VANCOUVER, British Columbia – February 8, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports its financial and operating results for the three months ended December 31, 2023 (“Q3 Fiscal 2024”). All amounts are expressed in US dollars, and figures may not add due to rounding.


HIGHLIGHTS FOR Q3 FISCAL 2024
Mined 345,273 tonnes of ore, milled 312,500 tonnes of ore, and produced approximately 1,342 ounces of gold, 1.7 million ounces of silver, or approximately 1.8 million ounces of silver equivalent, plus 16.8 million pounds of lead and 7.4 million pounds of zinc;
Sold approximately 1,342 ounces of gold, 1.7 million ounces of silver, 16.2 million pounds of lead, and 7.3 million pounds of zinc, for revenue of $58.5 million;
Reported net income attributable to equity shareholders of $10.5 million, or $0.06 per share;
Realized adjusted earnings attributable to equity shareholders of $11.5 million, or $0.06 per share;
Generated cash flow from operating activities of $23.6 million;
Cash costs per ounce of silver, net of by-product credits, of negative $0.96;
All-in sustaining costs per ounce of silver, net of by-product credits, of $11.33;
Spent and capitalized $1.6 million on exploration drilling, $14.1 million on underground development, and $3.9 million on equipment and facilities, including $1.3 million on construction of the new tailings storage facility;
Entered into a Bid Implementation Deed (“BID”) with OreCorp Limited (ASX: ORR) (“OreCorp”) to launch an off-market takeover to acquire all OreCorp Shares not already owned by Silvercorp for A$0.19 cash plus 0.0967 common shares of Silvercorp per OreCorp Share; and
Strong balance sheet with $198.3 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 $139.5 million as at December 31, 2023.
CONSOLIDATED FINANCIAL RESULTS

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