SILVERCORP REPORTS ADJUSTED NET INCOME OF $22.6 MILLION, $0.10 PER SHARE, AND CASH FLOW FROM OPERATING ACTIVITIES OF $39.2 MILLION FOR Q2 FISCAL 2026

2025-11-06

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Trading Symbol: TSX/NYSE AMERICAN: SVM

VANCOUVER, BC, Nov. 6, 2025/CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the three months ended September 30, 2025("Q2 Fiscal 2026"). All amounts are expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR Q2 FISCAL 2026

Produced approximately 1.66 million ounces of silver, 2,085 ounces of gold, or approximately 1.84 million ounces of silver equivalent1, 14.23 million pounds of lead and 5.64 million pounds of zinc; Sold approximately 1.66 million ounces of silver, 2,033 ounces of gold, 14.75 million pounds of lead, and 5.67 million pounds of zinc, for revenue of $83.3 million, an increase of 23% over the three months ended September 30, 2024("Q2 Fiscal 2025"); All-in sustaining cost ("AISC") per ounce of silver, net of by-product credits, of $13.94; Net loss attributable to equity shareholders of $11.5 million, or $0.05per share, mainly due to a $53.2 millionnon-cash charge on "mark to market" of the fair value of convertible notes; Adjusted net income attributable to equity shareholders of $22.6 million, or $0.10per share, after excluding the $53.2 millionnon-cash charge, a $21.6 milliongain on investments, and other non-cash or one-time items; Adjusted earnings before interest, income tax, depreciation and amortization ("EBITDA") attributable to equity shareholders of $38.3 million, or $0.18per share; Generated cash flow from operating activities of $39.2 million, and free cash flow of $11.4 million; Spent and capitalized $15.8 millionon exploration, development, and equipment and facilities at the China operations; Spent and capitalized $10.9 millionat the Ecuadoroperations for the development and construction of the El Domo mine and permitting activities for the Condor project; Ended the period with cash and cash equivalents and short-term investments of $382.3 million, an increase of $5.1 millionfrom the previous quarter, and a portfolio of equity investments with a total market value of $180.2 million, an increase of $108.0 millionfrom the previous quarter; and Subsequent to quarter end, drew down the first $43.875 millionfrom Wheaton Precious Metals International Ltd. under the $175.5 millionstream financing agreement for the El Domo mine construction.

| | | 1The company reports certain alternative performance ("non-GAAP") measures, which include silver equivalent. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Alternative Performance (Non-GAAP) Measures" at the end of this news release for further details of these measures. |

CONSOLIDATED FINANCIAL RESULTS

Revenue in Q2 Fiscal 2026 was $83.3 million, up 23% compared to $68.0 millionin Q2 Fiscal 2025, mainly due to increases of 28% and 37% in the selling prices for silver and gold respectively ($13.1 millionof increased revenue), coupled with 1% more silver and 64% more gold produced and sold ($2.9 millionof increased revenue).

Income from mine operations in Q2 Fiscal 2026 was $40.9 million, up 29% compared to $31.7 millionin Q2 Fiscal 2025, mainly due to the increase in revenue mentioned above, partially offset by an increase of $3.9 millionin production costs due to 15% more ore processed this quarter and an increase of $1.4 millionin mineral rights royalties, which was implemented in Chinain the third quarter of Fiscal 2025.

Net loss attributable to equity shareholders of the Companyin Q2 Fiscal 2026 was $11.5 millionor $0.05per share, compared to net income of $17.7 millionor $0.09per share in Q2 Fiscal 2025, which was mainly due to the impact of a $53.2 millionnon-cash charge on "mark to market" of the fair value of convertible notes.

The adjusted net income attributable to equity shareholders of the Company was $22.6 millionor $0.10per share, after excluding the $53.2 millionnon-cash charge, a $21.6 milliongain on mark to market investments, and $2.5 millionnon-cash or one-time expenses, compared to $17.8 millionor $0.09per share in Q2 Fiscal 2025.

The adjusted EBITDA attributable to equity shareholders of the Companywas $38.3 millionor $0.18per share compared to $29.3 millionor $0.14per share in Q2 Fiscal 2025.

Cash flow provided by operating activitiesin Q2 Fiscal 2026 was $39.2 million, up $16.1 millioncompared to $23.1 millionin Q2 Fiscal 2025.

Free cash flowin Q2 Fiscal 2026 was $11.4 million, up $10.8 millioncompared to $0.6 millionin Q2 Fiscal 2025 after the Company spent $9.0 millionin Ecuadorto advance construction at the El Domo Project and permitting activities for the Condor Project.

Cash, cash equivalents and short term investmentsat the end of the quarter were $382.3 million, up $5.1 millioncompared to $377.1 millionas at June 30, 2025. The total market value of equity investments was $180.2 millionas at September 30, 2025, an increase of $108.0 millionfrom the previous quarter.

CONSOLIDATED FINANCIAL AND OPERATING RESULTS

| | Three months ended September 30, | | Six months ended September 30, | | | | | | | 2025 | 2024 | Changes | | 2025 | 2024 | Changes | | Financial Results | | | | | | | | | Revenue (in thousands of $) | $ 83,330 | $ 68,003 | 23 % | | $ 164,664 | $ 140,168 | 17 % | | Mine operating earnings (in thousands of $) | 40,858 | 31,661 | 29 % | | 76,681 | 68,175 | 12 % | | Net income (loss) attributable to equity holders (in thousands of $) | (11,516) | 17,707 | (165) % | | 6,610 | 39,645 | (83) % | | Earnings (loss) per share - basic ($/share) | (0.05) | 0.090 | (159) % | | 0.030 | 0.210 | (86) % | | Adjusted earnings attributable to equity holders (in thousands of $) | 22,551 | 17,761 | 27 % | | 43,599 | 38,379 | 14 % | | Adjusted earnings per share - basic ($/share) | 0.10 | 0.09 | 18 % | | 0.20 | 0.20 | (1) % | | EBITDA attributable to equity holders (in thousands of $) | 5,567 | 29,124 | (81) % | | 39,337 | 63,476 | (38) % | | EBITDA per share ($/share) | 0.03 | 0.14 | (82) % | | 0.18 | 0.33 | (46) % | | Adjusted EBITDA attributable to equity holders (in thousands of $) | 38,312 | 29,293 | 31 % | | 73,290 | 62,325 | 18 % | | Adjusted EBITDA per share ($/share) | 0.175 | 0.14 | 22 % | | 0.3357 | 0.3269 | 3 % | | Net cash generated from operating activities (in thousands of $) | 39,180 | 23,128 | 69 % | | 87,461 | 63,083 | 39 % | | Cash spent on capital expenditures (in thousands of $) | 27,811 | 22,566 | 23 % | | 53,577 | 38,951 | 38 % | | Free cash flow (in thousands of $) | 11,370 | 562 | 1,923 % | | 33,884 | 24,132 | 40 % | | Basic weighted average shares outstanding | 218,585,686 | 203,532,135 | 7 % | | 218,290,025 | 190,625,815 | 15 % | | Metals sold | | | | | | | | | Silver (million ounces) | 1.66 | 1.64 | 1 % | | 3.48 | 3.38 | 3 % | | Gold_(ounces)_ | 2,033 | 1,239 | 64 % | | 3,984 | 2,237 | 78 % | | Lead (million pounds) | 14.75 | 13.26 | 11 % | | 30.00 | 28.92 | 4 % | | Zinc_(million pounds)_ | 5.67 | 5.89 | (4) % | | 10.86 | 12.38 | (12) % | | Average Selling Price,Net of Value Added Tax and Smelter Charges | | | | | | | | | Silver ($/ounce) | 33.89 | 26.49 | 28 % | | 31.60 | 26.41 | 20 % | | Gold ($/ounce) | 2,986 | 2,178 | 37 % | | 2,932 | 2,094 | 47 % | | Lead ($/pound) | 0.91 | 1.00 | (9) % | | 0.94 | 1.00 | (5) % | | Zinc ($/pound) | 0.98 | 1.13 | (13) % | | 0.97 | 1.08 | (4) % | | Cost Data | | | | | | | | | Cash cost per ounce of silver, net of by-product credits ($) | (0.002) | (0.73) | 100 % | | 0.58 | (1.21) | 148 % | | All-in sustaining cost per ounce of silver, net of by-product credits ($) | 13.94 | 11.66 | 20 % | | 13.70 | 10.72 | 28 % | | Financial Position as at | September 30, 2025 | June 30, 2025 | | | September 30, 2025 | March 31, 2025 | | | Cash and cash equivalents and short-term investments (in thousands of $) | $ 382,254 | $ 377,133 | 1 % | | 382,254 | 369,056 | 4 % | | Working capital (in thousands of $) | 311,882 | 309,000 | 1 % | | 311,882 | 310,359 | — % |

CONSOLIDATED OPERATIONAL RESULTS

In Q2 Fiscal 2026, the company produced approximately 1.7 million ounces of silver, 2,085 ounces of gold, or approximately 1.8 million ounces of silver equivalent, 14.2 million pounds of lead and 5.6 million pounds of zinc, representing increases of 0.2% (silver), 76% (gold), 5% (silver equivalent), and 8% (lead), and a decrease of 3% in zinc production over Q2 Fiscal 2025.

In Q2 Fiscal 2026, the consolidated production cost ("cash cost") per ounce of silver equivalent, net of by-product credits, was $0.002, a slight increase from the negative $0.73in Q2 Fiscal 2025, mainly due to an increase of 15% in ore production, while silver production increased by only 0.2%, resulting in a higher cash cost per ounce of silver, partially offset by an increase of $2.7 millionin by-product credits. The consolidated AISC per ounce of silver, net of by-product credits, was $13.94, up 19.6% from $11.66in Q2 Fiscal 2025, mainly due to i) an increase of $2.3 millionin sustaining capital expenditures; ii) an increase of $1.4 millionin mineral rights royalty, implemented by the Chinese authorities in the third quarter of Fiscal 2025; and iii) the increase in cash cost per ounce of silver, partially offset by a decrease of $1.6 millionin general administrative expenses.

INDIVIDUAL MINE OPERATING PERFORMANCE

| Ying Mining District | Three months ended | | Six months ended September 30, | | | | | | | | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | | 2025 | 2024 | | Ore processed (tonnes) | | | | | | | | | | Silver-lead ore | 235,168 | 252,958 | 265,199 | 255,783 | 193,423 | | 488,126 | 406,189 | | Gold ore | 29,834 | 30,397 | 39,025 | 21,912 | 17,075 | | 60,231 | 25,551 | | | 265,002 | 283,355 | 304,224 | 277,695 | 210,498 | | 548,357 | 431,740 | | Average head grades for silver-lead ore | | | | | | | | | | Silver (grams/tonne) | 207 | 217 | 189 | 226 | 254 | | 213 | 247 | | Lead (%) | 2.6 | 2.8 | 2.9 | 2.9 | 3.0 | | 2.7 | 3.1 | | Zinc (%) | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | | 0.5 | 0.7 | | Average head grades for gold-ore | | | | | | | | | | Gold (grams/tonne) | 1.4 | 1.5 | 1.4 | 2.1 | 1.6 | | 1.4 | 1.6 | | Silver (grams/tonne) | 81 | 51 | 62 | 67 | 87 | | 66 | 91 | | Lead (%) | 0.9 | 0.8 | 0.7 | 0.7 | 0.9 | | 0.8 | 1.3 | | Recovery rates | | | | | | | | | | Silver (%) | 94.8 | 94.6 | 94.2 | 94.7 | 94.9 | | 94.7 | 94.9 | | Gold (%) | 94.2 | 93.4 | 91.7 | 94.6 | 92.2 | | 93.8 | 92.6 | | Lead (%) | 93.5 | 94.1 | 92.3 | 94.0 | 94.0 | | 93.8 | 94.2 | | Zinc (%) | 65.8 | 64.3 | 67.3 | 68.9 | 70.4 | | 64.9 | 71.4 | | Cash Costs | | | | | | | | | | Cash cost ($/tonne) | 82.89 | 83.08 | 84.90 | 84.92 | 92.86 | | 83.03 | 91.65 | | AISC ($/tonne) | 139.22 | 129.83 | 120.62 | 150.87 | 146.90 | | 134.41 | 143.51 | | Cash cost, net of by-product credits ($/ounce of silver) | 0.97 | 1.26 | 3.05 | (0.30) | 0.62 | | 1.12 | (0.05) | | AISC, net of by-product credits ($/ounce of silver) | 11.75 | 10.10 | 11.35 | 11.05 | 9.05 | | 10.88 | 8.07 | | Metal Production | | | | | | | | | | Silver (million ounces) | 1.53 | 1.69 | 1.56 | 1.78 | 1.52 | | 3.22 | 3.09 | | Gold (ounces) | 2,085 | 2,050 | 3,110 | 2,056 | 1,183 | | 4,135 | 2,329 | | Silver equivalent (million ounces) | 1.71 | 1.85 | 1.85 | 1.95 | 1.61 | | 3.59 | 3.27 | | Lead (million pounds) | 12.93 | 14.60 | 15.56 | 15.23 | 11.97 | | 27.53 | 26.05 | | Zinc_(million pounds)_ | 1.42 | 1.85 | 2.04 | 2.25 | 1.80 | | 3.27 | 4.26 | | Gold recovery only refers to the recovery rate for gold ore processed. | | | | | | | | |

In Q2 Fiscal 2026, the Ying Mining District produced approximately 1.53 million ounces of silver, 2,085 ounces of gold, or approximately 1.71 million ounces of silver equivalent, plus 12.93 million pounds of lead, and 1.42 million pounds of zinc, representing production increases of 1% (silver), 76% (gold), 6% (silver equivalent), and 8% (lead), and a decrease of 21% in zinc, compared to Q2 Fiscal 2025. The production in the quarter was affected by the temporary closure of certain mining areas (refer to Silvercorp's August 7, 2025news release). These areas have since reopened, and production has returned to normal levels. Ore production at the Ying Mining District in the third quarter of Fiscal 2026 is expected to be approximately 346,000 tonnes, up 30% compared to Q2 Fiscal 2026.

While the consolidated production cost ("cash cost") per ounce of silver, net of by-product credits, has increased, the cash cost per tonne of ore at the Ying Mining District decreased to $82.89from $92.86in Q2 Fiscal 2025. This reduction reflects a higher percentage of ore mined using the more cost-efficient and mechanized shrinkage mining method compared to the more labour intensive re-suing mining method. Shrinkage mining tends to have higher dilution rates and lower head grades.

The AISC cash cost per tonne ore also decreased to $139.22 from $146.90in Q2 Fiscal 2025, further improving the gross profit margin.

| GC Mine | Three months ended | | Six months ended September 30, | | | | | | | | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | | 2025 | 2024 | | Ore Production (tonne) | 76,249 | 74,869 | 41,760 | 84,115 | 86,707 | | 151,118 | 173,161 | | Head grades | | | | | | | | | | Silver (grams/tonne) | 64 | 69 | 61 | 77 | 61 | | 66 | 63 | | Lead (%) | 0.9 | 0.8 | 0.9 | 1.1 | 0.8 | | 0.8 | 0.8 | | Zinc (%) | 2.8 | 2.3 | 2.9 | 2.7 | 2.4 | | 2.6 | 2.4 | | Recovery rates | | | | | | | | | | Silver (%) | 85.8 | 85.3 | 83.7 | 82.8 | 82.2 | | 85.6 | 83.2 | | Lead (%) | 89.0 | 90.1 | 87.4 | 90.3 | 87.9 | | 89.5 | 89.1 | | Zinc (%) | 91.1 | 90.0 | 90.3 | 90.3 | 90.2 | | 90.6 | 90.3 | | Cash Costs | | | | | | | | | | Cash cost ($/tonne) | 58.20 | 62.53 | 77.46 | 53.69 | 50.08 | | 60.38 | 50.28 | | AISC ($/tonne) | 82.63 | 99.93 | 117.83 | 75.55 | 74.53 | | 91.23 | 78.96 | | Cash cost, net of by-product credits ($/ounce of silver) | (11.44) | (0.80) | (8.53) | (19.14) | (15.67) | | (5.98) | (13.85) | | AISC, net of by-product credits ($/ounce of silver) | 4.71 | 20.02 | 15.05 | (6.13) | 1.62 | | 12.57 | 5.19 | | Metal Production | | | | | | | | | | Silver (million ounces) | 0.13 | 0.14 | 0.07 | 0.17 | 0.14 | | 0.27 | 0.28 | | Lead (million pounds) | 1.31 | 1.13 | 0.70 | 1.85 | 1.23 | | 2.44 | 2.77 | | Zinc_(million pounds)_ | 4.22 | 3.38 | 2.37 | 4.42 | 4.02 | | 7.61 | 7.98 |

In Q2 Fiscal 2026, metals produced at the GC Mine were approximately 0.13 million ounces of silver, 1.31 million pounds of lead, and 4.22 million pounds of zinc, representing decreases of 7% (silver), 6% (lead), and 5% (zinc), compared to Q2 Fiscal 2025. Production in Q2 Fiscal 2026 was interrupted by severe rainy and typhoon weather conditions for around 10 days. Ore production at the GC Mine in the third quarter of Fiscal 2026 is expected to be approximately 83,000 tonnes, up 9% compared to Q2 Fiscal 2026.

Production costs per tonne at the GC Mine were within the Fiscal 2026 Guidance, but increased from $50.08(Q2 Fiscal 2025) to $58.20(Q2 Fiscal 2026), due to lower ore production.

CAPITAL EXPENDITURES AND DEVELOPMENT FOR GROWTH

Total capital expenditures in Q2 Fiscal 2026 were $26.7 million, down 5% compared to $28.1 millionin Q2 Fiscal 2025.

For the Ying Mining District, capitalized expenditures for underground tunnels and drilling amounted to $12.4 million, plus $0.8 millionfor plant and equipment, for a total of $13.2 millionin Q2 Fiscal 2026, compared to capitalized expenditures for underground tunnels of $13.6 million, plus $9.5 millionfor plant and equipment (total $23.1 million) in Q2 Fiscal 2025, when the Mill No. 2 expansion and TSF No. 3 were under construction.

For the Kuanping project under construction, $1.2 millionof capital expenditures were incurred in Q2 Fiscal 2026, focusing on underground development.

The total capitalized expenditures at the GC Mine remained flat compared to Q2 Fiscal 2025 at around $1.4 million.

| | Capitalized expenditures | Plant and equipment | Total Capital expenditures | Expensed | | | | | | | | | Ramp, Development Tunneling, and other | Exploration Tunneling | Exploration Drilling | Mining Preparation Tunnels | Drilling | | | | | | | | (Metres) | ($ Thousand) | (Metres) | ($ Thousand) | (Metres) | ($ Thousand) | ($ Thousand) | ($ Thousand) | (Metres) | (Metres) | | Q2 Fiscal 2026 | | | | | | | | | | | | Ying Mining District | 8,879 | $ 6,122 | 12,639 | $ 5,271 | 34,767 | $ 977 | $ 822 | $ 13,191 | 12,897 | 29,564 | | GC Mine | 1,323 | 605 | 1,799 | 673 | 4,509 | 98 | 36 | 1,412 | 2,958 | 8,667 | | El Domo | — | 9,941 | — | — | — | — | 265 | 10,206 | — | — | | Condor | — | 670 | — | — | 251 | 42 | — | 712 | — | — | | Kuanping & other | 831 | 736 | 613 | 221 | — | — | 220 | 1,178 | — | — | | Consolidated | 11,033 | 18,073 | 15,051 | 6,165 | 39,527 | 1,116 | 1,343 | 26,698 | 15,855 | 38,231 | | | | | | | | | | | | | | Q2 Fiscal 2025 | | | | | | | | | | | | Ying Mining District | 4,589 | $ 5,841 | 17,440 | $ 7,445 | 8,843 | $ 336 | $ 9,487 | $ 23,109 | 23,008 | 52,136 | | GC Mine | 154 | 4 | 2,743 | 1,308 | 9,649 | 210 | 69 | 1,591 | 2,642 | 4,659 | | El Domo | — | — | — | — | — | 2,533 | — | 2,533 | — | — | | Condor | — | — | — | — | — | 569 | — | 569 | — | — | | Kuanping & other | — | — | — | — | — | 249 | 8 | 257 | — | — | | Consolidated | 4,743 | 5,845 | 20,183 | 8,753 | 18,492 | 3,897 | 9,564 | 28,059 | 25,650 | 56,795 |

The El Domo mine construction advanced significantly in Q2 Fiscal 2026. Approximately 1.29 million cubic metres of material were cut for site preparation, roads and channel construction, representing a 249% increase over the last quarter. A 481-bed construction camp was completed, and the construction for the tailing storage facility (TSF) began in September 2025. Since January 2025, approximately 1.66 million cubic metres of material were cut and $18.9 millionwere spent on capital expenditures and prepayments for equipment purchases.

The construction contracts for the external power line have been awarded to Ecuadorian qualified contractors, subject to review by Corporation Nacional de Electricidad ("CNEL"). Equipment orders totaling approximately $22.2 millionhave been placed.

For the Condor Project, a preliminary economic assessment (PEA) study was initiated in Q2 Fiscal 2026 to be completed in the third quarter of Fiscal 2026.

CONFERENCE CALL DETAILS

A conference call to discuss these results will be held on Friday, November 7, at 9:00 am PDT(12:00 pm EDT). To participate in the conference call, please dial the numbers below.

Canada/USATF: 888-510-2154 China Toll: 861087833254 International/Local Toll: 437-900-0527 Conference ID: 16132

Participants should dial-in 10 – 15 minutes prior to the start time. A replay of the conference call and transcript will be available on the Company's website at www.silvercorpmetals.com.

Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and given consent to the technical information contained in this news release.

About Silvercorp

Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cash flow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.

For further information Silvercorp Metals Inc. Lon Shaver President Phone: (604) 669-9397 Toll Free 1(888) 224-1881 Email: investor@silvercorp.ca Website: www.silvercorpmetals.com