VANCOUVER, British Columbia – January 13, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production and sales figures for the third quarter of fiscal 2023 ended December 31, 2022 (“Q3 Fiscal 2023”). The Company expects to release its Q3 Fiscal 2023 unaudited financial results on Thursday, February 9, 2023 after market close.

In Q3 Fiscal 2023, the Company produced approximately 1.9 million ounces of silver, 1,100 ounces of gold, 20.1 million pounds of lead, and 7.0 million pounds of zinc, representing increases of 1%, 0%, and 6%, respectively, in silver, gold, and lead, and a decrease of 13% in zinc compared to the third quarter ended December 31, 2021 (“Q3 Fiscal 2022”).

For the first nine months of Fiscal 2023, the Company produced approximately 5.5 million ounces of silver, 3,400 ounces of gold, 57.1 million pounds of lead, and 19.9 million pounds of zinc, representing increases of 10%, 17%, and 9%, respectively, in silver, gold and lead, and a decrease of 12% in zinc compared to the same prior year period.

Q3 FISCAL 2023 OPERATING HIGHLIGHTS
On a consolidated basis, 296,050 tonnes of ore were mined, up 1% over Q3 Fiscal 2022, and 303,442 tonnes of ore were milled, effectively the same as in Q3 Fiscal 2022.
On a consolidated basis, the Company sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 19.3 million pounds of lead, and 7.1 million pounds of zinc, compared to approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.2 million pounds of lead and 7.6 million pounds of zinc in Q3 Fiscal 2022.
At the Ying Mining District, 206,854 tonnes of ore were mined, up 3% over Q3 Fiscal 2022, and 213,830 tonnes of ore were milled, down 1% over Q3 Fiscal 2022. Approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.6 million pounds of lead, and 2.1 million pounds of zinc were produced, representing increases of 2%, 0%, and 8%, respectively, in silver, gold, and lead, and a decrease of 11% in zinc compared to Q3 Fiscal 2022.
At the GC Mine, 89,196 tonnes of ore were mined, down 2% over Q3 Fiscal 2022, and 89,612 tonnes of ore were milled, essentially the same as in Q3 Fiscal 2022, and up 19% over last quarter. Approximately 179 thousand ounces of silver, 2.4 million pounds of lead, and 4.9 million pounds of zinc were produced, representing decreases of 4%, 7% and 14%, respectively, in silver, lead and zinc compared to Q3 Fiscal 2022, but up 27%, 35% and 22% respectively, in silver, lead and zinc over last quarter.
The consolidated operational results for the past five quarters and for the nine months ended December 31, 2022 and 2021 are summarized as follows:

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