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Press Release: Silvercorp Reports Net Income of -6-

· 02/04/2021 17:11
Three Months Ended December Nine Months Ended December 31, 31, --------------------------- --------------------------- 2020 2019 2020 2019 Revenue $ 53,296 $ 44,508 $ 156,373 $ 139,970 Cost of mine operations Production costs 18,025 18,395 55,460 53,685 Depreciation and amortization 5,596 5,886 16,928 17,569 Mineral resource taxes 1,337 1,322 4,106 3,981 Government fees and other taxes 777 787 1,965 1,877 General and administrative 2,760 2,348 7,156 6,688 28,495 28,738 85,615 83,800 ------------------ ----------- ----------- ----------- ----------- Income from mine operations 24,801 15,770 70,758 56,170 Corporate general and administrative 3,525 2,568 8,996 7,504 Property evaluation and business development 209 232 (3,450) 405 Foreign exchange loss 2,954 1,277 6,973 1,334 Loss on disposal of plant and equipment 36 110 247 373 Gain on disposal of mineral rights and properties - - - (1,477) Share of loss in associates 550 322 1,030 847 Dilution gain on investment in associate - - - (723) Reclassification of other comprehensive income upon ownership dilution of investment in associate - - - (21) Gain on equity investments designated as FVTPL (600) - (8,837) - Other (income) expense (503) (182) (682) 308 ------------------- ----------- ----------- ----------- ----------- Income from operations 18,630 11,443 66,481 47,620 Finance income 1,108 1,122 2,796 2,869 Finance costs (1,403) (134) (1,634) (445) ------------------- ----------- ----------- ----------- ----------- Income before income taxes 18,335 12,431 67,643 50,044 Income tax expense 6,046 3,715 17,305 8,366 ------------------- ----------- ----------- ----------- ----------- Net income $ 12,289 $ 8,716 $ 50,338 $ 41,678 ------------------- ----------- ----------- ----------- ----------- Attributable to: Equity holders of the Company $ 8,392 $ 6,283 $ 39,355 $ 31,111 Non-controlling interests 3,897 2,433 10,983 10,567 $ 12,289 $ 8,716 $ 50,338 $ 41,678 ------------------ ----------- ----------- ----------- ----------- Earnings per share attributable to the equity holders of the Company Basic earnings per share $ 0.05 $ 0.04 $ 0.23 $ 0.18 ------------------- ----------- ----------- ----------- ----------- Diluted earnings per share $ 0.05 $ 0.04 $ 0.22 $ 0.18 ------------------- ----------- ----------- ----------- ----------- Weighted Average Number of Shares Outstanding - Basic 175,261,808 172,691,444 174,651,536 171,179,368 ------------------- ----------- ----------- ----------- ----------- Weighted Average Number of Shares Outstanding - Diluted 177,515,646 174,760,433 177,134,575 172,963,914As at December 31, As at March 31, -------------------- ----------------- 2020 2020 ASSETS Current Assets Cash and cash equivalents $ 103,347 $ 65,777 Short-term investments 100,774 76,742 Trade and other receivables 1,196 1,178 Current portion of lease receivable 210 186 Inventories 9,751 8,430 Due from related parties 102 1,519 Income tax receivable - 1,093 Prepaids and deposits 4,770 3,254 ------------------------------ --- --------------- ------------- 220,150 158,179 Non-current Assets Long-term prepaids and deposits 406 390 Long-term portion lease receivable 234 348 Reclamation deposits 8,447 9,230 Investment in associates 53,988 44,555 Other investments 18,763 8,750 Plant and equipment 76,217 66,722 Mineral rights and properties 277,688 224,586 TOTAL ASSETS $ 655,893 $ 512,760 ------------------------------ --- --------------- ------------- LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities $ 45,446 $ 23,129 Current portion of lease obligation 644 567 Deposits received 2,819 3,195 Income tax payable 2,493 937 ------------------------------ --- --------------- ------------- 51,402 27,828 Non-current Liabilities Long-term portion of lease obligation 1,225 1,502 Deferred income tax liabilities 41,976 35,758 Environmental rehabilitation 9,457 8,700 ------------------------------ --- --------------- ------------- Total Liabilities 104,060 73,788 ------------------------------ --- --------------- ------------- Equity Share capital 248,762 243,926 Equity reserves 29,397 (21,142) Retained earnings 180,885 145,898 ------------------------------ --- --------------- ------------- Total equity attributable to the equity holders of the Company 459,044 368,682 Non-controlling interests 92,789 70,290 Total Equity 551,833 438,972 ------------------------------ --- --------------- ------------- TOTAL LIABILITIES AND EQUITY $ 655,893 $ 512,760 ------------------------------ --- --------------- -------------

The Company's forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that while considered reasonable by management of the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and opinions include, but are not limited to, those related to the Company's ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. 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. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

SILVERCORP METALS INC.

Consolidated Statements of Financial Position

(Unaudited - Expressed in thousands of U.S. dollars)

SILVERCORP METALS INC.

Consolidated Statements of Income

(Unaudited - Expressed in thousands of U.S. dollars, except for per share figures)

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February 04, 2021 17:11 ET (22:11 GMT)