SILVERCORP ANNOUNCES SHARE REPURCHASE PROGRAM

Trading Symbol

TSX: SVM

NYSE AMERICAN: SVM

VANCOUVER, BC, Aug. 24, 2022 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") is pleased to announce a normal course issuer bid ("NCIB") commencing August 29, 2022, to acquire up to 7,079,407  of its own common shares, representing approximately 4% the 176,985,184 common shares issued and outstanding as of August 16, 2022. The repurchase program will expire August 28, 2023. Silvercorp feels that the Company's shares are currently undervalued by the market, and if such undervaluation continues, the NCIB will enhance value for Silvercorp's shareholders by reducing the number of outstanding shares.  The NCIB is being implemented to provide enhanced flexibility should market conditions continue to result in Silvercorp's shares being undervalued relative to the value of its mining operations, together with approximately US$363 million in corporate assets comprised of cash and cash equivalents and short-term investments of US$215.8 million, plus investments in associates and other companies having a total market value of US$147.4 million, both as at June 30, 2022. 

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