the securities intend to sell their securities, then the Company will not intentionally acquire such securities.

The maximum number of shares that may be purchased on the TSX during any trading day may not exceed 101,257 common shares of the Company, which is 25% of the average daily trading volume on the TSX based on the previous six completed calendar months of 405,031. This limit, for which there are permitted exceptions, is determined in accordance with TSX regulatory requirements and does not apply to purchases made by the Company on the alternative trading systems in the United States.

The NCIB is a continuation of the program approved in September 2023 (the "2023 NCIB"), for the period from September 19, 2023 to September 18, 2024, to acquire up to 8,487,191 common shares of the Company, representing approximately 4.8% of the 176,816,488 common shares issued and outstanding as of September 5, 2023. All 191,770 shares acquired on TSX, NYSE American or alternative trading systems in Canada and the United States under the 2023 NCIB at a weighted average price of CAD$3.16 were cancelled.

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