Trading Symbol: TSX/NYSE AMERICAN: SVM

VANCOUVER, BC, May 22, 2025 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the three months ("Q4 Fiscal 2025") and twelve months ("Fiscal 2025") ended March 31, 2025. All amounts are expressed in US dollars, and figures may not add due to rounding.

HIGHLIGHTS FOR Q4 FISCAL 2025

   -- Processed 345,984 tonnes of ore, and produced approximately 3,110 ounces 
      ("oz") of gold, 1.630 million oz of silver, or approximately 1.917 
      million oz of silver equivalent1, 16.262 million pounds ("lb") of lead 
      and 4.404 million lb of zinc; 
 
   -- Sold approximately 3,465 oz of gold, 1.599 million oz of silver, 16.263 
      million lb of lead, and 4.488 million lb of zinc, for revenue of $75.1 
      million; 
 
   -- Loss attributable to equity shareholders of $7.6 million, or $0.03 per 
      share; 
 
   -- Adjusted net income attributable to equity shareholders1 of $14.7 million, 
      or $0.07 per share, after excluding a $20.6 million charge on the fair 
      value of derivative liabilities related to convertible notes and warrants, 
      and other non-cash or non-routine items; 
 
   -- Cash costs per oz of silver, net of by-product credits1, of $2.49; 
 
   -- All-in sustaining costs per oz of silver, net of by-product credits1, of 
      $14.31; 
 
   -- Generated cash flow from operating activities of $30.7 million; 
 
   -- Spent and capitalized $9.9 million on exploration, development, and 
      equipment and facilities for the China operations; 
 
   -- Spent and capitalized $3.1 million for the El Domo project; 
 
   -- Ended the period with cash and cash equivalents and short-term 
      investments of $369.1 million, an increase of $14.5 million from the 
      previous quarter, and a portfolio of equity investment with a total 
      market value of $70.9 million. The Company also has a stream financing 
      credit of $175 million available for the El Domo project construction. 
 
_____________________________ 
(1) Non-GAAP measures, please refer to section 15 of the corresponding MD&A 
for the year ended March 31, 2025 for reconciliation. 
 

HIGHLIGHTS FOR FISCAL 2025

   -- Processed 1,312,695 tonnes of ore, and produced approximately 7,495 oz of 
      gold, 6.948 million oz of silver, or approximately 7.589 million oz of 
      silver equivalent1, plus 62.170 million lb of lead and 23.317 million lb 
      of zinc; 
 
   -- Sold approximately 7,577 oz of gold, 6.930 million oz of silver, or 
      approximately 7.589 million oz of silver equivalent, plus 62.256 million 
      lb of lead, and 23.469 million lb of zinc, for revenue of $298.9 million; 
 
   -- Net income attributable to equity shareholders of $58.2 million, or $0.29 
      per share; 
 
   -- Adjusted net income attributable to equity shareholders of $75.1 million, 
      or $0.37 per share, after excluding $9.0 million loss on the fair value 
      of derivative liabilities, $8.9 million one-time mineral right royalty to 
      renew a mining permit, $15.1 million other non-cash or non-routine 
      expenses, and $12.5 million gain on mark to market investments; 
 
   -- Cash costs per oz of silver, net of by-product credits, of negative 
      $0.54; 
 
   -- All-in sustaining costs per oz of silver, net of by-product credits, of 
      $12.12; 
 
   -- Generated cash flow from operating activities of $138.6 million; 
 
   -- Completed the acquisition of Adventus Mining Corporation ("Adventus") on 
      July 31, 2024 at a total cost of $181.3 million, including $150.5 million 
      in shares, $27.0 million cash investments and advances, and $3.8 million 
      in cash transaction costs; 
 
   -- Spent and capitalized $77.8 million to complete the construction of the 
      No. 3 tailings storage facility and the new 1,500 tonne per day flotation 
      mill, plus exploration and developments for the China operations; 
 
   -- Spent and capitalized $7.5 million on the El Domo project and $1.3 
      million on the Condor project; 
 
   -- Raised $143.3 million net proceeds through an issue of $150.0 million 
      unsecured senior convertible notes; 
 
   -- Repaid $13.3 million to Wheaton Precious Metals International Ltd. 
      ("Wheaton") to eliminate obligations to deliver 92.3 oz of gold per month 
      to Wheaton; and 
 
   -- Spent $5.9 million on dividends to the shareholders of the Company and 
      for share buy backs. 

CONSOLIDATED FINANCIAL AND OPERATIONAL RESULTS

 
                        Three months ended March 31,          Years ended March 31, 
                    --------------------------------  ----------------------------- 
                           2025        2024  Changes       2025       2024  Changes 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
Financial Results 
 Revenue (in 
  thousands of $)   $    75,113  $   42,681     76 %    298,895    215,187     39 % 
 Mine operating 
  earnings (in 
  thousands of $)        26,146      13,038    101 %    123,551     80,589     53 % 
 Net income (loss) 
  attributable to 
  equity holders 
  (in thousands of 
  $)                    (7,585)       5,529  (237) %     58,190     36,306     60 % 
 Earnings (loss) 
  per share - 
  basic ($/share)        (0.03)        0.03  (212) %       0.29       0.21     36 % 
 Adjusted earnings 
  attributable to 
  equity holders 
  (in thousands of 
  $)                     14,747       3,824    286 %     75,089     39,322     91 % 
 Adjusted earnings 
  per share - 
  basic ($/share)          0.07        0.02    214 %       0.37       0.22     66 % 
 Net cash 
  generated from 
  operating 
  activities (in 
  thousands of $)        30,701      10,238    200 %    138,631     91,570     51 % 
 Capitalized 
  expenditures (in 
  thousands of $)        13,589      13,432      1 %     86,557     64,041     35 % 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
Production Data 
 Ore Processed 
 (tonnes) 
   Gold Ore              39,025      21,843     79 %     86,488     58,262     48 % 
   Silver Ore           306,959     215,650     42 %  1,226,207  1,047,933     17 % 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
                        345,984     237,493     46 %  1,312,695  1,106,195     19 % 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
Metal Production 
    Gold (oz)             3,110       1,916     62 %      7,495      7,268      3 % 
    Silver (Koz)          1,630       1,150     42 %      6,948      6,204     12 % 
    Silver 
     equivalent 
     (Koz)                1,917       1,324     45 %      7,589      6,844     11 % 
    Lead (Klb)           16,262      12,527     30 %     62,170     63,171    (2) % 
    Zinc (Klb)            4,404       4,559    (3) %     23,317     23,385     -- % 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
Cost Data 
 Cash cost 
  ($/tonne)               83.36       84.31    (1) %      80.86      78.86      3 % 
 AISC ($/tonne)          132.50      143.38    (8) %     142.09     140.40      1 % 
 Cash cost, net of 
  by-product 
  credits ($/oz of 
  silver)                  2.49        1.22    104 %     (0.54)     (0.38)   (42) % 
 AISC, net of 
  by-product 
  credits ($/oz of 
  silver)                 14.31       14.36     -- %      12.12      11.38      7 % 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
Average Selling 
Price, Net of 
Value Added Tax 
and Smelter 
Charges 
 Gold ($/oz)              2,533       1,899     33 %      2,351      1,792     31 % 
 Silver ($/oz)            27.78       20.74     34 %      26.95      19.93     35 % 
 Lead ($/lb)               0.93        0.88      6 %       0.96       0.86     12 % 
 Zinc ($/lb)               1.06        0.86     23 %       1.11       0.82     35 % 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
Financial Position    March 31,    December           March 31,  March 31, 
as at                      2025    31, 2024  Changes       2025       2024  Changes 
                    -----------  ----------  -------  ---------  ---------  ------- 
 Cash and cash 
  equivalents and 
  short-term 
  investments (in 
  thousands of $)    $  369,056   $ 354,647      4 %  $ 369,056    184,891    100 % 
 Working capital 
  (in thousands of 
  $)                    310,359     300,211      3 %    310,359    154,744    101 % 
------------------  -----------  ----------  -------  ---------  ---------  ------- 
 

CONSOLIDATED FINANCIAL RESULTS

1. Q4 Fiscal 2025 Financial Results

Net loss attributable to equity shareholders of the Company in Q4 Fiscal 2025 was $7.6 million or $0.03 per share, compared to net income of $5.5 million or $0.03 per share in the three months ended March 31, 2024 ("Q4 Fiscal 2024").

The adjusted net income to equity shareholders was $14.7 million or $0.07 per share, after excluding the $20.6 million charge on the fair value of derivative liabilities related to convertible notes and warrants, $6.7 million non-cash expenses or non-routine expenses, including stock base compensation, foreign exchange loss, share of loss in associates, and non-cash portion of interest accrual related to convertible notes, and $4.9 million gain on mark to market investments, compared to $3.8 million or $0.02 per share in Q4 Fiscal 2024.

Revenue in Q4 Fiscal 2025 was $75.1 million, up 76% compared to $42.7 million in Q4 Fiscal 2024. The increase is due to 81%, 40%, 37% and 1% respectively more gold, silver, lead and zinc metal produced and sold, coupled with increases of 33%, 34%, 6% and 23%, respectively, in the selling prices for gold, silver, lead and zinc , generating an increase of $20.9 million arising from the increase of metals produced and sold plus a $10.7 million increase arising from higher selling prices.

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