VANCOUVER, British Columbia – July 16, 2020 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production results for the first quarter of Fiscal 2021 ended June 30, 2020 (“Q1 Fiscal 2021”). The Company produced approximately 1.8 million ounces of silver, 20.1 million pounds of lead, and 7.5 million pounds of zinc. The Company is on track to produce between 6.2 – 6.5 million ounces of silver, 66.1 – 68.5 million pounds of lead, and 24.5 – 26.7 million pounds of zinc in Fiscal 2021, in accordance with the annual production guidance previously reported in the Company’s news release dated February 6, 2020. The Company will report its sales volumes along with its unaudited financial and operating results for Q1 Fiscal 2021, expected to be released on Thursday, August 6, 2020 after market close.

Q1 FISCAL 2021 CONSOLIDATED PRODUCTION HIGHLIGHTS
•Ore mined of 254,555 tonnes, a 1% decrease over Q1 Fiscal 2020
•Silver production of approximately 1.8 million ounces, a 10% decrease over Q1 Fiscal 2020;
•Lead production of approximately 20.1 million pounds, a 1% increase over Q1 Fiscal 2020; and
•Zinc production of approximately 7.5 million pounds, a 4% increase over Q1 Fiscal 2020.

Q1 FISCAL 2021 CONSOLIDATED OPERATIONAL RESULTS
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Ying Mining District
In Q1 Fiscal 2021, metals production at the Ying Mining District was approximately 1.5 million ounces of silver, 16.9 million pounds of lead, and 1.9 million pounds of zinc. The Ying Mining District is on track to achieve its annual production guidance.

Ore mined at the Ying Mining District was 174,176 tonnes, a slight decrease compared to 176,584 tonnes in Q1 Fiscal 2020. Ore milled was 177,689 tonnes, with average head grades of 293 grams per tonne (“g/t”) for silver, 4.6% for lead, and 0.8% for zinc, compared to 177,681 tonnes ore milled with head grades of 330 g/t for silver, 4.6% for lead, and 0.9% for zinc. The variation in the Q1 Fiscal 2021 silver head grade is mainly related to the Company’s planned mining sequence and is in line with the guidance previously provided for Fiscal 2021.

GC Mine
In Q1 Fiscal 2021, metals production at the GC Mine was approximately 209,000 ounces of silver, 3.1 million pounds of lead, and 5.6 million pounds of zinc, an increase of 9%, 6%, and 8%, respectively, compared to Q1 Fiscal 2020.

Ore mined at the GC Mine was 80,379 tonnes, a slight decrease compared to 80,808 tonnes in Q1 Fiscal 2020. Ore milled was 84,637 tonnes with head grades of 93 g/t for silver, 1.9% for lead, and 3.4% for zinc, compared to 81,861 tonnes with head grades of 95 g/t for silver, 1.9% for lead, and 3.4% for zinc in Q1 Fiscal 2020. Metallurgical recovery rates also improved to 82.8% for silver, 89.8% for lead, and 87.3% for zinc, compared to 76.8% for silver, 88.7% for lead, and 85.7% for zinc in Q1 Fiscal 2020.