EXPIRY OF EXCLUSIVITY PERIOD

Trading Symbol:        TSX: SVM
                                     NYSE AMERICAN: SVM

VANCOUVER, British Columbia – August 9, 2023 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) reports that, further to the Company’s news release of May 15, 2023, the exclusivity period entered into between Silvercorp and Celsius Resources Limited in the non-binding term sheet (the “Term Sheet”) announced on that date, which was subsequently extended, has expired effective July 31, 2023.

The two companies have not agreed on the terms of a definitive agreement in line with those contained in the Term Sheet and currently no negotiation is ongoing.