VANCOUVER - Silvercorp Metals Inc. ('Silvercorp' or the 'Company') (TSX/NYSE American: SVM) is pleased to report assay results from its 2020 exploration program at the HPG mine, Ying Mining District, Henan Province, China.

In total, 13,515 metres ('m') from 150 diamond drill holes, including 129 underground holes and 21 surface holes, have been completed from July 1, 2019 to October 31, 2020. Assay results for 140 holes have been received, with 69 holes intercepting mineralization. Nine rigs have been drilling at the HPG mine since July 2020. In addition to infill drill holes targeting areas of known sub-vertical silver-lead-zinc-gold veins previously believed to be uneconomic, the program discovered vein structures with relatively high gold, low silver-lead-zinc grade mineralization, such as: Hole ZK0912 intercepted a new vein with a 1.03 m interval grading 4.82 grams per tonne ('g/t') gold ('Au'), 44 g/t silver ('Ag') and low lead ('Pb') and zinc ('Zn').

Hole ZK1733 intercepted vein H11E with a 0.98 m interval grading 3.64 g/t Au and low Ag, Pb and Zn.

Hole ZK1920 intercepted vein H13 with a 3.88 m interval grading 3.18 g/t Au, 52 g/t Ag and low Pb and Zn.

Hole ZK2723 intercepted vein H10_1 with a 1.05 m interval grading 6.41 g/t Au and low Ag, Pb and Zn.

The drill hole and tunnel results have shown that mineralization at the HPG mine developed in at least two phases, an earlier phase of gold-bearing structures and later stage silver-lead-zinc mineralization. In many cases, the silver-lead-zinc mineralization has overprinted the earlier gold-bearing structures, while there are still some gold-bearing structures that have not been overprinted and were overlooked before. Future exploration will investigate such structures with less obvious silver-lead-zinc mineralization overprinting.

About Silvercorp

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The Company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' wellbeing, and sustainable development.

Contact:

Lon Shaver

Tel: (604) 669-9397

Toll Free: 1 (888) 224-1881

Email: investor@silvercorp.ca

Web: www.silvercorp.ca

CAUTIONARY DISCLAIMER FORWARD LOOKING STATEMENTS

Certain of the statements and information in this news release constitute 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects', 'is expected', 'anticipates', 'believes', 'plans', 'projects', 'estimates', 'assumes', 'intends', 'strategies', 'targets', 'goals', 'forecasts', 'objectives', 'budgets', 'schedules', 'potential' or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, social and economic impacts of COVID-19; risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading 'Risk Factors'. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of NI 43101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws. NI 43101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

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