Exhibit 99.1

 

NEWS RELEASE
Trading Symbol:	TSX: SVM
	NYSE AMERICAN: SVM

SILVERCORP REPORTS Q2 NET INCOME OF $8.0 MILLION, $0.05 PER SHARE,
AND CASH FLOW FROM OPERATIONS OF $21.0 MILLION

VANCOUVER, British Columbia – November 7, 2018 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the second quarter ended September 30, 2018 (“Q2 Fiscal 2019”). All amounts are expressed in US Dollars.

Q2 FISCAL YEAR 2019 HIGHLIGHTS

• Sales of $48.1 million, up 1% compared to $47.5 million in the prior year quarter;

• Sold approximately 1.9 million ounces of silver, 1,000 ounces of gold, and 19.4 million pounds of lead, up by 17%, 25%, and 15%, respectively, compared to 1.6 million ounces of silver, 800 ounces of gold, 16.9 million pounds of lead in the prior year quarter while zinc sold was 4.9 million pounds, down 12% compared to 5.6 million pounds in the prior year quarter. The ending inventories of silver-lead concentrate were 3,732 tonnes (containing approximately 0.4 million ounces of silver and 4.3 million pounds of lead), a decrease of 34%, compared to 5,650 tonnes of silver-lead concentrate inventories as at June 30, 2018;

• Gross profit margin of 47% compared to 54% in the prior year quarter, with the decrease mainly due to lower metal prices;

• Net income attributable to equity shareholders of $8.0 million, or $0.05 per share, compared to net income attributable to equity shareholders of $11.1 million, or $0.07 per share in the prior year quarter;

• Cash flow from operations of $21.0 million, up 1% compared to $20.7 million in the prior year quarter;

• Cash cost per ounce of silver¹ , net of by-product credits, of negative $3.37, compared to negative $5.16 in the prior year quarter; All-in sustaining cost per ounce of silver¹ , net of by-product credits, of $2.54, compared to $2.26 in the prior year quarter;

• Paid $1.1 million withholding tax at 10% rate for dividend distributed out of China to the Company, compared to $nil in the prior year quarter; and,

• Ended the quarter with $123.9 million in cash and cash equivalents and short-term investments, an increase of $9.1 million or 8% compared to $114.8 million as at June 30, 2018.

FINANCIALS

Net income attributable to equity shareholders of the Company in Q2 Fiscal 2019 was $8.0 million, or $0.05 per share, compared to $11.1 million, or $0.07 per share in the three months ended September 30, 2017 (“Q2 Fiscal 2018”).

¹ Non IFRS measure, please refer to section 10 of the corresponding MD&A for reconciliation

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Sales in Q2 Fiscal 2019 were $48.1 million, up 1% compared to $47.5 million in Q2 Fiscal 2018. Silver and gold sales represented $23.4 million and $1.0 million, respectively, while base metals represented $23.6 million of total sales, compared to silver, gold and base metals sales of $22.6 million, $0.9 million, and $24.1 million, respectively, in Q2 Fiscal 2018.

The Company’s financial results in Q2 Fiscal 2019 were mainly impacted by i) a decrease of 11%, 4%, 8%, and 18% in the realized selling prices for silver, gold, lead and zinc, respectively compared to Q2 Fiscal 2018, and ii) an increase of 17% and 15% of silver and lead sold.

Cost of sales in Q2 Fiscal 2019 was $25.4 million compared to $21.9 million in Q2 Fiscal 2018. The cost of sales included $18.2 million (Q2 Fiscal 2018 - $16.2 million) cash production costs, $1.4 million mineral resources tax (Q2 Fiscal 2018 - $1.3 million), and $5.8 million (Q2 Fiscal 2018 - $4.4 million) depreciation and amortization charges. The increase in cash production costs and depreciation and amortization charges was mainly due to more metals sold in the current quarter while the increase in mineral resources tax was due to higher sales achieved in Q2 Fiscal 2019. The cash production costs expensed in cost of sales represent approximately 275,000 tonnes of ore processed and expensed at costs of $66.33 per tonne (Q2 Fiscal 2018 – approximately 246,600 tonnes at $65.61 per tonne) Gross profit margin in Q2 Fiscal 2019 was 47%, compared to 54% in Q2 Fiscal 2018, with the decrease mainly due to the decrease in metal selling prices. Ying Mining District’s gross profit margin was 50% compared to 56% in Q2 Fiscal 2018. GC Mine’s gross profit margin was 29% compared to 40% in Q2 Fiscal 2018.

General and administrative expenses in Q2 Fiscal 2019 were $4.6 million, a slight increase compared to $4.5 million in Q2 Fiscal 2018. Excluding non-cash share-based compensation and amortization expense, general and administrative expenses in Q2 Fiscal 2019 were $3.9 million, comparable to $3.9 million in Q2 Fiscal 2018.

Income tax expenses in Q2 Fiscal 2019 were $5.8 million compared to $5.3 million in Q2 Fiscal 2018. The income tax expense recorded in Q2 Fiscal 2019 included current income tax expense of $5.1 million (Q2 Fiscal 2018 – $4.5 million) and deferred income tax expense of $0.7 million (Q2 Fiscal 2018 – $1.0 million). The current income tax expenses include $1.1 million withholding tax (Q2 Fiscal 2018 –$nil), being 10% of the dividends distributed out of China to the Company by the Company’s Chinese subsidiaries.

Cash flows provided by operating activities in Q2 Fiscal 2019 were $21.0 million, a slight increase compared to $20.7 million in Q2 Fiscal 2018.

For the six months ended September 30, 2018, net income attributable to equity shareholders of the Company was $19.0 million or $0.11 per share, an effective increase of $1.2 million or 7% over the same prior year period, which was $17.8 million or $0.10 per share after excluding a one-time gain on the sale of a Net Smelter Royalty, which increased the actual net income to shareholders to $22.1 million or $0.13 per share in the same prior year period; sales were $93.2 million, up 7% from $87.2 million in the same prior year period; and cash flows from operating activities were $42.2 million, up 12% from $37.6 million in the same prior year period.

The Company ended the period with $123.9 million in cash and short-term investments, an increase of $9.1 million or 8% compared to $114.8 million as at June 30, 2018.

Working capital as at September 30, 2018 was $98.7 million, an increase of $4.5 million or 5%, compared to $94.2 million working capital as at June 30, 2018.

OPERATIONS AND DEVELOPMENT

(i) Q2 Fiscal 2019 vs. Q2 Fiscal 2018

In Q1 Fiscal 2019, on a consolidated basis, the Company mined 248,419 tonnes of ore, an increase of 4% or 9,313 tonnes, compared to 239,106 tonnes in Q2 Fiscal 2018. Ore mined at the Ying Mining District increased by 4% or 7,368 tonnes, and ore mined at the GC Mine increased by 3% or 1,945 tonnes. Ore milled were 239,728 tonnes, up 1% compared to 237,594 tonnes of ore milled in Q2 Fiscal 2018. Ending

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stockpiled ore inventory as at September 30, 2018 was 21,362 tonnes, up 75% compared to 12,234 tonnes as at March 31, 2018.

In Q2 Fiscal 2019, the Company sold approximately 1.9 million ounces of silver, 1,000 ounces of gold, and 19.4 million pounds of lead, up by 17%, 25%, and 15%, respectively, compared to 1.6 million ounces of silver, 800 ounces of gold, 16.9 million pounds of lead in Q2 Fiscal 2018 while zinc sold was 4.9 million pounds, down 12% compared to 5.6 million pounds in Q2 Fiscal 2018. As at September 30, 2018, inventories of silver-lead concentrate were 3,732 tonnes and zinc concentrate inventories were 598 tonnes, compared to inventories of 4,070 tonnes of silver-lead concentrate and 370 tonnes of zinc concentrate as at March 31, 2018.

In Q2 Fiscal 2019, the consolidated total mining costs and cash mining costs were $72.71 and $53.90 per tonne, compared to $70.58 and $52.77 per tonne, respectively, in Q2 Fiscal 2018. The 2% increase in the cash mining costs per tonne comparing to Q2 Fiscal 2018 was mainly due to more tunnelling expensed at the GC Mine in the current quarter. The consolidated total milling costs and cash milling costs in Q2 Fiscal 2019 were $11.60 and $9.36 per tonne, down 7% and 8% compared to $12.44 and $10.14 per tonne, respectively, in Q2 Fiscal 2018.

Correspondingly, the consolidated total and cash production costs per tonne of ore processed in Q2 Fiscal 2019 increased slightly by 2% and 1% to $87.38 and $66.33, respectively, from $85.72 and $65.61 in Q2 Fiscal 2018, but the consolidated cash production costs per tonne is 6% lower than the annual guidance of $70.20.

In Q2 Fiscal 2019, the consolidated total production costs and cash costs per ounce of silver, net of byproduct credits, were negative $0.34 and negative $3.37 compared to negative $2.43 and negative $5.16 respectively in Q2 Fiscal 2018. The increase in the cash cost per ounce of silver, net of by-product credits, is mainly due to a 14% decrease in by-product credits per ounce of silver, mainly arising from 8% and 18% decrease in the realized lead and zinc selling price. Sales from lead and zinc accounted for 48% of the total sales and amounted to $23.2 million, a decrease of $0.7 million, compared to $23.9 million in the Q2 Fiscal 2018.

The consolidated all-in sustaining cost per ounce of silver, net of by-product credits is $2.54 compared to $2.26 in Q2 Fiscal 2018.

(ii) Six months ended September 30, 2018 vs. Six months ended September 30, 2017

For the six months ended September 30, 2018, on a consolidated basis, the Company mined 485,117 tonnes of ore, an increase of 4% or 20,739 tonnes, compared to 464,378 tonnes mined in the same prior year period. In the same comparative period, ore milled increased 2% to 477,468 tonnes compared to 468,496 tonnes.

For the six months ended September 30, 2018, the Company sold approximately 3.4 million ounces of silver, 1,700 ounces of gold, 34.3 million pounds of lead, and 11.3 million pounds of zinc, compared to 3.1 million ounces of silver, 1,700 ounces of gold, 32.8 million of lead, and 10.6 million pounds of zinc sold in the same prior year period.

The consolidated total mining and cash mining costs were $74.40 and $55.05 per tonne, an increase of 7% and 7%, compared to $69.39 and $51.57 per tonne in the same prior year period while the consolidated total milling cost and cash milling cost were $12.87 and $10.54, an increase of 3% and 4%, respectively, compared to $12.45 and $10.13 per tonne in the same prior year period.

The consolidated total production costs and cash production costs per tonne of ore processed for the six months ended September 30, 2018 were $90.23 and $68.55, an increase of 7% and 6%, respectively, compared to $84.62 and $64.48 in the same prior year period, but the consolidated cash production costs per tonne is 2% lower than the annual guidance of $70.20.

The consolidated cash production costs and all-in sustaining costs per ounce of silver, net of by-product credits, were negative $5.18 and $1.61 compared to negative $4.51 and $3.44, respectively, in the same prior year period.

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1. Ying Mining District, Henan Province, China

Operational results - Ying Mining District
	Q2 2019		Q1 2019		Q4 2018		Q3 2018		Q2 2018		Six Months ended September 30,
	September 30, 2018		June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017		2018		2017
Ore Mined (tonne)	180,662		156,730		113,820		166,619		173,294		337,393		333,701
Ore Milled (tonne)	172,200		155,929		112,285		167,543		173,946		328,129		338,904
Head Grades
Silver (gram/tonne)	308		323		309		315		294		315		299
Lead (%)	4.6		4.5		4.3		4.5		4.3		4.6		4.4
Zinc (%)	0.9		1.1		1.0		1.0		0.8		1.0		0.8
Recoveries
Silver (%)	96.1		96.0		95.9		95.8		95.6		96.1		95.7
Lead (%)	95.6		96.3		96.5		96.4		96.2		95.8		96.3
Zinc (%)	51.2		54.5		54.5		57.3		50.7		52.9		48.4
Metal Sales
Silver (in thousands of ounce)	1,765		1,313		1,319		1,322		1,472		3,078		2,796
Gold (in thousands of ounce)	1.0		0.7		0.7		0.7		0.8		1.7		1.7
Lead (in thousands of pound)	17,359		13,313		12,649		13,487		15,279		30,672		29,044
Zinc (in thousands of pound)	1,648		2,133		1,106		2,006		2,269		3,781		3,024
Cash mining costs ($ per tonne)	58.65		63.49		65.88		66.71		59.67		62.15		57.32
Total mining costs ($ per tonne)	81.50		89.57		92.81		90.12		81.20		86.50		79.03
Cash milling costs ($ per tonne)	8.54		10.30		12.59		9.84		8.50		9.37		8.29
Total milling costs ($ per tonne)	10.47		12.60		15.80		11.87		10.45		11.48		10.28
Cash production costs ($ per tonne)	71.45		78.10		82.84		80.60		71.85		75.80		69.47
Cash costs per ounce of silver ($)	(2.80	)	(6.25	)	(3.41	)	(4.53	)	(4.27	)	(4.27	)	(3.79	)
All-in sustaining costs per ounce of silver ($)	1.52		(0.28	)	1.39		2.13		1.08		0.75		2.30

Q2 Fiscal 2019 vs. Q2 Fiscal 2018

In Q2 Fiscal 2019, the total ore mined at the Ying Mining District was 180,662 tonnes, an increase of 4% or 7,368 tonnes, compared to 173,294 tonnes mined in Q2 Fiscal 2018. Ore milled was 172,200 tonnes, a decrease of 1% or 1,746 tonnes compared to 173, 946 tonnes in Q2 Fiscal 2018. As at September 30, 2018, stockpile ore at the Ying Mining District was 19,269 tonnes, an increase of 10,742 tonnes compared to 8,257 tonnes as at March 31, 2018.

Head grades of ore milled at the Ying Mining District in Q2 Fiscal 2019 were 308 grams per tonne (“g/t”) for silver, 4.6% for lead, and 0.9% for zinc, compared to 294 g/t for silver, 4.3% for lead and 0.8% for zinc in Q2 Fiscal 2018. The Company continues to achieve good dilution control using its “Enterprise Blog” to assist and manage daily operations.

In Q2 Fiscal 2019, the Ying Mining District sold approximately 1.8 million ounces silver, 17.4 million pounds lead, and 1.6 million pounds zinc, compared to 1.5 million ounces silver, 15.3 million pounds lead, and 2.3 million pounds of zinc in Q2 Fiscal 2018. As at September 30, 2018, inventories of silver-lead concentrate at the Ying Mining District were 3,452 tonnes and zinc concentrate inventories were 230 tonnes, compared to inventories of 4,050 tonnes of silver-lead concentrate and 350 tonnes of zinc concentrate as at March 31, 2018.

Total and cash mining costs per tonne at the Ying Mining District in Q2 Fiscal 2019 were $81.50 and $58.65 per tonne, respectively, comparable to $81.20 and $59.67 per tonne in Q2 Fiscal 2018. Total and cash milling costs per tonne at the Ying Mining District in Q2 Fiscal 2019 were $10.47 and $8.54, also comparable to $10.45 and $8.50 in Q2 Fiscal 2018.

Correspondingly, the total production costs and cash production costs per tonne of ore processed in Q2 Fiscal 2019 at the Ying Mining District were $96.23 and $71.45, compared to $95.33 and $71.85 in Q2 Fiscal 2018, and the cash production costs of $71.45 per tonne is 5% lower than the annual guidance of $75.40.

Cash cost per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the Ying Mining District, was negative $2.80 compared to negative $4.27 in the prior year quarter. The increase in the cash cost per ounce of silver, net of by-product credits, is mainly due to a 15% decrease in by-product credits per once of silver, mainly arising from 8% and 20% decreases in lead and zinc realized selling price. All in sustaining costs per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the Ying Mining District was $1.52 compared to $1.08 in the prior year quarter. The increase was mainly due to the cash cost per ounce of silver, net of by-product credits as discussed above.

In Q2 Fiscal 2019, approximately 22,672 metres or $0.5 million worth of underground diamond drilling

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(Q2 Fiscal 2018 – 29,834 metres or $0.6 million) and 5,376 metres or $1.7 million worth of preparation tunnelling (Q2 Fiscal 2018 – 6,390 metres or $1.9 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 18,634 metres or $6.0 million worth of horizontal tunnels, raises, ramps and declines (Q2 Fiscal 2018 – 16,958 metres or $5.2 million) were completed and capitalized.

i) Six months ended September 30, 2018 vs. Six months ended September 30, 2017

For the six months ended September 30, 2018, a total of 337,393 tonnes of ore were mined at the Ying Mining District, an increase of 1% or 3,692 tonnes compared to 333,701 tonnes mined in the same prior year period. Ore milled was 328,129 tonnes, down 3% or 10,775 tonnes compared to 338,904 tonnes in the same prior year period. Average head grades of ore processed were 315 g/t for silver, 4.6% for lead, and 1.0% for zinc compared to 299 g/t for silver, 4.4% for lead, and 0.8% for zinc, respectively, in the same prior year period.

During the same time periods, the Ying Mining District sold approximately 3.1 million ounces of silver, 1,700 ounces of gold, 30.7 million pounds of lead, and 3.8 million pounds of zinc, compared to 2.8 million ounces of silver, 1,700 ounces of gold, 29.0 million pounds of lead, and 3.0 million pounds of zinc in prior year period.

For the six months ended September 30, 2018, the cash mining costs and cash milling costs at the Ying Mining District were $62.15 per tonne and $9.37 per tonne, an increase of 8% and 13%, respectively, compared to $57.32 and $8.29 in the same prior year period. The cash production costs were $75.80 per tonne, slightly higher than the annual guidance of $75.40.

Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by product credits, at the Ying Mining District, for the six months ended September 30, 2018, were negative $4.27 and $0.75 respectively, compared to negative $3.79 and $2.30 in the same prior year period.

For the six months ended September 30, 2018, approximately 49,521 metres or $1.1 million worth of underground diamond drilling (same prior year period – 60,898 metres or $1.3 million) and 10,917 metres or $3.0 million worth of preparation tunnelling (same prior year period – 11,727 metres or $3.3 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 35,562 metres or $12.5 million worth of horizontal tunnels, raises, and declines (same prior year period – 35,848 metres or $10.2 million) were completed and capitalized.

2. GC Mine, Guangdong Province, China

Operational results - GC Mine	Q2 2019		Q1 2019		Q4 2018		Q3 2018		Q2 2018		Six Months Ended September 30
	September 30, 2018		June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017		2018		2017
Ore Mined (tonne)	67,757		79,967		29,442		85,665		65,812		147,724		130,677
Ore Milled (tonne)	67,528		81,811		26,252		88,494		63,648		149,339		129,592
Head Grades
Silver (gram/tonne)	78		87		96		97		102		83		100
Lead (%)	1.4		1.3		1.3		1.4		1.4		1.3		1.5
Zinc (%)	2.8		2.9		2.9		2.8		2.8		2.8		2.7
Recovery Rates
Silver (%)	76.7		75.3		76.3		73.6		74.4		75.9		77.8
Lead (%)	91.2		87.1		87.5		83.9		82.8		89.1		86.0
Zinc (%)	83.3		84.8		85.7		81.3		81.6		84.1		81.2
Metal Sales
Silver (in thousands of ounce)	136		150		63		196		155		286		344
Lead (in thousands of pound)	2,063		1,583		688		2,263		1,656		3,646		3,803
Zinc (in thousands of pound)	3,240		4,244		1,479		4,399		3,311		7,484		7,555
Cash mining cost ($ per tonne)	41.25		36.78		45.92		35.48		34.60		38.83		36.88
Total mining cost ($ per tonne)	49.29		44.62		57.47		43.10		42.62		46.76		44.78
Cash milling cost ($ per tonne)	11.45		14.46		25.07		14.09		14.63		13.10		14.95
Total milling cost ($ per tonne)	14.47		17.14		33.41		16.45		17.90		15.93		18.14
Cash production cost ($ per tonne)	52.70		51.24		70.99		49.57		49.23		51.93		51.83
Cash cost per ounce of silver ($)	(10.81	)	(18.81	)	(13.95	)	(15.34	)	(13.56	)	(15.01	)	(10.39	)
All-in sustaining cost per ounce of silver ($)	(2.03	)	(11.36	)	(4.57	)	(4.52	)	(3.77	)	(6.92	)	(3.06	)

i) Q2 Fiscal 2019 vs. Q2 Fiscal 2018

In Q2 Fiscal 2019, the total ore mined at the GC Mine was 67,757 tonnes, an increase of 3% or 1,945 tonnes, compared to 65,812 tonnes mined in Q2 Fiscal 2018, while ore milled was 67,528 tonnes, an increase of 6% or 3,880 tonnes compared to 63,648 tonnes in Q2 Fiscal 2018. Average head grades of ore processed at the GC Mine were 78 g/t for silver, 1.4% for lead, and 2.8% for zinc compared to 102 g/t for

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silver, 1.4% for lead, and 2.8% for zinc in the prior year quarter.

In Q2 Fiscal 2019, the GC Mine sold 136 thousand ounces of silver, 2.1 million pounds of lead, and 3.2 million pounds of zinc, compared to 155 thousand ounces of silver, 1.7 million pounds of lead, and 3.3 million pounds of zinc sold in the prior year quarter. The decrease in metals sold at the GC Mine was mainly due to the increase in ending concentrate inventories. As at September 30, 2018, inventories of silver-lead concentrates were 280 tonnes and zinc concentrates were 368, compared to inventories of 20 tonnes of silver-lead concentrate and 20 tonnes of zinc concentrate as at March 31, 2018.

Total and cash mining costs per tonne at the GC Mine in Q2 Fiscal 2019 were $49.29 and $41.25 per tonne, compared to $42.62 and $34.60 per tonne in Q2 Fiscal 2018. The increase in cash mining costs was mainly due to a $0.3 million increase in mining preparation costs resulting from more underground drilling and tunnelling expensed in the current quarter. Total and cash milling costs per tonne at the GC Mine in Q2 Fiscal 2019 were $14.47 and $11.45, a decrease of 19% and 22%, respectively, compared to $17.90 and $14.63, respectively, in Q2 Fiscal 2018.

Correspondingly, the total production costs and cash production costs per tonne of ore processed in Q2 Fiscal 2019 at the GC Mine were $63.76 and $52.70, an increase of 5% and 7%, respectively, compared to $60.52 and $49.23 in the prior year quarter, and cash production costs per tonne is 8% lower than the annual guidance of $57.20.

Cash costs per ounce of silver, net of by-product credits, at the GC Mine, was negative $10.81 compared to negative $13.56 in the prior year quarter. The increase was mainly due to a $0.3 million or 11% increase cash production costs expensed into cost of sales and a $0.3 million or 5% decrease in by-product credits mainly resulting from an 11% and 17% decrease in net realized lead and zinc selling prices at the GC Mine.

All in sustaining costs per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the GC Mine was negative $2.03 compared to negative $3.77 in the prior year quarter, and the increase was mainly due to the higher cash costs per ounce of silver, net of by-product credits as discussed above.

In Q2 Fiscal 2019, approximately 7,355 metres or $0.3 million worth of underground diamond drilling (Q2 Fiscal 2018 – 5,511 metres or $0.2 million) and 5,243 metres or $1.4 million worth of tunnelling (Q2 Fiscal 2018 – 3,940 metres or $1.1 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 241 metres or $0.2 million of horizontal tunnels raises and declines (Q2 Fiscal 2018 – 105 metres or $0.1 million) were completed and capitalized.

ii) Six months ended September 30, 2018 vs. Six months ended September 30, 2017

For the six months ended September 30, 2018, a total of 147,724 tonnes of ore were mined and 149,339 tonnes were milled at the GC Mine, compared to 130,677 tonnes mined and 129,592 tonnes milled in the same prior year period. Average head grades of ore milled were 83 g/t for silver, 1.3% for lead, and 2.8% for zinc, compared to 100 g/t for silver, 1.5% for lead, and 2.7% for zinc, respectively, in the same prior year period.

During the same time periods, the GC Mine sold approximately 286 thousand ounces of silver, 3.6 million pounds of lead, and 7.5 million pounds of zinc, compared to 344 thousand ounces of silver, 3.8 million pounds of lead, and 7.6 million pounds of zinc in the same prior year period.

For the six months ended September 30, 2018, the cash mining costs at the GC Mine was $38.83 per tonne, an increase of 5% compared to $36.88 per tonne in the same prior year period. The increase in the cash mining costs was mainly due to a $0.7 million increase in mining preparation as more underground drilling and tunnelling was expensed in the current period. The cash milling costs was $13.10 per tonne, a decrease of 12% compared to $14.95 in the same prior year period. Correspondingly, the total production costs and cash production costs per tonne at the GC Mine were $62.69 and $51.93, comparable to $62.92 and $51.83 in the prior year period, but the cash production costs per tonne is 9% lower than the annual guidance of $57.20.

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Cash costs per ounce of silver and all in sustaining costs per ounce of silver, net of by product credits, at the GC Mine, for the six months ended September 30, 2018, were negative $15.01 and negative $6.92 respectively, compared to negative $10.39 and negative $3.06 in the same prior year period.

For the six months ended September 30, 2018, approximately 14,774 metres or $0.7 million worth of underground diamond drilling (same prior year period – 10,483 metres or $0.5 million) and 10,484 metres or $3.0 million of tunnelling (same prior year period – 9,232 metres or $2.4 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 779 metres or $0.7 million of horizontal tunnels, raise, and declines (same prior year period – 263 metres or $0.2 million) were completed and capitalized.

Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this news release.

This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR under the Company’s profile at www.sedar.com and are also available on the Company's website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.

About Silvercorp

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. The Company's vision is to deliver shareholder value by focusing on the acquisition of underdeveloped projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca.

For further information

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

CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws (collectively, “forward-looking statements”). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital expenditures; estimated production from the Company’s mines in the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and

7

mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended March 31, 2018 under the heading “Risk Factors”. 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. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and 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. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

8

SILVERCORP METALS INC.

Consolidated Statements of Financial Position

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

		As at September 30,			As at March 31,
		2018			2018
ASSETS
Current Assets
Cash and cash equivalents	$	53,522		$	49,199
Short-term investments		70,396			56,910
Trade and other receivables		456			676
Inventories		11,869			11,018
Due from a related party		32			11
Income tax receivable		-			534
Prepaids and deposits		4,335			4,456
		140,610			122,804
Non-current Assets
Long-term prepaids and deposits		1,046			954
Reclamation deposits		5,219			5,712
Investment in an associate		38,085			38,001
Other investments		7,790			6,132
Plant and equipment		66,465			71,211
Mineral rights and properties		217,228			232,080
TOTAL ASSETS	$	476,443		$	476,894
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	29,144		$	25,198
Bank loan		4,371			-
Deposits received		6,622			6,806
Income tax payable		1,818			303
		41,955			32,307
Non-current Liabilities
Deferred income tax liabilities		31,680			33,310
Environmental rehabilitation		12,148			13,098
Total Liabilities		85,783			78,715
Equity
Share capital		230,129			228,729
Share option reserve		15,222			14,690
Reserves		25,409			25,409
Accumulated other comprehensive loss		(45,571	)		(25,875	)
Retained earnings		103,146			86,283
Total equity attributable to the equity holders of the Company		328,335			329,236
Non-controlling interests		62,325			68,943
Total Equity		390,660			398,179
TOTAL LIABILITIES AND EQUITY	$	476,443		$	476,894

9

SILVERCORP METALS INC.

Consolidated Statements of Income

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

		Three Months Ended September 30,						Six Months Ended September 30,
		2018			2017			2018			2017
Sales	$	48,091		$	47,541		$	93,216		$	87,238
Cost of sales
Production costs		18,238			16,177			32,515			30,286
Mineral resource taxes		1,392			1,317			2,641			2,428
Depreciation and amortization		5,761			4,441			10,509			8,913
		25,391			21,935			45,665			41,627
Gross profit		22,700			25,606			47,551			45,611
General and administrative		4,605			4,473			9,077			9,043
Government fees and other taxes		767			690			1,569			1,531
Foreign exchange loss (gain)		708			1,111			(80	)		2,726
Loss on disposal of plant and equipment		124			6			134			176
Gain on disposal of NSR		-			-			-			(4,320	)
Share of loss in associate		105			125			384			369
Other expense (income)		213			(126	)		276			(307	)
Income from operations		16,178			19,327			36,191			36,393
Finance income		825			650			1,621			1,224
Finance costs		(163	)		(112	)		(297	)		(217	)
Income before income taxes		16,840			19,865			37,515			37,400
Income tax expense		5,763			5,263			12,261			9,284
Net income	$	11,077		$	14,602		$	25,254		$	28,116
Attributable to:
Equity holders of the Company	$	8,037		$	11,145		$	18,958		$	22,082
Non-controlling interests		3,040			3,457			6,296			6,034
	$	11,077		$	14,602		$	25,254		$	28,116
Earnings per share attributable to the equity holders of the Company
Basic earnings per share	$	0.05		$	0.07		$	0.11		$	0.13
Diluted earnings per share	$	0.05		$	0.07		$	0.11		$	0.13
Weighted Average Number of Shares Outstanding - Basic		168,105,986			168,040,068			167,687,266			167,965,537
Weighted Average Number of Shares Outstanding - Diluted		170,312,229			170,017,715			169,773,955			169,990,150

10

SILVERCORP METALS INC.

Consolidated Statements of Cash Flow

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

		Three Months Ended September 30,						Six Months Ended September 30,
		2018			2017			2018			2017
Cash provided by
Operating activities
Net income	$	11,077		$	14,602		$	25,254		$	28,116
Add (deduct) items not affecting cash:
Finance costs		163			112			297			217
Depreciation, amortization and depletion		6,048			4,741			11,101			9,493
Share of loss (income) in associate		105			125			384			369
Gain on disposal of NSR		-			-			-			(4,320	)
Income tax expense		5,763			5,263			12,261			9,284
Finance income		(825	)		(650	)		(1,621	)		(1,224	)
Loss on disposal of plant and equipment		124			6			134			176
Share-based compensation		456			283			912			686
Reclamation		(62	)		(15	)		(66	)		(19	)
Income taxes paid		(5,388	)		(3,445	)		(8,476	)		(7,582	)
Interest received		825			650			1,621			1,224
Interest paid		(48	)		-			(48	)		-
Changes in non-cash operating working capital		2,808			(977	)		441			1,167
Net cash provided by operating activities		21,046			20,695			42,194			37,587
Investing activities
Mineral rights and properties
Capital expenditures		(6,064	)		(5,022	)		(11,793	)		(10,933	)
Plant and equipment
Additions		(422	)		(1,520	)		(1,643	)		(2,731	)
Proceeds on disposals		2			19			29			19
Investment in associate		-			(20,025	)		-			(20,025	)
Net redemption (purchases) of short-term investments		(30,481	)		(28,063	)		(17,219	)		(31,767	)
Net cash used in investing activities		(36,965	)		(54,611	)		(30,626	)		(65,437	)
Financing activities
Bank loan
Proceeds		-			-			4,527			-
Non-controlling interests
Distribution		(3,305	)		-			(6,634	)		(4,891	)
Cash dividends distributed		-			-			(2,095	)		(1,679	)
Proceeds from issuance of common shares		518			165			1,020			168
Net cash used in financing activities		(2,787	)		165			(3,182	)		(6,402	)
Effect of exchange rate changes on cash and cash equivalents		(641	)		820			(4,063	)		2,618
Increase in cash and cash equivalents		(19,347	)		(32,931	)		4,323			(31,634	)
Cash and cash equivalents, beginning of the period		72,869			74,300			49,199			73,003
Cash and cash equivalents, end of the period	$	53,522		$	41,369		$	53,522		$	41,369

11

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Three months ended September 30, 2018
				Ying Mining District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		180,662		67,757		248,419
		Ore Milled (tonne)		172,200		67,528		239,728
	+	Mining cost per tonne of ore mined ($)		81.50		49.29		72.71
			Cash mining cost per tonne of ore mined ($)	58.65		41.25		53.90
			Non cash mining cost per tonne of ore mined ($)	22.85		8.04		18.81
	+	Unit shipping costs($)		4.26		-		3.07
	+	Milling cost per tonne of ore milled ($)		10.47		14.47		11.60
			Cash milling cost per tonne of ore milled ($)	8.54		11.45		9.36
			Non cash milling cost per tonne of ore milled ($)	1.93		3.02		2.24
	+	Average Production Cost
			Silver ($ per ounce)	5.91		6.51		6.15
			Gold ($ per ounce)	483		-		511
			Lead ($ per pound)	0.46		0.65		0.48
			Zinc ($ per pound)	0.42		0.61		0.45
			Other ($ per pound)	0.47		0.08		0.13
	+	Total production cost per ounce of Silver, net of by-product credits ($)		0.04		(5.32	)	(0.34	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(2.80	)	(10.81	)	(3.37	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		1.52		(2.03	)	2.54
	+	All-in cost per ounce of Silver, net of by-product credits ($)		2.32		0.50		3.51
		Recovery Rates
			Silver (%)	96.1		76.7		94.3
			Lead (%)	95.6		91.2		95.1
			Zinc (%)	51.2		83.3		69.0
		Head Grades
			Silver (gram/tonne)	308		78		243
			Lead (%)	4.6		1.4		3.7
			Zinc (%)	0.9		2.8		1.4
	Concentrate in stock
		Lead concentrate (tonne)		3,452		280		3,732
		Zinc concentate (tonne)		230		368		598
Sales Data
	Metal Sales
		Silver (in thousands of ounces)		1,765		136		1,901
		Gold (in thousands of ounces)		1.0		-		1.0
		Lead (in thousands of pounds)		17,359		2,063		19,422
		Zinc (in thousands of pounds)		1,648		3,240		4,888
	Metal Sales
		Silver (in thousands of $)		22,140		1,299		23,439
		Gold (in thousands of $)		1,024		-		1,024
		Lead (in thousands of $)		16,822		1,967		18,789
		Zinc (in thousands of $)		1,464		2,897		4,361
		Other (in thousands of $)		296		182		478
				41,746		6,345		48,091
	Average Selling Price, Net of Value Added Tax and Smelter Charges
		Silver ($ per ounce)		12.54		9.55		12.33
		Gold ($ per ounce)		1,024		-		1,024
		Lead ($ per pound)		0.97		0.95		0.97
		Zinc ($ per pound)		0.89		0.89		0.89

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

2 GC Silver recovery rate consists of 52.4% from lead concentrates and 24.3% from zinc concentrates.

2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.

12

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Three months ended September 30, 2017
				Ying Mining District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		173,294		65,812		239,106
		Ore Milled (tonne)		173,946		63,648		237,594
	+	Mining cost per tonne of ore mined ($)		81.20		42.62		70.58
			Cash mining cost per tonne of ore mined ($)	59.67		34.60		52.77
			Non cash mining cost per tonne of ore mined ($)	21.53		8.02		17.81
	+	Unit shipping costs($)		3.68		-		2.70
	+	Milling cost per tonne of ore milled ($)		10.45		17.90		12.44
			Cash milling cost per tonne of ore milled ($)	8.50		14.63		10.14
			Non cash milling cost per tonne of ore milled ($)	1.95		3.27		2.30
	+	Average Production Cost
			Silver ($ per ounce)	5.83		6.16		6.02
			Gold ($ per ounce)	439		-		465
			Lead ($ per pound)	0.43		0.61		0.46
			Zinc ($ per pound)	0.46		0.61		0.47
			Other ($ per pound)	0.44		-		0.02
	+	Total production cost per ounce of Silver, net of by-product credits ($)		(1.78	)	(8.57	)	(2.43	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(4.27	)	(13.56	)	(5.16	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		1.08		(3.77	)	2.26
	+	All-in cost per ounce of Silver, net of by-product credits ($)		1.31		(3.77	)	2.50
		Recovery Rates
			Silver (%)	95.6		74.4		93.2
			Lead (%)	96.2		82.8		94.8
			Zinc (%)	50.7		81.6		67.9
		Head Grades
			Silver (gram/tonne)	294		102		243
			Lead (%)	4.3		1.4		3.5
			Zinc (%)	0.8		2.8		1.3
	Concentrate in stock
			Lead concentrate (tonne)	4,070		32		4,102
			Zinc concentate (tonne)	230		82		312
Sales Data
	Metal Sales
		Silver (in thousands of ounces)		1,472		155		1,627
		Gold (in thousands of ounces)		0.8		-		0.8
		Lead (in thousands of pounds)		15,279		1,656		16,935
		Zinc (in thousands of pounds)		2,269		3,311		5,580
	Metal Sales
		Silver (in thousands of $)		20,928		1,668		22,596
		Gold (in thousands of $)		857		-		857
		Lead (in thousands of $)		16,036		1,769		17,805
		Zinc (in thousands of $)		2,528		3,558		6,086
		Other (in thousands of $)		187		10		197
				40,536		7,005		47,541
	Average Selling Price, Net of Value Added Tax and Smelter Charges
		Silver ($ per ounce)		14.22		10.76		13.89
		Gold ($ per ounce)		1,071		-		1,071
		Lead ($ per pound)		1.05		1.07		1.05
		Zinc ($ per pound)		1.11		1.07		1.09

¹ Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

² GC Silver recovery rate consists of 54.2% from lead concentrates and 20.2% from zinc concentrates .

² GC Silver s old in zinc concentrates is subjected to higher s melter and refining charges which lowers the net silver s elling price.

13

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Six months ended September 30, 2018
				Ying Mining District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		337,393		147,724		485,117
		Ore Milled (tonne)		328,129		149,339		477,468
	+	Mining cost per tonne of ore mined ($)		86.50		46.76		74.40
			Cash mining cost per tonne of ore mined ($)	62.15		38.83		55.05
			Non cash mining cost per tonne of ore mined ($)	24.35		7.93		19.35
	+	Unit shipping costs($)		4.28		-		2.96
	+	Milling cost per tonne of ore milled ($)		11.48		15.93		12.87
			Cash milling cost per tonne of ore milled ($)	9.37		13.10		10.54
			Non cash milling cost per tonne of ore milled ($)	2.11		2.83		2.33
	+	Average Production Cost
			Silver ($ per ounce)	5.68		6.03		5.94
			Gold ($ per ounce)	436		-		466
			Lead ($ per pound)	0.45		0.64		0.48
			Zinc ($ per pound)	0.45		0.65		0.48
			Other ($ per pound)	0.46		0.02		0.05
	+	Total production cost per ounce of Silver, net of by-product credits ($)		(1.37	)	(9.49	)	(2.06	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(4.27	)	(15.01	)	(5.18	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		0.75		(6.92	)	1.61
	+	All-in cost per ounce of Silver, net of by-product credits ($)		1.67		(5.72	)	2.66
		Recovery Rates
			Silver (%)	96.1		75.9		93.9
			Lead (%)	95.8		89.1		95.0
			Zinc (%)	52.9		84.1		70.8
		Head Grades
			Silver (gram/tonne)	315		83		242
			Lead (%)	4.6		1.3		3.5
			Zinc (%)	1.0		2.8		1.5
	Concentrate in stock
		Lead concentrate (tonne)		3,452		280		3,732
		Zinc concentate (tonne)		230		368		598
Sales Data
	Metal Sales
		Silver (in thousands of ounces)		3,078		286		3,364
		Gold (in thousands of ounces)		1.7		-		1.7
		Lead (in thousands of pounds)		30,672		3,646		34,318
		Zinc (in thousands of pounds)		3,781		7,484		11,265
	Metal Sales
		Silver (in thousands of $)		40,490		2,772		43,262
		Gold (in thousands of $)		1,716		-		1,716
		Lead (in thousands of $)		32,097		3,743		35,840
		Zinc (in thousands of $)		3,980		7,793		11,773
		Other (in thousands of $)		430		195		625
				78,713		14,503		93,216
	Average Selling Price, Net of Value Added Tax and Smelter Charges
		Silver ($ per ounce)		13.15		9.69		12.86
		Gold ($ per ounce)		1,009		-		1,009
		Lead ($ per pound)		1.05		1.03		1.04
		Zinc ($ per pound)		1.05		1.04		1.05

¹ Ying Mining District i ncludes mines : SGX, TLP, HPG,LM, BCG and HZG.

² GC Silver recovery rate consists of 50.8% from lead concentrates and 25.1% from zi nc concentrates .

² GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net s ilver selling price.

14

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Six months ended September 30, 2017
				Ying Mining
				District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		333,701		130,677		464,378
		Ore Milled (tonne)		338,904		129,592		468,496
	+	Mining cost per tonne of ore mined ($)		79.03		44.78		69.39
			Cash mining cost per tonne of ore mined ($)	57.32		36.88		51.57
			Non cash mining cost per tonne of ore mined ($)	21.71		7.90		17.82
	+	Unit shipping costs($)		3.86		-		2.78
	+	Milling cost per tonne of ore milled ($)		10.28		18.14		12.45
			Cash milling cost per tonne of ore milled ($)	8.29		14.95		10.13
			Non cash milling cost per tonne of ore milled ($)	1.99		3.19		2.32
	+	Average Production Cost
			Silver ($ per ounce)	5.78		6.63		6.12
			Gold ($ per ounce)	441		-		480
			Lead ($ per pound)	0.39		0.59		0.43
			Zinc ($ per pound)	0.45		0.62		0.46
			Other ($ per pound)	0.38		0.01		0.02
	+	Total production cost per ounce of Silver, net of by-product credits ($)		(1.18	)	(5.69	)	(1.68	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(3.79	)	(10.39	)	(4.51	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		2.30		(3.06	)	3.44
	+	All-in cost per ounce of Silver, net of by-product credits ($)		2.56		(1.42	)	3.86
		Recovery Rates
			Silver (%)	95.7		77.8		93.6
			Lead (%)	96.3		86.0		95.1
			Zinc (%)	48.4		81.2		67.0
		Head Grades
			Silver (gram/tonne)	299		100		244
			Lead (%)	4.4		1.5		3.6
			Zinc (%)	0.8		2.7		1.3
	Concentrate in stock
		Lead concentrate (tonne)		4,070		32		4,102
		Zinc concentate (tonne)		230		82		312
Sales Data
	Metal Sales
		Silver (in thousands of ounces)		2,796		344		3,140
		Gold (in thousands of ounces)		1.7		-		1.7
		Lead (in thousands of pounds)		29,044		3,803		32,847
		Zinc (in thousands of pounds)		3,024		7,555		10,579
	Metal Sales
		Silver (in thousands of $)		39,132		3,647		42,779
		Gold (in thousands of $)		1,816		-		1,816
		Lead (in thousands of $)		27,683		3,570		31,253
		Zinc (in thousands of $)		3,267		7,500		10,767
		Other (in thousands of $)		395		228		623
				72,293		14,945		87,238
	Average Selling Price,Net of Value Added Tax and Smelter Charges
		Silver ($ per ounce)		14.00		10.60		13.62
		Gold ($ per ounce)		1,068		-		1,068
		Lead ($ per pound)		0.95		0.94		0.95
		Zinc ($ per pound)		1.08		0.99		1.02

¹ Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

² GC Silver recovery rate consists of 57.4% from lead concentrates and 20.5% from zinc concentrates.

² GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.

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