Corpora rporate e Presen sentation tation SV SVM:TS :TSX/NY /NYSE SE AMERI ERICAN Jun une e 2020 2020
FOR ORWARD ARD LOOK OKING ING STATEME MENT NTS Safe e Harbor or Statemen ement under er the Unit ited ed States es Private e Securi urities ies Litigati igation on Reform orm Act of 1995 Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited, to those with respect to the price of silver, lead and zinc, the possibility, timing and amount of estimated future production, costs of production, and reserve determination and reserve conversion rates, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Silvercorp Metals Inc. (“Silvercorp” or the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations, risks related to Chinese government issuance of mining and related development permits, risks related to joint venture operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, commodity price fluctuations especially in prices of silver, lead and zinc, as well as other factors. Readers should review the Company’s most recent Form 40-F for a more complete discussion of these factors and other risks, particularly under the heading “Risk Factors” . Although Silvercorp 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 or intended. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such forward- looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. No securities regulatory authority has in any way passed on the merits of this presentation nor any securities referred herein. Cautiona ionary Note e to U.S. . Inves estors ors conce ncerning ning estima imates es of Measured ured, , Ind ndica icated ed and Infer erred ed Resou ource ces This presentation uses the terms “Measured”, “Indicated” and Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal fea sibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Resource exists, or is economically or legally mineable. SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 2
CHINA’S PREMIER SILVER PRODUCER Histori orical cal Produ duction ction (April 2006 – March 2020) ▸ Silver: 70 Moz. Ying ng Mini ning ng Distr strict, ct, Henan Provi vinc nce e ▸ Lead+Zinc: 1.01 Blbs. ▸ Profit Distribution*: US$468M 15+ year mine life remain inin ing BYP Mine ne, Hunan n Province nce (Care e and Maint ntenanc enance) GC Mine ne, , Guangdo gdong ng Provi vinc nce * Ying Mining District SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 3
FINA NANCIAL NCIAL HIGHLIGH LIGHTS Cash sh Generat ation ion vs. Cumulati ulative e Expen endit itures ures ($million on) SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 4
69.7 MILLION ION OUNCE CES S OF SILVER ER OVER R 14 YE 14 YEARS 6.1 6. 6.2 * Silvercorp’s fiscal year is April 1 -March 31 * Red numbers are fiscal year’s guidance-FY2020 SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 5
GROWI WING NG RESERVE VES S & RESOUR URCE CES S - SILVE VER 1. Measured & Indicated Resources inclusive of Reserves. See Appendix III, IV and V for breakout of Measured, Indicated and Inferred, Proven and Probable categories. 2. Excludes Lead and Zinc. Gold was converted to Silver equivalent at a rate of 65:1. 3. Includes production since the last technical reports for Ying and GC, respectively; BYP: approx. ounces produced prior to March 31, 2015 SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 6
1 BILLION ON POUNDS NDS OF LEAD AD & ZI ZINC OVER R 14 YE 14 YEAR ARS 91 91 87 87 * Silvercorp’s fiscal year is April 1-March 31 * Red numbers are fiscal year’s guidance-FY2020 SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 7
GROWI WING NG RESERVE VES S & RESOUR URCE CES S - LEAD & ZI ZINC 1. Measured & Indicated Resources inclusive of Reserves. See Appendix III, IV and V for breakout of Measured, Indicated and Inferred, Proven and Probable categories. 2. Includes production since the last technical reports for Ying and GC, respectively; BYP: approx. lbs produced prior to March 31, 2015 SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 8
FINA NANCIAL NCIAL PERFORMANC ORMANCE (VAL ALUE & PROFIT FIT PER TONNE NE ORE MINED) ED) e) S$ per ounce) S$) ue (US$ ne Value e (US$ Per Tonne ice er Pric Pe lver Silv * Realized silver price is calculated using Shanghai Metal Exchange price, less smelter deduction and Value Added Tax * Indicated in calendar quarters SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 9
QUART RTERL ERLY ADJU JUST STED ED NET INCOM OME & FREE CA CASH FLOW Free cash flow = operating cash flow less capital expenditures less capital lease Adjusted net income = adjusted for one time non-cash items payments * Indicated in calendar quarters SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 10 10
PEER COMPARI ARISON ON: : OPERATING TING PERFORMAN ORMANCE (1) (2) (3) (3) (4) 1. Indicated in calendar quarters 2. Net of by-product credits 3. Changed reporting basis to AgEq 4. Only reflects silver segment * EBITDA Margin Data Source: Capital IQ SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 11 11
COMPARIS ARISON ON WITH PEERS: : KEY VALUATION ION RATIOS OS 120 * Stock prices as of May 29, 2020; LTM results are most recent reported. EV/EBITDA Data Source: Capital IQ SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 12 12
GRO ROWTH: H: GRO ROW FREE CA CASH FLOW OR SHARES OUTSTANDI ANDING? 174M Free cash flow=operating cash flow less capital expenditures less capital lease Silvercorp bought back 5,754,552 common shares of the Company since 2015 payments * Indicated in calendar quarters SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 13 13
OUR STRATE TEGY TO SUPPORT ORT QUALIT ITY GROWTH H Maint ntain in steady dy production ction with a focus cus on cost st contr trol ol Pursue e growth th opportu tuni nities ties capita talizin izing g on corpor orate e stren engths gths: ▸ Grow existin sting g assets ts organica ically y through gh drilling ng ▸ Bri ring g BYP P back ck into o production ction ▸ Approxi xima mate e 29% interest est in New Pa Pacific ic Met etals s (MC: C: US$471M 1M*). ). Its s flags gshi hip p asset: t: the Silver er Sand primar ary silver er project ct in Bolivia ivia • Wide intercepts cepts of near-sur surface ace silver er mineralizati alization on in 386 holes s (~97,000 00m) m) dri rilled ed since ce October ober 2017 • Initi tial al resource ce estim imat ate e release ased d April 2020: 155.9M oz of M&I at 13 137g/t /t; 35.6M oz of inferred ed at 112 g/t; t; • PEA by year-en end ▸ Acquire ire project cts s that t meet et cri riteria ria – can generat rate e annual cash h flows ws of >$50M with h reasona onable e capit ital al ▸ Joint t ventu tures es and strategic egic investmen estments ts in ot other er compa mpanies nies * As of April 17, 2020 SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 14 14
NEW PACIFIC METALS’ SILVER SAND PROJECT SVM:T :TSX/ X/NYSE YSE AMERICA ICAN 15 15
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